2 results for tag: EIDL

Self-Employed During the Pandemic? Uncle Sam Didn’t Forget About You

In the past, Uncle Sam made no special effort to help you as a self-employed individual. For example, you had no “safety net” that existed for employees who lost their jobs during the COVID-19 Pandemic. You were just supposed to "Hang On" until things got better. But this time, with COVID-19, it’s different... If you report your business income as Self-Employed on Schedule C of your Form 1040 or any of the following: Receive 1099 income Operate your business as a single-member LLC and did not elect corporate status Operate a retail establishment or professional practice as a sole proprietor, or Report your W-2 income on a ...

New Laws—COVID-19-Related Government Grants: Taxable or Not?

In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government. State and local governments are participating as well.