Every month we put together an income report to share a behind-the-scenes look at the ups and downs of running a 7-figure business. In full transparency, it’s not easy – but it IS possible. Through hearing about our mistakes, lessons learned, and our wins, we hope to inspire and motivate you to take action in your business with just one step forward every single day. For our full income report, visit EOFire.com/income81, and IGNITE!
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
LizerbramLaw.com – Business Attorney & Legal Strategist
3 Value Bombs
1) You need to document that you’re following all of the federal, state, and local rules and guidelines so if there ever is a legal claim, you will have the evidence on your side.
2) We all should play our part and do want we can to send love and hope to all of humanity.
3) Racial injustice is unacceptable, and we have to take a stand.
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[02:09] – Monthly tax tip from CPA On Fire, Josh Bauerle
- Extensions and dates you need to know for 2019 Tax Filings
- Partnerships and S Corporations – Current Tax Deadlines – Typically due March 15. Since the bill allowing automatic extensions came after that date, those returns were not extended.
- C Corporations – Current Tax Deadlines – Automatically extended to July 15, 2020.
- Personal Tax Returns -Automatically extended to July 15, 2020.
- First and Second Quarter Estimates – Both payments have been extended to July 15, 2020.
- SEP/IRA/HSA Contributions – Updated deadline is extended until July 15, 2020.
- Reach out to Josh anytime: [email protected]
[08:25] – David Lizerbram’s May Legal Tip
- Business Liability When Reopening
- You may find yourself subject to a legal claim due to transmission of the Covid-19 virus at your workplace.
- You should always make sure you have plenty of insurance to cover these types of claims.
- What can entrepreneurs do to reduce their liability?
- You need to document that you’re following all of the federal, state, and local rules and guidelines, so if there ever is a legal claim, you will have the evidence on your side.
- Model good behavior when it comes to wearing masks, maintaining hygiene standards, and staying physically distant from others whenever possible.
- Reach out to David anytime: LizerbramLaw.com
[16:26] – What Went Down In May
- Our income report recording is a bit different this month.
- In order to serve Fire Nation at the highest level, our recording will focus on Covid-19 and resources to help you and your business, along with the action you can take right now to help the fight against racial injustice.
- We did complete our income report to share our numbers and every project and the lessons learned in May. You can head over to our full May 2020 income report to check out all the details.
[17:52] – Unrest, pain, and racial injustice
- Visit our full May 2020 income report to read more.
- Our love and hope goes out to you, Fire Nation, and to all of humanity.