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The $600 unemployment bonus initiated during the COVID-19 pandemic has been contentious. While some argue it discouraged workers from returning to their jobs, others say the $600 was necessary and that those who are now without it are feeling a severe financial pinch. How much help did the bonus really provide, and what should those who were counting on the funds do now? Remember, the news is constantly evolving as states are independently assessing the value of additional bonuses. If you are dependent on these funds, it would be wise to stay up to date on developments in states’ policies, as some jurisdictions are providing an extra $300 to $400 of weekly unemployment benefits. Here’s everything you need to know about the success of the program and how to find more money for daily expenses if you’re out of work. What was the goal of the bonus? To help with the economic fallout of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act, also known as the CARES...
The CARES Act stimulus checks may offer some relief to taxpayers amid the coronavirus outbreak, but distribution may pose a problem for the millions who don’t use direct deposit to receive their tax refunds. In 2019, 19.8 million taxpayers waited longer for their tax refunds to arrive via paper check. Today, these same taxpayers will have to wait longer again — potentially up to an additional three months — for their stimulus checks. MagnifyMoney looked at the 100 largest metro areas in the U.S. to determine where taxpayers used direct deposit the most (and least) to receive their 2018 tax refund. Cities with the highest percentages of check-receiving taxpayers are where people will likely wait longer for financial relief to arrive. In this review, we’ll cover: Key findings Where taxpayers may have to wait longer for their stimulus checks What to do if you didn’t use direct deposit File your 2019 tax return as soon as possible Provide your banking information to the IRS online Open...
If you think of yourself as an early adopter of emerging trends, you may be wondering how to accept cryptocurrency as payment for the goods and services your business sells. Accepting cryptocurrency could open an additional revenue stream for your small business and help you reach new customers, said Dennis Murphy, Ohio-based certified public accountant and principal at financial advisor firm Skoda Minotti. And some processing services are making it easy for business owners to take Bitcoins and other digital currencies as payment. However, cryptocurrency is highly volatile, and may not be ideal for risk-averse business owners. Continue reading to determine if accepting cryptocurrency could be beneficial for your business and how to receive this type of payment. In this article, we’ll cover: What is cryptocurrency? Accepting Bitcoin as payment Legal and tax implications Is cryptocurrency right for your business? What is cryptocurrency? Cryptocurrency is a digital exchange currency...
Holiday shoppers and wintry weather could have a positive or negative effect on businesses, depending on the industry. Retailers, for example, could experience a rush of customer traffic during the holidays, while business could slow down for weather-affected companies, like oil well drillers who can’t work when the ground freezes. Because the winter months can put a strain on small businesses of all kinds, it is a prime time of year to secure financing. Seasonal business loans could make it easier to keep up with the demands of the holiday season, or help you cover regular expenses if business slows down. Before you find your business in a tight spot, keep reading to find out how you can obtain a seasonal business loan or other types of holiday financing. In this guide, we’ll cover: Types of seasonal business loans Business line of credit Accounts receivable financing Inventory financing When to apply for holiday financing Is seasonal financing right for your business? Types of...
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. Though it may seem like giant corporations like Amazon command the U.S. business landscape, small businesses continue to be the backbone of most local economies. The U.S. Small Business Administration estimates that 99.9% of ventures, or 30.7 million companies, qualify as small businesses. However, the SBA’s definition of a small business is broad. To qualify, businesses must meet or fall below the maximum revenue and employee count that the SBA sets for each industry. Revenue limits span $750,000 to $38.5 million, while employee requirements range between 100 and 1,500 people. But the vast majority of small businesses are much smaller — 89% have 20 or fewer employees. For this study, MagnifyMoney researchers only considered businesses with fewer than 10 paid employees, firms that may...
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. Converting a for-profit business to a nonprofit entity could be a smart move if charity and community impact has become your focus as a business owner. But making the change requires more than applying for tax-exempt status. The process would largely depend on your state’s laws regarding business conversions, and not every company can become a nonprofit organization without a good reason for doing so. Only certain types of businesses can turn into a tax-exempt entity, a procedure that requires filing paperwork with state organizations and the IRS. Keep reading to learn what it takes to turn a for-profit enterprise into a nonprofit organization, and if it’s the right move for your business. In this guide, we’ll cover: Reasons to convert a for-profit business to a nonprofit Converting...
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. Converting a for-profit business to a nonprofit entity could be a smart move if charity and community impact has become your focus as a business owner. But making the change requires more than applying for tax-exempt status. The process would largely depend on your state’s laws regarding business conversions, and not every company can become a nonprofit organization without a good reason for doing so. Only certain types of businesses can turn into a tax-exempt entity, a procedure that requires filing paperwork with state organizations and the IRS. Keep reading to learn what it takes to turn a for-profit enterprise into a nonprofit organization, and if it’s the right move for your business. In this guide, we’ll cover: Reasons to convert a for-profit business to a nonprofit Converting...