We all are now dealing with the COVID-19 pandemic that has impacted our lives and economic activity throughout the world. Even freelancers, self-employed professionals, and independent contractors are also affected. In such circumstances, the PPP loan amount is a great help. According to a report, the pandemic showed a negative impact on around 80% of independent contractors. The entire situation is confusion creating around the Paycheck Protection Program (PPP) for independent professionals. 

One can qualify for a PPP loan when – 

• Candidate files Schedule C along with 1040 returns each year.
• Paying workers with 1099 despite W2s.
• If workers are a pain in 1099s, you are still qualified as an independent contractor. 

Applying for a PPP loan as an independent contractor

PPP loans are usually given by partner lenders who are actually working with SBA. They can also use Lender Match Tool for identifying a lender near you. For this, it is necessary to submit the documents together with the additional documents needed by the lender. Within ten business days, loans will be issued. 

Applying for a PPP loan as a sole proprietor

Self-employed people take loans once in their lifetime to increase their business. Someone with a loan amount under $150,000 can easily apply for PPP loan forgiveness along with Form 3508S. If you are filing this form, then there is no requirement for supply documents or calculations. One thing to be mention here is the total amount spends on loan forgiveness amount and payroll expenses. File the loan forgiveness application with the lender, not with SBA. The lender will further take care of the complete procedure. Within 60 days, you will get the latest updates after filing the forms.

In case the lender rejects the application, he will inform you and allow you to further notifying the SBA. Do apply for SBA review and further inform the lender regarding the same within 30 days. 

The summary

So, if you are an independent contractor or self-employed professionals who want to apply for a PPP loan, then our team is ready to help you out while addressing your concerns.

Credit cards come with multiple benefits,not the least of which are smooth and fast transactions, anytime and anywhere. There are a few things you can do to avoid paying a high bill at the end of the month. There are some easily avoidable mistakes that can help you get the most of your credit card. Here’s a look.

1.   Apply for the right type of credit card

If you are using a card that charges a high interest rate, consider doing some research on the types of credit cardsto find one that offers better rates. You could also consider transferring your credit card debt to a balance-transfer card, which tends to have a lower rate for a certain period. You may also opt for a 0% APR (annual percentage rate) card to avoid interest charges by paying off your balance during the introductory period. Save up the major expenses for emergencies. Also, check which card fulfils your needs the best, rather than choosing a card with multiple offers you will never use.

2.   Pay your bills on time

Always pay off your credit card bills within the interest-free grace period.Leaving bills unpaid will lead to late payment fees with interest charges, as per the APR. Also, paying these bills on time is great for your credit score. A history of timely payments will raise your credit score, which will make you eligible for various other types of benefits, such as easy loan approval.

3.   Avoid saving your card information on shopping sites

While e-commerce has made life much easier, saving all your credit card information on shopping sites could make you vulnerable to cyber threats. You never know, not keeping your card details so easily accessible might also prevent you from giving in too easily to the temptation of shopping on non-essentials. This could even help you save money.

4.   Utilise the benefits of credit cards

Make sure to check for all the advantages of your credit card,such as reward points, discounts and offers. Keep track of your reward points and redeem them for vouchers and gift cards or, if your card offers, real airline miles. This way, you get to benefit from great savings, while staying within your credit limit. Besides, offers like cashbacks or extra credit points can go a long way in reducing your regular expenses.

5.   Choose EMI payments

Whenever you need to buy a big ticket item, such as a fridge or television, check out whether you can buy via EMI payments. This will help you stay within your credit card limit and avoid a big bill at the end of the month.

Carefully read all the terms and conditions before applying for a credit card. Learn about the applicable charges and see how you can avoid incurring them to enjoy the maximum benefits of your credit card.

Tax season is almost upon us and if you haven’t started planning for it, you’re late. Most small business owners and real estate investors have a small, expert team working with them for tax planning and investments, but for those individual investors, DIY or otherwise, tax time is always tricky. If you’re already working with a financial planner Orlando, you have the benefit of working with an investor who’s also helping you with tax planning. However if your current financial advisor doesn’t assist with your tax planning, here’s 4 reasons why you should find a new financial planner who will help with your taxes.

Your Financial Planner Knows More About Your Finances 

There’s a great chance that your financial expert sees more of your financials than your accountant does. This is usually because they will find more success by knowing more about your spending habits and financial goals. As most advisors don’t charge per hour, clients are inclined to share every bit of information with them.

Accountants tend to be thought of as strictly tax people, so a client generally won’t ask them other financial questions if there is not an obvious and direct link to a tax question. This equates to your financial planner knowing much more and having more of an impact on your taxes than your accountant, and why they should certainly be working with you to tax plan.

Your Financial Planner Has More of an Impact on Your Taxes

We already know that they know more about your financial details. Whether it’s investments, retirement, annuities, or other financial questions, your financial expert is the cornerstone of your financial strategy. This long list of financial questions also has tax implications, but your accountant can’t help with this type of preparation because it’s not what they do. Additionally, they can’t offer guidance until their tax season slows down, which is too late. Your advisor, on the other hand, already knows your finances inside and out, and is aware of the big picture plan. They are in the perfect position to help you regarding the tax impact of your financial decisions.

One Tax Mistake Can be Catastrophic

Financial advisors pride themselves on outperforming the market. Obviously no guarantees can be made, but they are truly experts in their field and often show examples of their superior investment performance. If they are able to make you alpha, or additional earnings, it’s generally a small percentage point. Meaningful, but not yet tangible. But if they make a mistake that ends up costing you more in taxes, it can wipe out your alpha earnings and hurt twice as badly because paying a tax bill is tangible. It’s actual money coming out of your pocket and going straight into Uncle Sam’s. Your advisor should always be trying to keep money in your pocket and keep the government’s hands out of it.

Tax Efficiency is The Best Investment Strategy

Simply put; the more money you have to invest, the more money you can earn. Because taxes are a zero-sum game, every penny you keep is a penny of yours that the government doesn’t have. Those who are tax savvy and able to keep their tax bills lower, are the ones with more money to spend or invest. Whereas others, who are not tax focused, end up having to commit more money to the government, which results in less capital to invest with, and thus making it  harder to accumulate wealth.

Ask your current advisor about tax prep and if they don’t offer it, or charge more for it, find a new financial expert who will tackle it with you. When you work with a financial planner who is able to incorporate tax planning into your big picture, financial strategy, the result is financial success. 

It is even known as “prop trading,” that offers higher level of potential of earnings very much in career rather than the jobs such as investment banking and also the private equity. This is arguably merit-based industry in the finance department: if you will make abundance dollars for the firm, you will also earn a significant part of the percentage.

The Proprietary Forex funded account usually refers to the financial firm and also the commercial bank which invests for the direct market to attain instead of simply earning the commission dollars through trading on the behalf of clients. In the proprietary trading Forex funded account, you don’t have to risk your capital and the great thing is that may involve trading of the stocks, bonds as well as commodities, currencies along with different instruments.

With a forex funded account you will be able to trade capital of the prop firm, like Forex Traders UK, meaning that you will be able to double your capital each time whenever you will hit the breakthrough.

The Proprietary Trading usually occurs when the bank or when the firm usually trades stocks, bonds, derivatives, commodities as well as different kind of the financial instruments in their own account, by using the money rather than using the money of client. The best thing is that you don’t need to have experience or money to get started with this kind of trading account. This allows the firm to earn complete profits from the trade instead than only the commission that it receives from the processing of trades for the clients.

The Prop traders use different kind of the strategies like merger arbitrage, global macro-trading, index arbitrage, volatility arbitrage for maximizing the returns. The Proprietary trading account has to access the much sophisticated software with the pool of information to assist and make some critical decisions.

Want to know more about prop firm Forex Traders UK? Open a Forex funded account and start prop trading now.