Banks are now promoting new SBA Express, 7A, and 504 loan programs for small businesses.  These loans can be used as Lines-of-Credit, or for business purchase, expansion, real estate, inventory, debt refinances and debt refinance. 

In some cases, 100 percent financing on owner-occupied real estate.  These loans have excellent terms and easier requirements than in the past and the first 6 months payments (up to $9,000) can be deferred or waived.

Contact our partner firm Independence Business Consulting at 248-924-2410 for more information.  Tell them Kallas sent you.

SINGLE MEMBER LLC’S AND SOLE PROPRIETORS CAN DEFER THEIR SOCIAL SECURITY TAX LIABILITY

If you operate as a SMLLC (single-member LLC) or as a sole proprietor each year you pay social security taxes on your profits.  Many times the social security tax liability is more than the income tax.  The social security tax is approximately 12 percent of your profit.

For 2020 tax returns, under new Covid rules, you can defer ½ of the social security tax and pay half of the deferred amount by December 31, 2021 and the remainder on or before December 31, 2022.