About Us
The products and services we offer
Recommendations Received (50)
"Lillie is highly professional and knowledgeable about tax preparation, bookkeeping, and financial..."
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"Lillie is highly professional and knowledgeable about tax preparation, bookkeeping, and financial management. I am excited to work with her personally. She will be an amazing asset to your business and a wonderful person to collaborate with."
"Lilly is a true expert in her field. She is a great communicator that gets to know her clients..."
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"Lilly is a true expert in her field. She is a great communicator that gets to know her clients in order to give the best service."
Products & Services
Virtual Online Tax Preparation Services, upload documents or make arrangements for delivery. Please contact me at 813-616-1090
Make your real estate transactions less stressful. A&A Financial Tax Services offers a full range of Notary Public services in Brandon, including n...
Recommendations Given (21)
"Experienced Agent, wealth of knowledge relating to Real-estate issues."
"Professional service and friendly staff "
Recent Activity
Keep updating our small business owners and self-employed contractors on updated changes: See Notes Below
Self-employed and need a Covid-19 relief loan? You should wrap up your 2019 taxes right now!!
The Paycheck Protection Program, a federal forgivable loan program, opened to...
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Keep updating our small business owners and self-employed contractors on updated changes: See Notes Below
Self-employed and need a Covid-19 relief loan? You should wrap up your 2019 taxes right now!!
The Paycheck Protection Program, a federal forgivable loan program, opened to self-employed people and independent contractors on April 10.
While small businesses signing up for the PPP must have payroll data to apply, independent contractors and self-employed people may not have this information.
Treasury guidance released on April 14 shows that independent contractors and self-employed people must use Schedule C from their 2019 income tax returns
Lillie M. Anthony Enrolled Agent, Retired IRS Agent
1 Reply
How sole proprietor PPP loans are calculated
Generally, the PPP loan amount that businesses qualify for is based on their average payroll expenses. However, since sole props and contractors usually don’t have payroll, their loan is based on 2019 net profit divided by 12, to get a monthly...
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How sole proprietor PPP loans are calculated
Generally, the PPP loan amount that businesses qualify for is based on their average payroll expenses. However, since sole props and contractors usually don’t have payroll, their loan is based on 2019 net profit divided by 12, to get a monthly “average” net profit. This number times 2.5 equals your PPP loan amount. Which means your PPP loan is roughly ten weeks worth of net profit.
Now, how do you get that amount forgiven, since you don’t have payroll to spend it on?
Owner compensation replacement
Instead of spending your funds on payroll, you can automatically get eight week’s worth of net profit forgiven, without having to spend it on anything. This is called “owner compensation replacement”—it makes things nice and simple. The remaining PPP funds will need to be spent on utilities, rent, and mortgage interest expenses in order to be forgiven.
The amount of “owner compensation replacement” you’re eligible to claim for forgiveness is calculated by multiplying your reported net income in 2019 on your Schedule C by 8/52 (or 0.154).
A simple example
You filed your Form 1040 and Schedule C for 2019, where you reported $27,300 in net income.
Your monthly “payroll cost” would be $2,275, so you qualified for $5687.50 in PPP funding.
To calculate your maximum owner compensation replacement, you would multiply $27,300 by 8/52.
$27,300 * 8 / 52 = $4,200
The $4,200 would be fully eligible for forgiveness. The remaining amount of your PPP loan ($1487.50) would need to be spent on eligible expenses
such as utilities, rent, and mortgage interest.
My Company is Virtual Online Tax Preparation Services. We prepare business and corporate tax returns. It’s been a pleasure assisting new clients this year. Our Clients don’t have to come into the office. They go on my webpage and register. I send them an invite. They Scan documents or take...
(more)
My Company is Virtual Online Tax Preparation Services. We prepare business and corporate tax returns. It’s been a pleasure assisting new clients this year. Our Clients don’t have to come into the office. They go on my webpage and register. I send them an invite. They Scan documents or take pictures with their smart phone. Return prepared online, client review and sign return online prior to E-Filing. We are also available to assist clients with delinquent business tax returns and ready to get assistance with getting into compliance with filing their business returns.
Some audits has nothing to due with who prepared the tax return. There are times when IRS determined that certain business industries are not paying taxes according to industries standards. A Compliance Audit is generated for example a laundry mate owner, small car dealership, ect. Once the...
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Some audits has nothing to due with who prepared the tax return. There are times when IRS determined that certain business industries are not paying taxes according to industries standards. A Compliance Audit is generated for example a laundry mate owner, small car dealership, ect. Once the compliance group has been established the returns are randomly selected base on the tax return DIF-Score. The most important thing to remember is to continue to educate our clients on allowable expenses according to their business industry. This can help to reduce the tax return DIF-Score, which lowers the possibility of Tax Audit.
Once an individual SSN has been connected to another E-Filed Tax Return. There is no way to un-connect the dependent SSN for E-Filing purposes only for that current Tax Year. The Dependent Tax return will always get rejected.
The way to correct the situation, the parent needs to amend...
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Once an individual SSN has been connected to another E-Filed Tax Return. There is no way to un-connect the dependent SSN for E-Filing purposes only for that current Tax Year. The Dependent Tax return will always get rejected.
The way to correct the situation, the parent needs to amend the originally E-Filed Tax Return and take the child off as an dependent. (remove name and SSN from filed tax return).
The Dependent will not be able to E-File an Tax Return for that current tax year. The Dependent has to mail the tax return in for processing.
Only one SSN a year can be electronically E-Filed with IRS.
To avoid a hold up on the Dependent return. I advised the parent to amend the original return, wait until the amend return is posted. Then the Dependent can mail in the tax return for filing.
The Dependent should file for an extension for this year, while waiting for the parent to correct the original return.
Please call me for additional questions:
Lillie Anthony
813-616-1090
Hi, my company, is Virtual Online Tax Preparation Services, Its been a pleasure assisting new clients. You don't need to come into the office. Go on my webpage and register. I will send you an invite. Scan documents or take pictures with smart phone. Return prepared online, you will review and...
(more)
Hi, my company, is Virtual Online Tax Preparation Services, Its been a pleasure assisting new clients. You don't need to come into the office. Go on my webpage and register. I will send you an invite. Scan documents or take pictures with smart phone. Return prepared online, you will review and sign your return online prior to E-Filing. www.aafinancialtaxservices.com
Looking forward to training, our company's mission is to assist small business owners, (profit and non-profit) in the community with their financial accounting and tax needs.
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Looking forward to training, our company's mission is to assist small business owners, (profit and non-profit) in the community with their financial accounting and tax needs.
Virtual Online TAX Preparation Services, all documents can be uploaded in secure client portal. Return prepared and reviewed online prior to E-File with IRS.
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Virtual Online TAX Preparation Services, all documents can be uploaded in secure client portal. Return prepared and reviewed online prior to E-File with IRS.
