Accounting 101: Get ‘schooled’ on this fall’s news
It’s that time!
From masks to smaller classes to distance learning, raise your hand if this back-to-school time came way too fast!
It sure did around here, and we’re working to get into the groove of the kids working alongside me – who knows, maybe they’ll become expert accountants by osmosis 😉
In the midst of it all, I wanted to be sure that I gave you all your monthly updates as scheduled. So, here’s your ‘Accounting 101’ updates:
Did someone say updates?
The PPP Update:
If you’d call it an update…
Basically, we’re still being told to ‘hurry up and wait’. We’re still waiting for the SBA and Congress to hash out the forgiveness application details, so you don’t have to do anything yet. However, there are two articles we recommend if you do want to learn a bit more:
- This article explains why it makes sense to wait to apply for forgiveness.
- And this one talks about the issues behind doing blanket forgiveness for PPP loans under $150k.
Unemployment & lost wages benefits got extended!
A few things to note.
For those of you in Illinois, an additional $600 per week was added to weekly unemployment benefits that were to end July 31st. The Illinois Department of Employment Security has extended this benefit an additional 20 weeks. Illinois is one of 19 states to extend its unemployment benefits including AZ, LA, MO, TN, and TX. Be sure to research if your state has a federal boost to weekly unemployment benefits, and by how much.
How you’ll feel after using the cheat sheet we’re about to tell you about!
What you’re missing on social media:
You knew we got all fancy on IG, right?
Starting yesterday, we’re highlighting one of our Bloom family members each week. We have the COOLEST clients and want y’all to know each other, too. Looking for an incredible designer? A Chiropractor that works exclusively with moms and kids? Follow us on Instagram to see our WTF Wednesdays (who to follow) features!
Want to be one of the cool kids? Send us a picture and answer a couple of quick questions here and we’ll make sure you get a little publicity in the Bloom network.
The cheat sheet you need!
So you can answer, “Is this a tax write-off?”
Last week, we shared a cheat sheet of all the different types of tax write-offs on our Instagram page. Click on the link in our bio to see the cheat sheet, and be sure to file > make a copy > save to your Google Drive for future reference!
And for those of y’all at home with the kiddos – cherish it
That’s it for now, Bloom family!
I’m heading out to decide if having the kids make dinner counts as a science project, and do other mom-teacher-accountant things 🙂
Sending good vibes to you all!