If COVID-19 hasn’t taught you anything it should have taught you the importance of living a legitimate life and operating a legitimate business. If you were up to date on your taxes 9 times out of 10 you received your stimulus check without a hitch. Although it was some kinks majority of people received a refund in the same account they received a 2019 tax refund.
The vast majority of the people who are having a hard time accessing their stimulus check: have not done a 2019 tax return, let others claim their kids, don’t have a bank account, or avoiding filing taxes altogether.
How to legitimize your personal life:
- File taxes every year before the IRS deadline. Pay taxes or set up payment arrangements for any taxes due.
- Set up payment arrangements for any debt especially government debts such as taxes, student loans, and child support.
- Get a REAL bank account. No shade to the prepaid cards. I find that clients have more trouble accessing money and they are not as secure as a bank-owned debit card. Even if you do use a prepaid card I urge you to have a bank account.
Just in case another wave of stimulus cash is coming, take these steps to legitimize your life.
Today the SBA sent me $9,000 between both of my business. I credit getting my money so quickly or getting it all to running a legitimate business.
- Registering my business as an LLC with the State
- Filing for EIN with the IRS
- Registering my business with D-U-N-S
- Have a business account and using it for only business transactions. Make sure your bank is SBA certified.
- Getting a business loan and business credit card to establish business credit.
- Filing yearly business taxes and establish good bookkeeping.
Let this be your motivation to start running your business the correct way. Especially if you ever may need funding including grants or lending. The requirements above are the bare minimum and could be the reason why your business is suffering in this current environment.
~the Accounting Queen