ANALYSIS - TAX CONSIDERATIONS
COVID-19 VS. SMALL BUSINESS By Denver Burdette
W
hile these are certainly challenging times with the safety and health of all citizens of paramount importance, we should consider that a major part of the financial health of many rests with our local small businesses. Some facts to consider; out of 28.7 million businesses in the United States, 99% are considered small business. 88% of small businesses employee fewer than 20 employees. 40% of small business owners have less than $100,000 to get through emergencies.
I would submit that these small In the meanwhile, small business businesses are our local heroes tax obligations continue. Yes, and the backbone of the towns the payment of income we call home. They serve our local tax liability has been communities willingly, their owners extended to July of and employees are often underpaid, 2020. For those unappreciated and their contribution making quarterly is too often unrecognized. tax deposits, the hardship of loss Yes it’s true that small business of income from owners are being encouraged to your business is apply for SBA loans. This can take compounded. up to 3 months for approval and obviously results in an obligation to service more debt. Some are anxiously awaiting new legislation to provide relief for small business. If and when that is achieved, it will take time for that to filter down to those who need it most.
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But what if you could achieve a reduction or even elimination of taxes due? There is a federal incentive program for commercial property owners that
bout the author: Denver has been a resident of south Florida
since 1973. He and his wife Karen moved to Wellington in 1994 and continue to call the western community their home. Denver has served as a member of the following groups: Talk of the Town Toastmasters (board member), Palms West Chamber of Commerce, Wellington Chamber of Commerce, Rotary Club of Wellington, LeTip business networking group (membership chair) and West Palm Beach Business Referral Club. From 1987 to 2010, Denver’s insurance agency served the insurance and financial services needs of south Florida high net worth retirees. Denver and his wife have been part time real estate investors since the early 2000’s and are still active today in purchasing as well as brokering non performing real estate loans. Vacant land is also part of their investment focus. Denver and D.H. Burdette & Associates, Inc. are independent advisors for Stryde Solutions, LLC of Fenton, Mi. He is currently 1 of 500 advisors nationwide for Stryde that focus on helping business owners increase cash flow, improve their bottom line, and ultimately increase the value of their business. Since 2004 Stryde and it’s advisors have identified over $4 billion in benefits for business clients. 14
The Underwriter’s Insider
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APRIL 2020
