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Lunch & Learn: Tax Strategy for Entrepreneurs & Freelancers

The Greater Flushing Chamber of Commerce is launching a “Lunch & Learn” program starting on Wednesday, June 29, 12pm noon. The program will be conducted virtually via remote video conference and will feature industry experts presenting on a variety of topics important to small business owners and freelancers. The Lunch & Learn program is part of the Chamber’s continuing effort to support the Flushing community and help revive the local economy, which was devastated by the COVID-19 pandemic as well as a surge in anti-Asian hate crimes and scapegoating.

“We’re proud to be partnering with the Lili Banking for Your Business to bring highly informative and educational webinars for our business community,” stated Taehoon Kim, President of the Greater Flushing Chamber of Commerce.


The topic of the first Lunch & Learn webinar will be “Demystifying Taxes for Small Business with Lili” – a 1-hour session led by business expert Wendi Caplan-Carroll, who will walk participants through the core tools and information that make tackling taxes (and saving money) easier than ever.

“Lili Banking for Business’s commitment to solo business owners helps empower those building their businesses,” stated SMB expert (and solo business owner) Wendi Caplan-Carroll. “Taxes are one of the biggest challenges stressing out small business owners. This workshop helps alleviate some of that stress by simply breaking down what taxes one would be responsible for and how to make sure you account for all those business expenses that may help you reduce your tax burden and stay more organized.”

Attendees will learn about: Taxes 101: How self-employment and income taxes are calculated; Smart Tax Tools: Leverage Lili to ensure you only pay what you owe; and, Get Prepared: Avoid penalties and organize your finances before you file.

Lili Banking for Business was established in 2018 to empower entrepreneurs with the tools and services designed to save them time and money. Lili is redesigning banking to help the innovation economy – the freelancers and small businesses redefining work – to grow their business. For more information, visit lili.co.

The Chamber’s “Lunch & Learn” program is free and open to the public, but registration is required at lunchlearnwebinar.eventbrite.com.

All registrants will receive a copy of “Your Small Business,” which includes everything you need to know about managing your business.

For more information, read the Queens Patch.

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UPDATE: Assistance Available for Local Business in Covid-19 Crisis

All Non-Essential Businesses Must Close

Effective Sunday, March 22, 8:00pm, the City will enforce the closure of all non-essential businesses in New York City, pursuant to State regulations. For more information on the City’s COVID-19 response, visit the NYC Health Department and the NYC Department of Small Business Services.

Gatherings of People Not Allowed

Non-essential gatherings of individuals of any size for any reason (including parties, celebrations or other social events) are allowed. For more information about New York’s new COVID-19 policy, visit PAUSE.

The Chamber is working with local food pantry, La Jornada, to coordinate emergency food deliveries to homebound individuals. If you know anyone who needs help, please fill out their contact information on this online form. If you would like to volunteer or donate, please fill out this online form.

NYC Public School Buildings Closed

New York City public schools will be closed to students and staff on Monday, March 16. Starting Tuesday, March 17, schools will move toward a new Remote Learning Model for all school days until Spring Recess.

 

UPDATE ON BUSINESS ASSISTANCE

 

 

The Greater Flushing Chamber of Commerce is working with the City to provide more information about financial assistance available to help small businesses impacted by COVID-19, including a zero-interest loan program and an employee retention grant.  The City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19.

生意在疫情中受影响的小商业可申请政府经济补助

纽约市政府刚刚公布了一项救助措施,将为在COVID-19冠性病毒疫情中受影响的小商业,提供经济上的帮助。

1. 雇员人数少于100人并且近期销售额减少25%或更多的小商业者,将有资格获得最高达到75,000美元的零利率贷款,以帮助减少利润上的损失,应对商业运营上的资金困境。

2. 纽约市还将向雇员人数少于5人的小商业提供补助金,用以帮助小商业者支付雇员的两个月工资成本的40%,约为6,000美元,以帮助小商业者在这段困难时期留住员工。

符合申请资格者,可随时致电311了解该计划的更多详情。

 

 

Sign up for more information, visit the NYC Department of Small Business Services (SBS).

 

We encourage you to begin gathering the materials for your application so you can submit the documentation once applications become available. Please review the eligibility requirements below. The application for the grant is expected to be open early this week, with the loan application to follow.

 

Eligibility Criteria for the NYC Employee Retention Grant Program 

Businesses, including non-profits, must:

Eligibility Criteria for the NYC Small Business Continuity Fund 

Businesses must:

SBS will be in touch with you as soon as possible about the application process and next steps. 

 

As part of the applications, businesses, and non-profits will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales/earned-income reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.

 

The situation is quickly changing. If you are seeking guidance on how to proceed with daily activities and public gatherings, we recommend visiting www.nyc.gov/coronavirus for the most up-to-date information from the NYC Department of Health. You can also visit www.nyc.gov/covid19biz for the most up-to-date information on best business practices, checklists, and updates regarding financial assistance. I have also attached a social media toolkit to assist with outreach to your local constituents. 

 

The Chamber is also expanding existing business support services, including:

If you have questions or require assistance, contact john@flushingchamber.nyc or 646-783-8985

 

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Chamber Member Promotion: Tax Preparation from Capital Partners Accounting

It is tax season! Are you ready to get your biggest refund back?

Our Chamber member, Capital Partners Accounting advises emerging and established businesses on accounting, taxation, financial profitability, and business strategy solutions. Through the Chamber, Capital Partners Accounting is offering a special promotion for new customers! Details below:

  • Get $25 off preparation of personal income tax return
  • Get $100 off preparation of business income tax return

Make your appointment today!

Please contact Austin Yeung, CPA at 718.612.9000 or email: info@partnerbooks.com

Capital Partners Accounting Locations:

3711 Prince Street, Room 2B Flushing, NY 11354

773 60 Street, Room 2R Brooklyn, NY 11220

114 Bowery Street, Suite 204 New York, NY 10013

For more information, please check out the website here: https://www.partnerbooks.com/company/

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