Let's Talk with Leaha & Rhonda

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The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you may hear do not necessarily represent the views of K u and v Las Vegas, the University of Nevada Las Vegas, or the Board of Regents of the Nevada System of Higher Education. Hi, this

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is Leah Crawford. And I'm Rhonda Nolan

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Welcome to the let's talk with Lee and Ron to show

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we're here for you and we're ready to go. Let's do it. Hello, Las Vegas. is Saturday. Yes, good morning. Good morning, Las Vegas. It's a beautiful Saturday morning and we're so happy to be here with you.

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You want to know what I was reading this week? Rhonda? I know Governor sisolak Got some some some flack about what he said but Vegas is about to open. Girl. Okay, so side note about before we get into businesses trying to get rid of hardest weekend. Impossible. I'm like okay, so Can somebody tell me what's going on and I was what's going on in Vegas but I am so happy there people here. People to get down on the bow. People are getting back vaccinated. It feels good to be in a city to be able to go out I mean just a little bit and just get some fresh air and see the people that happy smiling faces all in mass. But the happy smiling faces. Vegas is open.

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Vegas is open and people are visiting us and it's a beautiful sight to see the airport is

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packed hot. Air airport is people are coming. You say the natives are restless, bad, the people are coming back.

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People have been in the house for a year with their wife husbands kids, grandmas Grammys and everybody. And now it's time for a break. So Vegas is the perfect place to just hop on a plane and come and see some different scenery, have some fun. So we welcome all of the people from out of town who are visiting with us. Thank you so much for coming to Las Vegas missed you. We missed you. We

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missed you. We missed you. Alright, so quick update taxes. So new tax filing deadline is May 17. Wasn't this weekend, which this week, which was good. Still filing extensions still being responsible. And just wants you to know, if you are not ready to file, it doesn't give you an extension to pay just an extension to file. So October, file your extension desk just to think just file your extension, if you're not ready yet, if you are ready 70238 to 5737 we follow them getting them done office is busy, I'm busy and just trying to stay focused. One person that is just just get them done, get them done, get them done, get it, get it moving

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to all us small businesses, especially you independent contractors and sole proprietors, you should consider getting your taxes done. I've spoken with a lot of independent contractors that have not done their taxes 1718 1920 21 You need to get your taxes done.

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023825737 I'm gonna come up with a jingle 702373770

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The reason why this is important is because now for you sole proprietors, and small business owners and independent contractors, PPP is available to you, but you have to have your 2019 taxes done to apply that those are one of the things we're looking at. And if you are a small business and a sole proprietor or independent contractor, and you you you tried to get the PPP last year and you weren't able to Well, this year, the rules have changed. So if you have a positive line seven on your schedule C or positive line 31 You're fine.

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Right? So what there were, in other words, if you had a loss, you can still apply last year to all said if you had a loss on your schedule C you couldn't apply now and they're looking at your gross receipts. They were talking about gross receipts and net receipts. Now we're looking at gross receipts 702-382-5737 I really can't impress upon you, the money is out there. And if you're able to get it, you're able to get it. If you haven't barbers haven't beauticians they'll text service industry people because those are the people, most of them do your schedule C's. And if you haven't done a Schedule C right now is the time to go ahead. Get it in order, you can go ahead and apply for PPP because it's a grant if you use the funds the way you're supposed to, it turns into a grant. And if you don't, it's a one person loan and I know certain industries did suffer a lot during this pandemic because even even the salons now if you don't have an appointment you can come in and it's like you used to just be able to walk up and get your nails done. You felt like in your nails then you went to the nail salon in the morning. Action nails done. Now you have to make an appointment. For most well, you have to make an appointment in order to go to the salon to get your nails done hair done. It's all the personal services, which is a good thing for them because they can plan better. But I mean, guys, they suffered because they couldn't they did not work. They did not work when we were shut down at all. I mean, it was note that didn't want to touch people, and even now with the mask and everything else. So encourage you I mean, if you're listening, if you go to the barbershop, go to the beauty salon, just simply ask, you know, did you get those PPP funds because those funds are out there and available for them. And they're eligible to get them.

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And for small businesses, like I've said time and time again, COVID-19 was a wake up call for anybody that does not have their business paperwork in order, you have to have your information in order to receive the blessings. You have to

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have your paperwork in order paperwork, documentation, paperwork, documentation, documentation, because you need the documentation to get the money. After you spend set, find the documentation and show them how you spent the money. Documentation just if you do what you would, if you spend the money, how you're supposed to you keep the paperwork, the money's forgivable, you got to grant you got just monies to be able to make it through, you know, did a client we client came in, and we had to clean up his stuff. And he was able to get PPP. And we're planning to plant you know, to file I mean to apply for idle, you know, because that's still open until December 31. But to get the funds because the money is there, the money is there. And the money is useful. If I see businesses, I have some clients that are using the monies. And their businesses are still open. You know, even though they're working at a limited capacity, it isn't they're not stressed out about it, because they know they have the funds available to be able to maintain to stay open until we get back to 100%. But they're using the money. You know, they're making sure our bills are paid, making sure you know their employees are paid, making sure you know just keeping people employed. Nothing I want to talk about is because the unemployment, unemployment that's going to put this out there guys. Unemployment, people are still applying for unemployment. And you just need to, you know, just just, just just be careful, be wary, but that's what let people know about the process because I had a client who someone had filed in their name, unemployment claim. But what they didn't realize is when you file an unemployment claim, they contacted employer and asked them, What was the reason for the termination because the employee your gets to contest your employment. And for my clients, a lot of the forms come to my office, and we you know, we read through them and we always contact the employer, okay, so you let go such and such, you let go such and such. And for this one client, he's like, how did I apply for how did I apply for unemployment and my name and my company, and I'm still working? Wow, you know, so we had to basically send to send the form back and let them know, you know, that this is a fraudulent claim, don't pay this claim. And I can't express it enough, this COVID pandemic is not a lick. It's not. It's not because people are truly suffering. I know some people that really needed their unemployment, and are having issues getting it. And some that haven't worked and are getting me it's this is not, it

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is not and as the people who are receiving pu a for your independent contractors and VA workers that are still receiving Pua, because your business, you know, has not prosper, to open back up. They are now doing a check to make sure you are who you say you are. And they're using ID me they partner with ID me to do a check to make sure that you are who you say you are. Because unfortunately last year, there were lots of people that got monies that weren't supposed to there were lots of people that was using other people's names and social security numbers and weren't supposed to. And now they're putting a halt to that. I think California is one of the biggest states where they had a big, big, big problem with fraud and regarding unemployment, and the battle was probably about second. Well,

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the thing about is what I can say is I know and kudos to the staff at dedar at the unemployment offices, because they are following up and following through. I know I've had several conversations with them about certain clients of mine and talking about which claims were valid, which claims were not valid. And I can't tell you this is this is not this is not that because people are really hurting. People are truly hurting. And even with our watch, even with PPP, just they're asking a little bit more just a little bit, just a little more questions. And I know when funds are going into the bank accounts, guys, and I know our listeners aren't doing this, but when you open up a business bank account, they ask you different questions from what they when you open up a person A bank account. That's correct. Okay. And it's designated as a business bank account. That's correct. Okay. Now, if you are a hairstylist and they see or barber and I use that industry because I'm really familiar with that industry, if you're getting the online payments, they see the payments coming into your bank account, even if even if it is a personal account, you have a history with the bank so they they kind of know what you're doing. And if your funds come in there and they don't match it don't make sense. That's where you know that's that sends the red flag and but if it makes sense, because they know you aren't you know, you, you got money coming in people like doing Zell now they're doing Cash App funds have to go somewhere they're going into a bank account, they see you doing this, I mean, apply for the funds because you are eligible to get them you might need to do your tax returns. But then let's just do the tax returns. If those tax returns done, go ahead and get the funds and like Ryan just said COVID-19 was a wake up call just handle your business. If you owe the IRS or you owe another state agency it's not a bad thing. Let's just plan on how you're gonna pay the bill

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exactly if you if you haven't filed your taxes because you believe you owe the IRS listen, you can't be scared you have to file those taxes and work out a payment plan they are very easy to work

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think about it as ever I remember I noticed bible they talk about you know when you were a child your child does things but when you know when you grow up became a man you adult adults pay taxes that's what they do adult I mean my mother used to tell us all the time you know do don't don't rush to be grown and I didn't understand Understand the nail.

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Well that's what they mean. They may

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put you on a dog and but but but you budgeting you plan differently, right? You do. So if I know running payroll, small businesses, you know, when you run a payroll, you give the IRS a paycheck every time you run payroll. That's correct, good IRS a paycheck. So you know, at first it was it was baptism by fire and entrepreneurs know I baptism by fire me writing paychecks, I love to get the paychecks to the people because they all happy. But then the you know what I love to get paychecks to the IRS because that means that I employed some people were paying into Social Security, we're paying in federal taxes. We're paying our modified business tax, we're paying our unemployment tax, we're doing the things that we need to do. But I budget and put that in my plan. Because I budget my stuff based off of how much money I need to make, how much money I want to make. So I understand why pricing and everything else. And being a business, a small business owner. And a lot of times small business owners, we don't do what the bigger companies do. Because why? Because they got all these people that's gonna tell you, you got to do this. And you got to have this regular job return on your investment, and you need to build as much because this is what they're all the fees you have to pay small business owners. I know it's a lot. But what we do is we help you think through that. So let's let's talk about it, how much money do you want to earn. And then let's back up in how much money you should be charging how many clients you have, how many customers you have to go out there, and reach in order for you to get set return after you pay all your bills, after you pay all your bills. And those are the conversations. And they're hard conversations at first, until they get routine. It's like doing a monthly budget. At first, it might be a little bit hard. I don't want to do this. I don't want to do this. But after about the fourth or fifth month, and you start to see how your money is flowing. And you understand, okay, so I can still live my life, I can still invest, I can still, you know, buy the car that I want. I can still live in a house that I want to live, you know, I can do these things. All I have to do plan it, do it, review it, plan again, do it, review it, playing again. And it's like an ongoing process that you're doing this dance every month. But if you want to be successful, this is the dance that you have to be in in order to be successful. That's correct. You know, and if you owe the IRS, honestly the payment plan it works because guess what, if you are in a certain payment plan with the IRS had a client do this, he was in a payment plan with the IRS. He paid the IRS $700 A month bills raising $700 A month after he finished paying the IRS. He had already learned how to live his life without the $700. So now we started doing something else with the money. Okay, so now let's go ahead and learn about the stock market. Let's learn about what you can invest in because you're already not spending the money, right. But now let's do something else with it. And it was like now he no longer has a tax bill filing. Again, he had to get beat up filing his income tax returns regularly every year. So now Okay, now let's go file taxes, changes his deductions, and working with his business to make sure that his deductions were enough to cover the income that he was making from his business. But that was all going to plan right. And when we did it like that. It was like he was running his business, you know, income expenses, getting his paycheck work paycheck business, after about two years figured out what the deductions needed to be taxable paid, because he took it out as deduction so he didn't have to worry about that pay off the past liability. It took us about maybe five to six years because let me let you know It's not a it's not a quick fix. But it is something that if you are diligent and you work on it, life changes, right life changes. And now he's noticed him because he's paying attention to the numbers. He's just a little bit more frugal. He's understanding how he spends his money he plans to spend so he's not just up and going on a trip trip is planned. Okay, but he didn't he does have set funds set aside, we came up with a little little schematic, you know, you got 50% here, 20, you know, little schematic, and started just working the plan, started reviewing it didn't work and kept working and kept working it. And we knew what his number one, what his number was, and we're gonna reach that number. And we're probably reached that number by the time he's 60. So he's done, retired, I'm done and have other clients following the same thing had another client come in, right. And this was this was honestly, client came in the office, he, when his wife, she had a bunch of debt. And he was, I mean, just flustered. Didn't know what to do renting. And I'm like, Look here, Greg DeVille. I mean, with the real estate, just talking about how do you build wealth? Well, one way is, buy a house, stop renting, buy a house. And he was like, I didn't know, the process to even purchase a home. And for me, I was like, okay, so you don't know, you don't know the process. He was like, no, they had no idea about credit, or how important it was just to pay your bills on time. You know, even if you paid a $20 monthly payment, just pay it on time. And as entrepreneurs, sometimes money is not flowing, right. But you always want to make that month know that that minimum monthly payment until you get to the point where you don't where credit is not your concern. But just some little simple things. He started to budget started to pay his bills on time. So yeah, number one, he comes back, they got money saved. Okay. year number two, wife's debt is gone. Purchase house this year is talking about starting a business, the business is probably going net, you know, not a lot of money. But

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it was Oh my God. Now my passive income can surpass my working income. Oh, God, I possibly can quit my job. But it was planning it. It was doing it. It was reviewing it. It was being an adult. Correct. Being an adult and not being not being scared. And as I'm watching his confidence, because what were their challenges? Anybody that has purchased a home? We know it is not the easy, you don't just walk in and they just hand you the house. So it's not like you buy some buy some shoes? No, you're not. It's not it's not like you buying some shoes. It is a process, right? And then depending on who you're around, you know, some people will you want their renters in there forever renters. I'm not, I need those people because I plan to be no multiunit I'm gonna need them. But depending on the people you're around, and in the conversation, they can encourage you or discourage you. And I like to be around people that incur like for me, I need everybody, everybody around me. Okay, we only be homeowners, home owners got it. Plural, because we need to own multiple homes to to have a first house and a second home. You know, and we need to be working on how do we build the generational wealth. And it's by doing things consistently, over time, but it's handling your business. That's right. And being around people having partners in what you do. So for me, with my clients, in preparing taxes, I'm your partner in this, right? I'm your partner in this, and I'm your partner in this because you want to ask some questions about maybe if you're working the new W four form, it's a little bit different than what it was before. How do you complete that to make sure that you are covering your tax liability during the year? If you Oh, what's the plan? And how do we budget to make sure that you are paying your bill, if you are self employed now especially with PPP funds like that, let's get those schedule C's file, you know, we have to amend some returns or file some returns, let's get that file. So you can go ahead and get those funds because that also can help and help you to change your life then when you get the money. When you get the money. Do what you're supposed to do with the money.

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That's correct. And if you are an independent contractor, or sole proprietor, and you actually have done your 2019 taxes, but you have not applied for PPP, there is a particular bank that you can apply for PPP with and not only will you get PPP, number one that was issued last year, you will get PPP number two that was issued this year,

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and when they put the number up there don't get shocked because I know what I was like yeah, that's right. I know but that's the thing about I guess I get a joy in my eyes watching people make their dream a reality of being an entrepreneur. Because it's not I mean, because making the decision is one thing Are we actually doing good is something else. And I guess Rhonda, we've been doing it for so long. That is, I mean, it's, I don't know, I don't know how I would have, I don't, I don't know if I will be good at it a job. I have

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been an entrepreneur for a very long time. But for a long time, I've worked in corporate America and had a business on the side. So I worked for corporate America. And that was great. But then I had my fun business things I like to do on the side. And I've always done that for a very long time. I did that for a very long time. Now I'm strictly entrepreneur, whatever I kill I eat. And that's, that's what it is.

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I've been an entrepreneur now for it's been it's been this rounds been 1516 1516.

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That's a blessing. It's been

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good. I was added, I was added up yesterday. And it's been about 15 years, and I enjoy it. I enjoy, I enjoy the I like for me, it was time and unnecessarily couldn't having young children and being a single parent, you need flexibility. To know that, okay, don't schedule me during this time, because I don't know what I don't know what I need to do, you know, being able to pick them up from school, take them to school, spend their time with them, do different things, you know, I for a long time I worked from midnight to four. That's when I got my best hours to get work done. And I will go to bed at seven o'clock. So it was I mean, I love the time freedom in order and not being picked to just this clock, just this clock. And I love doing what I do love doing what I do. So yeah,

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it for everyone out there listening, whether you work for corporate America, or whether you work for yourself, you should love what you do love what you do, because it makes it so much easier to get up and go to work or to work on a project. If you love what you do.

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If you love if you if because then it's not going to work,

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right. But if you're in a position because you have to be a responsible adult, because sometimes responsible adults have to do jobs they don't want to do because they have to take care of their families, we understand that. But at some point, you have to get to doing what you love, or you

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have to pick up the thing is figuring out and I know I was watching another show with some gentlemen. And they were talking about you know, loving what, you know, you reading this, this, this reaching this glass ceiling, right? And realizing that you want more and wanting more could be like education. So say you are a plumber, you work for somebody, but you I mean, well, some people don't want to be entrepreneurs. That's not what their dream is. They want to you know, they want to go somewhere, they want to go somewhere and know that they get a paycheck every other week, every week what I mean, and that works for you. Right? I know, for me, it didn't work. I broke out in hives. The last job I had, I broke out in hives and I was like, okay, so guess Okay, so I guess I need to be an entrepreneur, it. This works for me, I love it. I love the flexibility, I love being able to help people, and to create the environment that I want to work in, you know, the culture that I want to work in a culture that's warm, inviting, because I deal with a very hard topic, right? And because when I when when I when you come in my office, and I tell you that you owe the IRS 150,000 I gotta say it with a straight face, and then be there and be consoling because people know people go through the motions, when they first hear that number, you know, and I've watched him and just to be there and work through it with them. And personal professional development has been huge, because I not have a blank face, but a warm, inviting face like okay, how do we work through this? Because it doesn't benefit the IRS for you to shut down. Right? Right. And it's not gonna benefit you to shut down, right? And if you owe this amount of money, you made some money somewhere, right? You made some money somewhere. So what did you do with the money, and I don't want to place blame, but then let's look at doing something a little bit different. Right? So that we can see the fruits of our labor, which you know, so that's a lot but more I love helping people. And Rhonda and I have been assisting people through with these pppl the idols helping them understand the importance of doing their paperwork, assisting them, you know, just looking at your bank statement, looking at your bank account, knowing seeing how you spent your money. You know, I know when I come in my office people, they get weird, you know, they I gotta get my bank statement. You know, I don't care about how you spent your money. But I want to show you with what you're doing now, if you like nice things because we like nice things planned for, you know, it's not, you know, I'm going out and splurge. No, let's plan for it. Right. You know, let's know how much money we have. Let's know how much money we can spend. And let's plan for it. That's true.

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And so for your small businesses that received idle last year, and maybe you're not back up to 100%. The SBA is offering you some additional funds so Though you will get an email from the SBA already started coming in, they are trying to come and say, Hey, do you need any more money, we you may or may not be back up to work full time, but we can extend your we can send more credit to you if you need it.

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Also they're doing if you didn't get that $10,000 grant initially. And with that, with that it's a lot. They're asking for a little bit more information, because they want to know monthly how much money you earned in 2019? How much money you earned in 2020? And what you earned at 2021? Through I think it's through March, right? That's correct. And don't if you 70238 to 5737, is what I can tell you, it was very simple, very simple. And don't get overwhelmed, because you don't know how to answer the question, get some guidance on how to answer the question. But what they're looking for, especially with that one, and I look at it is a $10,000 grant, it is a grant, it comes out as a grant. So I know initially, if you they said it was 10,000, then they base it off the number employees you have, so everybody didn't get 10,000 They're going through the records and seeing who did it who didn't.

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So basically, if they gave you $2,000 They'll give you they're gonna give you the balance of balance to make you have a whole $10,000 So please check your emails. Because I had a client that had missed the email he had, he hadn't even checked his emails in the mail email had been sitting there, and they gave him a deadline. And it just so happened I called him that day and made him look and the deadline was that

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day and that's huge. I mean, that was and that's the other thing though, because I know because you know random data check anymore you know, and I know you're horrible. I'm horrible checking you know, call me if you send me an email call me email or text me because I am better at responding to text messages than I am ever responding to emails. That's correct. And

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check your junk email box check your junk email because I know last year when when when people apply for idle and SBA was trying to communicate with people people were like well we never heard from them because you never check your junk mail box because it was sitting on your

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on and they did have I don't remember the expiration date because I add the email and no but know what email you gave them. Right? That's the other thing because a lot of us have multiple emails, right? Know what email you gave them and just check I put it on my phone it automatically comes up I made it important SBA whenever that email hits I respond within two hours Yes, respond within two hours only because guys being an I'm gonna do, I'm gonna I mean, just just let we gotta handle our business, we got to handle our business.

Unknown Speaker 27:35
And here's another update for all of you who are thinking about applying for the shuttered venue operations grant. That grant was supposed to open up on April the eighth however, the SBA did not open that grant up. So the portal is not open for any of you nonprofits or anyone who has a theater or a stadium or a place where entertainment is happening. Anyone in entertainment, any entertainers any musicians and dancers, anyone like that you do qualify for the shuttered venue operations grant, but the grant has not opened yet. So we'll keep you informed and let you know when the SBA opens their portal. Also,

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I wanted to say Rhonda, we are going on a radio show a live morning show next week on the morning show next week, right. Okay, that means I gotta get up early in the morning again, alright, much alright. So you know, I'm bad because you know, you're gonna call me before the day before to let me know what day are we gonna? It's on Tuesday, Tuesday morning, Tuesday, so people are going to talk to us live about. Talk to us about our business.

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Yes, we will be on this radio station live Tuesday morning at 8am discussing what it is that we do, what it is

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that we do and how we help people well run until next.

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Until next time, Las Vegas is been fantastic speaking with you today. We hope you have a great weekend. It's so pretty. Please go outside and go out of that house. Get out of your business. Go outside. Go for a walk. Get your exercise together. I

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know we're in Vegas. I haven't cut my hair on.

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I've cut my zone. Happy. Spring is here. Ring is here. We're very happy, very happy. And we're so glad you could join us today for the less talk with Leah and Rhonda show. I'm Rhonda Nolan. I'm Lea Crawford and thank you for being with us today. Have a fantastic weekend.

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You have been listening to a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you heard do not necessarily represent the views of K u and v Las Vegas, the University of Nevada Las Vegas or the Board of Regents of the Nevada System of Higher Education.

Transcribed by https://otter.ai