Certified Volunteer Mentor Angela Mitchell of the Southeast Michigan Chapter of SCORE Shares Insights and Tax Planning Tips with Rebound Detroit
Angela Mitchell, a Certified Volunteer Mentor with the Southeast Michigan Chapter of SCORE and president of DNA Financial Services, was recently interviewed for a segment of "Rebound Detroit," a program airing on Channel 7 Action News that covers the Detroit business community's ongoing recovery from the pandemic.
In an episode that aired on March 2nd, Angela was asked to provide her expertise and tips, come tax planning season, for all small business owners, but especially for those who took advantage of government assistance programs such as the Paycheck Protection Program and EIDL loans.
“As a business owner, it’s so important that you know your numbers,” said Financial Advisor Angela Mitchell.
For one, when it comes to that wildly popular PPP loan, she wants borrowers to know, they’re on the hook for much less.
“Not only is that loan forgivable but on top of that the expenses that were associated that you used those funds for, you can still write off,” said Mitchell.
The government making PPP expenses deductible in December, turning what would have been a burden into a gift. As for the EIDL loan, taxes on those funds work like any other loan.
"The loan payments themselves are not deductible,” added Mitchell. “However, the interest that you pay on those loans are deductible as an expense.
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Watch and Read the Whole Story
A clip of the segment is below. To read and see more, visit the Rebound Detroit piece here.