E268: Capitalizing on Tax Programs to Recover From Pandemic Losses

Tony Swantek is the Chief Operating Officer at Jorns & Associates. Composed of tax credit veterans with decades of industry experience serving clients of all sizes and in virtually all industries, Tony’s team specializes in helping employers obtain federal and state tax credits as well as disaster relief incentives.

In this episode, we talked about tax deductions, tax credits, IRS, clean data, ERC & PPP loans, loan forgiveness…

Show notes

• Introducing Tony Swantek. [01:06]
• Tony’s entrepreneurial journey and career history over the years. [02:07] 
• The history of how economic stimulus programs were created. [04:15]
• The difference between tax deductions and tax credits. [08:35]
• Three ways to qualify for Employee Retention Credit (ERC). [11:05]
• What “double dipping” means in relation to wages. [20:42]
• Utilizing the ERC and Paycheck Protection Program (PPP) to the maximum. [21:35]
• Tony shares a story about his client in the ammunition business. [27:41]
• Offering full audit assistance to clients. [31:00]
• How businesses can claim their ERC. [32:59]
• Filing by the rules to avoid problems with the Internal Revenue Service (IRS). [37:49]
• The misconception on how the IRS increases audit chances on regular taxes. [40:27]
• Eligibility to apply for loan forgiveness under the PPP. [42:33]
• The only entities that Jorns & Associates would not be allowed to file for. [46:23]
• Hiring a team of specialists to take a look at your data. [48:53]
• Qualifying as a recovery startup business and its rules. [52:48] 
• Why 80% of small and medium sized businesses should claim ERC for at least some portion of the program. [55:29]
• A book on Tony’s reading list. [1:10:42]
• Tony’s most important piece of advice to home service business owners. [1:12:04]

Resources And People Mentioned:

• Jorns and Associates
• ERC Refund Info
• Nolan’s phone number: 480-269-4692
• Rich Dad Poor Dad by Robert Kiyosaki 
• Internal Revenue Service website 
• UberEATS 
• DoorDash
• Grubhub
• Employee Retention Credit