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The PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation share.
Remember to apply for PPP loan forgiveness with your lender As an independent housekeeper, maid, cleaning lady, or other type of home cleaning service provider, you may be eligible to receive this forgivable loan.
If you pay a housekeeping service or you pay a person who advertised as a housekeeper but who also does a lot of other clients, then you are hiring a small business person. You don't issue them any tax forms such as a 1099-MISC unless you are a small business yourself and your business has hired this person.
If you have a company car that's only used for business purposes, the IRS says you can deduct the cost of maintaining and owning the carbut only for business-related expenses. For a personal car that's also used for business, you can only deduct the expenses related to its cost of business use.
10 Tax Deductions for Cleaning Service ProvidersOperating a Home Office.Administrative Expenses.Materials and Equipment.Contractors.Travel-related Expenses.Advertising and Marketing.Business and Liability Insurance.Bank Charges.More items...?