According to the coronavirus rescue package, stimulus checks are dependent on current tax returns. Do you have any suggestions for people who may not have filed last year’s taxes?
PD: The stimulus checks will be distributed to tax-paying Americans based on their 2018 or 2019 tax returns. The checks are dependent on earnings and dependents. If you don’t have your taxes filed, it’s not too late to get them done. It’s important that our community learns how important it is to have a tax professional on your team. You want to stay ready so that you don’t have to get ready.
What advice would you give to entrepreneurs who are anxious about their businesses losing money during this time?
DC: The first thing that you need to do is have a family meeting. Find out who is most vulnerable at this time and who is still making a profit. Get a plan so that you are able to cover each other as much as possible. I’m not going to lie — there may not be a lot that some people can do right now, but you can always plan to make sure you aren’t in this predicament again.
Do you believe that putting family first is the key to generational wealth?
DC: Absolutely. Everyone in my family lives in properties owned by our family. This doesn’t mean that you may not have to live with family longer than you want to, but it does mean if you work together you will achieve ownership and be able to break the patterns of economic instability. I don’t have all the answers, I wish I did, but I do know that you can learn from this situation and make sure you are in a better place if it happens again.
PD: One thing we know is that success has a history. If you meet a 25-, 26-, 27-year-old entrepreneur and they are trying to give you advice on business, you should be careful. They don’t have the real experience to give you the type of advice needed to sustain a business. My advice is to find someone in your family who can give you that experience to help push you forward.
Story by Christal Jordan
Images by Logan Simmons Photography
