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"It is far better to be exhausted from success than to be
rested from failure."
~ Mary Kay Ash (1918-2001), American Businesswoman and
Founder of Mary Kay Cosmetics
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 My New Book Is Available for My Readers Now ...
I'm pleased to make my new book available to you now in two eBook versions!
Before we have its official launch in early September, I'd love to know which edition you like better. Visit Amazon and post a comment or send me your feedback.
1) Standard Edition: $4.99
2) The Living Edition: $9.99
This edition continues to grow because NEW stories from business leaders on their business failures and the lessons learned will be added regularly at no additional cost. Alerts will be sent out automatically when each new version is available. And, our readers can submit requests and challenges for future consideration -- these will dictate how often and how many additional stories will be made available.
Both editions are available at Amazon now!
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Death of DOMA: Impact on Your Business
On June 26, the U.S. Supreme Court essentially pronounced the federal Defense of Marriage Act (DOMA) dead because it is unconstitutional. This means that for federal tax purposes, same-sex married couples are entitled to the same rights and benefits as their heterosexual counterparts.
What does this mean for your business?
Who are considered "married?"
The IRS has yet to provide guidance on how to make this determination for employees. As of yet, the IRS has not indicated whether it will determine marital status on celebration (where the marriage took place) or residence (where the couple lives currently). (The Department of Homeland Security has already announced it is using a place-of-celebration approach.) The reason why this matters is because only 13 states and the District of Columbia recognize same sex marriage, while 37 states do not.
Once you can determine the appropriate definition of marriage, revise your employee handbook to reflect the change.
Taxes
Formerly "single" employees who now qualify as married will likely have to submit new W-4s for wage withholding purposes; your payroll will have to reflect this change.
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Equity Crowdfunding Good to Go
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The SEC has approved rules allowing startups and other businesses to solicit investments from accredited investors starting September 23, 2013. What does this mean for your business? BackgroundThe Jumpstart Our Business Startups (JOBS) Act passed last year directed the SEC to revise its rules so that small businesses would be able to solicit investors without having to go through complicated and costly procedures, such as registration. Now final rules have been accepted. The final rules pave the way for equity crowdfunding, which is a financing tool to raise small amounts of capital from large numbers of people. Who is an accredited investor?An accredited investor is a person:
- Whose individual net worth, or joint net worth with that person's spouse, exceeds $1 million, excluding the value of the person's primary residence (the "net worth test"); OR
- Who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with that person's spouse in excess of $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year (the "income test").
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Staying Connected on the Road
| During summer, as well as throughout the year, you may be away from your office but still on the clock. How can you stay connected with staff, customers, and advisors? Technology can go a long way in helping you.
Here are some ideas for your devices:
Smartphones
Just about everyone has one, and their Internet capability is one huge draw. While you have probably set up phone-based email and web searches, you may not be taking full advantage of the features your smartphone offers for connectivity. Examples:
- FaceTime lets iPhone users video chat during conversations-and people on other Apple devices, including laptops, desktops, and iPads, can also use this feature.
- Number Guru for iOS, Android, and Windows lets you look up owner information about landliness and, in many cases, cell phone numbers. Users can leave and read feedback about numbers, especially spam callers and aggressive telemarketers.
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Our Readers Ask
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Q: If my company leases a vehicle and allows an employee to use it without any restrictions so that it is driven for business and personal purposes, is the full lease rental cost for the year taxable compensation to the employee?
A: When a company provides a vehicle for personal use by an employee, there are different ways to account for the personal use as a taxable employee benefit.
- Fair market value of the benefit (i.e., what the employee would have to pay).
- Special valuation rules, such as the cents-per-mile (56.5¢ per mile multiplied by the number of miles driven for personal use). However, this method can only be used in specific situations. There is also an annual lease value, which is not the lease payments you make but rather the lease value from an IRS table. Check IRS Publication 15-B for this and other special valuation rules.
In any event, the company can deduct the lease payments.
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Book Review
Do It! Marketing: 77 Instant-Action Ideas to Boost Sales, Maximize Profits, and Crush Your Competition
David Newman ~ AMACOM ~ Hardcover: $19.95
 Little things you do in marketing can add up to big results, says author David Newman, a marketing strategy coach whose clients include many Fortune 500 companies. He's translated the strategies used by the big firms into actions that you can take in a small company.
Here are some of his Don'ts and Do It! suggestions: - Don't tell customers how great you are. Do It!: Convey why you're the only meaningful choice for customers.
- Don't use marketing-speak. Do It!: Learn a new profit-rich dialect based on language used by customers within their industries.
- Don't waste time networking with strangers. Do It!: Network smaller and smaller (e.g., a one-on-one coffee or lunch).
The book is easy to access, with 77 separate ideas to use and actions you can take to produce results.
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I'm honored to be nominated! Please help me by voting each day - your comments are greatly appreciated, too!
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It's a Fact!
S Corporation Profits on the Rise
IRS statistics for the 2010 tax year showed that there were 4.1 million S corporation returns filed, with more than 7 million shareholders.
S corporation profits grew by nearly 22% as compared with 2009.
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Build Your Business Radio and
Business Leader Radio
Remember,
you can hear live broadcasts every 3rd Tuesday, at
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Did You Know? ...
You can now get your Idea of the Day® and all the latest news and information from Big Ideas for Small Business® on your mobile devices.
Don't miss out -- get your
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