|
"I can't change the direction of the wind, but I can adjust my sails to always reach my destination."
~ Jimmy Dean (1928 - 2010), Country Music Singer, Television Host, Actor, and Businessman (Jimmy Dean Sausage)
|
Coming Soon ...
The official launch of my new book!
The Standard Edition and
The Living Edition
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.
... Stay tuned for details!
|
|
Avoid the 7 Deadly Tax Sins in Your
Small Business
 To minimize the chances that the IRS will call you on the carpet, make sure you know the 7 deadly tax sins.
1. Commingling personal and business activities
You've heard the expression "it's just business." The sin is failing to put this into practice. Commingling business and personal activities can mean you'll lose out on business write-offs you may otherwise have been entitled to claim. And even worse, it's a bad business practice.
The fix: For taxes, be sure to avoid commingling by maintaining a separate business bank account and credit card.
2. Being too casual about running your business
The sin can cause the IRS to challenge your entire endeavor, arguing you're running a hobby and not a business. This can cost you deductions.
The fix: Take the time to write a business plan that shows how you intend to make a profit. If things aren't working out as planned, talk to experts, change your course, reduce your overhead, and take other actions that demonstrate you mean business.
3. Failing to keep track of expenses
While all sins are bad, this may be the worst because it's the easiest to avoid. Not keeping required books and records can prevent you from deducting legitimate business expenses.
The fix: Set up a recordkeeping regime; technology (such as recordkeeping apps for your mobile devices) can help.
| |
|
What You Must Do Now about Obamacare
|
While there has been a one-year postponement of the "employer mandate" (until 2015) for large employers to provide health coverage for full-time workers or pay a penalty, other portions of the law will take effect as scheduled and can impact your small business. The major deadline looming is January 1, 2014, when all individuals (other than those who are exempt) must carry health coverage or pay a penalty. To get ready for this date, here's what you must do now. Provide notice to employeesIf your gross receipts are more than $500,000 and you have at least one employee (whether full or part time), you must provide written notice about marketplace health insurance coverage (New §18B was added by the Affordable Care Act to the Fair Labor Standards Act [FLSA]). The notice must tell employees about the marketplace, whether the employee is eligible for a federal tax credit to aid in paying premiums, and that employer contributions toward coverage may be lost if marketplace coverage is chosen. Read More... |
|
4 Personal Events that Impact Your Business:
What to Do
| Much has been said of work-life balance, but it's easier said than done. Business owners have so much to do for their companies that they may not give proper attention to certain events in their personal lives -- even when these events can dramatically affect the business.
Planning ahead can ensure that you'll more easily address the concerns of these events and be able to attend to business.
1. Having a child
Just ask any parent: Having a child complicates the work-life balance. Whether you're having one and need to plan for maternity leave or have toddlers or school age children for whom you have to make day care arrangements, you have a great responsibility.
Suggestions:- Have backup daycare arrangements that can be used when a child is ill, the primary provider is unavailable, or other unexpected events arise.
- As a business owner, be sure to follow the practices (such as time off after the birth of a child or bringing a child to work) for yourself that you allow for employees.
2. Caring for an aging parent
Ten thousand baby boomers turn 65 every day, and as the U.S. population ages, responsibility for assisting an aging parent will likely hit a growing number of small business owners.
|
|
Our Readers Ask
|
Q: I bought a new car last year and started my business this year. I now use the car for business. What write-offs can I take?
A: You can deduct the cost of the business-related use of your car. You can do this using an IRS-set rate per mile (56.5¢ per mile in 2013) or deduct your actual expenses.
In figuring actual expenses, however, you cannot use bonus depreciation for the year first because the car isn't new, so there's a lower dollar limit for your depreciation allowance. To use either method (IRS rate or actual expenses), you must keep a good record of your business driving.
|
|
Book Reviews
A number of new books for small business have been published.
Here are some good ones to consider reading:
Delegation & Supervision
by Brian Tracy (AMACOM, Hardcover, $9.95).
Part of the Brian Tracy Success Library, this book helps you be a better delegator (something that often is challenging for small business owners). The book dispels some myths that hinder poor delegators and provides actions you can take for more effective management.
Feed the Startup Beast
by Drew Williams and Jonathan Verney (McGraw-Hill, Paperback, $22.00). The book, which focuses on marketing, outlines seven steps to take for "big, hairy, outrageous growth." Step One is asking the right questions.
The Manager's Guide to HR, Second Edition
by Max Muller (AMACOM, Hardcover $24.95).
This book is a desktop must-have. It shows you what you need to know about hiring, firing, evaluation, documentation, and benefits for your employees.
|
|
|
|
|
|
Many thanks for the votes and kind comments - voting ends September 9!
|
|
~~~
|
|
|
It's a Fact!
Immigrant Businesses
While immigrants comprise only 13% of the U.S. population, they started 28% of new businesses (in 2011). Between 2006 and 2012, 44% of startups in Silicon Valley had at least one immigrant-founder.
|
|
|
|
~~~
Build Your Business Radio and
Business Leader Radio
Remember,
you can hear live broadcasts every 3rd Tuesday, at
|
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
|
|
|
