Top stories for you from Barbara this past month:
Charitable Giving and Your Business


It's been my experience that small businesses are generous with their time, their money, and their merchandise to help various causes, particularly those that are local. One dentist I know does free fillings for families in a homeless shelter. Another business donates funds to a food harvest organization while another holds a blood drive. 

How does your business compare to other small businesses when it comes to charity?
Financial Recovery After a Disaster

The Atlantic hurricane season ended on November 30 without any major storm. It's been 10 years since any big hurricane has hit Florida, and as a resident of this state, I'm relieved. Nonetheless, other parts of the country have experienced severe weather and significant property losses that aren't fully covered by insurance.
Writing Off Tangible Property Purchases the Easy Way

Usually, when you acquire any tangible property expected to last more than a year, you must recover the cost through depreciation allowances claimed over a number of years. You may be able to elect to expense the cost (up to a set dollar limit), although there are restrictions on this Sec. 179 deduction. Or you may be able to write-off the cost using an IRS-created de minimis safe harbor.
  
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Getting Ready for NOL Carrybacks

If 2015 was not a good year for you, there may be a little relief -- taxwise -- in the offing. Federal income tax law allows you to apply a net operating loss (NOL) to certain prior years, generating an immediate tax refund. Is this something that that may be helpful to you?
"Gig Economy" and Worker Classification

Sen. Mark Warner (D-VA) is focusing attention on the new sharing economy. (An article on the sharing economy can be found in Big Ideas for Small Business®, June 2015.) He estimates that about one-third of U.S. workers now participate in this on-demand economy through Uber, Airbnb, TaskRabbit, and other venues. To paraphrase him, people are monetizing their extra resources and free time.
 
Shadow Workers: Consequences to All

Shadow workers, also referred to as ghost workers, are employees who work off the books. They are paid "under the table." Companies don't keep records of their hours or activities. How does this work arrangement impact the parties involved?

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Long Weekends in Lieu of Vacations? 

We're about to embark on a long holiday weekend. Many start the long weekend today because tomorrow, December 25, is a federal holiday. Throughout the year, there are several pre-made long weekends because of federal holidays. For many small business owners, these long weekends are the only time they decouple from work. But what about scheduling for employees? 
 
Health Insurance Reimbursements: What You Can and Cannot Do 

Since the advent of the Affordable Care Act, small businesses have scrambled to find ways to make sure their employees have health coverage. Many have found it impossible to offer their own coverage because of price. They have tried to find other alternatives. The IRS isn't making it easy.
 
Tax Rules for Turtle Businesses 

No, this term doesn't refer to pet stores or turtle farmers. It refers to small business owners who carry their businesses on their backs. They work from Starbucks or mobile homes. ... From a tax perspective, what does this mean? 
 
J.K. Lasser's Small Business Taxes 2016

There's no need to wait -- the new edition is here!  

Stop overpaying on your small business taxes!

Get the expert help you need now to begin preparing your 2015 tax return. And find the critical answers you need for year-round tax planning. 
Retirement Plan Options to Consider Before Year End

In 2013, the Government Accountability Office (GAO) reported that of companies with fewer than 100 employees, only 14% had qualified retirement plans. These companies are missing out on some important opportunities ...
Global Trade: Recent Developments and Resources for Small Businesses

The SBA's Office of Advocacy recently reported that international trade accounts for 30 percent of the U.S. economy, and that small businesses are key players. Small businesses (defined by the SBA as those having fewer than 500 employees) account for 97% of all U.S. exporters. Selling abroad enables small businesses to expand their customer base. Some recent developments may help small businesses play an even bigger role in foreign trade.
5 Things to Know about Flexible Spending Accounts

Employers can offer employees a way to pay for certain personal costs on a pre-tax basis through flexible spending accounts (FSAs).  Using these accounts means that the amounts employees contribute to FSAs are not included in taxable compensation for federal tax purposes.
8 Year-end Tax Tips for Online Sellers

While 2015 is waning, there is still time to take action that will have a positive effect on your tax bill for the year, and for the year to come. Here are some tax strategies you can use now that may be helpful to your tax picture.
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January, 2016 | Copyright ©Big Ideas for Small Business, Inc.