Top stories for you from Barbara this past month:

Tax Issues for Spouses Co-Owning Businesses

No one knows how many businesses in the U.S. are co-owned by spouses. (A professor from Oklahoma State University estimated in 2000 that there were 3 million such businesses, so the number today likely is much higher. Some giant corporations -- Fiji Water, Forever 21, Panda Express, and Houzz -- were founded by husband-wife teams. There are many personal issues that couples face when co-owning a business. Here are some of the tax issues that spouses co-owning a business should think about.

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Crowdfunding
What Are the Tax Consequences of Your Crowdfunding Efforts?

When you raise money for your business through crowdfunding your goal is to have the funds needed for a specific purpose. 

The last thing you probably are thinking about is taxes. However, you can't avoid the subject. 

Whether the money you get is taxable all depends on the type of crowdfunding you use.

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Warning: The Good and Bad News for Self-Employed Individual's Health Coverage 

Every individual is required to have minimum essential health coverage for him/herself and children up to age 18 or pay a penalty (unless exempt from the coverage requirement). Even if the law didn't require it, having coverage is still advisable for good health and to avoid financial ruin in case of a catastrophic accident or illness. Self-employed individuals seeking coverage from a government Marketplace must look to the individual exchange; they cannot use the Small Business Health Care Options (SHOP), which is the government exchange for small businesses.
Should You Give Your CPA Power of Attorney?

In order for the IRS to discuss your tax issues with your CPA, you must sign IRS Form 2848, Power of Attorney and Declaration of Representative to give him or her power of attorney (POA). Merely checking the box on your tax return to let the IRS speak to the person who prepared the return is only limited authority to discuss that particular return (e.g., answer IRS questions that arise in the processing of the return, and authorization ends automatically on the due date of the return for the following year). Some CPAs are now routinely asking clients to sign the POA form when they prepare a return. What are the pros and cons of doing this at that time, or giving authority to your CPA at any time?
How to Protect Your Intellectual Property 

Merriam-Webster defines intellectual property, or IP, as "property (as an idea, invention, or process) that derives from the work of the mind or intellect; also: an application, right, or registration relating to this." The Report of the Commission on the Theft of American Intellectual Property in 2013 found that losses to U.S. businesses from IP theft topped $300 billion each year. Earlier this month, more than 3,000 counterfeit shoes, hats, and other merchandise were seized in Indiana. While there may be no way to be fully protected, there are steps you can take to heighten the protection of your IP property
social responsibility
Your Company's Social Responsibility

What are you doing for others and why does it matter? 

The question of social responsibility has always been a concern to small businesses that are integral to their communities. 

With the growing influence of millennials, the concern is even greater. 
Customize Your Tax Strategies 
 
Tax experts, including myself, often write in generalities about tax actions that small business owners should take. The general advice may be fine for most small business owners but not necessarily for you. Here are some ways to adapt the general tax advice for your situation so you optimize your tax results.
Contests Can Help You Grow Your Business 

With the Olympics underway in Rio, it's easy to see how being a winner is a great feeling. It can also translate into economic rewards as medalists cash in on opportunities that now come their way. Small businesses don't have to be Olympians to be winners; there are contests designed for small businesses. Here's what you need to know about contests.
5 Things to Do During a Slow Summer

Sylvia Plath wrote: "August rain: the best of the summer gone, and the new fall not yet born. The odd uneven time." For small business owners, it's a time of opportunity to take actions that will pay off going forward. Here are some ideas.

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5 Ways to Support Staff with Education and Development

Back-to-school refrains are in the air, making it a great time to think about how you can help your staff get the education and training they need to improve and be better employees. In deciding how you want to help employees with education, keep in mind that there are some ways that are tax free to employees and do not entail any employment taxes (FICA, FUTA, or state unemployment tax). As a reminder, consult your tax advisor and/or attorney for specific guidance and questions.
4 Ways Tech Can Help Small Businesses Succeed
There's never been a better time than now to start, grow, and operate a business. Why?  In one word: technology. You can now find solutions to help every aspect of your business.  There are tech tools that save you time, enable your staff to work efficiently, increase compliance with government rules and regulations, and much more. Here are four key areas in which technology can be a boon to your business.
5 Ways to Get Cash Fast

If you experience an emergency and need cash fast for your business, you won't have the leisure to apply for an SBA loan or seek out new investors. You may not have personal savings to help you out. There are options for obtaining a quick infusion of cash for your company. Review all of the options and determine which is best for you after taking costs and other factors into account. Here are 5 ways you can get money within a day or so.
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Listen to My Recent Radio Conversations featuring:

Wayne Crews, VP of Policy at the Competitive Enterprise Institute (CEI), as we talk about the regulatory trends and critical impact on small businesses and our economy; and

Ray Keating, Chief Economist for the Small Business & Entrepreneurship Council, discussing the latest report concerning the declining state of entrepreneurship in the U.S.
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