Relevant Information for Small Business

October 2014

SCORE Fox Valley -Chapter 289

From co-editors Mike Toland and Bruce Marino, what questions do you have for us? Get your question answered in (24) hours.

jmichaeltoland@gmail.com bwmarino@hotmail.com

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SCORE and NaperLaunch will be holding its second Business Roundtable on Thursday, October 16, 2014 at 8am sharp. Please enter the library on Jackson Street , as the library is closed at this time of the morning. Light refreshments will be provided.

Naperville Nichols Library is located at 200 W Jefferson Ave, Naperville, IL

The Roundtable features 90 minutes of business discussion with SCORE counselors and fellow small business owners and entrepreneurs. You choose the subjects and learn from the collaborative discussion.

Article 1: Link
Article 2: Work Shops
Article 3: Link

Basic Tax Deductions to Consider

Small Business Owner - Don't Overlook These Tax Deduction Opportunities

It's very simple. The more tax deductions your business can legitimately take, the lower its taxable profit will be. When totaling up your business's expenses at the end of the year, don't overlook the following 10 business tax deductions:

1. Auto Expenses

There are two methods of claiming expenses if you use your car for business:

Actual expense method - you keep track of and deduct your actual business-related expenses.

Standard mileage rate method - you deduct the standard mileage rate (2014 is 56 cents per mile) for each mile driven, plus all business related tolls and parking fees.

This is a simple explanation of these methods. Check with your accountant or tax preparer for details.

2. Expenses of Going into Business

Once you are running a business, expenses such as advertising, utilities, office supplies and repairs can be deducted as current business expenses - but not before you open your doors for business. Generally speaking, these capital expenses allow you to deduct up to $5,000 the first year you are in business. Check with your accountant or tax preparer for details about deductions in subsequent years.

3. Bad Debts

If someone stiffs your business, the bad debt may or may not be deductible - it depends on the kind of product your business sells.

Goods - If your business sells goods, you can deduct the cost of goods that you sell but aren't paid for.

Services - if, however, your business provides services, no deduction is allowed for time you devoted to a customer who doesn't pay.

4. Business Entertaining

If you pick up the tab for entertaining present or prospective customers, you may deduct 50% of the cost if it is either directly related to the business and business is discussed at the event or it is associated with the business, and the entertainment takes place immediately before or after a business discussion. Make a note on the receipt indicating the attendees and specific business purpose.

5. . Interest

If you use credit to finance business expenses, the interest and carrying charges are fully tax deductible. The same is true if you take out a personal loan and use the proceeds for your business. Be sure to keep good records demonstrating that the money was used for your business.

Are you wondering why this article addresses only 5 of the indicated Top 10 business deductions? The remaining 5 will appear in the November SCORE Fox Valley newsletter. Other deductions frequently overlooked include those related to:

Bank service charges
Business association dues
Casualty and theft losses
Consultant fees
Online computer services related to your business

As previously recommended, consult with your accountant or tax preparer for details.

Material for this article provided in part by Stephen Fishman, J.D.

Upcoming Workshops/Live Webinar

Oct 24, 2014 12:00pm CDT

Wheaton, IL

Creating Your Business Plan

Develop & review your business plan under 1 on 1 guidance of SCORE mentors in six weekly 2-hour sessions. Homework is required.

Featured Workshop

LIVE Webinar 10/9: Get Your Business Funded

One thing all small businesses share is the need for money. But where do you find that capital? At this webinar! Join Senior USA TODAY Small business columnist Steve Strauss (and author of..

Featured Workshop

LIVE Webinar 10/16: How the Right Registered Agent Can Protect Your Business

Who is your company's registered agent? Are you currently your own registered agent?

Many entrepreneurs miss one of the most important steps in protecting their businesses: picking the right registered agent....

Oct 22, 2014 6:30pm - 8:30pm CDT Wheaton, IL	How Small Businesses Are Getting Big Results with facebook� Learn how to run FB marketing campaign that drives engagement, increases fans & leads. AND we'll show how to combine email & social media marketing.	Register
Nov 5, 2014 8:00am - 9:30am CST Wheaton, IL	How to Build a Stunning LinkedIn Profile for Sales Prospecting Join Vanessa Cabrera for a 2-part workshop on how to generate leads and sales with your LinkedIn profile.

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Mentor Profile -Bob Manning,

Marketing Communications Chair

In retirement, Wheaton's Bob Manning has been able to enjoy avocations he previously had difficulty finding quality time for, such as woodworking and cabinet making, grandchildren and golf. Since joining SCORE two years ago this month, Bob has also tirelessly and effectively served our volunteer organization by sharing his extensive marketing and sales experience with clients and peers, as well as chairing the SCORE Fox Valley Marketing Communications committee, which includes oversight of the chapter's internet web site.

Bob was born in New York City, and grew up in West Hartford, CT. His father had an entrepreneurial spirit in that he established his own roofing/siding/remodeling business, while Mrs. Manning was a stay at home Mom. When the time came to choose a college, Bob broke the mold so common for a Hartford kid at that time (either attending UConn or a college in Boston) and chose Temple University in Philadelphia. During the summer of 1969, before beginning college, Bob attended the Woodstock Music Festival with hundreds of thousands of his closest friends, and recalls vividly being there when Jimi Hendrix closed out the event. Several years later, Bob also met and shook John Lennon's hand following a Mike Douglas TV show, a major thrill for a long time Beatles fan.

Starting out at Temple as a Political Science major, Bob graduated in 1973 with a degree in Anthropology. By that time, Bob had been married for nearly a year, having met his wife to be during Christmas, 1971 while on vacation in Florida, and marrying in August, 1972 following a whirlwind romance, made possible by Debbie's attendance at Gettysburg College, a short drive from Temple in Bob's 1967 MGB.

Shortly after college graduation, Bob began a 39 year business career with Quaker Oats and Pepsico. Starting in sales in Philadelphia, he progressed through the region and division sales ranks with posts in Baltimore, Chicago, Albany, Baltimore (again), and then attained a corporate role in 1986 that kept him in Chicago for the balance of his career. Bob found he thrived in a corporate environment, gaining an enviable reputation as a communicator and problem solver extraordinaire. His numerous field assignments provided him with the collaborative skills and product knowledge that enabled him to solve the" corporate puzzle", and his formal anthropology education provided insight when establishing effective interpersonal relationships and listening skills , both so valuable in sales and product management. Towards the end of Bob's career, he became an SAP expert and project manager, which grew in importance after Pepsico purchased Quaker, and the company wrestled with the challenge of merging the two divergent organizations.

Since retirement in 2012, Bob put his woodworking skills to work volunteering with Habitat for Humanity, before joining SCORE. His wife Debbie, who had earned an Accounting degree from Temple in the 1970's, continued her education at College of DuPage in computer science, and recently incorporated her own web design business. Their children Lori and Scott are fairly close by (Elkhart and Bloomington, respectively) and two granddaughters in Elkhart provide Bob and Debbie the joy of being grandparents.

Lessons learned and traits developed during Bob's business career continue to serve him well with SCORE, particularly his zest for hard work and ability to learn from people and situations.

Bob is associated with the SCORE Lisle office. He can be reached at bobmanning44@gmail.com or (630)386-7604.

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