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Presents a
HEIRLOOM SUMMER - a four course dinner August 22nd at 750 Main St., Willimantic.
Taste the best from farm and seacoast at the peak of summertime picking... heirloom produce, heritage meats, and sustainable seafood. Click here for a complete menu and ticket information.
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Small Business Development Center
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Just a reminder that CT SBDC has Office Hours at the Windham Region Chamber of Commerce the first Wednesday of each month from 3:00 - 5:00 pm. To schedule an appointment, call 860-486-4629.
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IRS Calenda
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Important dates for small businesses to remember can be accessed by one click of the mouse.
Click here
to access the IRS tax calendars.
IRS Tax Tips for Starting a Business
When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start.
- Business Structure. An early choice you need to make is to decide on the type of structure for your business. The most common types are sole proprietor, partnership and corporation. The type of business you choose will determine which tax forms you will file.
- Business Taxes. There are four general types of business taxes. They are income tax, self-employment tax, employment tax and excise tax. In most cases, the types of tax your business pays depends on the type of business structure you set up. You may need to make estimated tax payments. If you do, use IRS Direct Pay to pay them. It's the fast, easy and secure way to pay from your checking or savings account.
- Employer Identification Number. You may need to get an EIN for federal tax purposes. Search "do you need an EIN" on IRS.gov to find out if you need this number. If you do need one, you can apply for it online.
Click here to learn more. |
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SPONSORS
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| Thanks to our sponsors for their support!  
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| HELP US SPREAD THE WORD! |
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In this month's newsletter you will notice we have a theme going; we hope FIVE is your number! Be sure to read up on the 5 people you should have on your small business advisory team, or the 5 ways to minimize your business risk and last, but not least, 5 tips from the IRS when starting a business. Don't miss the Step Up Conference on Tuesday, September 22. Being held at Eastconn in Hampton, the agenda is jam-packed with information from state and local agencies that can benefit your business. See more details below. As always, the Northeast CT Economic Alliance is here to assist entrepreneurs of northeast Connecticut with business loans for starting or expanding a business as well as providing beneficial resource information. Visit our website - www.nealliance.com - to get started with your loan application today. Don't hesitate to call us at 860-465-5141 with any questions or concerns, or stop in Tuesday-Friday between the hours of 8:30-4:00. We are located on the corner of Valley and High streets in Willimantic, CT. |
| Step Up Conference - Tues., Sept. 22 |
Learn about these opportunities to Benefit Your Business...
- Wage reimbursement & training incentives (Subsidized Training and Employment Program Step Up) and Veterans Step Up that reimburse your company up to $12,500 for new hires
- Low Interest financing under the Small Business Express Program
- How to find and recruit new and qualified employees, including veterans
- Tax incentives for equipment upgrades, job creation and energy savings
- How to become a State of Connecticut vendor
- Free business plan, marketing analysis
- Incumbent Worker Training programs to develop your workforce
- How apprenticeship programs can assist the trades and manufacturing sectors
Eastconn - 376 Hartford Turnpike, Hampton, CT
Conference will be held 8 to 10:30 a.m. with registration and continental breakfast beginning at 7 a.m. In addition to scheduled presentations by state agencies and workforce partners, the conference includes booth exhibits and opportunities to network with other employers.
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|  Meet Your Small Business Advisory Team
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Entrepreneurs need not go it alone whether they are in the startup phase or have been business for many years. A wise business person realizes they cannot be experts in all aspects of running a business, and knows who they can call upon for advise and help. An entrepreneurs' team of advisors should include at the very least 5 people; a mentor, an attorney, an accountant, a banker, and an insurance professional.
Each of these team members are knowledgeable in their field and can provide expert advise and guidance to a small business owner.
- A Mentor is someone with business experience and is willing to share their experiences. They can help identify opportunities as well as help avoid pit falls. Click here for tips on how and where to find a mentor to fit your business needs. Be sure to also visit SCORE or SBDC websites.
- An Attorney should be thought of as a preventive resource to be utilized throughout the life of the business. Don't wait until a major issue arises to contact an attorney. An attorney can advise business owners on many issues, such as the appropriate legal structure, reviewing leases and contracts, assisting with copyrights and patents, and advise on how to protect your intellectual property. Click here for more information on the importance of establishing a relationship with an attorney.
- An Accountant can do more than prepare tax returns for business owners. They can provide advice on the type of accounting software and how to maintain the accounting system, track cash flows, provide financial analysis for the startup and or expansion of a business. Most importantly an accountant can assist in maintaining the fiscal health of a business. Click here to read more reasons to add an accountant to the advisory team.
- A Banker can help with startup funding but can also advice on cash management specific to the business needs. It is important to work with a banker/financial institution that understands the business' daily operations. Click here for more information on choosing a bank.
- An Insurance professional can help assess the potential risks/perils and determine the appropriate type of insurance coverage needed to protect the business owner and business from unexpected events. Click here for tips on choosing the right insurance for your business.
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5 Ways to Minimize Business Risk |
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By Mary Juetten
SCORE Guest Blogger
It's easy for entrepreneurs to become overwhelmed by the inordinate number of things that they have to do in a given day. It's hard to find time for the little things, especially when you want to jump right in to big-picture tasks like product development or selling what you've created on the market. Often times, the seemingly minor details are best left to another day, as you tell yourself you'll handle them once you have things under control. But these seemingly minor details, if left unattended, can pose a serious risk that could undermine your work in other areas. Click here are the first five of ten ways you can address those risks before they overwhelm your business.
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| Chamber News |
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| Chamber of Commerce, Windham Region |
Legislative Wrap Up Breakfast
Tuesday, September 1, 2015 @8:30 AM
The Windham Club
$20 per person includes breakfast
Click here for more information and to register
Business After Hours:
Westview Health Care
Tuesday, August 25 5:00-7:00 PM
150 Ware Rd., Dayville, CT
For more information and to register call 860-774-8001
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 Workshops and Seminars
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 Business Taxes for the Self-Employed
Get back to the basic during this FREE one hour webinar presented by the IRS. This webinar will cover the following:
Reporting profit or loss
- Self-employment tax and estimated tax payments
- Schedule C and C-EZ
- Deducting business expenses
- Husband and wife businesses
- Recordkeeping
- Plus a live Q&A session
The webinar is scheduled for August 26, 2015 @2:00 PM.
Click here for more details and to register.
Webinar | What Small Businesses Need to Know About  The Switch to Chip Card Technology
Wednesday, August 26, 2015 | 2:00 PM ET
Did you know that an important shift is occurring with card payment technology that might impact your business? Keeping up with the newest, most secure card payment technology is very important for small business owners. SBA has teamed up with Square to help small businesses navigate the upcoming transition from magnetic stripe to chip card technology. Click here for more details and to register.
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The Northeast CT Economic Alliance is an independent, community-based partnership of business, education and government
interests dedicated to enriching the long-term vitality of the communities of:
Ashford · Brooklyn · Canterbury · Chaplin · Columbia · Coventry · Eastford · Hampton · Killingly · Lebanon · Mansfield · Plainfield · Pomfret · Putnam · Scotland · Sterling · Thompson · Union · Willington · Windham · Woodstock
This institution is an equal opportunity provider and employer. |
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