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Do You Speak Gig Economy?
It's common to talk about freelancers or consultants who work in the gig economy; we know what is meant by these terms. But the government is using a new vocabulary that may be relevant to our businesses.
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Do's and Don't for the Home Office Deduction
According to the SBA, about 50% of all businesses in the U.S. are home-based. More specifically, 60.1% of all businesses without paid employees are home-based, as are 23.3% of small employer companies. Despite the prevalence of home-based businesses, many owners fail to claim a home office deduction because they fear it's an audit red flag. The truth is that there are no statistics supporting this belief, and if you qualify for the deduction you should take it. Here are some things you can and cannot do when it comes to the home office deduction.
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What the Supreme Court's Decision on Taxing Internet-based Sales Means to You
On June 21, 2018, the U.S. Supreme Court, in a 5-4 decision, changed a position it had held for decades. Back in the early 90's, the Court, in a case called Quill Corp. v. North Dakota, said states couldn't require merchants to collect sales taxes unless they had a physical presence within their borders. Now, the Supreme Court has reversed its position, saying that states can require online retailers to collect sales taxes on what's sold within their states..
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Growing Fast: Risks and Reward for Small business Owners
It's axiomatic that business owners want their companies to grow, and for many that's exactly what's happening in this economy. The rewards of growth mean more money coming in that can be used to hire additional employees, invest in new equipment, pay off loans, and save for future activities. However, rapid growth can trigger some problems that need to be addressed. Here are some of the risks, and what you can do about them.
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Pet Policy in Your Workplace
Each year for the past 20 years, the Friday following Father's Day is
Take Your Dog to Work Day. This unofficial event has grown in popularity, and the trend is likely to continue. This prompts me to ask you: Do you have a pet policy? Here are some things to consider in crafting one.
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5 Business Myths Debunked
According to the Google dictionary, a myth is a widely held but false belief or idea. In my view, myths persist because there is an element of truth in them; they aren't entirely false. When it comes to business, there are myths that continue to be accepted as truth. But are they?
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Right to Refuse Service: What You Need to Know
In today's highly partisan environment, there have been numerous stories reported in the media of merchants and restaurants refusing service to certain patrons. Leaving politics aside, if you own a store, restaurant, or other business, can you legally refuse service. Does the phrase "we reserve the right to refuse service" have any legitimate basis?
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10 Smart Things You Can Do with an Extra $10Gs
If your business nets $50,000 and you qualify for the new 20% business income deduction for owners of pass-through entities, you'll save $10,000 in federal income taxes. Should you opt to plough this back into your business, here are 10 smart things you can do to improve your business, solidify your workforce, and do good for your community. And all of these suggestions are tax deductible, so you'll be reaping additional tax savings.
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5 Things to Know about Sexual Harassment in the Workplace
The #MeToo and #TimesUp movements are having a significant impact on businesses of all sizes. There are 2 types of sexual harassment that occur in the workplace:
1) A quid pro quo where someone exchanges sex for advancement or to avoid demotion and 2) A hostile work environment plagued with offensive remarks and stereotyping. Here are 5 things to know about sexual harassment and how they affect your business.
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Opportunities for You in Opportunity Zones
The Tax Cuts and Jobs Act created new tax incentives in "qualified opportunity zones" (QOZs, or Opportunity Zones). These are areas designated by a state (and approved by the IRS) as economically-distressed communities for which the new tax incentives apply. The tax incentives are designed to spur investments in these areas, which in turn, should help these areas to prosper. What opportunities do Opportunity Zones present to you?
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Tax Rules for the Care and Feeding of Your Employees
Employers increasingly are acting in
loco parentis, essentially assuming parental responsibilities for the well-being of their employees. Toward this end, employers provide a number of fringe benefits to support the physical, mental and emotional health of their staff. Doing so contributes to a happy and productive staff, which is critical in this tight labor market. And there's an added consideration: tax write-offs for these benefits help to defray their cost.
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An Important Reminder!
We have a new website address:
Please make a note of Barbara's email address:
barbara@bigideasforsmallbusiness.com
You'll want to be sure to include this address in your safe senders list so you don't miss any mailing
from Barbara and Big Ideas for Small Business, Inc.!
AND we have a new username on Twitter - Follow us @BigIdeas4SB
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J.K. Lasser's Small Business Taxes 2018: Your Complete Guide to a Better Bottom Line
This is the small business owner's ultimate guide to a money-saving, stress-free tax season and your year-round tax planning!
Get your copy from
Amazon
today!
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August, 2018 | Copyright
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Big Ideas for Small Business, Inc.
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