March 1, 2021 -- Volume 20, No. 3
Tax Losses for Owners of Pass-Through Companies: What to Know

Small business owners by their nature are optimistic, as evidenced by various surveys (e.g., GGV Capital found that 83% of owners thought they’d do better in 2021 than in 2020). Despite signs of recovery, many businesses are still in the red and may continue to experience financial losses for some time to come. ... Here are the key limitations to watch on 2020 returns being filed in 2021 as well as 2021 returns filed next year. Read More
Vacation Deprivation: What to Do About It
COVID-19 shattered vacation plans for most people in 2020. According to Expedia’s annual report issued last Spring, staying home had become the new norm. Until the pandemic is under control, this isn’t likely to change (although Carnival Lines reports that bookings for 2022 are already greater than in 2019). But it’s not too soon to be thinking about vacations. Read More
Supplement to J.K. Lasser's Small Business Taxes 2021

The pandemic triggered numerous changes in tax law as reflected in the book. But tax law is not static and new legislation, IRS pronouncements, and court decisions continue to tweak tax rules. They impact reporting on 2020 returns as well as tax planning for 2021 and beyond.

The Consolidated Appropriations Act, 2021 (CAA), which runs 5,593 pages and was signed into law on December 27, 2020, made a number of changes impacting small businesses and their owners. Some are reflected on 2020 returns; others do not take effect until 2021 and, thus, affect tax planning and estimated taxes for 2021. Read More
Supplement to J.K. Lasser's 1,001 Deductions and Tax Breaks 2021

The COVID-19 pandemic triggered numerous changes in tax law as reflected in the book. But tax law is not static and new legislation, IRS pronouncements, and court decisions continue to tweak tax rules. They affect reporting on 2020 returns as well as tax planning for 2021 and beyond. Read More
Recovery Strategies: Using Tax Credits to Hire and Retain Employees

Your staff is your most valuable company asset, so finding and keeping valued employees on the payroll is essential. Federal tax breaks help you to do this. Recent law changes make them even better that before. During the economic recovery, businesses must use all available means to achieve their goals. Here are some tax incentives to check out now for improving your staff. Read More
Regulations in Limbo: What This Means for Small Businesses

On his first day in office, President Biden issued an executive order freezing for 60 days various federal proposed regulations as well as those finalized but not yet in effect. The purpose of the freeze is to allow the new administration time to review, and perhaps, change the rules. Some of these freezes impact small businesses. Here are some to consider…and what to do about them. Read More
5 Important Business Lessons I Learned

Okay, so I’ve been in business since dinosaurs roamed the earth. I may not be as tech savvy as millennials, but I’ve kept up with necessary changes. In addition to learning about computers, the internet, and social media, I’ve also picked up some valuable business lessons along the way. Read More
That Is the Question
To Retire or Not to Retire? That Is the Question

At least it’s the question for many baby boomers who are at or near normal retirement age. Millions of baby boomer business owners are facing this question. COVID-19 has exacerbated making this decision, with Pew Research Center finding that the pace of retirement has accelerated. Should you retire? Can you retire? Will you retire? Read More
Review Your Green Business Practices

A new administration and new Congress are promising serious climate change legislation soon (the “Green New Deal”). In his inauguration speech, the new President plans a $2 trillion investment in clean energy, with the goal of not producing any carbon emissions by 2035. It’s a good idea for your business to review its current practices so you can be prepared to comply with new requirements likely to be acted soon, and even better, get ahead of the curve. Read More
Lincoln's Lessons on Failure

With the stress of the pandemic and the problems they created for many small business owners, unfortunately failure is now too common a fact of life. But when I think about failure, I simultaneously think about success. Perhaps it's because I put a face to the words and that face is of Abraham Lincoln. (Portions of this blog were excerpted from my book Smooth Failing.) Read More
5 Myths About Extensions for Business
Income Tax Returns
Businesses must file annual federal income tax returns by a set due date. For partnerships and S corporations on a calendar year, the deadline is March 15 (e.g., March 15, 2021, for the 2020 return); for calendar-year C corporations and sole proprietors, the deadline is April 15 (e.g., April 15, 2021, for the 2020 return). Businesses that can’t meet the deadline may obtain a filing extension. There’s much confusion about the rules impacting filing extensions. Here are 5 myths ... and the realities of filing extensions.
Regulations in Limbo: What This Means for Small Businesses
On his first day in office, President Biden issued an executive order freezing for 60 days various federal proposed regulations as well as those finalized but not yet in effect. Some of these freezes impact small businesses. Here are some to consider… and what to do about them.
What You Need to Know About 1099-K
Merchants who sell products online and/or in bricks-and-mortar stores may receive a statement from their payment processor called Form 1099-K, Payment Card and Third Party Network Transactions. There is much confusion about the form and what it means to your income tax reporting for federal and state tax purposes. Hopefully, the following clears up the confusion.
Pleased to share my latest eBook!
500+ Big Ideas for Your Small Business
Ideas You'll Use Everyday!
by Barbara Weltman
Whether you’re a seasoned entrepreneur or just starting out, you’ll find actionable ideas to help you with your finances, your operations, your staff, your marketing, your taxes, your technology, your environment, and your personal growth.
The 2021 tax books are
available for purchasing on Amazon!

Small Business Taxes 2021 helps small business owners maximize their bottom line with straightforward, yet comprehensive guidance from the most trusted name in tax.
Details concerning the SECURE Act and the CARES Act are included in both tax books

The complete guide to all deductions and credits for individual taxpayers J.K. Lasser's 1001 Deductions and Tax Breaks shows you just how much money you can save on your taxes--legally--simply by taking advantage of what's out there.

I'm delighted and honored to be included in this list (updated January 2021).
Building a successful business is tough, but you’re not alone. Follow these 10 women entrepreneurs for smart tips, tools, and resources.
Also, honored to be recently featured in this LinkedIn article:
"SMB Insights on Tap: 8 Experts to Follow"
You can learn more and discover some great resources in this article.
More Resources You Won't Want to Miss!
Is 2021 the End of the Non-digital Business?

View my recent conversation with Rachel B. Lee (via SoftwareAdvice) as we discuss small business priorities for 2021 and much more. 
HBM Home-Based Business Start-Up Guide
Delivery Driver Tax and Business Guide
New eBook 2020
"Big Ideas for Recovering and Reimagining Your Small Business"
Providing ideas and resources you can use now to get your business up and running again and reimagine your business for increased success.