November 1, 2020 -- Volume 19, No. 11
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Join Me Tuesday, November 3, 1pm ET (12 pm CT)
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In the final quarter of this most unusual and challenging year, there is still time to take actions that can favorably impact your bottom line and your tax bill for 2020.
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Politics in the Workplace: Policies and Practicalities
As Election Day approaches, it seems that just about everything is political. There are strong feelings that are being expressed on social media. But what are small businesses supposed to do about such expressions in the workplace? Read More
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What to Consider Now as You Prepare Your 2021 Budget
It’s that time again...time to prepare your budget for the coming year. This is an annual chore that should not be overlooked or delayed. As noted in last year’s blog on the same topic, Dave Ramsey said: “A budget is telling your money where to go instead of wondering where it went.” In preparing your budget for 2021, be sure to consider the following actual and projected changes: Read More
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Preparing for Economic Changes: What's Trending and Why It Matters to Your Business |
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Think back to when you started your business and perhaps worked out a business plan. It’s likely that many things have changed since then. New work arrangements, new technology, new consumer buying habits, and more. To prepare for economic changes, it’s important for you to monitor trends so that you can stay ahead of the curve. Read More
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Holiday Sales Checklist
With the holiday shopping season underway (e.g., October 10 according to BRG, and Amazon Prime Day on October 13), small businesses should be sure to have their holiday sales strategies in place. Due to the pandemic, no one knows how this season will shape up compared to prior years. Read More
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Taking Care of Yourself
The pandemic is hard on everyone. Business owners should be especially mindful of self care so they can continue to run their companies and help their employees get through these trying times. The information contained here isn’t anything revolutionary; it’s well established. But you may benefit from being reminded of the importance of taking care of yourself and how to do it at this unusual time. Read More
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Worker Classification: Where We Stand Now
As a business owner, you may want to use independent contractors for various work you need to get done. It’s less costly than hiring employees....
But some things have changed, so here’s where things stand now.
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What to Know About Re-Hiring Now
As the economy begins to pick up steam, your current number of employees may be insufficient for the work needed to be done. Is now the time to be hiring? If you need more people on staff, how is the best way to proceed? How can you avoid problems? Read More
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Who Does Your Payroll and Why Does it Matter?
Many small businesses handle payroll in-house, but a growing number outsource this task to a third party. There are different types of payroll companies. And there are very good reasons why you might want to use one of them if you don’t already do so. But caution is advised. Read More
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Business Responsibilities for Unclaimed Property
Each state has rules under which unclaimed property “escheats” to the state. This legal term means property is turned over to the state and the state owns it, subject to certain rights of reclamation by rightful owners. Businesses—holders of property—may be required to turn over certain property to the state. Here are some areas to watch for: Read More
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Important Tips for Closing Your Business
Unfortunately, the pandemic has caused many businesses to fail. Yelp reported 60% of businesses that had closed at the start of the pandemic are not reopening. What’s more, in some cases, businesses may be viable, but owners just want to give up. Whether by necessity or choice, owners need to take certain actions to shut down properly and avoid problems. Here are some actions to consider.
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5 Tax Strategies for Your Holiday Sales
Your holiday sales activities have federal and state tax implications. These entail income taxes, employment taxes, and sales taxes. Understand what these tax implications are so that you can prepare.
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Using Social Commerce to Generate Revenue and Grow Your Business
Social commerce is the activity of using social media platforms, such as Instagram and Facebook, to promote your products and services. Social commerce is growing and it’s likely that online shopping habits formed by customers during the pandemic won’t change once the ability to revisit bricks-and-mortar stores becomes safe.
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Talking 2020 Taxes on the Small Business Edge Podcast
Brian Moran and I are discussing important tax planning for 2020 and I share five things business owners need to do now.
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They're both available for preordering from Amazon now!
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
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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.
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I was honored to write the foreword for this insightful book.
The book lays out how to grow and potentially sell all, or a portion of your business for A LOT of money.
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I'm honored that my blog has been recognized as a
Top Small Business Blog for 2020
and included in
8 Financial Blogs Small Business Owners Need to Read
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I'm delighted to be included in this list created by The Blueprint: |
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"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 despite the current recession, better position yourself for future recessions, and reimagine your business for increased success.
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