Due to the pandemic and the desire of the federal government to keep more money in the hands of businesses and individuals, there were certain tax deferral options available in 2020. But 2021 is the time for reckoning. How to handle payments of deferred amounts depends on what was deferred. Read More

Taxes are a cost of doing business. Typically, the focus is on income taxes, but other business taxes deserve equal attention. Here are some issues to consider with respect to these other business taxes. Read More

The NFIB Monthly Small Business Survey shows that optimism has returned. As the economy opens up, businesses face new challenges that didn’t exist during the pandemic. What are these challenges and how can you deal with them?  Read More

On June 17, 2021, the U.S. Supreme Court decided a case challenging the validity of the Affordable Care Act (ACA). This is the third challenge to ACA and each time the Court has allowed it to stand. Read More

With inflation and rising prices, higher wages and employee benefits, and other pressures on profitability, it’s essential for small businesses to look carefully at ways to reduce expenses. In some cases, it’s merely eliminating fat—big or small—from the budget; in others, it’s adopting different business practices that are less costly. The more you cut, the better your bottom line. And reducing outlays eases up on cash flow demands. Read More

The journalist’s guidelines—the 5 W’s (plus 6 if you include how)—are useful in covering all your bases for just about any activity. If your business uses Twitter to engage with customers and find new ones, apply these criteria and use some best practices for Tweeting to enhance your results and avoid problems. Read More

Each year the IRS releases statistics on various types of business entities, and most recently it released the latest statistics on sole proprietorships. These stats are derived from Schedule C of Form 1040 for 2018 returns in contrast to the number of such filers and their revenue with 2017 returns. Read More

Father’s Day was celebrated a few weeks ago. This day reminds me of the business lessons I learned from my dad at the dinner table each day while I was growing up. He was a co-owner of a machine shop—a small business—that made parts for such items as telephone equipment, helicopters, and the Minuteman missile. Needless to say, his lessons—spoken and unspoken—had a profound impact on me. Read More