Business owners may be surprised to learn they aren’t universally required by federal law to provide any paid time off…no paid vacation days, sick days, or personal days. Some states and localities have certain mandatory paid time off. And there are a number of federal and state laws requiring unpaid leave time. With this tight labor market, however, businesses may want to review their leave time policies and revise their offerings. Read More

Can you believe that half of 2023 is over? The first half of the year has been a rocky one economically speaking. There were several interest rate hikes from the Federal Reserve, inflation moderated somewhat, and the debt ceiling crisis was averted. But according to the NFIB Survey for May 2023, optimism among small business owners continues to be well below the historic average. Read More

It’s common knowledge that having a business plan is helpful, if not essential, in running a successful business. But savvy business owners know that having backup plans to address anticipated or unexpected contingencies is just as important. Understand how contingency planning operates and what matters you should address so that you’ll be prepared to handle a recession if it should happen. Read More

Business owners pay Medicare taxes on their salaries while those who are self-employed pay Medicare tax on their net earnings from self-employment. Whether salaried or self-employed, owners may also pay additional Medicare taxes. These additional taxes are handled as if they were income taxes. Understand what these taxes are, how to deal them, and proposals that would increase the tax burden on successful small business owners. Read More

There’s tremendous partisanship reported regularly in the media. But in actuality, there’s considerable bipartisan action going on. Small business matters shouldn’t be partisan; issues need to be addressed. Fortunately, the Small Business Committee in the House has taken some steps to help small businesses. Read More

Published annually by Benjamin Franklin from 1732 to 1758, Poor Richard’s Almanack was a compendium of weather predictions, advice, poems and stories, jokes, proverbs, and more. It was a best seller in its day. A number of the famous bits of advice, which arguably were “borrowed” from other sources, are still helpful today for small business owners.  Read More

Numbers can paint a picture and recently released IRS statistics on sole proprietorships certainly do so. These stats are derived from Schedule C of Form 1040 for 2020 returns in contrast to the number of such filers and their revenue with 2019 returns. Read More

Father’s 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

Times are tough right now for small businesses. With the effects of the pandemic still lingering, along with the current cost of living crisis, keeping a small business afloat can be difficult. While these are not things you can control as a small business, improving productivity and organization (among other things you can control) can be beneficial in keeping your business competitive. Read More

Remember, the tax laws are constantly changing! Stay up-to-date with these 2 tax books and the free, online Supplements for each book on our website's blog!

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