If you asked most small business owners, they’d say that paperwork and red tape are the hallmarks of government and the bane of their existence. Well, it’s about to get worse. Starting January 1, 2024, a new reporting rule takes effect. What the rule is all about and what you need to do:  Read More

You may need money for your business, but interest rates are high right now. It’s been reported that small businesses are paying the most for loans in 16 years, with the average rate on a short-term loan at 9.2% Still, you may need money to renovate your facilities, hire additional employees, invest in technology or expand to another location. If you need capital to make your vision a reality and you don’t have cash on hand, borrowing may be your only option. Read More

Many small businesses have job openings because of the tight job market today. NFIB’s Small Business Optimism Index for June 2023 (the latest available) found that 42% of owners reported openings that were hard to fill. If you are one of them, be sure to understand your obligations about giving applicants information about wages, salary, and other information. Read More

Financial experts suggest that people have a savings account to cover 4 to 6 months of expenses in case of an emergency. Yet, according to Bankrate, only 43% of Americans have $1,000 saved for an emergency. This can lead to stress and anxiety for employees who are in the other 57% of the population, which in turn can adversely impact productivity. Read More

According to FreshBooks study, 25% of small businesses are already using AI in some form, and 2 out of 3 businesses say they’ll be trying generative AI within the next 12 months. What’s more, 60% say that AI will dramatically change their businesses within the next 5 years. Read More

Does it pay to be highly successful? From a personal and professional viewpoint, sure. You get satisfaction from helping your clients and customers and achieving milestones, as well as financial rewards. But from a tax viewpoint, success has its downside. Federal tax rules may penalize your efforts. Higher income tax rates aren’t the only things applied to owners who are very profitable. Read More

During the summer months, many states offer sales tax holidays for consumers buying back-to-school items. It’s a good time to learn about your sales tax obligations so you don’t make costly mistakes. Keep in mind that states can conduct a sales tax audit to see if there were proper tax collections and, in most states, there’s a lookback 3-year period for an audit. Here are 3 sales tax mistakes to avoid. Read More

Are we going to have a recession or not? Ask 3 economists and you get 3 different answers. The best course of action is to prepare and if we don’t have a recession, the business is in a better position anyway. One way to prepare is to deploy generative artificial intelligence (AI). Read More

It's a well-known fact that most business owners pour their heart and soul into their business ventures. When the time comes to retire, closing down the business may seem like the easiest way out. However, shuttering your business might not be the most profitable decision that you can make. Selling your business is a probably better option. Here’s how to prepare for a successful business sale when you feel it’s time to move on. Read More

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