Over 100 Billion Dollars Disappears from U.S. Banks in One Week from U.S. Banks in One Week from banks during the first week of January. Why? Where did it go? The 25 largest banks in the country had a rather exciting first week of January. According to data released by the Federal Reserve, depositors withdrew an astounding $114.1 billion during the week ending January 9. A significant portion of this withdrawal can be attributed to the expiration of the Transaction Account Guarantee (TAG) … [Read more...]
Unionized Employees Becoming Tiny Minority
New study shows that Unionized Employees make up less than 10 percent of the private sector labor force. According to the Bureau of Labor Statistics, 2012 was yet another year that saw a reduction in the number of unionized workers. Approximately 15.9 million workers were covered by a union contract; 90 percent were members of a union with the balance comprised of workers who are not union members but whose jobs are covered by union contracts. Only 11.3 percent of workers are unionized, … [Read more...]
Don’t Hoard Old Financial Documents
When it comes to storing old financial documents, I’ll admit that I do have a hoarding problem. Despite “knowing better,” I’m hesitant to eliminate even old receipts in case one day I’m subject to an audit and the only thing keeping the IRS from confiscating my business is an $8 gas receipt from 1993. All kidding aside, financial documents do have an expiration date, and it's important to know what they are so you don’t burden your mind (and your office) with mountains of needless … [Read more...]
Venture Capital Industry Grows Into “New Normal”
The Venture Capital Industry raised over $20 billion last year, a sign that the industry is rebounding, albeit with a new structure. 2012 was a spectacular year for fundraising by venture capital firms. According to the National Venture Capital Association (NVCA), firms raised nearly $21 billion, a significant increase over the $13.7 billion raised in 2010. Mark Heesen, president of the NVCA, believes that the industry has reached an optimal size for deploying capital and achieving returns by … [Read more...]
Cheaper Way to Get Mobile Plans?
Haven't heard of MVNOs? The Cheaper Way to Get Mobile Plans. These data and voice communications alternatives could save your small business thousands of dollars a year. Many small-business owners are unhappy with their mobile and traditional communications providers. Most plans offer a limited amount of data and minutes per month, which can lead to hundreds or even thousands of dollars in additional fees for going over the limits. Most companies also require a two-year commitment to a specific … [Read more...]
Free Online Course on Small-Business Growth Explodes
More than 60,000 people have registered for this Free Online Course on how to grow your small business. Businessman, author and University of Virginia professor Edward T. Hess is creating quite a buzz among small-business owners with his new course “Grow to Greatness: Smart Growth for Private Business.” To date, more than 60,000 people have enrolled in his Coursera-powered course. The course is divided into five modules: The truth about growth, which will dispel many popular myths about … [Read more...]
When Can We Expect the Next Recession?
Big clue to the next recession: It's likely to occur when the Federal Reserve tries to tame inflation. Predicting when the next recession will hit is as much art as science. Economists, financial analysts, bloggers—frankly, all those who have an incentive being the first to call a recession—are at risk at having their judgment affected by these incentives. An analysis of post-World War II recessions and their causes, studied after the fact, indicate that certain changes in monetary policy in … [Read more...]
Investment Clubs: Can a Gang of Investors Help You Build Wealth?
Small-business owners are failing to set aside money for a good retirement. Joining an investment club can change that. I’ve written several articles recently on the lack of participation and planning on the part of business owners when it comes to preparing for retirement. Small-business owners tend to concentrate most or all of their wealth in one asset: their company. This can be very risky, as businesses take a long time to succeed but can fail overnight. Losing your only source of income … [Read more...]
IRS (Finally) Makes it Easier to Claim Home Office Deduction
The IRS now offers a simplified process to claim a home office deduction tax up to $1,500. The home office tax deduction is one of the most complicated calculations that taxpayers have to perform. The form runs over 40 lines and comes with dozens of pages of instructions. It’s also considered an audit “red flag” by many tax preparers. For these reasons, millions of the estimated 52 percent of small businesses in the U.S. that are home-based don’t take the deduction. The IRS has now announced a … [Read more...]
5 Things to Consider Before Hiring a Tax Accountant
Even though the tax season is slightly delayed this year, don't wait Hiring a Tax Accountant. Here are some tips on interviewing candidates. The IRS has already announced that tax filing season will be delayed so that the tax provisions of the fiscal cliff deal can be processed. That doesn’t mean you should delay hiring a tax accountant to help your company manage and file its returns. As your company grows, preparing tax returns becomes more complex, and the right tax accountant can add great … [Read more...]
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