Don't fall victim to the old 'bait and switch' scheme. Here's what to look out for. Most people are familiar with “bait and switch schemes” where a retailer will advertise a well-known product at a ridiculously low price to lure buyers to the store. Once the eager customer comes running to buy the $25 flat panel television, they learn that the product is “sold out” and the salesperson does everything they can to try and sell them something else at a much higher price. In the U.S., using bait … [Read more...]
Mike Periu hopes 2012 will bring better days for business.
Mike Periu hopes 2012 will bring better days for business. 3 Small Business New Year's Wishes The new year is just around the corner and I couldn’t be happier to bid farewell to 2011. It wasn’t an easy year for businesses—big or small—and its departure won’t be missed by anyone who tried to grow revenues and turn a profit this year. As I get my business ready for 2012, I’m taking the bold step of telling 2012 what I expect from her. Wish #1: Political campaigns where economic growth is … [Read more...]
The Debt Crisis No One Is Talking About
There's one more debt crisis we should be paying attention to but aren't: China. If I mention the phrase “debt crisis” most people will assume I’m talking about the U.S. federal budget deficit or the situation in the Eurozone. As if we didn’t have enough crises on our radars, there is one more that business owners need to monitor. This additional debt crisis could have a material impact on our profitability as it affects the largest supplier of goods for resale to the U.S.: China. There is a … [Read more...]
The Most Business-Friendly States In The Country
Relocating your business is a headache no matter where you're going. Here are the most business-friendly states in the country. Relocating your business—whether across town or across the country—is a grueling, complicated and expensive process. I’ve gone through this several times, relocating from D.C. to Buenos Aires to New York and to New Jersey, with more waiting around the corner. There are a number of steps you can take to be as productive as possible during a relocation process. But those … [Read more...]
IRS Cracking Down “Gifting real estate”
Gifting real estate is becoming quite common these days. Make sure that you're complying with IRS regulations. Mom and Dad are successful business owners who spend all of their time in New York. Junior lives in Florida, about 20 minutes away from the condominium his parents bought but never used. As a gift for his upcoming wedding, mom and dad decide to give Junior the condo. A few years later they are shocked to receive a notification from the IRS about the transfer. Don’t let this happen to … [Read more...]
Will Your Business Benefit From A Tax Holiday?
A tax holiday is a temporary reduction or elimination of a tax to achieve a short-term benefit. Is it good for business? A tax holiday is a temporary reduction or elimination of a given tax. Usually it is enacted in order to achieve a short-term benefit. The American Jobs Act proposed by President Obama could be considered a tax holiday because it eliminates certain taxes (payroll taxes) for a limited amount of time in the hopes that it will spur employers to hire more workers. The benefits of … [Read more...]
Is Gold The Currency Of The Future?
Both the dollar and the euro are losing their strength. What does this mean for the future of currency? Gold The Currency Of The Future? As actors in the world’s largest economy, business owners need to reflect on the important role that trust plays in our daily activities. Every transaction requires that a certain level of trust be placed on others with whom we have little or no direct connection. Simply refilling a prescription at a pharmacy requires you to trust with your life the source of … [Read more...]
How To Start Planning For The Section 3091 Provision
Do you know how Section 3091 of the Housing and Economic Recovery Act of 2008 will affect you? Over the past three years, there have been numerous proposed laws enacted that have a material impact on how you run your business. Because there has been so much legislation, it’s easy to lose track of what’s changing, what stays the same and what you need to do. The Housing and Economic Recovery Act of 2008 had far reaching implications for the country. One provision which I mentioned last year is … [Read more...]
Breaking Down President Obama’s American Jobs Act
President Obama presented the American Jobs Act in his address last night. Here's what it means for small businesses. Last night, President Barack Obama presented his long anticipated plan for creating jobs: the American Jobs Act. The plan calls for a combination of tax incentives and spending that are intended to motivate companies to hire people and raise salaries while also providing economic support to unemployed people. The price tag: nearly $450 billion. Small businesses are a central … [Read more...]
IRS Makes It Cheaper To Pay Late
Every once in a while, we receive some good news from the IRS. Here's the latest. Every once in a while, we receive some good news from the IRS. Today is one of those days! The IRS recently announced changes to the interest rates used to calculate underpayments and overpayments on income tax payments sent to the agency. The bottom line is that underpayments will accrue interest charges at significantly lower rates than before. The new changes go into effect on Oct. 1, 2011. When the IRS … [Read more...]