The IRS denied David and Veronda Durden a $25,000 deduction. You won't believe why. The devil is in the details is the lesson from David and Veronda Durden who were denied a $25,000+ deduction on their tax returns for a charitable contribution they made to their church. Why? Because of a simple technicality, A Simple Tax Error. The IRS disallowed the deduction, increasing their tax liability by thousands of dollars, because the proof they had confirming the donation didn’t meet all of the IRS’ … [Read more...]
Unclaimed Property? Obscure Law Could Expose Your Business to an Audit
Don't miss these upcoming deadlines for filing unclaimed property reports. Small-business compliance with unclaimed property laws, known as escheat laws, isn't usually at the top of the list of most owners' concerns. But failing to address unclaimed property can lead to audits, interest and penalties. When a customer leaves a deposit and never returns, or you issue a refund to clients via check that they never cash, you can’t just keep the money. Escheat laws require you to report that money … [Read more...]
Successful Startups: A View from the Trenches
Sometimes the best lessons of business success come from the trenches. What does it really take to build a successful startup? Entrepreneurs aren’t always able to genuine identify the factors behind their success. Sometimes the real magic happens in the trenches beyond the purview of the founder. Yevgeniy Brikman has worked “in the trenches” of two successful startups—LinkedIn and TripAdvisor—and based on those experiences has developed his own insights for startup success. Brikman presented … [Read more...]
Are You Ready for the Sharing Economy?
The ownership society is giving way to the sharing economy. Position your company now. The pride of ownership used to be something that parents taught their children. But it appears that Generation Y consumers aren’t particularly interested in ownership as much as they are in consumption. The idea of enjoying the benefits of something without the responsibilities of ownership has given rise to the “sharing economy” and your company needs to adapt to this new reality. Over the past decade … [Read more...]
Our credit-based economic model is in critical condition
Our Money is Running out of Time: Our credit-based economic model is in critical condition. Its time to position yourself. Legendary bond investor Bill Gross, co-founder of PIMCO which manages nearly $2 trillion, believes that our credit-based economy’s days are numbered. Our banking system is based on fractional reserves, whereby a bank with $10 in deposits can loan out $100 and in effect “create” an extra $90 of capital that can be put to productive use. The depositor wins because they earn … [Read more...]
3 Things Top VC Tony Tjan Looks for in Companies
Venture capitalist Tony Tjan believes that all revenues aren't created equal. You should listen to him. Venture capitalist Tony Tjan believes that not all revenues are created equal. Companies that pursue growth of any kind and at any cost will have a difficult time achieving long-term value, according to Tjan, vice chairman of investment advisory firm Parthenon and general partner at VC firm Cue Ball. Instead, he looks for companies that have what he considers “hiqh-quality” revenues, as these … [Read more...]
What the Dive in Worker Productivity Means for Your Business
Worker productivity takes an unexpected fall. Expect your labor costs to go up and your margins to go down. Worker productivity is a key factor in determining your company’s profitability. As your employees become more productive, they deliver the same output in less time and for less expense, boosting profits. Everything has a limit though, and at some point your ability to squeeze more output out of the same workers will end. At a national level, it looks like we have reached this … [Read more...]
California Slaps Small-Business Investors with Back Taxes
California Slaps Small-Business Investors by eliminating retroactively a popular tax break. Just as California Governor Jerry Brown is fending off attacks from Texas Governor Rick Perry, who's luring California companies to Texas, the Franchise Tax Board has dealt a serious blow to small-business investors. For two decades, California has offered a significant tax break on capital gains to people who make money by investing in companies that have less than $50 million in assets and keep at … [Read more...]
United States Postal Service To End Saturday Delivery
It's official--the United States Postal service will eliminate Saturday delivery. After much speculation, it's finally official—the USPS will no longer offer first class mail delivery on Saturdays beginning in August. This impacts letters, envelopes and small packages weighing up to 13 ounces. This step is part of their fight for survival, which includes reducing costs and eliminating unprofitable services. The USPS expects this decision to save approximately $2 billion per year. The USPS will … [Read more...]
Zero Down Mortgages Making a Comeback with Small-Business Owners
They're back! Successful small-business owners can once again tap into the Zero Down Mortgages. Zero money down mortgages are making a comeback. These mortgages don’t require any down payment and provide for 100 percent bank financing for the purchase of a home. But unlike last time, when these helped usher in the greatest financial collapse in a century, the new zero money down mortgages are being reserved for people with significant assets and income. Banks offering these mortgages require … [Read more...]
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