OPEN's finance expert Mike Periu on leading CEOs urging Congress to Compromise for Economic Good of Country. CEOs Ask Washington to Compromise for Economic Good of Country A coalition of leading chief executive officers have united to urge Congress to take action to Compromise for Economic Good of Country and reduce the country's more than $1 trillion annual budget deficit. Just like small-business owners, large company CEOs are having a difficult time running their businesses and investing … [Read more...]
Protect Your State From the Looming Fiscal Cliff
OPEN finance expert Mike Periu on how to protect your state and ways to get around the impending estate tax increases. As we approach January 1, 2013, it seems less likely that we will have a solution to the fiscal cliff. One of the biggest impacts to small-business owners will be change to the gift and estate tax exemption. Current law allows you to gift and bequeath a total of $5.1 million to your heirs without paying any estate taxes. In 2013, this exemption limit is reduced drastically to … [Read more...]
Disaster-recovery resources available for small business
OPEN finance expert Mike Periu on state, federal and private sector disaster-recovery resources available. As small businesses in the northeast begin to assess damage and losses due to Hurricane Sandy, a number of state, federal and private sector resources are available to provide assistance. In addition to SBA disaster recovery loans, the U.S. Department of Agriculture and FEMA offer loan assistance programs as well. FEMA also offers legal counseling and the IRS allows for expedited tax … [Read more...]
How to Decide if It’s Time to Quit or Keep Going
Finance expert Mike Periu on determining whether it is time to quit or keep going. According to Harvard Business School Professor Rosabeth Moss Kanter "everything can look like a failure in the middle." As a small-business owner it can be difficult to gauge whether you are just going through a rough patch and need to persevere, or if there is a fundamental flaw with your business and you need to shut it down and move on to something better. Either case will feel the same "in the middle" and you … [Read more...]
Should You Sell Investments to Avoid Higher Taxes in 2013?
OPEN's finance expert Mike Periu brings you a new development in taxation. You Should Sell Investments to Avoid Higher Taxes. Many financial experts believe that taxes on investment income—both capital gains and dividends—will likely go up over the next several years regardless of who wins the presidential election. Given this likelihood, small-business owners might want to consider selling profitable investments now to lock in relatively low tax rates. If you have a profitable investment with … [Read more...]
Cities and States Cutting Taxes to Boost Growth
OPEN's finance expert Mike Periu on cities and States Cutting Taxes, offer incentives and other business perks. Cities and States Cutting Taxes to Boost Growth As major cities across the country feel the squeeze of rising costs and lower tax revenues, some have decided that the best way to improve their financial situation is to cut taxes and offer incentives to businesses in a bid to have them setup shop in their city. Los Angeles offers a tax holiday on the gross receipts tax which can a … [Read more...]
Tax Changes That Could Boost Retirement
The Internal Revenue Service (IRS) recently announced several important tax changes to certain limits for tax year 2013. The Internal Revenue Service (IRS) recently announced several important changes to certain limits for tax year 2013. These changes mean that you can invest more money without having to worry about paying taxes on gains until the money is withdrawn during retirement. The annual contribution limit on 401(k) plans increases by $500 to $17,500. The annual exclusion for gifts … [Read more...]
New Tool to Stop Cyberattacks
OPEN's finance expert, Mike Periu, on a new cybersecurity planning tool to Stop Cyberattacks. During the first six months of 2012, over one-third of all cyber-attacks were targeted at small businesses. This trend is expected to increase as more hackers realize that small companies are easier targets for theft compared with larger companies that are spending more on cybersecurity. To help deal with this threat, the Federal Communications Commission (FCC) has launched an updated version of the … [Read more...]
Use an Employee Stock Ownership Plan (esop)
Use an ESOP to Blunt the Fiscal Cliff Tax Increases OPEN's finance expert Mike Periu on Employee Stock Ownership Plan (esop) to Blunt the Fiscal Cliff Tax Increases. Starting in January, capital gains taxes on investments held more than a year will increase to 20 percent from 15 percent. An additional 3.8 percent tax on unearned income also goes into effect at the start of the year. Business owners who want to take equity out of their companies or that have been unable to sell their businesses … [Read more...]
The Fiscal Cliff Explained
A number of laws are set to expire or go into effect at the the new year. If no agreement is reached, the combined result will higher taxes. If I had to pick one wonky catchphrase that has been used and abused during this election cycle it would be "fiscal cliff." Over 60,000 news stories have featured the “fiscal cliff” in the past month alone. Many commentators who use this term don’t have a good understanding of what it actually means or why its important. It turns out that the fiscal … [Read more...]
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