The U.S. is sitting on an underground ocean of energy--and the news is all good for small businesses. We are massive energy users. Last year, the U.S. consumed 95.1 quadrillion BTUs of energy. A BTU, or British Thermal Unit, is the amount of energy needed to raise 1 pound of water by 1 degree or roughly the energy released when you strike a match. Those quadrillions of BTUs didn’t come cheap; consumers and businesses spent over $1.2 trillion on them. Our voracious appetite for energy shows no … [Read more...]
4 Ways to Make Sure Your Business Outlives You
Don't let your company die with you. Here are 4 Ways to Make Sure Your Business Outlives You. As a business owner and father of three children, my imagination takes hold of me from time to time and I think about when my children will be old enough to work at my company. Besides welcoming the assistance of three trustworthy employees, it will provide me the opportunity to teach them what I’ve learned about achieving success. Moving along to a more distant future, I like to believe that when I … [Read more...]
Borrow Your Way to a Lower Tax Bill
It's not likely the first thing that comes to mind when looking to lower your taxes, but borrowing money (the right way) can save you thousands. Borrow Your Way to a Lower Tax Bill Taxes are going up. Way up. Starting this year and continuing through 2018, a series of taxes on earned income, investment income, payrolls and certain benefits will increase dramatically. Healthcare reform, the Fiscal Cliff resolution, adjustments for inflation and other factors are the root cause. The net impact … [Read more...]
Common Accounting Tricks That Could Land You in Jail
If you're even thinking about fudging a number to keep your business afloat, you should think again. Here's why you'll get caught. How far would you go to save your business? If you’ve spent any time thinking about this question, you’ve likely formulated an answer along the lines of “I’d go as far up to the line as possible, but I wouldn’t cross it.” Crossing the proverbial line means doing something you know is dishonest, unethical or even illegal. Yet if you ask many business owners who have … [Read more...]
Is Advertising Dead? The Story The New York Times Missed
The New York Times finally acknowledges that it's business model is dead. Is Advertising Dead? Pay attention. The New York Times Company acknowledged Thursday that the advertising-based business model that served it so well for over a century is dead. Weak earnings forced the company to develop a strategy that will rely more on subscription fees and paid content. This shift at America's paper of record is a clear sign that the publishing industry can no longer rely on advertising as a core … [Read more...]
Hiring Undocumented Workers To Gain A Competitive Advantage?
Hiring undocumented workers to grow your business: unfair or business as usual? As the debate over immigration reform intensifies, it looks more likely that small business owners will play a key role in the final outcome. Much of the focus is on undocumented immigrants who are not authorized to work in the U.S. But if they are working, that means someone is hiring them and it's usually a small-business owner. Accurate statistics are difficult to come by, but a relatively recent study by the … [Read more...]
If You’re in Debt to the IRS, Be Wary
Be careful with tax experts that promise to make your IRS problems go away. One of the scariest types of correspondence that a small-business owner can recieve is a request from the IRS for more information. Debt to the IRS could lead to an audit which requires payment of back taxes, interest and penalties. In some cases, the amounts can reach tens of tousands of dollars or more. If your business is going through a rough patch and can't afford to pay the IRS what is owed, then some people throw … [Read more...]
Will Californians Be Hit With a New Billions Tax?
A move by a state pension fund to make up for a shortfall has implications for residents and all small-business owners. Will Californians Be Hit With a New Billions Tax? The California Public Employees’ Retirement System (CALPERS) is the pension fund for the state’s municipal workers. It is one of the largest pension funds in the world, with over $250 billion under management, and it has great influence across other pensions in the country. CALPERS, like many other state pensions and just like … [Read more...]
How This Budget Change for 2014 Could Impact Your Business
How does a free loan to hire employees sound? This credit can give you that. Budget Change for 2014 Could Impact Your Business The President’s Fiscal Year 2014 budget proposal is being digested by analysts and economists to understand its potential impact on the economy. Small businesses play an important role in the budget, which features a provision to help stimulate hiring and pay increases for companies with less than $20 million on payroll during 2012. This Budget Change for 2014 … [Read more...]
The Two Most Important Days in April, tax returns are due April 15th
Everyone knows there tax returns are due April 15th. But did you know there are other tax deadlines this month? Eva Rosenberg at MarketWatch brings up a great point—everyone thinks that April is tax month because returns are due on the fifteenth. While that's true, it's only one of the several tax return deadlines that affect small-business owners over the course of the month. By focusing exclusively one date, you run the risk of missing other important deadlines. If April wasn't busy enough … [Read more...]
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