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Business Travel Will Never Be the Same Again

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Business travelers have permanently changed how they approach getting from A to B thanks to the Great Recession. Business Travel Will Never Be the Same Again. During the Great Recession, most companies modified their executive travel policies. Eliminating business-class travel, flying at off hours to buy cheaper tickets, using online reviews and social media to find deals and avoiding activities that generate extra fees were just some of the changes implemented in an effort to save money. Now … [Read more...]

Small business owners become the target of scams because of the traits that make them successful.

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New Twist On Get Rich Quick Targets Small Businesses Small business owners become the target of scams. Business owners already have a propensity towards risky activities. They also have a taste for rewards commensurate with the risk they undertake. This combination of traits have made them increasingly appealing targets of fraudsters. The timing is also right. After so many years of lackluster results, many entrepreneurs are finally looking for higher returns and their judgement may be … [Read more...]

Get Your Share Of $80 Billion In Small Business Government Contracts

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Uncle Sam bought over $80 billion in products and services from small businesses last year in Government Contracts. Which door should you knock on to get your piece? According to data recently released in the Federal Procurement Data System (FPDS), federal government agencies award over $83 billion in small business contracts during 2012. This represents approximately 22 percent of the $376 billion in contracts for which small businesses were eligible. This is very close to the 23 percent which … [Read more...]

How Does a Permanent $250,000 Small-Business Tax Deduction Sound?

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Uncle Sam bought over $80 billion in products and services from small businesses last year. Which door should you knock on to get  Small-Business Tax Deduction? According to data recently released in the Federal Procurement Data System (FPDS), federal government agencies award over $83 billion in small business contracts during 2012. This represents approximately 22 percent of the $376 billion in contracts for which small businesses were eligible. This is very close to the 23 percent which has … [Read more...]

House Republicans Launch New Budget With Zero Deficit Goal by 2023

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The battle over the federal budget is far from over. The battle over the future of our federal budget entered a new phase when House Republicans introduced a new budget which calls for annual spending increases of 3.4 percent instead of the current 5 percent. The effect of this relatively modest difference in long-term growth is a reduction of $5 trillion in spending over the next decade, achieving a balanced budget in 2023. Importantly, there are no tax increases included in the budget. This … [Read more...]

Should You Start Using Accrual Accounting?

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If you want your business to have a prosperous future switch to accrual accounting. When we are dealing with Excel spreadsheets and mountains of receipts, it's easy to forget that the purpose of accounting systems is to help owners make better business decisions. Recording transactions, preparing financial statements and analyzing data help us determine which activities are worth pursuing. There are different ways to record transactions and keep track of business activity. One way is to … [Read more...]

Business Travel is About to Get Pricier

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Airlines made $36 billion in fees last year. Maybe you should follow their lead. Business Travel is About to Get Pricier. Traveling for business can be an unpleasant experience—long security lines, flight delays, uncomfortable seats and “snacks for purchase” —are just some of the highlights. In 2013, we have something else to look forward to—more fees. Last year, major airlines collected $36 billion in high-margin fees. These fees now represent a significant source of revenues (and … [Read more...]

When is a Business Expense Not a Business Expense?

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The IRS is pretty strict when it comes to deducting expenses and some of their restrictions may surprise you at tax time. When is a Business Expense Not a Business Expense? Answer: When the IRS says it isn’t. This detail can cause many headaches for small-business owners, especially those who keep track of their own accounting.  When managing your company’s accounts, you should follow what are known as Generally Accepted Accounting Principles or GAAP. For many small businesses, GAAP is pretty … [Read more...]

East Coast Small businesse Split On Prospects for 2013

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Small businesses are evenly split on their prospects for 2013. Cautious optimism is best. As 2013 goes into full swing, small businesses on the east coast are communicating a mixed message when it comes to feeling out how this year will go for them.  ORC International conducted a survey of small businesses on behalf of TD Bank for companies with annual revenues of no more than $5 million on the east coast, from Maine to Florida. The responses indicate that: 49 percent of owners are … [Read more...]

10 tips to make filing your taxes a breeze

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It’s that time of year again. Time to filing your taxes. Here are 10 tips he provides to make tax time a bit more enjoyable: 1. Before you assume you need to go to an accountant, evaluate if you need one. The majority of people fill out a 1040EZ which doesn’t require an accounting degree. It’s very simple and can be filled out in 10 to 15 minutes. By filling out your own taxes, you can save an average of $150. Just because you fill it out on your own, however, doesn’t mean you don’t have … [Read more...]