Idea of the Day®
January 17, 2025
Tax Credit for Buying a Commercial Clean Vehicle
If your business buys a clean vehicle which is subject to depreciation, it can take a tax credit of 15% of the basis or the vehicle’s “incremental cost.” The credit is capped at $7,500 for cars and light-duty trucks weighing less than 14,000 pounds or $40,000 for all other vehicles (e.g., electric semi-trucks). Proposed regulations (U.S. Department of the Treasury Releases Proposed Rules for Qualified Commercial Clean Vehicles | U.S. Department of the Treasury) define “incremental cost.” It’s what a manufacturer’s written cost determination says it is. Alternatively, you may calculate the incremental cost of a qualifying clean vehicle versus an internal combustion engine (ICE) vehicle based on the differing costs of the vehicle powertrains. #IdeaoftheDay
Big Ideas for Your Business
Resources For Your Business
January 17, 2025
I was a little hesitant to write about this event while embers are still smoldering, but I concluded that there’s much to be said and done about this situation. My sister lost her house in Pacific Palisades. But she lost even more. The building in which she worked as a physical therapist is gone, so […]
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January 16, 2025
By Barbara Weltman
Filing your tax returns for income, employment, and excise tax purposes is only a small part of your reporting obligations. Being in business puts a number of tax-related information return requirements on your shoulders. These information returns—and there are billions filed annually—allows the IRS to match income reported by third parties (e.g., employers, businesses, and […]
January 15, 2025
By Brenda Wanjiku
When it comes to standing out as a small business, creativity often makes all the difference. While digital ads and social media campaigns are powerful, tangible marketing tools can have a unique impact. Wearable branding—on hoodies, tshirts, hats, and jackets—is is one such strategy that offers businesses a way to combine branding, customer engagement, and […]
January 14, 2025
By Barbara Weltman
Salmon famously swim upstream to spawn and ensure the survival of their species. It’s a good metaphor for small business owners…go against the grain to ultimately prevail. Today’s business environment emphasizes the role of technology and doing things as fast as you can. But success may be found in eschewing technology in favor of some […]
January 9, 2025
By Barbara Weltman
It’s axiomatic that businesses can’t discriminate on the basis of age when it comes to hiring, promotion, etc. A federal law—Age Discrimination in Employment Act—bars discrimination for those age 40 and older. But when handling employee benefit plans, age matters, and there are special rules tied to age. Law changes in recent years further complicate […]
January 7, 2025
By Barbara Weltman
Most businesses use vehicles—cars, trucks, or vans—to conduct their activities. For example, on Schedule Cs for self-employed individuals in 2021 (the most recent year for statistics), deductions for car and truck expenses totaled nearly $9.1 billion! There are numerous tax-related issues for using vehicles in your business. Here is a list of 12 of them (expanded […]
January 3, 2025
Cybersecurity has become one of the most pressing concerns for businesses in the digital age, and for good reason. According to The State of Cybersecurity in 2024, 94% of SMBs experienced at least one cyberattack, up from 64% in 2019. With cyber-attacks growing in frequency and sophistication, organizations face an ongoing battle to protect their […]
January 2, 2025
By Barbara Weltman
Many small business owners may set resolutions they hope to pursue in the coming year. Maybe it’s about finding and retaining good employees, adopting AI and other new technologies, or improving work-life balance. There are no statistics on how many small business owners set resolutions. But having resolutions is one thing; seeing them through is […]
December 31, 2024
By Barbara Weltman
2024 is drawing to a close. Hopefully, this year has been a good one for your business. Perhaps you’ve hit or exceeded your sales goals. Maybe you expanded your product line, hired additional staff, or added a new location. There are many ways in which to succeed. If it’s been a bad year for sales […]
December 27, 2024
By Dorothy Cooper
Lifelong learning is paramount to running a successful and thriving small business. The “Strategies for Increased Learning for Owners and Staff” post emphasizes how constant learning can help teams stay more engaged, likely become more productive, acquire new skills to use on the job, and even see cognitive benefits. It’s also crucial to ensure that you, […]
December 26, 2024
By Barbara Weltman
Many things happened in 2024—locally, nationally, and internationally. Some of these changes directly impact small businesses. Here’s a roundup of some key developments on the federal level of note. There are many more that are not included. Some key developments include: BOI reporting on pause The Corporate Transparency Act (CTA) of 2021 imposed Beneficial Ownership […]
December 24, 2024
By Barbara Weltman
“The foundation of every successful partnership is not just shared vision but shared values.” – Author unknown A partnership is… A partnership is not a taxpaying entity, but files an annual tax return, Form 1065, to report income, deductions, and other items. The same is true for a limited liability company (LLC) with two or more […]
December 20, 2024
When it comes to running a business, whether you’re a freelancer, small business owner, or part of a larger team, one thing is for sure: you need estimates. They’re a crucial part of how you communicate with clients, manage expectations, and, ultimately, get paid. But creating estimates from scratch every time? That’s a time-consuming hassle. […]
December 19, 2024
By Barbara Weltman
Between January 7, 2024, and November 7, 2024, there were 127 federally-declared disasters. It seems that the number of these disasters has been growing over the years. If your business is damaged or destroyed in a disaster, the government may be able to help, but do you know what to do to secure this assistance? […]
December 18, 2024
By James Thompson
Handling the realm of managing payrolls can be quite daunting for businesses as they strive to maintain precision and adhere to regulations while maximizing efficiency. Payroll software presents a solution; however, it is essential to choose the most appropriate one. Optimizing a payroll software free trial could play a role in making a well-informed decision. […]
December 17, 2024
By Barbara Weltman
The National Retail Federation predicts that gift card sales—a popular holiday purchase—could reach $28 billion this holiday season. “The average shopper will purchase three to four gift cards and spend $51.18 per gift card ($170.48 per person).” If you already offer gift cards or want to do so, be sure you’re doing things correctly. Benefits […]
December 16, 2024
By Jack Shaw
Team-building events can be an effective strategy if hosted correctly and everyone’s a willing participant. However, they can go wrong. Perhaps you’ve participated in a meet and greet followed by a barbecue and got nothing out of it, or maybe you’ve done an all-in challenge with group tasks to “beat” everybody into a unit. Nobody […]
December 13, 2024
By James Thompson
Businesses—even small ones—are going global, and money is changing hands. This can involve global mass payouts, which entail transferring substantial payment volumes to individuals or entities across international borders. Global mass payouts are crucial for firms operating on an international scale, reimbursing wages, vendor bills, or customer repayments across borders. Managing global mass payouts can […]
December 11, 2024
As the holiday season and a new year approach, it’s the perfect time to reflect on all your business has achieved. Whether you’ve hit new sales milestones, rolled out exciting new products or services, or expanded into new markets, none of it would have been possible without the hard work and dedication of your team. […]
November 21, 2024
By Barbara Weltman
For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to guide for owners and tax advisers. The 2025 edition for preparing 2024 returns as well as tax planning for 2025 has been updated to include law changes from earlier tax legislation (e.g., Inflation Reduction Act; SECURE Act […]
Multimedia
Resources For Your Business
Growing Your Business by Adapting to Changing Tax Rules
Growing Your Business by Bringing In Investors
Growing Your Business by Growing Your Skills
Growing Your Business — Adding New Physical Locations
Barbara’s Books
By Barbara Weltman
COMPREHENSIVE GUIDE TO SMALL BUSINESS TAX WRITE-OFFS AND STRATEGIES FROM A LEADING NAME IN TAX If you own a small business, this comprehensive guide explains in easy-to-understand terms the essentials of business taxes to prepare you to work better with your CPA or other tax adviser or handle tax responsibilities on your own. Whether you’re […]
By Barbara Weltman
THE COMPREHENSIVE HANDBOOK FOR AMERICAN TAXPAYERS LOOKING FOR EVERY LEGAL TAX DEDUCTION AND CREDIT This edition of this popular book has been fully updated to reflect the latest law changes, rulings and court decisions impacting 2024 returns. It’s organized in a way that allows you to easily refer to the appropriate deductions and credits for […]
By Barbara Weltman
Ideas you’ll use everyday! With only so many hours in the day, it’s impossible to stay on top of key developments and opportunities to help you run your business better and smarter. 500+ Big Ideas for Your Small Business gives you quick access to resources and tips you can use every day. Whether you’re a […]
By Barbara Weltman
Your GPS to Get You Where You Want to Go in Your Business Do you enjoy driving and being your own boss with flexible work options? Are you looking for a part-time (or full-time) activity that earns good money? Maybe you’ve already discovered that there are great opportunities for making money with your car. Or, […]
By Barbara Weltman
A Step-By-Step Road Map–with Checklists–to Get You Started Up, Profitable, and Successful Whether you want to start up a part-time home-based business or jump in full throttle and work on it full time, you need a start-up guide. A road map! Home-Based Business Start-Up Guide will help you chart your course to work-from-home success. Written […]
What every self-employed person needs to know about their taxes! If you’re self-employed, chances are the majority of your time is spent finding new customers or clients, servicing existing ones, and handling each and every aspect of your business. Freelancers, independent contractors, gig economy participants, and other individuals working for themselves need to be aware […]
By Barbara Weltman and Harvey Bezozi
Created for Uber and Lyft drivers as their GPS — to help them get where they want to go in their business, safely and securely. Note: This e-Book has been updated with a new title and revised content (shown). Do you enjoy driving and being your own boss with flexible work options? Are you looking […]
By Barbara Weltman
Presenting a recently-launched, updated, paperback edition! Barbara Weltman takes an inspired look in Smooth Failing at the hard lessons learned when things go wrong. Through extensive interviews with entrepreneurs whose ventures failed for a variety of reasons — some stunningly unexpected, some painfully inevitable — Weltman gleans valuable insights about the small mistakes that can lead to large scale catastrophe. Smooth Failing seeks to save readers from similar disaster — while empowering those who are learning from failures and adversity to bounce back stronger and wiser on the often rocky road to success.
By Barbara Weltman and Jerry Silberman
12 surefire ways for your business to survive and thrive! Owning a small business can be a fulfilling and financially rewarding experience, but to be successful, you must know what to do while the business is up and running, and, most importantly, what to do when the business runs into trouble. This book is definitely […]
By Barbara Weltman
As Vicki Raeburn of Dun & Bradstreet notes in the forward, “…the successful creation of credit by small business has a significant effect on one of the most important business drivers, namely cash flow. … [This book has] the information needed to understand and build business credit.”
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