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Idea of the Day®

June 20, 2021

Father’s Day 2021

Today is a day to honor dads. The National Retail Federation says that spending for Father’s Day this year could hit an all-time record $20.1 billion (up from last year’s $17 billion). Spending is expected to average $175, with about 75% of people planning to celebrate dads today. Of those celebrating, 50% plan to buy gifts for their own dad, 25% for a husband and 11% for a son. Top purchases: greeting cards, clothing, and a special outing. Happy Father’s Day to all the fathers out there!  #ideaoftheDay

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Resources For Your Business
  • Father’s Day is a few days away and this day reminds me of the business lessons I learned from my dad at the dinner table each day while I was growing up. He was a co-owner of a machine shop—a small business—that made parts for such items as telephone equipment, helicopters, and the Minuteman missile. Needless to say, his lessons—spoken and unspoken—had a profound impact on me. (This is a blog I ran 4 years ago but wanted to revisit it with some modifications.) Running a business is 24/7. My dad talked about the routine and the not-so-routine events of […]

  • With the pandemic waning, the time for government assistance programs ending, and the economy growing, your business may need money now. Additional financing may be useful to expand your activities, hire additional employees and increase compensation and employee benefits, or just to pay for the rising price of inventory or other items you need. Instead of looking for outside capital, you may have the financial ability to help your business by lending it money. Things can get complicated, so be sure you understand what you’re getting into. Formalities of lending money to your business When you loan your business money, […]

  • Due to the pandemic and the desire of the federal government to keep more money in the hands of businesses and individuals, there were certain tax deferral options available in 2020. But 2021 is the time for reckoning. How to handle payments of deferred amounts depends on what was deferred. Employer’s Social Security taxes The CARES Act allowed employers to defer payment of their share of Social Security taxes (part of FICA) from March 27, 2020, through December 31, 2020. This option to defer the deposit and payment of these taxes was figured before the credits for mandatory paid sick […]

  • Each year the IRS releases statistics on various types of business entities, and most recently it released the latest statistics on sole proprietorships. These stats are derived from Schedule C of Form 1040 for 2018 returns in contrast to the number of such filers and their revenue with 2017 returns. Sole proprietorships include Sole proprietorships include independent contractors, freelancers, other gig economy workers, or other self-employed individuals who are not required to file any other type of income tax return to report their business income expenses. They also include limited liability companies (LLCs) owned by one individual who does not […]

  • The NFIB Monthly Small Business Survey shows that optimism has returned. As the economy opens up, businesses face new challenges that didn’t exist during the pandemic. What are these challenges and how can you deal with them? Unfilled jobs According to the NFIB survey, nearly 60% of small businesses have jobs they can’t fill. If you look around your community, you can’t avoid seeing “help wanted” signs in just about every store and restaurant. What to do: As states start to cut off extended unemployment benefits, it’s likely that more people will return to the labor market. Nonetheless, businesses must look […]

  • Taxes are a cost of doing business. Typically, the focus is on income taxes, but other business taxes deserve equal attention. Here are some issues to consider with respect to these other business taxes. Employment taxes Employers are required to withhold income taxes and the employees’ share of Social Security and Medicare taxes (FICA). They must also pay the employers’ share plus federal unemployment tax (FUTA). All of these taxes must be timely deposited with the U.S. Treasury. (State employment tax rules are not covered here.) Employment taxes may be used to underwrite the cost of certain employee benefits or […]

  • On May 13, 2021, the CDC updated its mask guidelines, saying that fully-vaccinated people can resume activities they did prior to the pandemic and that they don’t have to wear masks or socially distance unless otherwise required. How does this change impact your business? Masking in your business? State and local governments may set their own rules. Also, local businesses are permitted to set their own guidelines on masking and social distancing. Some major retailers, including Walmart, has gone maskless, while Target is retaining masking for the present. Look around at your local businesses. Have they eliminated masking and social […]

  • In the past year, much focus has been given to the physical health of employees, customers, and everyone else. This continues to be an ongoing concern. But business owners should make it a practice to do a business checkup so that everything is in order and up to date. You may wish to conduct your check monthly or quarterly. Here are some of the questions you should be answering to keep your business healthy. The list isn’t exclusive, but it should get you thinking… Finances and taxes Have you reviewed your budget? Have you updated your budget for changing factors […]

  • The annual hurricane season runs from June 1 through November 30. Hurricanes typically hit the Atlantic regions: the East coast and Gulf coast of the U.S. There are also storms in the Pacific. According to AccuWeather, this year promises to have above normal activity during the 2021 hurricane season. If you’re in the Northwest or Central U.S., why should you care; the storms won’t impact you directly? Hurricanes affect you no matter your location for two key reasons: You may not get hurricanes, but you may experience tornados, earthquakes, wildfires, or other natural disasters. You need to be prepared and can […]

  • Business owners may think of revenue as the only financial concern that matters to them. They’re wrong. Bringing in revenue and keeping the pipeline of potential customers full is important, but there are other things that are just as critical, such as a cash flow, credit rating, and even time management. Attention to these other matters can be the difference between whether you survive and grow or go under. Cash flow According to U.S. Bank study noted in an article by Business.com, 82% of business failures are the result of cash flow problems. Cash flow is the movement of money […]

Multimedia

Resources For Your Business

Vacation Deprivation: What to Do About It?

5 Ideas for Self-Growth for Business Owners

High-Purpose Cultures for Small Businesses

5 Simple Tips for Staying Connected with Coworkers and Associates

#TWEETCHAT CALENDAR
TODAY'S TWEETCHATS

June 21, 2021

UPCOMING TWEETCHATS

Events in June–July 2021

barbara’s books

  • Small Business Taxes 2021 helps small business owners maximize their bottom line with straightforward, yet comprehensive guidance from the most trusted name in tax.
    Featuring a complete listing of all available business expense deductions, including dollar limits and record-keeping requirements, this book helps you quickly determine what kind of tax relief is available to you, and how to take it--all the way down to where to claim deductions on the forms themselves. Tax facts, strategies, and the latest up-to-date information -- including coverage of the SECURE Act and the CARES Act -- help ensure that you don't miss out on money-saving opportunities, and sample forms and checklists help you get organized and submit a complete and proper filing.
  • The complete guide to all deductions and credits for individual taxpayers J.K. Lasser's 1001 Deductions and Tax Breaks shows you just how much money you can save on your taxes--legally--simply by taking advantage of what's out there.
    Millions of Americans overpay their taxes by billions of dollars every year, because constantly evolving laws and regulations make keeping track of deductions and breaks next to impossible for the everyday taxpayer. This book helps you put a stop to overpayment so you can keep more of your hard-earned money. With a complete list of every possible deduction and credit available to American taxpayers, and clear, easy-to-follow instructions for claiming what is rightfully yours, it is fully-updated to reflect the latest rulings and laws--including the SECURE Act and the CARES Act. Also, an e-supplement with the latest tax developments from the IRS and Congress is provided so that this book answers all of your "Can I claim..." questions with guidance from the nation's most trusted tax advisors.
  • 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 seasoned entrepreneur or just starting out, you’ll find actionable ideas to help you with your finances, your operations, your staff, your marketing, your taxes, your technology, your environment, and your personal growth.
  • 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 by industry expert Barbara Weltman, our Start-Up Guide is broken up into easily digestible chapters that cover the key areas of a new business launch. We outline 10 fundamental steps to succeed in running a home business. These include selecting a business; determining business fit; establishing your business organization; business protections; marketing and selling; setting up a productive home office; managing your business; achieving success; business growth and more. Jim Blasingame, Host of The Small Business Advocate Show, and author of the award-winning books, “The 3rd Ingredient,” and “The Age of the Customer” says:  "At a time when working from home is becoming the norm, why wouldn’t right now be a perfect time to start a home-based business? If you’re still with me, here’s the next logical question: Why wouldn’t you want to learn how to do that from someone who was home-based before it was cool? Someone who was making being home-based look good before technology made it easy. Well, that person is my friend, Barbara Weltman, and she’s put all of her experience, wisdom and perspective in a new book, “Home-Based Business Start-up Guide.” It’s a by-the-numbers tutorial on how to launch a successful home-based business. Let Barbara help you get your home-based business going with her book, and all of the other awesome resources she produces in support of small businesses. She’s the best."
  • 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, you’d like to become a delivery driver driver but uncertain how to begin. This guide, "The Delivery Driver Tax and Business Guide" is your answer!
  • 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 of their responsibilities when it comes to paying their taxes. Even if you have an accountant or use tax preparation software, you may not be aware of all the deductions and credits you are entitled to. That’s where the experts at J.K. Lasser come in. The second edition of J.K. Lasser's Guide to Self-Employment helps you file your taxes correctly, accurately, and on time. Using clear, jargon-free language, this bestselling guide explains the legal and financial implications of self-employment and shows you how to keep as much of your hard-earned money as legally possible. A reader says: "This book, Guide to Self Employment, is an excellent tax resource for all freelancers & self employed people, including small business owners. Barbara Weltman is a knowledgeable tax attorney & small business specialist."
  • The Uber/Lyft Driver Tax & Business Guide, Kindle Edition

    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 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, and you’re a business owner driving for Uber, Lyft, or other platform. Or, you’d like to become an Uber or Lyft driver but uncertain how to begin. This guide, "The Uber/Lyft Driver Tax & Business Guide," is your answer!  
  • 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 — Barbara 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.
  • Small Business Survival Book

    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 part of what you need to succeed!
  • 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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  • " Home-Based Business Start-Up Guide
    Jim Blasingame, Host of The Small Business Advocate Show, and author of the award-winning books, “The 3rd Ingredient,” and “The Age of the Customer” says:  "At a time when working from home is becoming the norm, why wouldn’t right now be a perfect time to start a home-based business? If you’re still with me, here’s the next logical question: Why wouldn’t you want to learn how to do that from someone who was home-based before it was cool? Someone who was making being home-based look good before technology made it easy. Well, that person is my friend, Barbara Weltman, and she’s put all of her experience, wisdom and perspective in a new book, “Home-Based Business Start-up Guide.” It’s a by-the-numbers tutorial on how to launch a successful home-based business. Let Barbara help you get your home-based business going with her book, and all of the other awesome resources she produces in support of small businesses. She’s the best." ”

    -Jim Blasingame, Host of The Small Business Advocate Show

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    As a tax attorney and small business specialist, Barbara has a lot of great information to share. Barbara, your blogs contain information that everyone can use!  Your newly-expanded ebook, "175+ Big Ideas for Small Business" ebook has lots of great recommendations for small business owners. ”

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    I just wanted to reach out and give you a very big, truly heartfelt "thank you" for all the work that you do to help small business owners grow and succeed. More specifically, I wanted to offer you some praise for your blog posts and Idea of the Day®. My email inbox gets so very cluttered. And honestly, on most days I will do a wholesale delete of many, many messages. But I literally stop and specifically look for your name and your small business Idea of the Day®. I don't want to miss it! In fact, I look forward to reading it daily (even on weekends!) because I know I'm going to learn something new that saves me money, time or just adds to my professional knowledge in a way that helps me help others too. So thank you, thank you, thank you for your efforts! ”

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