Big Ideas for Small Business® is dedicated to providing small businesses with the tools they need to gain a solid foundation and future financial success. With counsel for almost every facet of entrepreneurial finance, Big Ideas for Small Business® is your source for the right ideas for growing your business.
August 20, 2019
Phishing Scams Proliferate
According to information shared by BroadbandSearch, nearly 1.5 million new phishing sites are created each month. And it costs a business on average $1.6 million to deal with the impact of a phishing attack. Here’s a list of the 9 popular phishing scams to be aware of.
New blog today! The Minimum Wage Conundrum: What Can You Do?
Small businesses consider their options in the face of rising minimum wage rates Currently, the federal minimum wage is $7.25 hour. But many states and some cities have higher minimum wage rates. The highest one is in San Francisco, where the rate is $16.30 per hour. With calls to raise the federal minimum wage rate to $15 per hour, what can small businesses do to cope with this added cost of doing business? The options aren’t easy. Background on minimum wage rate hikes The minimum wage rate is climbing in some localities. For example, in New York City, the rate […]
The U.S. Department of Labor issued a final rule that will expand accessibility of affordable retirement plans to small businesses. The rule, which has an effective date of September 30, 2019, may be changed after comments to it from the public are reviewed (the deadline for comments is October 29, 2019), but here are some facts to explain what association retirement plans (ARPs) are about so you can decide if they are a retirement plan option for your company going forward. Background The Bureau of Labor Statistics found that 38 million employees (approximately 53%) working for small and mid-sized companies […]
To run your business efficiently, you need good equipment and machinery. You may want to add to or replace what you have now. Newer versions usually run faster and smarter, and may be more energy efficient. In order to help businesses afford investments in such property, the tax law permits special write-offs up front. There is a Sec. 179 deduction (called “first-year expensing”), which is capped at an annual dollar amount ($1,020,000 in 2019 for most types of property). There is also a special allowance you can take to write off the cost of certain property, which is referred to as […]
What is social entrepreneurship? According to Shopify, social entrepreneurship is doing business for a social cause. It could be called altruistic entrepreneurship. In researching this topic, there are different types of social entrepreneurship; all have value…to your business and your community. The benefit to your business: an added way to make your company stand out from your competitors by showing your social responsibility awareness. Many consumers today want to do business only with companies that display a social conscience. The benefit to your community is the financial assistance you provide to charities. “One-on-one” model With this type of social entrepreneurship, […]
Is Grit a Vital Leadership Quality? Several months ago I read Grit: The Power and Passion of Perseverance by Angela Lee Duckworth, Ph.D. and a MacArthur Fellow. She’d previously given a Ted Talk on the subject. Her theory is that grit is a predictor of academic and professional success. And to me, grit is a vital leadership quality. What is grit? According to Merriam-Webster, grit is firmness of mind or spirit: unyielding courage in the face of hardship or danger. Sounds like many small business owners I know, who have the resolve to press ahead despite setbacks and challenges. A Time […]
A non-compete agreement is a contract between a company and an employee, barring the employee from “competing” with the company when he or she leaves the job. What sometimes happens is that employees gain vital skills and experience only to leave the employer and go into their own competing businesses. Or they find employment with a competitor who will pay higher compensation. Non-competes have been used to deter workers from leaving the company. But in recent years, the status of non-compete agreements has been in play. Common law issues with non-compete agreements The Treasury Department estimates that about 18% of […]
The Tax Cuts and Jobs Act Created a New Type of Deduction—the Qualified Business Income (QBI) Deduction This deduction is designed to lower the effective tax rate for owners of pass-through entities … sole proprietors (including independent contractors), limited liability company members, partners, and S corporation shareholders. The 2018 income tax return was the first time that this deduction could be claimed. This personal deduction doesn’t require any cash outlay or special action; it belongs automatically to eligible business owners. Again, it is merely a mechanism to reduce the effective tax rate on their business income. While some business owners […]
Getting Out of Your Commercial Lease
Successful Tax Planning Strategies for Your Small Business - Interview by Jim Fitzpatrick
Book Interview -- Smooth Failing
Book Interview -- J.K. Lasser's Small Business Taxes 2019
Tuesday, October 16, at 12p.m. EDT (United States)
Sponsored by: SocialMedia Today; @sociamedia2day
Topic: Social Media in a Post-GDPR World
Note: #SMTLive Twitter chats 2x a month to bring our community of social media and digital marketing professionals together to discuss a trending issue.
-Lynnette Khalfani-Cox, The Money Coach
-J. S. Budnik
-Meredith Wood, Fundera Ledger