Gratitude is defined as “the quality of being thankful; readiness to show appreciation for and to return kindness.” Harvard Medical School reports that expressing gratitude makes you happier, and that cultivating it on a regular basis has real positive results. This has been a very tough year for all of us, especially many small businesses. Some owners have seen their dreams dashed by closures and losses. Others have struggled to maintain contact with employees and customers. Overall, it may seem difficult to count blessings at this time. Nonetheless, there is still a lot to be grateful for. I ran a blog […]

“We don’t accomplish anything in this world alone…and whatever happens is the result of the whole tapestry of one’s life and all the weavings of individual threads from one to another that creates something.”   ~ Supreme Court Justice (ret.) Sandra Day O’Connor Staying connected is vital for many reasons. Collaboration is a key underpinning of innovation. And connection is important for mental health. One of the biggest complaints from those who’ve been forced to work remotely because of the pandemic is the lack of connection with coworkers. They used to connect in person at the watercooler, now everything must be […]

On November 3, 2020, I did a SCORE LIVE webinar on Year-End Tax Planning  for Your Business (you can listen to a recording). Due to high attendance, there were many questions but not enough time to answer them all. Here are some of the questions and answers that may be helpful to your business (it’s not all of them). This is not meant to be tax advice; it is provided for generic information purposes only. COVID-19-related matters Q: I got an EIDL grant of $10,000 from the SBA and also received a loan under the Paycheck Protection Program? Are these […]

Economic change can result from any number of factors. The one most prominent now is the pandemic, which caused dramatic shifts in the business landscape. These translate into added costs, some of which are very visible and some largely hidden. There are also unknown changes that may arise due to factors such as technology, weather, or personal circumstances, and there’s no way to predict if or when added costs will appear. Nonetheless, all of these costs need to be factored into doing business now. Business owners need to be fiscally nimble to handle added costs so they can maintain profitability. […]

Time is a precious commodity. If you are now working remotely and saving minutes or hours each day that you don’t have to commute, it’s still important to make every minute, and every dollar, count. As business owners, we know that certain business goals are commendable, but often our efforts to see them through may be worthless. Identify actions that use up your time and that drain your energy without real productivity. Here is an update from a previous blog that identifies 5 actions you should not take, and better ways to achieve the desired results.  1. Making inaccurate estimates […]

Veterans Day—November 11—each year is a celebration to honor America’s veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good. From a business perspective, it’s also a good time to recognize that veterans make great business owners and there are special opportunities for them. It’s estimated that 9.1% of all businesses in the U.S. are veteran-owned. Veterans can succeed in business Transitioning from the military into the business world may not seem easy. But military training and experience translate into the very things that make it possible to be successful in business. Military.com […]

Due to cost-of-living adjustments (COLAs), various limitations and amounts used for tax deductions, credits, and other purposes, the tax rules for 2021 will be slightly different than in 2020. Because inflation has been so low, some rules are unchanged. To help you prepare for the year ahead, the following are some of the key changes to know for 2021. Changes for deductions and credits Various dollar amounts for 2021 have been increased slightly. Key items for small businesses include: Small employer health insurance credit: Average annual payroll amount is $27,800 (up from $27,600 in 2020) Adoption assistance program: $14,440 (up […]

Telework was a growing practice before the pandemic. With stay-at-home orders, the number of employees working remotely skyrocketed. Even as these orders have lifted, many employees continue to work from home. A study from Mercer reported this summer in U.S. News expects more than half of all employees to continue remote work after the pandemic.  What happens if an employee’s home is in a state that’s not the same as where the employer is located? This presents payroll tax issues. Each state has its own rules for income tax withholding (other than in Alaska, Florida, Nevada, South Dakota, Texas, Washington, […]

The pandemic is hard on everyone. Business owners should be especially mindful of self care so they can continue to run their companies and help their employees get through these trying times. The information contained here isn’t anything revolutionary; it’s well established. But you may benefit from being reminded of the importance of taking care of yourself and how to do it at this unusual time. Pay attention to Sleep, Exercise, and Socialization (SES). I’m not a scientist, so the information here is merely being shared from other sources. Sleep You’re probably aware of the importance of getting sufficient sleep […]

Each state has rules under which unclaimed property “escheats” to the state. This legal term means property is turned over to the state and the state owns it, subject to certain rights of reclamation by rightful owners. Businesses—holders of property—may be required to turn over certain property to the state. Here are some areas to watch for: Overview of unclaimed property rules Property within the control of your business that belongs to someone else—an employee, a customer, etc.—but which has not been claimed by such person within a certain period of time may have to be handed over to the […]