Subscribe and download our eBook, "Innovative Ideas for Surviving a Recession and Avoiding Problems in Your Small Business."
Idea of the Day®
May 31, 2023
Pandemic Is Over but Workplace Rules on COVID-19 Remain
The national health emergency was officially over on May 11th. Nonetheless, COVID-19 may continue to present issues for employers. The EEOC revised guidelines for employers so that their actions won’t violate federal nondiscrimination laws. For example, the revised guidelines describe when Long COVID is a disability under the Americans with Disabilities Act, requiring reasonable accommodations for an affected employee. #IdeaoftheDay
Big Ideas For Your Business
-
Tax Credit Transfers: What, How, When?
By Barbara WeltmanFor many years, states have allowed taxpayers to transfer certain tax credits, effectively selling a tax break for cash. Now, federal tax law offers a similar—but not identical—opportunity to businesses with respect to certain tax credits. Companies operating at a loss or those in their infancy may not be able to use or maximize the use of tax credits and, where applicable, might want to transfer the credits in the year they are earned. The rules aren’t simple and making the decision on whether to transfer isn’t easy. It requires not only an understanding of whether you have a credit […]
-
How Does Voluntary Wage Withholding Help Employees?
By Barbara WeltmanPwC’s 2023 Employee Financial Wellness Survey found that 57% of employees think finances are the top stress in their lives. They worry that the cost of their expenses is increasing and that wages aren’t keeping up. Small businesses with tight profit margins can only do so much when it comes to increasing wages or paying for employee benefits. But they can help employees better manage their personal finances by offering various voluntary wage withholding options to employees and explaining what they are all about. Some of these voluntary wage withholding options were covered in previous blogs, but here’s a fresh look […]
-
Recession Proofing Your Business: Understanding Staffing Management
By Barbara WeltmanThe April 2023 Jobs Report released by the BLS in early May showed an unexpected hike in job creation. Perhaps your business contributed to this impressive statistic. Nonetheless, if we get a recession—or merely a significant slowdown in business that cuts your revenue—what will you do about your staff? Options for managing your staff: Adding staff As the BLS statistics show, businesses are continuing to hire new workers despite concerns about a recession. The unemployment rate dropped to the lowest level (3.4%) since May 1969! If you want to hedge your bet that a recession will happen and you won’t […]
-
One Retirement Plan and 5 Tax Credits
By Barbara WeltmanA qualified retirement plan is an important employee benefit to attract and retain valued workers. According to Vestwell 2023 Retirement Trends Report, 73% of employees agreed or strongly agreed they expect employers to offer a 401(k) plan. Yet BLS data say less than half (48%) of small employers offer a plan. If you don’t have a qualified retirement plan, now may be a great time to consider it in light of tax incentives you can receive. If you already have a plan, now’s the time to review it and consider changes so you can take advantage of tax incentives. These incentives […]
-
What Are Your Sentiments about AI?
By Barbara WeltmanArtificial intelligence or AI, a term coined in 1956, is in the headlines every day. It’s been touted as the best thing to come along and the worst thing as well. The reality probably lies somewhere in the middle. Will it mean the end of humans (as Stephen Hawking suggested), or at least a big job killer (replacing 300 million jobs worldwide)? Will it provide solutions for small businesses? Have you thought about AI and your business? Do you understand what ChatGPT can do (there are already more than 100+ million users)? It’s time to understand the technology and what it […]
-
When it comes to managing a retail business, such as a fashion boutique, maintaining a healthy financial status is crucial for ensuring success in the competitive industry. One way to achieve financial stability is by leveraging a business line of credit. A business line of credit is a flexible financing option that allows you to borrow funds up to a predetermined credit limit, and only pay interest on the funds you actually use. In this article, we will explore five compelling reasons why a business line of credit could benefit your business, providing you with the financial tools necessary to […]
-
How Being a Mom Prepared Me to Run a Business
By Barbara WeltmanMother’s Day, the second Sunday in May, is an annual event to honor the sacrifices that mothers made for their children. For retailers, it’s an opportunity to sell gift items. For restaurants, it’s a time that moms are taken out for brunch or dinner. For me, it’s a time to remember my mom. And it’s given me pause to think about what being a mom has trained me to do when it comes to running a business. Here are my thoughts on what I learned from raising children. Set rules There are certainly different parenting approaches. I choose to be […]
-
5 Things to Consider When Expanding Internationally
By Shannon FlynnExpanding a business internationally is a bold move that can take a company to new heights. However, it’s also a risky investment that can drain time and resources. Several factors must be considered, and business owners must develop a sound strategy to ensure their effort pays off. Here are a few key points to consider when expanding internationally. 1. Find a Business Partner One of the critical elements for any international expansion strategy is to find a global partner that knows the target country’s market well enough. Breaking into local market dynamics can take time for an international business. Competing […]
-
How to Protect Yourself from Audit Risk
By Barbara WeltmanFor most small business owners, the 2023 tax season is behind them. But with increased funding for the IRS to step up audits of small businesses, getting a letter saying you’re under examination is something else to be concerned about. This is so even though the risk of being audited is statistically very low, at least for now. It’s impossible to obtain complete audit protection because despite every sound effort you make, the IRS can select a return at random for review. But there are steps you can take to greatly minimize your exposure to IRS scrutiny. These actions can […]
-
Federal Tax Legislation Proposed to Help Small Businesses
By Barbara WeltmanThe National Taxpayers Union (NTU), the oldest taxpayer advocacy organization in the U.S., said in a letter to the House Small Business Committee in April that federal Tax Code unfairly burdens small businesses. Well, we know that! To ameliorate this, several measures have been proposed in Congress to change current federal tax rules in order to help small businesses. It’s impossible to know whether some or all will be enacted; it’s likely most if not all won’t become law. Still, it’s worthwhile to know what’s happening and to tell those who represent you in Congress what you support. Small Business […]
-
FAQs on Small Businesses in 2023
By Barbara WeltmanSmall Business Week 2023 runs from April 30 to May 6, so it’s a great time to be talking about small business. Often “small business” is a buzz word used by politicians and large corporations that want to look sympathetic to the challenges actually faced by self-employed individuals and small business owners. But it’s also a favorable status that can help businesses get a piece of the federal government’s procurement pie. The fact is: small businesses are statistically significant. The SBA’s Office of Advocacy released FAQs about small businesses. Note that the SBA usually defines small businesses as those with fewer […]
-
Prepare Now for Your Staff’s Summer Vacation
By Barbara WeltmanNow is a great time to begin planning vacation schedules for you and your staff. This is the first year since the start of pandemic that people are traveling for pleasure and your employees likely will want to use their accrued vacation days—many during the summer months. Here are some things to consider: Importance of vacations With the emphasis these days on work-life balance, vacations are essential to employees. CNBC notes vacations are critical to avoiding burnout. Scheduling now is beneficial for your company, but it’s equally helpful for employees. It enables them to book their travel arrangements. And, if needed, […]
-
5 Reasons to Move Your Business to the Cloud in 2023
By Annie ButtonMany organizations have begun to recognize the long-term value of cloud computing, including increased security and cost savings. It’s a move that’s very much become a go-to solution for companies, but many are still reluctant and would prefer to keep their IT estate onsite. Many have invested heavily in legacy IT infrastructure, with migrations and exports presenting risks, complications, glitches, and a knock-on effect on productivity, in the eyes of many IT experts. Migrating a business to the cloud sounds like an arduous task – and in some cases, it can be – but the long-term payoffs can be immense, […]
Multimedia
How Transparency Impacts Your Business Practices
Work-Life Balance for Women Entrepreneurs
Recession-Proofing Your Business: Making Strategic Plans
Hiring the Wrong Person: How to Avoid It
barbara’s books
-
J.K. Lasser's Small Business Taxes 2023
By Barbara WeltmanComprehensive 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 a sole proprietor or have organized your business as a corporation, partnership, or limited liability company, the information is tailored for your business. Up-to-date information, including changes from the Inflation Reduction Act, is keyed to the 2022 tax return as well as providing evergreen tax planning to improve your bottom line. A free supplement available in February 2023 updates the information so you won’t miss out on any tax-saving opportunities. -
J.K. Lasser's 1001 Deductions & Tax Breaks 2023
By Barbara WeltmanThe 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 rulings and laws (including changes from the Inflation Reduction Act), allowing the reader you to easily refer to the appropriate deductions for their your particular needs. A free supplement available in February 2023 updates the information so you won’t miss out on any tax-saving opportunities. -
500+ Big Ideas for Your Small Business
By Barbara WeltmanIdeas 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. -
Home Business Magazine's - Home-Based Business Start-Up Guide
By Barbara WeltmanA 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." -
The Delivery Driver Tax and Business Guide, Kindle Edition
By Barbara WeltmanYour 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
By Barbara Weltman and Harvey BezoziCreated 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! -
New updated paperback edition - Smooth Failing
By Barbara WeltmanPresenting 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
By Barbara Weltman and Jerry Silberman12 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! -
The Rational Guide to Building Small Business Credit
By Barbara WeltmanAs 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."
testimonials
-
" A Continued Big Thank You for Your Newsletter!
You help me become better informed and to feel better connected to other small businesses even if just through knowing we’re all seeing your newsletter and paying attention to the same concerns. ”- Sally
-
" Always an excellent newsletter from you, Barbara!
Barbara's newsletter and the information she shares are always useful and topical. Always an excellent newsletter from you, Barbara! ”- Bob Benowitz
-
" Love your articles!
I love the simplicity of your articles. -- Marie ”- Marie Porolniczak, CB
-
" Let Barbara help you get your home-based business going!
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
”- Jim Blasingame, Host of The Small Business Advocate Show
-
" I Love Your Ideas of the Day!
I love your ideas of the day! They have become an instrumental part of my learning! ”- Gina Bertoletti
-
" You should sign up for the Idea of the Day®
You should sign up for the "Idea of the Day®" by Barbara Weltman. This will give you great tips and help you with your daily business needs. She writes every article with consummate skill. ”- Lesley
-
" Your blogs contain information that everyone can use!
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. ”- Lisa Rubenfeld
-
" Best information for a small business owner!
For a small business owner, the information [in your book] is absolutely one of the best I’ve come across! Thanks so much for the break-down of information. ”- Michelle Joe
-
" I don't want to miss it!
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! ”- Lynnette Khalfani-Cox, The Money Coach
-
" Getting your daily email is like getting an MBA in small business!
Thank you for finding this important information. Getting your daily email is like getting an MBA in small business.
”- J. S. Budnik
-
" Thank You, Barbara!
"Thank you, Barbara Weltman, for all of your articles and tax advice to small business owners! All the best." ”- Shane Madigan
-
" Thanks for providing such useful information!
I follow your blog religiously for the great tips you provide. I love the new look. It makes me smile to see that your blog got an update. Thanks for providing such useful information. ”- Lee Drozak
-
" Barbara Weltman Is an Advocate for Small Business
She has been an advocate, public speaker, and resource for small business news since the release of her first book, J.K. Lasser’s Tax Deductions for Small Business, in 1995. Since then she has run her website, her Big Ideas for Small Business® newsletter, and her blog, not to mention written over a dozen books. Ms. Weltman is on this list twice because for many business owners, it is easier to scroll through her Twitter feed for trending topics and news events than search her website. However, if you don’t take a minute to read her newsletters or blog — you’re missing out. ”- Meredith Wood, Fundera Ledger
-
" Great segment!!!
Barbara Weltman is one smart cookie - I follow her on Twitter, and her content is always interesting and informative. ”- An eBay Radio listener - purplejaime1976
-
" Absolutely love your Idea of the Day®
It’s BRIEF, concise and timely. Funny, I do a quick scan of my bloated mail box, quickly deleting what I feel is a time waster. But I NEVER delete Idea of the Day® until I've first opened it. Both you and Napoleon Hill's Thought for the day ALWAYS get read. You’re in terrific company. Thanks. ”- Don Aronowitz