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Idea of the Day®

December 05, 2021

Avoid Common Passwords

For security, it’s advisable to use strong passwords. Unfortunately, many rely on common passwords. According to a list compiled by NordPass, the most commonly used password is 123456, which takes 1 second to crack. A strong password is one that contains at least 12 characters, which include a combination of upper and lowercase letters, numbers, and symbols. #IdeaoftheDay

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  • The year is winding down, but there are still some actions you must or should take now to complete necessary matters and get set for the coming new year. Some are obvious, such as reviewing your business plan to assess your successes and failures for 2021 and sitting down with your CPA or other tax adviser to do year-end tax planning. But that’s not all. Consider the following things to do now before the end of the year: 1. Hold a board meeting If you are a corporation—C or S—state law requires you to hold an annual board meeting. This […]

  • 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 their tax advisers. The 2022 edition for preparing 2021 returns as well as tax planning for 2022 has been updated to incorporate changes from the American Rescue Plan Act as well as other new laws, court decisions, and IRS pronouncements. As has been my practice, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead. Why small business owners need a tax book If you’re like the vast majority of […]

  • The annual national holiday of Thanksgiving for many businesses is the official start of the holiday shopping season. For some businesses, this period represents their peak sales for the year. But there are many reasons why I’m grateful to be a small business owner in the U.S. (The following is adapted from an earlier blog.) Freedom In the U.S. just about anyone can become an entrepreneur. You don’t need a college degree or a pedigree. All it takes to get started is an idea, some capital, and grit. In other countries, students are pigeon-holed early in their lives and may […]

  • There are several compelling reasons why you should have a retirement plan for your business. It helps you and your employees save for retirement on a tax-advantaged basis. Owners should not assume that their business alone is their retirement nest egg because businesses may not be as valuable in the future as hoped for. Having a retirement plan allows for deductions and tax credits for the business. And a retirement plan is an important fringe benefit to attract and retain valued employees, a consideration paramount in this tight labor market. Qualified retirement plan options A qualified retirement plan is a […]

  • While your 2021 tax return hasn’t been filed and likely won’t be for many months, it’s not too soon to be thinking about taxes for 2022. Congress is still working on proposals that could impact taxes for the coming year. But there are some things we know for sure. Various cost-of-living adjustments announced by the IRS may influence your tax planning for the coming year. The following business-related items aren’t just numbers; they’re key benchmarks for your benefits offerings to employees, your budget, and more. Tax rates The tax rates for 2022 are unchanged (unless Congress makes any last-minute adjustment). […]

  • Much that’s happening in Congress has been focused on multinational corporations and billionaires because a number of proposals that would have targeted small businesses has been dropped. Nonetheless, if enacted, Build Back America and the infrastructure bills will impact small businesses. What’s more, there is other pending legislation in Congress that may have a direct effect on small businesses. The following bills have passed the House with bipartisan support and await Senate action. I’m not offering an opinion on any of them, but I’ve added my own legislative wish list below. Veteran Entrepreneurship Training Act of 2021 The bill (H.R. […]

  • November 11 is Veterans Day and November 1 through 5, 2021, was National Veterans Small Business Week. According to the SBA, veterans own 6.6% of businesses in the U.S. Of these, nearly 338,000 had employees while 1.4 million were non-employees businesses. Big companies founded by veterans Some of the best-known companies were started by veterans, including: Amway—Jay Van Andel, who served in the Army Battle Grounds Coffee—Salvatore Defranco, who served as a Navy Seal Enterprise Rent-A-Car—Jack Taylor, who served in the Navy as an aviator, winning two Distinguished Services Crosse and an Air Medal Esurance—Chuck Wallace, who graduated from the […]

  • The pandemic made a seismic shift in where workers work. Many companies now allow or require employees to work from home on a regular basis or at least a certain number of days a week or month. Restaurants that turned to take out and deliveries may not be fully using their seating areas. This means that your facilities may stand empty a good deal of the time. Perhaps you want or need to relocate your business to another city or state (think of the businesses fleeing high tax and regulation states for those with lower taxes and less regulations). Maybe […]

  • Noncompete agreements are legal contracts between a business and another person—typically an employee or independent contractor—to bar a worker to compete with the business. Noncompete agreements may also be used by a business to bar a person who sold his or her interest in it to go into a new business in competition with the former one. Noncompete agreements are common, but they are increasingly coming under pressure from some state and local governments. Here’s what you need to know about whether you can or should use noncompete agreements. State law limitations There is a growing list of states banning […]

  • With more employees continuing to work from home, the lines between work and personal hours can easily become blurred. Business calls, texts, and email are ubiquitous. The lack of boundaries is accentuated when employees are located in different time zones. For example, someone on the West Coast might think to call someone on the East Coast at 4 pm Pacific Time, a normal part of the workday. That translates into 8 pm Eastern Time. Or a worker on the East Coast may send an email at 9 am Eastern Time to someone on the West Coast and expect an immediate […]

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Resources For Your Business

Disconnecting from Work

Recovery Strategies: Staying Positive

10 Ideas for Re-Energizing Yourself and Your Staff

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  •  A complete guide to taxes for small businesses, brought to you by the leading name in taxes
    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 is keyed to the 2021 tax return as well as providing evergreen tax planning to improve your bottom line. A free supplement available in February 2022 updates the information so you won’t miss out on any tax-saving opportunities.
  • The definitive guide to all income-tax deductions and credits for the everyday taxpayer.
    The fifth edition of this popular book has been fully updated to reflect the latest rulings and laws, allowing the reader you to easily refer to the appropriate deductions for their your particular needs. A free supplement available in February 2022 updates the information so you won’t miss out on any tax-saving opportunities.
  • 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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    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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