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Idea of the Day®

August 01, 2021

Overhaul of QBI Deduction

Owners of profitable pass-through entities may be entitled to claim a personal 20% deduction of qualified business income (QBI); various formulas and limitations apply. The Small Business Tax Fairness Act would overhaul the QBI deduction. It would greatly simplify calculations. It would also cap eligibility for those with income under $400,000. Chances of enaction? Who knows?  #IdeaoftheDay

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Resources For Your Business
  • According to the NFIB’s Small Business Optimism Index for June 2021, a labor shortage remains the big challenge for small businesses. The numbers tell it all: 46% of all owners reported job openings they could not fill in the current period, 63% reported hiring or trying to hire in June, and 89% of those hiring or trying to hire reported few or no “qualified” applicants for their positions. The report states: “Many firms can’t hire enough workers to efficiently run their businesses, restricting sales and output.” If you’re in this situation, what can you do? A good wage, as well […]

  • A tax credit is a dollar-for-dollar reduction of tax liability. During COVID-19, much attention has been focused on employment tax credits for paid sick leave, paid family leave, employee retention, and COBRA payments. But income tax credits for small businesses may fit well into today’s economy and business planning, and provide significant tax savings. Work opportunity credit Your business goal: Hiring new employees. The biggest challenge facing many small businesses today is finding qualified employees. According to BLS, as of July 7, 2021, there are 9.2 million job openings. Small businesses aren’t the only ones hiring; large companies are also […]

  • Living on the Eastern coast of Florida, I have the ability to view many of the space launches from Cape Canaveral. They are easily viewed from my driveway and are especially beautiful at night when the fiery exhausts contrast with the dark sky (being near the ocean there is very little light pollution to reduce the darkness). We now have a new branch of the military—the Space Force. And Sir Richard Branson’s Virgin Galactic Unity 22 flight into space on July 11, 2021, and Jeff Bezos’ Blue Origin New Shepard on July 20, 2021, shows commercial possibilities.  It’s time for […]

  • Update: On July 27, 2021, the CDC revised the masking guidelines for fully vaccinated individuals. The CDC advised that those fully vaccinated do not have to wear masks. However, this guidance is superseded by any federal, state, or local law requiring masking. The CDC also says that businesses may set their own rules for operations and workplace guidance if they don’t violate government rules. But now, with the advent of COVID-19 variants, concerns about transmission remain prevalent. What’s a business owner to do about a masking policy for employees and customers, clients, and patients? Government rules Absent any government rules, the […]

  • It feels like the pandemic is over, with businesses opening at regular capacity in most states. But the future is uncertain. There could be another pandemic. Or there could be other unanticipated catastrophes that may befall your business. As part of your recovery strategies from COVID-19, it’s advisable to take the lessons you learned and put them in a contingency plan so your business can know what actions to take to protect itself. What is a contingency plan A contingency plan is a written (albeit on the computer) strategy for handling whatever situation arises. Think of it as “Plan B” […]

  • Your company information is vital. This information includes financial data, trade secrets, confidential employee and customer information, and more. Recent well publicized ransomware attacks show the vulnerability of just about everyone. Harvard Business Review said ransomware attacks were up 150% in 2020 and are up even higher this year. Recognize where attacks may come from It’s been reported that the most recent big ransomware attacks—Colonial Pipeline, JBS (the world’s largest meatpackers), and the DC Metropolitan Police Department—were done by Russian-based hacking groups (not the same in all cases). So it’s clear that attacks may be from external bad people. But attacks […]

  • This area of the law is changing rapidly and making it challenging for employers to fix their workplace polices. A year ago, our blog addressed many issued about revising your drug policy for marijuana. Since then, more states permit the use of marijuana for recreational and/or medical purposes. And courts are weighing in on some practical issues for employers when it comes to marijuana and the workplace. So, with rapidly changing laws and court decisions, what are employers to do? Here are some new developments to alert you to what’s happening now. Bumping up against federal law Technically, marijuana remains a […]

  • The pandemic has created a great need in a number of communities and for a number of special causes and organizations. But charitable giving is a perennial practice with an unending number of people and causes in need. According to an American Express and The Chronicle of Philanthropy report last year, charitable giving by small businesses is on average 6% of their profits. If you want to give, there are many ways to do it. And you may even get a tax benefit from your philanthropic activities. What you can donate The range of things your business can donate are […]

  • More and more people are working from home. The pandemic introduced many workers and business owners to this environment and, with the ebbing of COVID-19, a great percentage are staying put. The SBA estimates that about half of 31.7 million small businesses operate from home, putting the figure of owners in this position at nearly 16 million. You may have limited space, forcing you to set up office on the kitchen table or the living room couch. But if you have the luxury of a designated separate space to call your office—a spare bedroom, den, or section of a family room—it […]

  • The journalist’s guidelines—the 5 W’s (plus 6 if you include how)—are useful in covering all your bases for just about any activity. If your business uses Twitter to engage with customers and find new ones, apply these criteria and use some best practices for Tweeting to enhance your results and avoid problems. Who According to Hootsuite, there’s an advertising audience on Twitter of 353 million users. You just have to know how to connect with them. Understand the audience you’re trying to reach—businesses, consumers, their demographics—so you can craft your posts accordingly. Doing this will also attract followers interested in […]

Multimedia

Resources For Your Business

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Hurricane Season Preparedness: Why It Matters

Recovery Strategies: Revising Your Business Plan

Vacation Deprivation: What to Do About It?

FINSYNC: Get fast, flexible and affordable financing for your business. Learn more.

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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    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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