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December 03, 2022

Are you pricing things right during the holiday season?

In these inflationary times, pricing what you sell, especially during the holidays, can be challenging. According to Verizon’s Small Business Survey 2022, 38% of SMBs are worried about properly pricing goods and services to keep up with inflation and 35% are worried about economic hardships impacting their sales. #IdeaoftheDay

Big Ideas For Your Business

Resources For Your Business
  • Your business is located in the U.S, all your employees are in the U.S, and all your sales are made within the U.S. So how can you be called a “foreign business”? You don’t have to be doing business overseas to be a foreign business. A foreign business is any company legally formed in one state that is conducting business in another state. For example, you formed a corporation in New Jersey but maintain an office in New York or warehouse your goods there. To the state of New York, due to your physical presence there, you’re a foreign business. […]

  • 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 2023 edition for preparing 2022 returns as well as tax planning for 2022 has been updated to incorporate changes from the Inflation Reduction 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. (The following is an update to previous blogs about my book.) Why small business owners […]

  • “Cultivate the habit of being grateful for every good thing that comes to you, and to give thanks continuously. And because all things have contributed to your advancement, you should include all things in your gratitude.” ~ Ralph Waldo Emerson 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.) Reasons Thanksgiving holds special significance […]

  • As recession creeps up, it’s likely that money owed to you may become harder to collect. Perhaps it’s outstanding receivables. Maybe you’ve loaned money to an employee, a vendor you’ve known for years, or a business associate. What can you do? Collections policies Today, with electronic payment options and Square attached to a phone for swiping and tapping, it’s easy to get paid for your goods and services on the spot. But for some businesses and in some industries, invoicing and waiting to get paid remains the norm. What can you do to ensure your outstanding invoices don’t stand out too […]

  • Understanding and monitoring your business’ financial information is critical to success. When starting a business, financial terminology may be confusing and the importance of mastering it and staying on top of your numbers may be challenging. Here are some key numbers to know and watch. The discussion is very general; you may need to drill down further for a better picture of your business’ financial situation. Key numbers to know and watch: 1. Cash flow statement Making sales is one thing; having cash on hand to pay your bills is quite another. Cash flow is more important than profits, says […]

  • November 8th was Election Day. Who knows what impact a new Congress will have on your business; it’s too early to tell. But voters across the country approved a number of provisions on the state and local levels that could affect your workplace. Here are some areas to explore in your location. Minimum wage The majority of states have minimum wage rates higher than the $7.25 federal rate. On Election day, Nebraska voters approved a minimum wage increase, incrementally to $15.00 per hour by 2026. Nevada voters okayed a minimum wage increase to $12.00 per hour by July 1, 2024. The […]

  • November 11 is Veterans Day and October 31 through November 4, 2022, was National Veterans Small Business Week. According to the SBA, veterans own 5.6% of businesses in the U.S. There were 1,421,000 nonemployee firms and 1,758,934 employee firms. These figures are roughly in line with the 5.6% of the U.S. population that identify as veterans. Big companies founded by veterans The numbers above demonstrate that many veterans start small business. And some of the best-known major corporations were also started by veterans, including: Walmart—Sam Walton served in the Army intelligence during World War II Amway—Jay Van Andel served in […]

  • How does your company measure up when it comes to environmental, social, and governance (ESG) performance? For publicly-traded corporations, ESG is a big deal and is clearly disclosed on their SEC filings (quarterly 10-Gs and their annual 10-Ks). (Harvard Law School Forum on Corporate Governance describes recent trends in SEC filings) How important is ESG to small businesses? A national survey from Fordham University found some very interesting results. The following is a summary of some aspects of the report that may be helpful in evaluating your current practices and deciding on your company policies going forward. What consumers know about […]

  • Intelligent automation is already a powerful force in our everyday lives. Computers remember our passwords, phones are starting to use facial recognition, and social media apps adjust their algorithms based on our activity. With many people working from home or quitting in the Great Resignation, robotic process automations (RPAs) are more relevant in the workplace than ever. RPAs won’t solve the labor crisis, but they can pick up the slack of the lost workers and help the employees who remain. Here are five major ways intelligent automation will benefit your employees. 1.  Increases Employee Productivity A lot of time, energy, and […]

  • Tax credits are a dollar-for-dollar reduction of taxes owed. Some credits offset income taxes; others offset employment taxes. Some credits are part of the general business credit and subject to an annual limitation; others are fully refundable (they can be recouped in excess of what taxes are owed). For pass-through entities, the business must qualify for the credit, but owners claim their share on their personal returns. In some cases, limitations apply at both the entity and owner levels. If all of this sounds complicated, that’s because it is…and you need to work with a tax professional. The following will […]

  • Bank of America’s 2022 Workplace Benefits Report found employers play an important role in their employees’ financial wellness. Employees are stressed (62%) by current economic conditions and employers (97%) today feel very responsible for employee financial wellness (only 41% of employers felt this way in 2013). Offering financial wellness support can lead to more employee satisfaction, more company loyalty, more engagement, greater productivity, and stronger job performance. Now is the time to make your employee benefits plans—an important part of employees’ financial wellness—for the coming year if you haven’t already done so. What you offer depends on what your company […]

  • There’s a lot to be concerned about today—inflation, high interest rates, labor challenges (the inability to find and keep good employees, plus quiet quitting), crime, regulatory problems, and on and on. But small business owners by nature are optimists; they have to be to believe they can start a company and be profitable. I think it’s worth thinking about positivity, especially now. As Anne Shirley in the book Anne of Green Gables by L.M Montgomery said: “I’m so glad I live in a world where there are Octobers.” Here are some ideas to help you stay positive: Recognize the importance […]

  • It seems that just about everything is political. With the mid-term elections fast approaching, there are strong feelings that are being expressed on conventional and social media as well as in homes and workplaces. What are small businesses supposed to do about such expressions in the workplace? (The following is adapted from a blog posted a couple of years ago.) When it comes to politics in the workplace, small businesses will want to consider: Legal requirements Employers must be mindful of the law. Individuals have a constitutional right to free speech. This right bars the government from restricting speech; it […]

  • Your Driving Policies

    Do you have business-owned vehicles that employees use company business? Do you require employees to use their own vehicles for business driving? Whichever option applies to your company, be sure to have a policy on driving. This can enhance employee safety and avoid costly accidents. Basic rules for your driving policy Because the company may be financially liable for accidents, whether the vehicle is owned or leased by the company or belongs to the employee driving on company business, be sure to have a solid vehicle and drivers policy. Your policy should reiterate to employees what is common sense: Obey […]

  • In the old days, employers had to withhold money from employees’ paychecks primarily for two purposes: income tax withholding and FICA. Income tax withholding applies for federal and state income taxes. FICA withholding is the employees’ share of Social Security and Medicare taxes. Over the years, employers have become the financial centerpiece of many employees’ lives, and this is reflected in withholding for a vast array of reasons. So that you can adapt your business practices, take note of some of the withholdings you may have to make in addition to income tax and FICA withholding. Types of withholdings to […]

  • You’ve built a successful business in your home state, and now you’re ready to take it to the next level by expanding to another state. But before you open up shop in a new location, there are a few things you need to know first. Here’s what to consider before expanding your business to another state: The cost of doing business The market potential in the new state The competition you’ll face The regulations and red tape you’ll need to navigate The availability of talent and resources Your company’s culture Your considerations The cost of doing business This includes the […]

Multimedia

Resources For Your Business

The Importance of Positivity and Your Business

10 Ideas for Avoiding Waste

5 Ways to Help Employees with Financial Wellbeing

Is It Work-Life Balance or Just Lifestyle?

barbara’s books

  • J.K. Lasser's Small Business Taxes 2023

    Comprehensive 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.
    Buy from Amazon (link will open in a new window or tab).
  • J.K. Lasser's 1001 Deductions & Tax Breaks 2023

    The 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.
    Buy from Amazon (link will open in a new window or tab).
  • 500+ Big Ideas for Your Small Business

    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.
    Buy from Amazon (link will open in a new window or tab).
  • Home-Based Business Start-Up Guide

    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."
    Buy from Amazon (link will open in a new window or tab).
  • The Delivery Driver Tax and Business Guide, Kindle Edition

    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!
    Buy from Amazon (link will open in a new window or tab).
  • Guide to Self-Employment: Taxes, Strategies, and Money-Saving Tips for Schedule C filers, 2nd Edition

    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."
    Buy from Amazon (link will open in a new window or tab).
  • 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!  
    Buy from Amazon (link will open in a new window or tab).
  • Smooth Failing
    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.
    Buy from Amazon (link will open in a new window or tab).
  • Small Business Survival Book

    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!
    Buy from Amazon (link will open in a new window or tab).
  • The Rational Guide to Building Small Business Credit
    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."
    Buy from Amazon (link will open in a new window or tab).

testimonials

  • " 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 ”

    - Bob Benowitz

  • " Love your articles!
    I love the simplicity of your articles. ”

    - 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 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