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March 25, 2023

PPP Shell Company Discovery Act Proposed

During COVID-19, the federal government provided nearly $1.2 trillion in assistance to small businesses and their employees. But the government estimates  that there were potentially $5.4 billion in fraudulent pandemic loans (PPP loans and EIDLs). A bill (H.R. 1476) entitled the PPP Shell Company Discovery Act would create a report of PPP loan recipients who had no tax withholding in 2019 and received loans four times greater than their highest payroll amount during calendar year 2019. These discrepancies would help identify potential fraudulent loans for the Department of Justice (DOJ) to investigate and prosecute. #IdeaoftheDay

Big Ideas For Your Business

Resources For Your Business
  • Do you think women need different characteristics or behavior than men to succeed as business owners? As a woman in the business world for 50 years, I still can’t answer this question. I’ve never tried to be different from my male counterparts; I just did what I did and moved forward. But there’s certainly a lot of discussion on social media about this question. Here are some of the answers I found and you can draw your own conclusion. Lists of qualities for a successful female entrepreneur Entrepreneur lists 8 qualities to drive success as a female entrepreneur: Integrity Humility and […]

  • During Women’s History Month, there are many topics that relate to women business owners. One of the big challenges for many women owners is achieving a good work-life balance. A study by Mastercard found that 3 in 10 (29%) female entrepreneurs say they are struggling to maintain a work-life balance, compared to 17% of men. Of course, women business owners face the same challenges in running a business as their male counterparts. But many women face additional challenges in childcare, spousal care, or parental care. This adds another layer of responsibility and demands on time. What are women entrepreneurs to do? […]

  • Direct-to-consumer (D2C) is a marketing strategy that allows businesses to sell directly to the consumer without going through a wholesale or distributor. It enables business owners to establish one-on-one customer relationships and gain loyalty. D2C is more cost-effective than traditional marketing strategies because it eliminates unnecessary intermediaries and markups. D2C is also more efficient because it gives you direct access to your customer’s feedback, which can improve your products and services over time. In addition, D2C allows consumers to learn about new products in a fun way, which can increase engagement with your brand. Consumers are increasingly turning to the […]

  • If you’re a big reader, you likely find inspiration in the biographies of famous people. If you’re not a big reader, you might want to sample a book or two during Women’s History Month to better appreciate how women have struggled and triumphed in the business world. The following, which is excerpted from the Library of Congress and other suggested reading, is a list of biographies of women in business. Many names may be familiar to you, while others may not. Some are modern and still on the scene, while others are from years past. There are, of course, numerous […]

  • According to the World Economic Forum, 49% of all businesses being started in the U.S. today are by women. And women already own 42% of all U.S. businesses. Are there any special programs that present opportunities for women business owners? Consider the following: Federal contracting The goal of the federal government is to award 5% of all federal contracting dollars to women-owned small businesses each year. Given that federal contracting totals about $100 billion, this is a lot of contracting dollars. Women who own businesses that meet certain qualifications can join the Women Owned Small Business (WOSB) Federal Contract program to […]

  • According to The State of Women in the Labor Market in 2023, three quarters of women ages 25 to 54 are employed; with 84% of them working full time. Despite Equal Pay Act of 1963 which was enacted 60 years ago to require employers with at least one employee to give male and female employees equal pay for equal work, the “pay gap” still exists. Women earn less than men for the same work. Those age 25 to 54 earn 16% less than men, and the pay gap grows for older working women. In addition to the Equal Pay Act, […]

  • March is Women’s History Month and a good time to reflect on how women are doing in business. Women now account for more than 10% of the CEOs of Fortune 500 companies. But many women also own and run their own companies. The numbers have been growing year after year. But how are they doing? This can be gleaned from reports as well as anecdotal stories from women entrepreneurs. Statistical evidence According to the 2022 Annual Report from National Women’s Business Council (NWBC), what follows are the most recent facts (although statistics don’t reflect the prior year). Of employer businesses, women […]

  • Many 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, […]

  • It’s Women’s History Month so I’d be remiss if I failed to applaud the contributions of women to business. When we think of women entrepreneurs, it’s easy to identity those in cosmetics (Madam C.J. Walker, Elizabeth Arden, Estee Lauder, Mary Kay Ash), fashion (Coco Chanel, Sara Blakely, Tory Burch, Sara Blakely), food (Martha Stewart, Ruth Fertel of Ruth’s Chris Steak House), and the entertainment industry (Lucille Ball, Oprah Winfrey, Beyonce). They’ve changed our world. But many women entrepreneurs made their mark in other industries and are what we may think of as unconventional. The following is an update to a […]

  • If you need to hire additional employees, it means your business is good. You’re probably well aware of the additional costs for each new employee—wages, employment taxes, insurance, and employee benefits. But also take into account the fact that having more employees could trigger your becoming subject to federal and state employment laws that you’ve been exempt from until now. Look for those triggering points so you can decide whether to cross the threshold, and if you do, what steps you must take for compliance. The following discussion is based solely on federal law; state laws may have different obligations. […]

  • The quotation taped to my monitor from Benjamin Franklin reads: “An investment in knowledge pays the best interest.” What is learning? The dictionary says it is the acquisition of knowledge or skills through experience, study, or by being taught. What are the benefits of learning? For your business, employees who learn stay more engaged, likely become more productive, and can acquire new skills to be used on the job. Employees also see personal benefits, such as keeping their brain agile, fighting boredom, and staving off dementia. The final question…how to learn. Set a time for learning For me, I find […]

  • This year’s book, J.K. Lasser’s 1,001 Deductions and Tax Breaks, reflects the tax rules as they stood on December 1, 2022. But tax law is not static and new legislation, IRS pronouncements, and court decisions continue to tweak tax rules. They impact reporting on 2022 returns as well as tax planning for 2023 and beyond. This Supplement updates this year’s book for these late-breaking developments. The Consolidated Appropriations Act, 2023, which included SECURE Act 2.0, was signed into law on December 29, 2022. It sealed the rules for 2022 returns and created some rules to be taken into account for […]

  • This year’s book reflects the tax rules as they stood on December 1, 2022. But tax law is not static and new legislation, IRS pronouncements, and court decisions continue to tweak tax rules. They impact reporting on 2022 returns as well as tax planning for 2023 and beyond. This Supplements updates the book with these late-breaking developments. The Consolidated Appropriations Act, 2023, which included SECURE Act 2.0, was signed into law on December 29, 2022. It sealed the rules for 2022 returns and created some rules to be taken into account for estimated taxes in 2023. But it also failed […]

  • 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 […]

Multimedia

Resources For Your Business

Recession-Proofing Your Business: Making Strategic Plans

Hiring the Wrong Person: How to Avoid It

How Important Is ESG to Small Business?

The Importance of Positivity and Your Business

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

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    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