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February 08, 2023

Is the gold watch for 25 years of service outdated?

Seems so. The finding from an EBRI study of workers from 1988 through 2022 found that the average tenure of employees 25 years and older was 5 years. Interestingly, the “difference between private-sector and public-sector workers’ tenure distributions is quite striking. While private-sector employers in general have been able to maintain a near-constant and small percentage of very long-term employees (25 or more years of tenure), public-sector employers saw this group grow significantly through 2004 before trending down through 2022. Consequently, public-sector employers have seen a significant share of their most experienced workers retire or otherwise leave their jobs.” #IdeaoftheDay

Big Ideas For Your Business

Resources For Your Business
  • 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 […]

  • In early January 2023, the Fair Tax Act of 2023 was introduced in the House. While the measure is a ‘looong’ way from enactment and may never come to pass, there is a growing amount of conversation about it. To join it, you need to know what it’s all about. Here are some points to help you understand how a fair tax would affect your business. Overview A fair tax, the concept of which was first introduced in 1999, would be a national sales tax on the use or consumption of taxable property and services. It would replace the federal: […]

  • The number of small businesses in the U.S. continues to grow in 2023, and it’s a good thing. After all, small businesses create jobs, drive innovation, and promote competition. They also contribute to local communities by providing goods and services, supporting charitable causes, and fostering a sense of entrepreneurial spirit. Despite economic challenges in 2023—inflation, labor shortages, prospect of a recession, etc., you can still grow your business. Here are some tips to help. Building a Strong Business Plan A clear and well-defined business plan is essential to build a strong, successful small business. It’s the foundation that allows you […]

  • The shortest month of the year, February, has just one federal holiday, but lots of other noteworthy holidays and celebrations. Why should this matter to you? Some of the events may impact your staff, while others may provide marketing opportunities. For example, retailers and restaurants may want to decorate for certain holidays or hold special sales. Here’s a calendar of some of the events, what they’re about, and what impact they may have on your workplace: Black History Month (February 1). Today is also the day in 1865 on which President Lincoln signed a joint resolution by the House and […]

  • I’m not referring to an old TV show with Johnny Carson for anyone like me old enough to remember it. I’m talking about who you can depend on when it comes to advice or to complete a task well and on time. An old Harvard Business Review article said it comes down to integrity. Some of the interesting findings reported in the article, which I think are still true today, are: Power corrupts Confidence often masks incompetence It’s okay to trust your gut So what do you do? How do you make decisions? Here are some ideas to help: Your employees Business […]

  • You know you have to pay the rent, your payroll costs, and many other obvious expenses. That’s because you have a bill, a contract, an invoice, or other demand for payment. But there are some hidden costs that can deplete your bottom line. Recognize what these costs may be so you can address them and boost your profits. 1. Poor productivity Productivity is a way to measure efficiency. And productivity goes hand in hand with profitability. You pay your staff to do certain tasks with the expectation that they are done well and on time. Today, with the prevalence of […]

  • Small businesses face an array of crimes—both physical and virtual. They may experience burglars, robberies, vandalism, shoplifting, employee theft, embezzlement, or other fraud. According to the U.S. Chamber of Commerce, retail theft has increased 50% over the past 5 years. Small businesses may also experience hacking, ransomware, and other cybercrimes. The FBI noted that the majority of cybercrime victims are small businesses. The cost of these crimes can be tremendous—both financially and emotionally. For owners with enough fortitude, there are ways to push on and gain a measure of protection. For others, the problems may just be too much, at least […]

  • A marketing strategy is essential for any small business or start-up, but it’s more than just writing out a few targets and hoping for the best. To market your business successfully, you need to plan and carefully consider who you’re targeting and how to really build brand awareness effectively. Here are a few of the essential elements your SME marketing strategy should include. What is a marketing strategy? Firstly, let’s establish what a marketing strategy is. A marketing strategy is your business’ long-term plan for how you’ll reach your target customers and encourage them to use your business. While it […]

  • You’ve all heard of a business plan, and hopefully you’ve even done one for your business. But have you considered a business GPS plan? The difference between this and a usual business plan is, as the term implies, a way to move you forward. A basic business plan may list your goals and various particulars, but will it get you where you want to go? Brian Moran, co-host of the Bricks or Sticks workshops, crafted the idea of a business GPS plan and how you can use it to get your business to a better place by the end of […]

  • The tax law is continually changing, with new rules coming into effect and old ones expiring. Sure, you can wait until you meet with your CPA or other tax adviser later in the year, but why wait to learn what’s new? The sooner you learn about the changes, the sooner you can take advantage of them and adapt business policies where needed. This year presents an array of changes that may affect decision making now for your business. The following is not a complete list, but some of the more common changes you could encounter. Some new tax rule changes […]

  • Contracts and agreements are SOP (standard operating procedure) for businesses. This is so regardless of the amount of revenue, the number of employees, or any other factors. You can use an attorney or DIY with templates readily available online to help you. The following are some types of contracts and agreements you might consider having employees sign, and restrictions or limitations to consider. Contracts and agreements to consider Employment contracts Because most employees are “at will,” employment contracts aren’t used when hiring rank-and-file employees. However, they may be useful when hiring “talent,” meaning an employee with unique skills and abilities. […]

  • The Consolidated Appropriations Act, 2023 , which was signed into law on December 29, 2022, made a number of changes impacting qualified retirement plans and IRAs. Some of these changes are in effect now, while others don’t kick in until next year or even much later. The year in which a particular change becomes effective is noted below in bold. Most of the changes are designed to help employees save for retirement, while some can be viewed as helpful to small businesses. All of these changes require you to look at your plan now and take action as required or […]

  • Each year for the past several years, I’ve run a series of articles throughout the year on a single main topic and this year will be devoted to recession-proofing your business. The start of the year is always a good time to review business plans, but this year—with the possibility of a recession growing—it’s more important than ever to make plans. No one knows for certain when the recession will occur or how serious it may be. It’s been reported that the Fed can’t meet its inflation goals without a recession. The only way to be sure you can handle […]

  • While few keep them, it doesn’t stop us from making them every year. Inc. reported that of the 41% of Americans who make New Year’s Resolutions, only 9% actually are successful in keeping them. In fact, Strava coined the term Quitters Day as the day when most people forego their resolutions. It’s supposed to fall on January 13 this year. While most resolutions relate to personal goals, such as eating healthier and getting more exercise, business owners create their own resolutions that will benefit their business. Here are my five favorites, which I’ve written about before. 1. Listen better There are […]

  • You hear a lot about wrongful termination where an employee claims he or she shouldn’t have been fired. This may be actionable, resulting in costly litigations and settlements. But on the flip side, hiring the wrong person may cause just as much, if not more, problems. Unfortunately, many job applicants commit misrepresentation or fraud on their CVs and during interviews. Education, skills, and work experience may be exaggerated or fabricated. Checkster Research found that 78% of job applicants lie. Here’s what hiring the wrong person can mean for your business and what you can do to avoid it. Problems with […]

  • 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 […]

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Resources For Your Business

Hiring the Wrong Person: How to Avoid It

How Important Is ESG to Small Business?

The Importance of Positivity and Your Business

10 Ideas for Avoiding Waste

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