As singer/songwriter Jim Croce wrote many years ago,  “There never seems to be enough time to do the things you want to do.” With business growth and, in some companies, under-staffing, working more than the traditional 9 to 5 is common. But stop and think whether long working hours makes sense to continue. Here are reasons for closing your doors after 35 or 40 hours and some ideas for achieving this result. Business cost for long working hours There are things that need to be done, but having workers do them on overtime hours is not necessarily a good solution. […]

You can deduct travel costs while away from home in the pursuit of business. These costs include your lodging, meals (subject to a 50% limit), dry cleaning and laundry, and other expenses. But the key to deductibility is being “away from home.” What’s a tax home? If you live and work in the same general area, your tax home and personal residence are essentially one and the same. Thus, when you go out of town for a conference or to see a customer or vendor, you can deduct your travel expenses for that trip. If you have a personal residence […]

Mark Twain said: “There are three kinds of lies: lies, damned lies, and statistics.” When it comes to what’s happening in jobs and small business, things can get very confusing. What’s really going on here? Hiring is up According to the NFIB February 2019 Jobs Report, small business job creation recently broke a 45-year record. This is very significant because two out of every three jobs in the US are created by small businesses. The report found that 57% of owners reported hiring or trying to hire workers. And 49% reported that they couldn’t find qualified workers for their openings. […]

With the college admissions scandal in the headlines, the issue of honesty and integrity in business couldn’t be more relevant. How you conduct yourself in your personal life translates into what happens in running your business. So let’s look at how integrity and honesty are essential leadership qualities and how you can best display them. Importance of integrity A survey a few years ago found that integrity was cited by employees as the most important attribute in a leader. Employees get inspired by leaders they view as being honest. Conversely, they get turned off, and often leave companies, where they […]

Decision making, according to BusinessDictionary, is the thought process of selecting a logical choice from the available options. Business owners make important decisions every day…who to hire or fire, setting prices, selecting vendors, and more. Some decisions sound wise when they’re made but turn out to have unintended negative consequences. How can you prevent this from happening? The problem Take the case of Walmart and the termination of all of its “people greeters” in April of this year. The decision to end this position in more than 1,000 Walmart stores was likely done to save money (Walmart said the reason […]

Now is the time that businesses typically seek out summer interns. If you are thinking of doing this, be sure you know the benefits and burdens that using interns entail. Benefits  Some companies view their summer intern programs as trial runs for permanent positions. If an intern works out well, the company may offer to hire the person following graduation. You may be eligible for a tax credit if you hire from a specific category of individuals. The work opportunity tax credit, which is claimed on Form 5884, is a dollar-for-dollar reduction of federal income taxes up to $1,200 (40% […]

You may have the best product or service, but if customers don’t know who you are or what you stand for, you’re lost. Here’s where branding comes in. Branding is the process of promoting your company name and/or products by various means. It enables the public to recognize you. Branding isn’t a one-time activity; it’s something you must continually work at. Understanding branding You want to gain brand recognition so the public can easily spot and remember you. This is done through a memorable name, logo, slogan, and other elements that reinforce your company brand. For example, the brand for […]

The tax law is not static. Since the publication of this book, the IRS has provided guidance on some of the changes for 2018 returns that were made by the Tax Cuts and Jobs Act of 2017 (TCJA). And there’s been additional legislation, court cases, and other IRS pronouncements that affect 2018 returns as well as planning for taxes in 2019. Here are the key developments, some of which can apply to your 2018 return while others impact your 2019 withholding and estimated taxes. At the time this Supplement posted, Congress had not yet addressed the tax rules that expired […]

The tax law is not static. Since the publication of this book, the IRS has provided guidance on some of the changes for 2018 returns that were made by the Tax Cuts and Jobs Act of 2017 (TCJA). And there’s been additional legislation, court cases, and other IRS pronouncements that affect 2018 returns as well as planning for taxes in 2019. For small business owners, it is important to take action based on what is known now, and to watch for any tax changes that may affect your business and personal taxes in the future. Pay attention to what is […]