For many years, states have allowed taxpayers to transfer certain tax credits, effectively selling a tax break for cash. Now, federal tax law offers a similar—but not identical—opportunity to businesses with respect to certain tax credits. Companies operating at a loss or those in their infancy may not be able to use or maximize the use of tax credits and, where applicable, might want to transfer the credits in the year they are earned. The rules aren’t simple and making the decision on whether to transfer isn’t easy. It requires not only an understanding of whether you have a credit […]

PwC’s 2023 Employee Financial Wellness Survey found that 57% of employees think finances are the top stress in their lives. They worry that the cost of their expenses is increasing and that wages aren’t keeping up. Small businesses with tight profit margins can only do so much when it comes to increasing wages or paying for employee benefits. But they can help employees better manage their personal finances by offering various voluntary wage withholding options to employees and explaining what they are all about. Some of these voluntary wage withholding options were covered in previous blogs, but here’s a fresh look […]

The April 2023 Jobs Report released by the BLS in early May showed an unexpected hike in job creation. Perhaps your business contributed to this impressive statistic. Nonetheless, if we get a recession—or merely a significant slowdown in business that cuts your revenue—what will you do about your staff? Options for managing your staff: Adding staff As the BLS statistics show, businesses are continuing to hire new workers despite concerns about a recession. The unemployment rate dropped to the lowest level (3.4%) since May 1969! If you want to hedge your bet that a recession will happen and you won’t […]

A qualified retirement plan is an important employee benefit to attract and retain valued workers. According to Vestwell 2023 Retirement Trends Report, 73% of employees agreed or strongly agreed they expect employers to offer a 401(k) plan. Yet BLS data say less than half (48%) of small employers offer a plan. If you don’t have a qualified retirement plan, now may be a great time to consider it in light of tax incentives you can receive. If you already have a plan, now’s the time to review it and consider changes so you can take advantage of tax incentives. These incentives […]

Artificial intelligence or AI, a term coined in 1956, is in the headlines every day. It’s been touted as the best thing to come along and the worst thing as well. The reality probably lies somewhere in the middle. Will it mean the end of humans (as Stephen Hawking suggested), or at least a big job killer (replacing 300 million jobs worldwide)? Will it provide solutions for small businesses? Have you thought about AI and your business? Do you understand what ChatGPT can do (there are already more than 100+ million users)? It’s time to understand the technology and what it […]

When it comes to managing a retail business, such as a fashion boutique, maintaining a healthy financial status is crucial for ensuring success in the competitive industry. One way to achieve financial stability is by leveraging a business line of credit. A business line of credit is a flexible financing option that allows you to borrow funds up to a predetermined credit limit, and only pay interest on the funds you actually use. In this article, we will explore five compelling reasons why a business line of credit could benefit your business, providing you with the financial tools necessary to […]

Mother’s Day, the second Sunday in May, is an annual event to honor the sacrifices that mothers made for their children. For retailers, it’s an opportunity to sell gift items. For restaurants, it’s a time that moms are taken out for brunch or dinner. For me, it’s a time to remember my mom. And it’s given me pause to think about what being a mom has trained me to do when it comes to running a business. Here are my thoughts on what I learned from raising children. Set rules There are certainly different parenting approaches. I choose to be […]

Expanding a business internationally is a bold move that can take a company to new heights. However, it’s also a risky investment that can drain time and resources. Several factors must be considered, and business owners must develop a sound strategy to ensure their effort pays off. Here are a few key points to consider when expanding internationally. 1.  Find a Business Partner One of the critical elements for any international expansion strategy is to find a global partner that knows the target country’s market well enough. Breaking into local market dynamics can take time for an international business. Competing […]

For most small business owners, the 2023 tax season is behind them. But with increased funding for the IRS to step up audits of small businesses, getting a letter saying you’re under examination is something else to be concerned about. This is so even though the risk of being audited is statistically very low, at least for now. It’s impossible to obtain complete audit protection because despite every sound effort you make, the IRS can select a return at random for review. But there are steps you can take to greatly minimize your exposure to IRS scrutiny. These actions can […]

The National Taxpayers Union (NTU), the oldest taxpayer advocacy organization in the U.S., said in a letter to the House Small Business Committee  in April that federal Tax Code unfairly burdens small businesses. Well, we know that! To ameliorate this, several measures have been proposed in Congress to change current federal tax rules in order to help small businesses. It’s impossible to know whether some or all will be enacted; it’s likely most if not all won’t become law. Still, it’s worthwhile to know what’s happening and to tell those who represent you in Congress what you support. Small Business […]

Small Business Week 2023 runs from April 30 to May 6, so it’s a great time to be talking about small business. Often “small business” is a buzz word used by politicians and large corporations that want to look sympathetic to the challenges actually faced by self-employed individuals and small business owners. But it’s also a favorable status that can help businesses get a piece of the federal government’s procurement pie. The fact is: small businesses are statistically significant. The SBA’s Office of Advocacy released FAQs about small businesses. Note that the SBA usually defines small businesses as those with fewer […]

Now is a great time to begin planning vacation schedules for you and your staff. This is the first year since the start of pandemic that people are traveling for pleasure and your employees likely will want to use their accrued vacation days—many during the summer months. Here are some things to consider: Importance of vacations With the emphasis these days on work-life balance, vacations are essential to employees. CNBC notes vacations are critical to avoiding burnout. Scheduling now is beneficial for your company, but it’s equally helpful for employees. It enables them to book their travel arrangements. And, if needed, […]

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, […]