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Idea of the Day®

April 09, 2020

S Corporation Shareholder’s Income Is Ordinary

Shareholders in an S corporation report their share of items of income, gain, loss, etc. that is passed through as reported on Schedule K-1. The corporation’s net income from operations is ordinary income to shareholders. The Tax Court told shareholders that merely issuing Form 1099-DIV and reporting the income on this form does not convert the income into qualified dividends.

New blog today! 4 Steps to a Paycheck Protection Program Loan

Alert: Follow coronavirus-related federal tax changes through the IRS’ Coronavirus Tax Relief  center.

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Big Ideas For Your Business

Resources For Your Business
  • The Paycheck Protection Program (PPP) allows small businesses to obtain loans that can be forgiven on a tax-free basis. There’s been tremendous interest in these loans, but much confusion about how to get them. The following is solely for businesses with payroll responsibilities (although payroll costs are broadly defined to include compensation up to $100,000 per employee, plus employer contributions to qualified retirement plans, employer-paid health insurance, and state and local taxes assessed on compensation). Additional guidance will dictate the rules for loans to partners, sole proprietors, and independent contractors (as explained in another blog). Step 1: Loan submission Loans […]

  • “Get cash now” is the tag line in an ad offering cash to someone with a structured settlement. It’s also the battle cry for small businesses trying to survive this war against COVID-19. Many small businesses do not have enough cash flow needed to continue, but here are 3 ways to get cash quickly that may just help you through this viral and economic pandemic. Determine which you qualify for, how much you can obtain, and what it will cost you so that you can decide how to move ahead. Economic Injury Disaster Loans (EIDLs) Overview. This is a direct […]

  • In a post-pandemic world, business is not as usual. Many things have already changed, and many more changes are poised to occur. As Aldous Huxley implied with his 1932 book, it’s a Brave New World. Recession Yup, the recession is here. There’s unprecedented unemployment. Some businesses are closing for good. Things aren’t going to be good for a while. But there’s a bright side according to some economists (no one knows for sure): It doesn’t look like there will be a depression. The $2.2 trillion stimulus package from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is the […]

  • This blog is solely focused on what the CARES Act provides for small businesses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020, is a $2.2 trillion package to provide relief from the pandemic-triggered economic problems. For small businesses, there are a lot of positive opportunities, from borrowing to tax relief. The CARES Act is massive, so the following is merely the highlights to note. This blog does not include relief for individuals in the form of rebate checks (reflecting a refundable tax credit), increased unemployment benefits, and various tax breaks. […]

  • The Covid-19 has turned everything upside down. Usually, at this time of the year, businesses are planning on hiring summer interns. Should you do this now? Will companies be back in business by then and need to use interns? What does the law require if you decide to use interns? Will you need summer interns? No one knows for sure yet. Many companies now are just hoping to be open for business. They may not have enough demand to warrant using summer interns. But some businesses may want added help (it depends on the industry, how quickly COVID-19 subsides, where you’re located, and […]

  • As the COVID-19 pandemic continues, so, too, do the actions of Congress to help on the economic front. The previous blog covered IRS relief actions. This blog focuses on relief from Congress. The Families First Coronavirus Response Act (H.R. 6021) was signed into law on March 18, 2020. It creates two types of paid leave for certain employees, an employer tax credit, and some relief for self-employed individuals. The measures discussed here are only for small businesses (those with fewer than 500 employees). The measures do not apply to larger employers. Q: Who’s impacted? Small businesses and self-employed individuals face […]

  • ALERT:  This blog post was updated on Monday, March 23, 2020 — see “Extension of time to file and pay taxes.” In an ongoing series of moves, the IRS and Congress are working to create tax relief for individuals, small businesses, and large corporations impacted by COVID-19. Here are 3 key IRS moves to help taxpayers. In an upcoming blog, I’ll describe more about the tax credits for small businesses that must provide certain paid leave related to COVID-19 as well as other coronavirus-related tax changes. Extension of time to file and pay taxes The IRS announced that the filing […]

  • With the dramatic cut in the corporate tax rate to 21% by the Tax Cuts and Jobs Act, there’s been some increased interest in operating as a C corporation (a regular corporation) as opposed to a pass-through entity (a sole proprietorship, partnership, limited liability company, and S corporation). C corporations are a business entity formed under state law and taxed in a special way. During the government’s 2018 fiscal year, there were 2,127,673 C corporations (all such corporations are required to file returns regardless of the amount of their income). Just to provide perspective, in the same period, there were […]

  • Working from home—full time or occasionally—has become the norm for many business owners. It’s been my norm for more than 35 years. And with the advent of the coronavirus, this arrangement—for owners and employees—may become imperative for some period of time. The SBA reports that 60.1% of all firms without paid employees are home-based, as are 23.3% of small employer firms, and 0.3% of large employer firms. Assuming you can work from home (you aren’t barred by zoning laws or homeowner association/co-op board rules) and it’s feasible for your type of work, then take time to make your physical space […]

  • This is Women’s History Month, which is a great time to consider the impact of women in businesses. According to the 3rd Mastercard Index of Women Entrepreneurs, the U.S. is ranked the best country for female entrepreneurship, followed by New Zealand, Canada, and Israel. So how are we doing? Statistics on women-owned businesses in the U.S. According to Fundera, 40% of all U.S. businesses are women-owned. These businesses generate $1.8 trillion a year (although this is just 4.3% of total private sector annual revenue). Women are continuing to start businesses en masse, with 1,821 new businesses every day. So what’s […]

Multimedia

Resources For Your Business

Setting Up a Home Office

A Book Interview Featuring J.K. Lasser's Small Business Taxes 2020

Employee Stock Ownership Plans Are a Win-Win

Successful Tax Planning Strategies for Your Small Business - Interview by Jim Fitzpatrick

#TWEETCHAT CALENDAR
TODAY'S TWEETCHATS

April 09, 2020

UPCOMING TWEETCHATS

  • 2:00 pm
    #SmallBizEdgeChat

    Each Thursday  --  2 pm ET / 11 am PT

    Topic: Coronavirus & its Impact on Small Business

    Sponsored by: Zoho

    Hashtag: #SmallBizEdgeChat

     

  • 8:00 pm
    #SmallbizChat

    Each Wednesday from 8-9pm ET

    Sponsored by: @SmallBizLady, @Tai_Goodwin

    Follow: #SmallbizChat

Events in April–May 2020

barbara’s books

  • The Uber/Lyft Driver Tax & Business Guide, Kindle Edition

    This e-Book was 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!  
  • Maximize your bottom line with the nation's most trusted small business tax guide

    J.K. Lasser's Small Business Taxes 2020 is the small business owner's ultimate guide to a money-saving, stress-free tax season. Providing straightforward advice from the nation's most trusted tax expert on small business taxes, this book gives you the answers you need quickly, with clear, concise guidance. Updated to cover changes from the Tax Cuts and Jobs Act and other legislation, this edition also includes an e-supplement covering additional developments from Congress and the IRS to keep you fully up-to-date.
  • A complete list of individual tax relief opportunities

    J.K. Lasser's 1001 Deductions and Tax Breaks 2020 is the complete and thorough guide to reducing your tax burden. By listing every possible deduction and credit available to individual taxpayers, this book can help you achieve substantial savings on your 2019 tax return. Updated and expanded to cover new and changing tax law, this edition also includes an e-supplement covering the latest developments from Congress and the IRS to keep you fully up-to-date. Stop overpaying and gain peace of mind as you find the answers you need for your specific tax situation. Mine your paperwork for write-off opportunities, and claim your tax breaks correctly; easy-to-follow instructions give you clear guidance through the maze of worksheets to help you reclaim what is legally yours.
  • 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."
  • 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.
  • 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!
  • 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."

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    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! ”

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    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. ”

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  • " 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

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