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Idea of the Day®

November 12, 2019

Tax-free Treatment for Certain Recoveries

The End Double Taxation of Successful Civil Claims Act (S. 2627) would make awards to individuals who win corporate abuse, fraud, or sexual harassment cases tax free. Currently, such awards are fully taxable. Chances of enactment: who knows?

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Resources For Your Business
  • According to the Small Business & Entrepreneurship Council’s The Digital Boost to Startups and Small Businesses: Online Advertising Delivers BIG Benefits, online advertising is a game changer for small businesses. In this holiday season, and throughout the year, consider the benefits you can reap from using online advertising as well as the ways to optimize your budget and your efforts in online advertising. Benefits of online advertising For some businesses, traditional media venues for advertising, such as print and radio, remain helpful. But for the vast majority of small businesses, and especially startups, online advertising is extremely useful because of […]

  • Telework is a prevalent practice these days, especially for work that can easily be done remotely (e.g., business consulting, marketing, and programming). According to the State of Remote Work, it’s estimated that 66% of companies allow remote work and 16% have a fully-remote workforce. If you are thinking about engaging employees to work offsite, be sure to understand how it can benefit you and your employees. But don’t ignore some of the complications for this work arrangement. Benefits of hiring remote workers Today’s tight job market has forced some companies to look outside their geographic area to find the talent […]

  • Here are some business and tax rules unique to veterans. Veterans Day, November 11, is a federal holiday that has come to be a day for honoring veterans in all wars. National Veterans Small Business Week runs from November 4 through 8, 2019, as a celebration of veteran-owned businesses. Statistics on veteran-owned businesses There are no exact figures on the number of veteran-owned businesses today. There were more than 2.5 million such businesses when the SBA’s Office of Advocacy compiled statistics several years ago. According to, veteran-owned businesses make up a significant portion of the small business community and […]

  • Halloween is a time for children to enjoy haunted houses, ghosts, and goblins. This is fun.  But there are some things left to adults that can be very scary and not at all fun.  They don’t come in costumes … they aren’t sweet candy … and they can send shivers down your spine. Here are 4 tax-related things of which to be frightened. The tax laws Steve Forbes said: “The tax code is a monstrosity and there’s only one thing to do with it. Scrap it, kill it, drive a stake through its heart, bury it and hope it never rises again to […]

  • Here are 5 mistakes to avoid and suggestions for a better way to achieve your goals. Benjamin Franklin is usually credited with the phrase: “Time is Money.” As business owners, time management is crucial. We’re busy people and must make every minute, and every dollar, count. Certain business goals may be commendable, but often our efforts to see them through don’t pan out, wasting time and more. It’s probably because we go about things all wrong. I examined this topic a number of years ago, but think it’s worth revisiting now. 1. Failing to make accurate estimates Billing for what […]

  • Self-employed individuals Self-employed individuals are sole proprietors, independent contractors, partners, and members of limited liability companies. They’re business owners. They’re not employees, they don’t receive wages, and they’re not covered by income tax withholding on wages. They have their own challenges and opportunities—in taxes, finances, and business. In 2020, some tax-related things are going to change. Here’s what to expect. Taxes for the self-employed If you’re successful, you’re going to be paying more in self-employment tax, which is the tax that self-employed individuals pay to cover their Social Security and Medicare tax responsibilities. The Social Security wage base for 2020 […]

  • It’s no revelation to hear that the federal tax laws are very complicated. There are many reefs and rocky shoals. But the IRS has created a number of safe harbors that taxpayers can rely upon to secure their intended tax results with greater certainty. Here is a listing of some key safe harbors for small businesses. It’s boring stuff that can save your business significant taxes. Building improvements safe harbor It’s often difficult to determine whether an expenditure for a building is a repair, which is currently deductible, or an improvement, which must be capitalized and is usually recovered through […]

  • The federal overtime pay rule takes effect January 1, 2020 If certain employees work more than 40 hours in a workweek, they must be paid time and a half. This requirement can’t be avoided in most cases by giving workers comp time. A federal overtime pay rule that becomes effective on January 1, 2020, impacts which employees are covered by overtime rules. Now is the time to understand what the new rule is and plan ahead for handling your staffing needs in the coming year. Nonexempt employees Unless a worker is exempt from the Fair Labor Standards Act (FLSA), the […]

  • No, it isn’t about spelling. It’s a new law in California that governs the determination of whether a worker is an employee or independent contractor for purposes of certain state labor laws. This new law may be a preview of things to come from other states and the federal government for a variety of purposes. Overview of the ABC test Last year, a California court decided that a worker of a same-day courier and delivery service was an employee subject to the state’s wage and hour laws. The court enunciated a test that presumes a worker to be an employee […]

  • October is Cybersecurity Awareness Month, making it a great time for companies to “audit” their cybersecurity practices. Here are some ideas to consider in becoming prepared for a cyber attack. Understand your risk The Keeper Security’s 2019 SMB Cyberthreat Study released in the summer found that 43% of all attacks are against small and mid-sized businesses.  Yet 66% think it unlikely that they’ll be attacked. The numbers tell the story. You need to understand the likelihood is high that you’ll experience some cyber attack (I did earlier this year). And you need to understand what’s at stake. Your data are […]


Resources For Your Business

Getting Out of Your Commercial Lease

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

Book Interview -- Smooth Failing

Book Interview -- J.K. Lasser's Small Business Taxes 2019


November 12, 2019


Events in November–December 2019

barbara’s books

  • 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. 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 and Lyft Driver's Guide to Running Your Business," 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.
  • 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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    -Meredith Wood, Fundera Ledger

  • " Great segment!!!
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    -An eBay Radio listener - purplejaime1976


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