Too often running a business can also mean keeping up with the evolving patchwork of laws, regulations, taxes, and expenses, but with that in mind here’s one more. New amendments to the Americans with Disabilities Act (ADA) take effect on May 24th. If you are an employer, you may want to pay attention. The ADA was passed in 2008, but last month the U.S. Equal Employment Opportunity Commission mandated new regulations and amendments to the original law, that go into effect this month. Businessweek recently published an informative article on the subject, along with an interview with Jeff Nowak,…
According to most tax experts, now is a fantastic time to give shares of a business to family members. As you may well know (if you follow this blog) 2011 and 2012 are have unique in terms of estate and gift tax planning. As one tax attorney was quoted in a recent New York Times article, “We are in the prime transfer tax situation.” However, having said that, there’s an old saying about not letting the tax tail wag the dog. While now may be the prime opportunity, tax-wise, to give away share of the family business to the next…
If you’re over age 50, have substantial assets in your qualified retirement plan, and always dreamed of being your own boss, you are not alone. In fact, you may decide to join the growing number of baby boomers who are tapping their retirement savings for start-up capital on a new business. The Wall Street Journal, along with SmartMoney, recently discussed the trend, the possibilities, and the potentially dangerous risks involved. Here is the strategy, which the IRS called a Roll Over as Business Startup (ROBS). First, you create a legal corporation with its own 401(k) plan into which you can…
If you’re a small business owner, youll be pleased to know that the Senate recently repealed the onerous 1099 filing provision created by the healthcare overhaul. As Gaebler reports and Robb Mandelbaum of The New York Times discusses, the Senate has passed a measure to repeal the expanded 1099 report provisions and President Obama has expressed that he would welcome the repeal. The burden of such expanded provisions is something that many small businesses have dreaded, requiring companies to file a 1099 form for each vendor with whom they spend more than $600 in goods or services over the tax…
If you are a small business owner, you may be seeing a slight uptick in your business – and your confidence. In fact, many small business owners are starting to think about hiring a few more people, and perhaps even offering a few employee benefits again … such as a retirement savings plan. Stuart Robertson of Forbes recently wrote a brief, concise overview of the top three retirement plans available for small businesses (those with 25 or fewer employees). Before you start researching options, Forbes suggests you ask yourself these five questions: Can I afford a match for my employees?…
Almost 60 years have passed since the last revisions to the patent system, but thanks to a recent Senate decision we may be on the brink of some big changes. The trouble is that if you are an entrepreneur or are an innovative small businessman, you might be coming up short with this reform. As MarketWatch reports, there are a number of changes introduced in the bill even if certain decisions were dropped from the original proposal. The biggest change in the Senate’s overhaul decision is a transition of patent-rights. Whereas patents have always been under a “first to invent”…
President Barack Obama is focusing his 2011 economic recovery efforts on stimulating small businesses, start-ups, and entrepreneurs. According to a recent article in The Wall Street Journal, the President’s new budget proposal includes a package of initiatives aimed at boosting small businesses and entrepreneurship, to include: Permanently eliminate capital gains taxes on certain investments in small businesses (making permanent a provision of the small business jobs act passed last September); Expansion of the New Markets Tax Credit, which encourages private sector investment in start-ups and small businesses operating in lower-income communities; Initiatives at the Small Business Administration, the Energy Department…
Taxes can be a pain for all of us. But if you are a small business owner, managing your business taxes eats up valuable time and energy that you know you could put to better use elsewhere. Of course, if you think managing your tax filings is time-consuming, you sure won’t want to try your hand at an audit! In a timely article, Barbara Weltman of the Wall Street Journal last week compiled a list of 10 things to keep in mind when filing your business taxes to help avoid any undue IRS attention.Most of her advice is common-sense and…
If you are a small business owner, health care reform has little to do with politics, and everything to do with how it impacts your business. Try telling that to our representatives in Washington, who seem to bat it about like a cat playing with a mouse. Popular opinion concludes that health care reform is a costly undertaking for small businesses. But, is “popular opinion” right? Some experts say no.In fact, some experts say health care reform is good for small business, and repeal would be harmful. A recent article from Gaebler.com, for example, claims that repeal of the healthcare…
When you start a business you have a lot of things to think about and remember, from pricesand products to advertising and social media. You might find that, while juggling all of these day-to-daybusiness concerns, it’s easy to forget about planning for your business taxes. The Chicago Tribune ran an excellent reminder of this, and several tips to keep in mind: You may have to file a tax return even before you take in any revenue. The amount of start-up costs that can be written off in 2010 is double what it was in 2009,to as much as $10,000 for…
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