While everybody else gears up for the holidays, small businesses should have another thing in mind apart from sales: filing taxes. As the fiscal year draws to a close, it is important that business owners review the current financial situation and start implementing strategies to help minimize your income tax.
There’s no better time than the present to start planning which tax strategies are best for your business, for you to get deductions. Before the holiday rush, business owners should already have a plan in place. If you don’t have one yet, now is as good a time as any to come up with one.…
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Any person who is running their own enterprise and is accountable for it can be called an entrepreneur. But not all entrepreneurs can be called financially literate. Financial literacy goes beyond just knowing what goes on in the financial world, it is about understanding finance so that effective decisions about the business can be reached.
The Small Business Administration (SBA) should be commended for their help in sustaining the small business sector with their microloans. However, a recent report by the Government Accountability Office (GAO) shows that the funds which should be distributed to businesses that need it, actually go to ineligible ones. The HUBZone certification which businesses need to qualify for a loan is a program which spans 13 years and is meant to help small business owners build companies in economically distressed areas. When investigators submitted applications which should be denied or disapproved because of obvious reasons; those applications got the federal contracts instead.…
Bank of America (BOA), one of the world’s largest financial institutions, has announced it will provide $10 million in grants to nonprofit lenders, such as Community Development Financial Institutions (CDFIs), to leverage funds from the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA) for lending to small and rural businesses.
Expenses can be a burden for any particular company. This is something that a business owner cannot avoid. Of course, the prerequisite for a business to operate is start up capital. You can’t manage and operate a business from an empty pocket. You need to shell out money in order to start your business operation.
As the 40th Anniversary of Earth Day approaches, consumers and businesses everywhere are thinking about ways to reduce energy consumption and lower their energy bills. Affordable alternative energy sources are years away and utility-driven conservation measures like the Smart Grid won’t help SMBs in the short term, if at all.
Businesses today need to look beyond geographical borders in order to expand. There is a whole world of consumers, customers and clients out there waiting to buy your service or product. Opportunities aplenty await the astute businessman willing to take the risk and go global.
There is no escaping the wrath of the IRS when it comes to unpaid taxes. There are several differences between running a small business versus a large corporation, but at the end of the day, payroll taxes are something that all business owners must pay close attention to in order to avoid problems with the IRS.
As the recession continues to extend into 2010, we continue to be inundated by news about the challenges that face the small business community.
