Tag: Small Business

[Updated with latest IRS limits] A year or so after starting my small business and completing my first annual tax return that showed a slight profit, my accountant advised that I start looking into a retirement account/plan for my business in order to lower my overall tax bill and also…

If you own a small business you know that with all of the rewards that come with being an entrepreneur there are also financial and legal risks that act as a daily overhang on your business. If one of your employees is injured on the job, the medical costs could…

[Updated- 2012 Payroll Tax Credit Holiday, Unemployment Benefits and Medicare Doctor Payments Extended to Dec 31st] With House Republican support Congress has passed legislation extending the federal payroll tax holiday through the end of the year without demanding spending cuts to pay for it. This was a concession aimed at…

[2013 Small Business Tax Breaks Extensions] Congress and the Obama administration have reached an agreement that will extend a number of small business tax breaks through 2013 following the fiscal cliff deal which was legislated through the Taxpayer Relief Act of 2012. This includes: R&D credit extended: The Research and Development (R&D) tax credit was extended for another…

I spend every day writing on the subject of personal finance. So it's rare that I get to discuss straight-up business tips. But because of the growth of this once little known blog, I'm now running my own legitimate small business. Below I present some tips I've picked up along…

[Update] Under the recently enacted $2 trillion Coronavirus stimulus bill (CARE) additional financial help has been provided to small business in the form of expanded loan assistance programs by expanding the SBA section 7(A) act to guarantee loans up to $10 million. There are also provisions under the Paycheck Protection…

I have posted updates to a number of articles covering the spectrum of government stimulus funded tax credits and deductions. Here is a summary of the updates with a link to the detailed articles for more detailed information, qualification criteria and latest status. If you haven’t already, join 6000 plus…

After about one year of incorporation of my solopreneur business, I have managed to build a decent amount of savings that was earning exactly 0.01% in my checking account. While I like the features of the checking account, it was not making my business savings work for me. So after…

[Updated] The IRS has released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.  The IRS have also provide a one-page form and instructions  for small employers to use for claiming the credit for the 2010 tax year. New…

A slumping economy and the prospect of prolonged unemployment has led many workers to consider going to business themselves and because of the perceived safety, brand name and established support structures, franchising is often a popular option. In fact rather than use their redundancy payouts to pay off a chunk…

I recently incorporated my first company. It has one employee - me - and its only asset is this website. But it was a great feeling to officially become a small business owner, thereby joining 15 million other Americans. The reason for incorporation was primarily driven by the taxation benefits…

[Update Sep 2010] Following on from President Obama's plans to help small business, Congress and the President have approved the Small Business Jobs Bill ( H.R. 5297) to cut taxes, provide more SBA funding and ease credit for small businesses (details below). The legislation would create a $30 billion lending program and provide small…