In my USA Today column in November 2009—10 years ago—I proposed a new idea: a tax credit for small businesses who hire their very first employee. Throughout the last decade, I’ve repeatedly advocated this “first employee tax credit,” and now Senator Ron Wyden (D-Oregon) has introduced such legislation. “What this bill is all about is …
How to Lower Your Small Business Taxes
My CPA emailed me Friday night, letting me know the taxes I’ll have to pay on my small business income. Gulp—those number are high! (Note to CPAs—wait til Monday to clobber small business clients with bad news…let us enjoy our weekends.) Is it because I had a banner year? Nope, my income was down. How …
Do These 3 Things in Your Small Biz Before Year End
In your small business, it’s almost time for you to tear the December 2017 page of your calendar off the wall. Before you do, there are three last-minute, year-end steps you can take to improve your small business bottom line for 2017. For advice on year-end financial tips, I turned to three of the leading …
Do These 3 Things in Your Small Biz Before Year EndRead More
Small Biz Winners and Losers in the Tax Bill
If you’re a small business owner hoping to get a tax cut under proposed Republican tax reform, pay close attention. While there will be a few small business winners, most small business owners will see no benefit, and you might be one of the many small business losers. While both the House and Senate bills …
Six Small Biz Bombshells in Trump’s Tax Plan
Donald Trump says he wants to lower your business taxes, but if you own a small business, is he likely to keep that promise? Trump and the Republican leadership are expected to propose new tax plans soon, hoping to lower a bunch of taxes: corporate, personal, and capital gains taxes. Trump repeatedly pledged to lower …
Climate Change Is a Small Business Issue
In the aftermath of two huge hurricanes and over 100 immense wildfires in the Western US, as a small business advocate, I can no longer be silent on an issue threatening small business owners—climate change. Climate change is real. It’s disastrous. It’s getting worse. And it’s a danger to small businesses, including yours. Although I was …
The 6 Worst Things You Can Do on Your Small Biz Taxes
The good news: your small business made money in 2016. The bad news: you’ve got to file and pay income taxes. For those of us who run small businesses or are self-employed, this can be a much more daunting task than for those who simply get a W2. You want to take every deduction you …
The 6 Worst Things You Can Do on Your Small Biz TaxesRead More
Trump No Help for Small Business
Where does Donald Trump stand on issues of importance to small businesses? The short answer is “Who knows?” Trump changes his positions quicker than Taylor Swift changes boyfriends. On August 8, Trump unveiled his economic plan in a speech in Detroit. From that speech, and other positions he’s made throughout the campaign, we can try …
8 Steps to Lower Taxes Before December 31
December’s an important month in your small business. You’re focused on year-end sales or throwing holiday parties or cleaning up the office. But it’s also time to take a few simple steps to save on taxes when it comes time to writing out that check to the IRS in 2016. By focusing on just eight …
