Author Archives: Barbara Weltman

Barbara Weltman is a guest SBA blogger, attorney and prolific author with such titles as "J.K. Lasser's Small Business Taxes," "J.K. Lasser's Guide to Self-Employment," and "Smooth Failing. She is also a trusted professional advocate for small businesses and entrepreneurs and publisher of Idea of the Day® and monthly e-newsletter Big Ideas for Small Business® and host of Build Your Business Radio. She has been included in the List of 100 Small Business Influencers for three years in a row.

Tax Strategies to Consider When Selling a Business

selling

Baby boomers own 2.3 million businesses, according to Project Equity. This nonprofit organization predicts that six out of 10 owners plan to sell their businesses within the next decade. If you’re among this number or a younger-generation owner thinking of selling a business, keep these seven tax considerations in mind. 1. Negotiate everything for the sale of a sole proprietorship If your business is a sole proprietorship, a sale is…

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10 Things to Do to Close Out Your Year

During the holiday season, it’s all too easy to focus on sales to customers (for many businesses this is the peak selling season) and spending time with family and friends. However, taking some time to address certain business matters can help make 2019 an even better year and help you start the new year off right. In the final days of December, here are some actions that can help you…

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Take Advantage Now of Expiring Provisions

tax credit

Several tax breaks that are available in 2019 are set to expire soon. Businesses face a use-it-or-lose-it opportunity, suggesting that you act now if the tax breaks make sense for your company. Work opportunity tax credit If you’re considering hiring a new employee, there’s a federal tax incentive to hire a person who falls within a targeted group (defined by the tax law). This incentive is the work opportunity tax…

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What You Can and Can’t Ask a Job Applicant

According to the NFIB, 62 percent of small businesses recently reported hiring or trying to hire employees. Many small businesses stress about finding qualified job applicants and are scrambling to fill positions. If you are in the market for a new employee, there are many considerations: Does the applicant have the skills to do the job? Will he or she fit into your company culture? Can you afford the cost of…

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Tax Rules for Deducting Interest Payments

It’s common for businesses to borrow money for various reasons … to start up, expand to new locations, buy equipment, launch a marketing campaign. But borrowing usually isn’t without cost: interest payments. To the extent interest payments are tax deductible, they reduce the cost of borrowing. But tax rules on deductibility can be confusing. Business interest is broadly interpreted Business interest is treated differently than other types of interest. For…

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How to Avoid Tax-Related Identity Theft

identity theft

Tax-related identity theft is prominent on the IRS’s 2019 Dirty Dozen list of Tax Scams. Tax-related identity theft is not just stealing personal information of individuals. Because of successful efforts to crack down on such identity theft, thieves have shifted their focus to businesses. They create and use, or attempt to use, the identifying information of businesses to obtain tax benefits. For example, as the IRS has noted, cybercriminals that obtain a…

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Five Myths About Payroll Taxes

tax calculator

If you want to grow your business, you probably need to hire employees to help you. Becoming an employer and expanding your staff entails many responsibilities, one of which is seeing to payroll taxes. Unfortunately, there are many myths about these taxes. Here is the reality: 1. Myth: Transforming employees into independent contractors to save on payroll taxes is easy Reality: You probably know that it costs less to use an…

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Review Your Workplace Safety Policies

The law and good business practices require employers to provide a workplace that’s free from safety and health hazards that are known (or should be known). The failure to do so can mean lost productivity and employee dissatisfaction as well as costly lawsuits and government penalties. How do your workplace safety policies measure up? Protective gear Certain jobs require protective clothing and equipment to ensure the safety of workers. This…

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