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.

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

Five Best Risk Management Strategies

risk management

Being in business is exciting but it also means facing challenges and risks every day. These risks and threats to your business can come from innumerable sources, including economic conditions, lawsuits, competitors, and the weather. In order to be able to sleep at night, it’s essential that you adopt a variety of risk management strategies. These are designed to avert catastrophe and provide you with protection to the extent possible.…

Read More

Five Strategies for Winning at Working Solo

working solo

Eighty percent of all U.S. small businesses have no employees. The number of non-employee businesses is expected to grow in coming years, due in part to the expansion of the gig economy (e.g., Uber, TaskRabbit, Thumbtack) and favorable economic conditions. Being in business with no employees means you don’t have to deal with payroll, minimum wage rules, and other employer-related responsibilities. But it doesn’t mean you are relieved of all business-owner…

Read More