July 1, 2020 -- Volume 19, No. 7
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Can Small Businesses Make a Come Back?
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Thousands of small businesses have been seriously impacted by the pandemic. It’s been
reported
that more than 100,000 small businesses closed permanently in New York. ... Small business is in trouble. What can help?
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Changes Coming to Women-Owned Business Certification
If you are a woman-owned business, meaning at least 51% is owned by one or more women who are U.S. citizens eligible to participate, you can obtain SBA certification that makes you eligible for federal contracting opportunities (the government’s goal is to award at least 5% of all prime federal contracting to these businesses). But starting July 15, 2020, the certification process will begin to change for women-owned small businesses (WOSBs) and economically disadvantaged women-owned small businesses (EDWOSBs).
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by Barbara Weltman
Jim Blasingame, Host of
The Small Business Advocate Show, and author of the award-winning books,
The 3rd Ingredient, and
The Age of the Customer says:
"At a time when working from home is becoming the norm, why wouldn’t right now be a perfect time to start a home-based business? If you’re still with me, here’s the next logical question: Why wouldn’t you want to learn how to do that from someone who was home-based before it was cool? Someone who was making being home-based look good before technology made it easy.
Well, that person is my friend, Barbara Weltman, and she’s put all of her experience, wisdom and perspective in a new book, “Home-Based Business Start-up Guide.” It’s a by-the-numbers tutorial on how to launch a successful home-based business.
Let Barbara help you get your home-based business going with her book, and all of the other awesome resources she produces in support of small businesses. She’s the best."
*****
Special note from Barbara:
Thank you, Jim, for the great book review and your kind words!
Everyone
-- we need your help! If you purchase a copy of the book from Amazon, please write a customer review. It would be a tremendous help -- both to us and others. Thanks in advance!
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Your Insurance Audit
Most insurance policies run annually, and many business owners automatically renew their coverage without reviewing what is and is not covered. Now is a good time to discuss your current policies with your insurance agent and make changes where needed.
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Nondiscrimination in Your Workplace
The benefits of diversity in staffing have long been recognized, from improved
productivity and creativity to
increased profits. With that said, there continues to be discrimination—overt or subtle—in some companies. Clearly, it makes good business sense to embrace diversity, but at a minimum, understand what the law demands to avoid any legal problems from discrimination.
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Preparing for Economic Changes: Re-Budgeting for Reopening
It’s a good business practice to set a budget before the start of the year and then regularly review it. Doing this allows you to adapt your business to changes in revenue and expenses. Of course, with the advent of COVID-19, these changes have been dramatic for many businesses, requiring drastic revisions in the budget. Here are some changes to consider now.
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Closing the Books on Q2: 12 Things to Check
June 30th marks the mid-point of the calendar year and typically is a time for reflect on business thus far and what can be expected for the remainder of this year. But 2020 isn’t typical. For many businesses, the second quarter of 2020 has been dismal due to COVID-related stay-at-home and closure orders. But, as the saying goes, what’s done is done. So take a realistic look at your numbers for Q2. This will help you to make plans for the remaining two quarters of the year.
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Is Bankruptcy Your Way Out? Alternatives to Consider
Bankruptcy is a legal process in which a federal court oversees a debtor’s settlements with creditors. Depending on the type of bankruptcy, a business may continue to operate and reemerge without old debts, in other words, gain a fresh start. ... If your business is struggling financially, be sure to understand what bankruptcy means and whether you have better alternatives.
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Sole Proprietorships: Number and Revenue Continue to Increase
Each year the IRS releases statistics on various types of business entities, and most recently it released the latest statistics on
sole proprietorships. These stats are derived from Schedule C of Form 1040 for 2017 returns in contrast to the number of such filers and their revenue with 2016 returns. The data also reflect entries on Schedule C-EZ, which is a type of return for sole proprietors that is no longer in use.
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Favorable Changes to PPP Loans
On June 3, the Senate by unanimous consent approved the Paycheck Protection Flexibility Act of 2020 that the House passed on May 28, 2020, with a vote of 417 to 1. The changes generally are very favorable to small businesses getting loans under the Paycheck Protection Program (PPP). The following is a summary of the key changes and a brief discussion of questions that haven’t been resolved by the new law.
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Just For You!
We are offering a brand NEW e-Book to help businesses impacted by the pandemic:
"
Big Ideas for Recovering and Reimagining Your Small Business"
You'll be given access when you sign up to receive our mailings.
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Small Business Tax Changes for 2020
Typically, taxes are a significant expense for most businesses. But 2020 isn’t a typical year, and the tax rules for this year provide opportunities to turn the tables on the government and get money back.
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Equipment Purchasing vs. Leasing in 2020
Having the right equipment to run your business optimally is essential. However, whether you decide to buy, or lease equipment depends on your situation. Explore your options and see what’s a fit for your business.
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How Has COVID 19 Altered Your Retirement Plan?
Qualified retirement plans are a key component of financial security for owners and their employees. The SECURE Act in December 2019 and the CARES Act in March 2020 made significant changes in various rules related to retirement plans. ... But taking advantage of favorable law changes requires owners to take action.
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Recommended Reading
Your GPS to Get You Where You Want to Go In Your Business
(Kindle Edition)
Do you enjoy driving and being your own boss with flexible work options? Are you looking for a part-time (or full-time) activity that earns good money? Maybe you’ve already discovered that there are great opportunities for making money with your car. Or, you’d like to become a delivery driver driver but uncertain how to begin. This guide, "
The Delivery Driver Tax and Business Guide
" is your answer!
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What every self-employed person needs to know about their taxes!
This second edition
helps you file your taxes correctly, accurately, and on time.
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An eBook for Ride-Sharing Drivers!
Harvey Bezozi and I created an e-Book for Uber and Lyft drivers as the GPS to help them get where they want to go in their business, safely and securely.
Y
ou can find
The Uber/Lyft Drivers Tax & Business Guide
,
Kindle Edition, on
Amazon
today!
NOTE:
This is an updated version.
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Important Resources for You and Your Small Business
Don't miss out on critical updates outlined in the free online Supplements for both tax books.
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