Monthly roundup of top stories is here!

November 1, 2019 -- Volume 18, No. 11

I'll be Presenting a SCORE Webinar on

Year-End Tax Planning for Your Business

November 14 at 1 p.m. ET

While the year is winding down, there is still time to take actions that can favorably impact your tax bill for 2019. These actions relate to your employees, your customers, your equipment, and your operations.

Budgeting Now for 2020

Now that we’re in the fourth quarter of 2019, it’s time to craft your budget for the coming year. This is an annual chore that should not be overlooked or delayed. As Dave Ramsey said: “A budget is telling your money where to go instead of wondering where it went.” In preparing your budget for 2020, be sure to consider the following projections. Read More

Some Great Solutions for Better Cybersecurity

October was Cybersecurity Awareness Month, making it a great time for companies to “audit” their cybersecurity practices. Here are some ideas to consider in becoming prepared for a cyber attack. Read More

What to Know About the New Overtime Rule

If certain employees work more than 40 hours in a workweek, they must be paid time and a half. This requirement can’t be avoided in most cases by giving workers comp time. A federal overtime pay rule that becomes effective on January 1, 2020, impacts which employees are covered by overtime rules. Now is the time to understand what the new rule is and plan ahead for handling your staffing needs in the coming year. Read More

Developing Leadership Qualities: Patience

I can still hear my 6th grade teacher say (very often) that “patience is a virtue.” If you’re a Type A personality like me, patience isn’t your strong suit. It’s too easy to be impatient with others when you know you think you can do better, faster, and smarter than what they’re supposed to be doing. But being a good leader requires you to develop patience. Read More

Roundup of IRS-Created Safe Harbors for Tax Savings

It’s no revelation to hear that the federal tax laws are very complicated. There are many reefs and rocky shoals. But the IRS has created a number of safe harbors that taxpayers can rely upon to secure their intended tax results with greater certainty. Here is a listing of some key safe harbors for small businesses. It’s boring stuff that can save your business significant taxes. Read More

What's a Professional Will and Do You Need One?

The term “will” connotes the document used to distribute property when a person dies. However, professionals — doctors, psychologists, and attorneys, etc.— should leave instructions on how to handle their practices in the event of incapacity or death. And even business owners who don’t think of themselves as professionals with practices, can use a similar document to provide for the smooth administration of a business in case of incapacity or death. Read More

Spooky Tax Things that Can Frighten Anyone

Halloween is a time for children to enjoy haunted houses, ghosts, and goblins. This is fun. But there are some things left to adults that can be very scary and not at all fun. They don’t come in costumes ... they aren’t sweet candy. They can send shivers down your spine. Here are 4 tax-related things of which to be frightened. Read More

What to Know About the ABC Test

No, it isn’t about spelling. It’s a new law in California that governs the determination of whether a worker is an employee or independent contractor for purposes of certain state labor laws. This new law may be a preview of things to come from other states and the federal government for a variety of purposes. Read More

Looking Ahead at Taxes for Self-employed Individuals

Self-employed individuals are sole proprietors, independent contractors, partners, and members of limited liability companies. They’re business owners. They’re not employees, they don’t receive wages, and they’re not covered by income tax withholding on wages. They have their own challenges and opportunities—in taxes, finances, and business. In 2020, some tax-related things are going to change. Here’s what to expect. Read More

5 Better Ways to Achieve Your Goals and Eliminate Time Wasters

Benjamin Franklin is usually credited with the phrase: “Time is Money.” As business owners, time management is crucial. We’re busy people and must make every minute, and every dollar, count. Certain business goals may be commendable, but often our efforts to see them through don’t pan out, wasting time and more. It’s probably because we go about things all wrong. I examined this topic a number of years ago, but think it’s worth revisiting now. Here are 5 mistakes to avoid and suggestions for a better way to achieve your goals. Read More

Presenting the New Tax Books for the 2020 Filing Season!

J.K. Lasser's Small Business Taxes 2020

This is the small business owner's ultimate guide to a money-saving, stress-free tax season.

You can pre-order your copy from Amazon now!

J.K. Lasser's 1001 Deductions and Tax Breaks 2020

This is the complete and thorough guide to reducing your tax burden. By listing every possible deduction and credit available to individual taxpayers, this book can help you achieve substantial savings on your 2019 tax return.

Remember, both of these books include e-supplements covering additional developments from Congress and the IRS to keep you fully up-to-date.

J.K. Lasser's Guide to Self-Employment: Taxes, Strategies, and Money-Saving Tips for Schedule C Filers, 2nd Edition

What every self-employed person needs to know about their taxes!

This second edition helps you file your taxes correctly, accurately, and on time.

Pre-ordering is available on Amazon now!

What Is EFTPS and How Is it Beneficial to Businesses?

The Electronic Federal Tax Payment System is a free service provided by the U.S. Treasury that can be used to pay federal taxes due to the IRS. It is a simple and convenient way for small and medium-sized businesses to pay their income, payroll, and other federal taxes.

Read the full article at Paychex.com

How Much Is Personal Use of a Company Vehicle Worth?

Common practice in many businesses allows owners and employees to drive company cars, trucks, or vans for personal reasons. You’ll notice this particularly with small businesses.

Read the full article at SmallBizTrends.com

Answers to 5 Questions about Overtime Rules

If you are an employer, be sure to understand that working past 40 hours triggers overtime rules for certain employees. Here’s what you need to know for 2020 and beyond.

Read the full article at SBA.gov