January 1, 2021 -- Volume 20, No. 1
The Go-To-Tax Guide for Small Business Owners and Their Advisors

For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to-tax-guide for owners and their tax advisors. The J.K. Lasser's Small Business Taxes 2021 edition for preparing 2020 returns as well as tax planning for 2021 has been updated to incorporate COVID-19-related and other new laws, court decisions, and IRS pronouncements. As has been my practice, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead.  Read More
High-Purpose Cultures for Small Businesses
A study has shown that CEOs who emphasize culture over other success metrics will thrive. This is a great message at a time when many small businesses are going under. The study focused on publicly-traded corporations, but the results apply equally to small businesses. Here’s why having this type of company culture matters and what you can do to achieve it. Read More
In D.C. It's Out with the Old and In with the New: What It Means for Small Businesses

This year’s election results mean changes…a new administration and a new Congress. What affect this will have on small businesses is too early to predict, but it’s inevitable that there will be changes. Here are some possible changes to anticipate: Read More
When Is it Time to Close a Business?

According to TrackTheRecovery.org, the number of small businesses that were open on November 16, 2020, as compared with January 1, 2020, decreased by 28.9%. It’s likely that this isn’t the final count. Kenny Roger’s song instructs: “You’ve got to know when to hold ‘em, know when to fold ‘em.” For small business owners that have suffered through the pandemic but are still hanging on, it’s important to know when to stop valiant efforts and close up shop. Read More
Shoplifting: 5 Actions to Address the Problem

Last year, there were over a million shoplifting cases reported, with an average of $318 lost in each incident. But these are only the cases tracked by the FBI; most aren’t reported. A survey by Business.org found that 40% of small businesses saw an increase in shoplifting since the pandemic. Read More
Preparing for Economic Changes: Closing Your Books for 2020

2020 has come to an end. If you are still in business, congratulations. The statistics on small business closures are grim. Yelp found that 60% of business closures due to the pandemic were permanent. With the current new wave of COVID-19 cases and repeated government-mandated shutdowns, it can be expected that more small businesses will go under. If you have been unable to withstand the tsunami that was the pandemic, take heart because a new year presents new opportunities for those with an entrepreneurial spirit.  Read More
What Is "Work Time?"

Under the Fair Labor Standards Act (FSLA), employers must compensate hourly employees for the time they work and pay time and a half for working more than 40 hours in a work week. But what’s “work time?” Generally, this means hours spent predominantly for the employer’s benefits. Examine your business practices to see whether you’re required to compensate hourly employees for various activities. Here are some examples. Read More
What Does Partnership and LLC Status Mean from a Tax Statistics Perspective?

A partnership is not a taxpaying entity, but files an annual tax return, Form 1065, to report income, deductions, and other items. These items pass through to partners, who may be individuals, other partnerships, corporations, or other entities. Partners report their allocable share of these items on their own tax returns. Read More
Business Owner's Documents Review: Estate Planning Issues

COVID-19 has resulted in nearly 290,000 deaths in the U.S. in 2020. These numbers are on top of those who died from other causes this year. For many of these people, their demise was sudden and unexpected. Bottom line: All business owners need to think about their mortality and be sure they have the documents in place to reflect their intentions and protect their family and their business. Read More
Year-End Bonuses for a Year Like No Other

It’s been reported that about 66% of all businesses plan to give year-end bonuses in 2020. But is this true for small businesses? Many have closed; others are hanging on by a thread. Still, some small businesses have done well in 2020. Owners may want to share their good fortune with those who made it possible…valued employees. Read More
Pricing for 2021
No one can say with certainty how the economy will perform in the coming year or what new government rules will be imposed, but you need to make an educated guess. Why? So you can set prices for your goods and services and be profitable. Looking ahead, there are some additional expenses you will or may face that need to be factored into your pricing. Here are some areas to explore before fixing your prices for the coming year.
Did Your Dance Business Get a Paycheck Protection Program Loan? It's Time to Turn It Into a Grant
Whether you’re a dance business with employees or a freelance dancer or solopreneur, here’s what you need to know about applying for PPP loan forgiveness.
Presenting a Brand NEW eBook!

500+ Big Ideas for Your Small Business
Ideas You'll Use Everyday!
by Barbara Weltman
With only so many hours in the day, it’s impossible to stay on top of key developments and opportunities to help you run your business better and smarter. 500+ Big Ideas for Your Small Business gives you quick access to resources and tips you can use every day. Whether you’re a seasoned entrepreneur or just starting out, you’ll find actionable ideas to help you with your finances, your operations, your staff, your marketing, your taxes, your technology, your environment, and your personal growth.
The New Tax Books for 2021 are Here
and
Available for purchasing from Amazon NOW!

Small Business Taxes 2021 helps small business owners maximize their bottom line with straightforward, yet comprehensive guidance from the most trusted name in tax.
Details concerning the SECURE Act and the CARES Act are included in both tax books

The complete guide to all deductions and credits for individual taxpayers J.K. Lasser's 1001 Deductions and Tax Breaks shows you just how much money you can save on your taxes--legally--simply by taking advantage of what's out there.

More Resources You Won't Want to Miss!
HBM Home-Based Business Start-Up Guide
I'm honored that my blog has been recognized as a
Top Small Business Blog for 2020
and included in
8 Financial Blogs Small Business Owners Need to Read
New eBook 2020
"Big Ideas for Recovering and Reimagining Your Small Business"
Providing ideas and resources you can use now to get your business up and running again despite the current recession, better position yourself for future recessions, and reimagine your business for increased success.