10 Things to Know about Bonus Depreciation

To run your business efficiently, you need good equipment and machinery. You may want to add to or replace what you have now. Newer versions usually run faster and smarter, and may be more energy efficient. In order to help businesses afford investments in such property, the tax law permits special write-offs up front. There is a Sec. 179 deduction (called “first-year expensing”), which is capped at an annual dollar amount ($1,020,000 in 2019 for most types of property). There is also a special allowance you can take to write off the cost of certain property, which is referred to as bonus depreciation. Read More

Can You Make Your Workers Sign Non-Compete Agreements?

A non-compete agreement is a contract between a company and an employee, barring the employee from “competing” with the company when he or she leaves the job. What sometimes happens is that employees gain vital skills and experience only to leave the employer and go into their own competing businesses. Or they find employment with a competitor who will pay higher compensation. Non-competes have been used to deter workers from leaving the company. But in recent years, the status of non-compete agreements has been in play. Read More

What Are ARPs and How Do they Work?

The U.S. Department of Labor issued a final rule that will expand accessibility of affordable retirement plans to small businesses. The rule, which has an effective date of September 30, 2019, may be changed after comments to it from the public are reviewed (the deadline for comments is October 29, 2019), but here are some facts to explain what association retirement plans (ARPs) are about so you can decide if they are a retirement plan option for your company going forward. Read More

The Minimum Wage Conundrum: What Can You Do?

Currently, the federal minimum wage is $7.25 hour. But many states and some cities have higher minimum wage rates. The highest one is in San Francisco, where the rate is $16.30 per hour. With calls to raise the federal minimum wage rate to $15 per hour, what can small businesses do to cope with this added cost of doing business? The options aren’t easy. Read More

Developing Leadership Qualities: Grit

Several months ago I read Grit: The Power and Passion of Perseverance by Angela Lee Duckworth, Ph.D. and a MacArthur Fellow. She’d previously given a Ted Talk on the subject. Her theory is that grit is a predictor of academic and professional success. And to me, grit is a vital leadership quality. Read More

Business Etiquette 101

Business etiquette is an umbrella term that includes not only business manners in the workplace (including business dining), but also business communications, business attire, and more. As someone who’s been around for a while, it’s amazing to think that a blog on the subject of business etiquette could be helpful, but I think it is. Read More