February 1, 2019 -- Volume 18, No. 2

Join me for this Small Business Webinar
February 12, 2019
8 AM PT / 11 AM ET

Topic: Saving on Taxes for Business Owners Now
Naming a Partnership Representative on Your Tax Return
If you are an owner in a partnership or limited liability company filing Form 1065, Partnership Income Tax Return, there’s a new chore to do this year on the 2018 return: naming a partnership representative (PR). Here is the who, what, and how of this important business chore. Read More
Figuring Your Estimated Taxes
Some businesses can issue stock that entitles owners to eventually obtain tax-free income when they sell their stock. Yes, 100% of gain on the sale of qualified small business stock, or QSBS (also called Section 1202 stock after the section in the Tax Code governing it) may be excludable from gross income. But there are many restrictions that limit the utility of this wonderful stock break. Here are 10 rules to note: Read More
Special Elections to Reduce Your Tax Bill
Tax Cuts
Most tax rules are fixed and you must follow them. But there’s some flexibility which is provided through special tax elections. You can choose in some situations to do or not do certain required things. Here is a roundup of some elections you may want to consider with respect to your 2018 return or think about them as an option for 2019. Read More
Developing Leadership Qualities

The start of a new year is a great time for small business owners to reflect on the kind of leaders they are or should be. Ray Kroc, founder of McDonalds, said: "The quality of a leader is reflected in the standards they set for themselves." I've identified 12 qualities to be examined and how to develop them in yourself and your employees. Read More
Steps to Take for Better Data Security

It’s not news that small businesses are targets for cyber attacks that compromise their prized data. This can leave their data on customers and employees at risk and cost on average $86.5 thousand in legal compliance matters when there are breaches (e.g., informing those customers and employees, providing identity protection monitoring, restoring corrupted data). Read More
5 Lessons from the Government Shutdown

The federal government “shutdown” ran from midnight on December 22, 2018, until January 25, 2019, a total of 35 days. During this time, many small businesses struggled; federal contractors weren’t being paid, pending SBA-guaranteed loans weren’t being processed. These and other issues affected small businesses and reveal some important lessons for us all. After all, a government shutdown is not too different from a natural disaster that forces a business to close for a period of time. Read More
Disability Coverage for Owners and Employees

It’s an unfortunate fact that the chances of becoming disabled are too high to be ignored. According to Council for Disability Awareness , 1 in 4 of today’s 20 year-olds will become disabled before they retire. Yet less than half (49%) of working adults in the U.S. have disability insurance (other than basic Social Security coverage or workers compensation). What to do? Read More 
Sales Tax Issues for 2019

Sales tax is a cost imposed on a company’s customers for the goods and services it sells. It’s up to the company to collect the tax from these customers and remit it to the state. And they must file sales tax returns to report their sales and tax collections. There are about 10,000 different sales tax jurisdictions within the U.S., factoring in rates of the states and various localities (e.g., counties and cities). Read More
Special Tax Breaks for Farmers

The majority of the more than 2 million farms in the U.S. are small businesses. The USDA says that “in 2016, farms organized as pass-through entities constituted over 98% of family farms and 90% of the total value of U.S. agricultural production.” While the Tax Cuts and Jobs Act made many changes for business in general, it carved out some exceptions and special breaks for farmers. Read More
New Year's Resolutions from the Experts

Making personal New Year’s resolutions to save money, lose weight, quit smoking, read more, or something else is common practice today. Business owners may want to make their own New Year’s resolutions. This year, I thought it would be great to see what the experts have to say about resolutions for 2019. The resolutions are listed here, but to learn more, go to the source. Read More
A New Edition of My Book,
Smooth Failing

I'm pleased to present this NEW Edition of my book, now in paperback.
This edition includes stories from many respected and influential small business
leaders you know!

In this video interview, recently conducted by David Leopold, we talk more about the book's theme and the successful business owners who graciously shared their stories with me. Every small business owner will benefit from the many valuable lessons shared by these well-respected business owners.

January Tax Checklist for Small Business
The start of the year is always a busy time for entrepreneurs and small business owners. There are new laws and regulations to comply with, such as changes in minimum wage rates in your location.

Saving on Taxes for Business Owners
Tax season is upon us and business owners want to minimize their tax bill for 2018 to the extent allowed by law. Fortunately, there is considerable flexibility on tax returns to cut taxes and be positioned for 2019. Here are some business-related strategies to consider.
SBT 2019
J. K. Lasser's Small Business Taxes 2019

The small business owner's ultimate guide to a money-saving, stress-free tax season. Updated to cover changes from the Tax Cuts and Jobs Act and other legislation, this edition includes an e-supplement covering additional developments from Congress and the IRS to keep you fully up-to-date .