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5 Ideas for a Tight Labor Market

According to the NFIB, the number one concern of 23% of small business owners these days is the tight job market. In fact, 83% of those trying to hire reported few or no qualified applicants. If you find yourself in this situation, what can you do? Here are 5 ideas:

Entrepreneurship as a Career Path

Recent graduates are facing the best job market in recent memory. The unemployment rate is at historic lows and many employers have openings they can't fill. The average starting salary this year is just over $50,000, according to a Korn Ferry study. Still, this doesn't mean that all graduates should strive to work their way up the corporate ladder. There's another option: starting one's own business.

Partnerships and LLCs from a Tax Perspective

A partnership is not a taxpaying entity (unless there is an adjustment from an audit under the Bipartisan Budget Act audit rules), but it 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.

Helping Employees Pay Business Expenses

If your employees pay for some business expenses, they're going to be in for a big surprise when they file their 2018 returns in 2019. They won't be able to deduct anything. The reason: The Tax Cuts and Jobs Act suspended for 2018 through 2025 miscellaneous itemized deductions subject to the 2%-of-adjusted-gross-income floor. So, for example, if they drive their personal vehicle on company business, they're out of luck taxwise. But as an employer, you may be able to help employees by covering certain costs or taking other actions. Here are two options to consider:

Planning for Your Summer Vacation

As business owners we know it's challenging to take time off. We don't just run our businesses, we live them. Tsheets found that 14.8% take vacations more than twice each year and 27.6% are able to get away once a year. But 8.4% take a vacation less than once every 3 years, and another 8.4% never take a vacation. This is so despite the health benefits that vacations produce, including decreased heart disease, depression, and stress, and increased productivity.  The trick to being able to get away is planning, so here are some ideas to help you think positively about vacationing this summer.

Workmen's Comp Blog
What You Don't Know about Workers Compensation Can Hurt You

Workers' compensation is insurance to protect employees in case of job-related injuries or illnesses. Each state has its own rules governing coverage requirements/exemptions, benefits, and other rules for workers' compensation programs. You can find a listing of them for each state from the NFIB.  Most business owners have heard of workers' comp, but may not be aware of some details that can cause the business serious financial loss. Here are some workers' compensation issues to think about.

Working Past Retirement Age: It's a Good Thing

People in the U.S. are working longer. According to the Bureau of Labor Statistics, the 65- to 74-year-old and 75-and-older age groups are projected to have faster rates of labor force growth annually than any other age groups. These groups include employees who want to work full- or part-time past their normal retirement age and owners who want to continue running their businesses.

Lessons from My Dad

In honor of Father's Day ... This day reminds me of the the lessons I learned from my dad at the dinner table each day while I was growing up. He was a co-owner of a machine shop that made parts for such items as telephone equipment, helicopters, and the Minuteman missile. Needless to say, his lessons -- spoken and unspoken -- had a profound impact on me. 

I'm honored and grateful for the ongoing recognition of my blog; recently included in the  Top 20 Global Small Business Blogs 2018

Five Best Risk Management Strategies

Being in business is exciting but it also means facing challenges and risks every day. These risks and threats to your business can come from innumerable sources, including economic conditions, lawsuits, competitors, and the weather. In order to be able to sleep at night, it's essential that you adopt a variety of risk management strategies. These are designed to avert catastrophe and provide you with protection to the extent possible. There's no single action to shield you from the consequences of risks to your business. You need to take a holistic approach and cover your bases. Here are five strategies to consider.
The Tax Tipping Point: $25 Million Gross in Receipts

As a result of the Tax Cuts and Jobs Act, small businesses are now at an advantage for some tax rules...as long as they remain small. In this case, "small" means keeping revenues below a $25 million tax tipping point. The expansion and simplification of these rules allows many small businesses to continue deducting their interest and using the cash method of accounting in 2018.
Here's what the $25 million tax tipping point means, where it applies, and what to do.
Here's How to Write Off Equipment and Capital Improvements Like a Pro 

The Tax Cuts and Jobs Act makes it easier than ever to write-off the cost of buying equipment or making certain improvements rather than depreciating the cost over a number of years. And small businesses are taking advantage of these new rules. The NFIB reported that 61% of businesses claimed capital outlay, with 43% spending on equipment, 27% on vehicles, and 16% on improved or expanded facilities.
175plus Big Ideas 2018
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SMB Taxes 2018
J.K. Lasser's Small Business Taxes 2018: Your Complete Guide to a Better Bottom Line

This is the small business owner's ultimate guide to a money-saving, stress-free tax season and your year-round tax planning!
Get your copy from Amazon today! 

Note: The FREE, online Supplement to the book has been published on my website here. It includes revisions made by the Tax Cuts and Jobs Act and other tax changes.


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July, 2018 | Copyright © Big Ideas for Small Business, Inc.