Taxes Due are just around the corner and tax breaks, deductions and the cost of doing business are, if done properly a financial break to your business. You should take advantage of those deductions by talking to an accountant that knows your business well. An accountant is one of the people around your business that you should be very acquainted with, and your business should be of importance to them. Getting the best advice — if not cheaply- can be to your advantage.
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The Top 6 Small-Business Trends on the Rise
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2016 is a promising year for small business owners and entrepreneurs. The development of modern business technology gives small businesses the opportunity to develop low-cost, enterprise-quality products and services.
Social media, Internet marketing and ecommerce empower your business to reach potential customers in untapped markets all over the world. Staying informed on the latest trends in small business is crucial to maintaining relevance in the ever-evolving world of commerce.
Here are six small business trends you should be aware of in 2016.
With its oldest members now entering their early 30s, the millennial generation is reinventing the way businesses manage the workplace and its employees. A report published by the U.S. Chamber of Commerce Foundation describes the social and economic impact posed by the people born between 1982 and 1999.
Small business hiring rebounds, despite rough 2016 start
Despite the worst January for the stock market since 2009, plummeting oil prices and concerns about an economic slowdown in China, U.S. small business hiring bounced last month, according to the Paychex-IHS Small Business Jobs Index.
The index, released Tuesday, rebounded 0.28 percent to 100.65 from December, matching the highest rate of small business hiring since May and offsetting the growth-rate declines of 2015. A reading above 100 indicates growth.
Marty Mucci, president and CEO at Paychex, said there was “nice growth” across the U.S., adding “most regions and states saw a bump up.”
Texas lost 0.47 percent to cede first place among states to Washington, with the impact of depressed lower oil prices taking their toll. Despite a 1.28 percent drop in January, Dallas maintained its top ranking among metropolitan areas for the 16th consecutive month.
Small business bill one step closer to passing
Small businesses are one step closer to having a say at the table of the Securities and Exchange Commission, or as it is more commonly known as, the SEC.
Monday the House of Representative passed the SEC small business advocate Act of 2015.
The bill was introduced by Delaware Congressman John Carney.
If successful, the bill would establish an office of the Advocate for Small Business Capital Formation and formalize a Small Business Advisory Committee.
Essentially what that means is it would offer a clear avenue of communication to SEC leadership on issues affecting small businesses by having a designated representative to advocate their needs.
Top 20 Tax Deductions for Small Business
On Wall Street, there’s a saying that past performance is no guarantee of future results. When it comes to taxes, however, past performance is a great indicator of the types of deductions that businesses typically take each year.
Last winter the IRS released data on Schedule C filers. Here are some of the most popular tax deductions for small business that were claimed by sole proprietors as determined by the dollar amounts, starting with the largest category. The same types of deductions can be claimed by other entities — C corporations, S corporations, partnerships, and limited liability companies (LLCs) (although there may be slightly different rules for some deductions). See which of these tax deductions for small business apply for your 2015 tax return.
Top Tax Deductions for Small Business
Car and Truck Expenses
Most small businesses use a vehicle, such as a car, light truck or van. The cost of operating the vehicle for business is deductible only if there are required records to prove business usage. In deducting costs, the need to keep records of cost (e.g., gasoline, oil changes) is eliminated if you rely on the IRS standard mileage rate of 57.5 cents per mile in 2015 instead of deducting your actual outlays.
Salaries and Wages
While payments that sole proprietors, partners, and LLC members taken from the business are not salaries (they are nondeductible draws), payments to employees are deductible.
Cyber Security: Keeping Your Small Business Safe
These days, the only way to successfully run a small business is to be connected, and we do pretty much everything digitally. This means that we are using a number of devices in small businesses, and a lot of sensitive information is being stored on these devices. Is your sensitive information safe from hackers? Because they don’t always have a lot of money to invest in sophisticated security software, criminals are targeting more and more small businesses. They know that security is minimal, and that they can steal money, information, and more. Here are some tips you can use to improve cyber security for your small business.
- Identify All Sensitive Data – It is important that you identify each and every piece of company data that is sensitive. This includes any financial records, employee records, consumer information, etc. You need to know exactly where this information is stored on all devices and severs, and that you have the proper protection in place to keep all of your data safe.
