Are you Ready for Retirement?

July 31, 2014 by

business (9)There are many compelling reasons why business owners should pay more attention to their retirement plans.  Often times the responsibility to fund a pension plan for them and for their employees fall on the shoulders of the business owner and more times than not it is relegated for a later date that never comes. Here are three compelling reasons why you should talk to an accountant and financial advisor to help you plan for your future.

  1. It is a financial responsibility you have to your employees and yourself to secure a future that will provide financial stability later on.
  2. Talk to an accountant or financial advisor for potential tax benefits for your business when setting up a retirement plan.
  3. Having a retirement plan can secure your top performers or attract new ones that can benefit your business.

Read more about this and other news by following the links below.

Preparing Small-Business Owners for Retirement

Advisers also can help clients figure out what to do with their time after they retire.

Small-business owners often are so busy working that they don’t take time to plan for their retirements.But that is clearly a mistake, financial advisers say.In turn, advisers are helping these entrepreneurs more accurately value their businesses as well as their personal expenses, and figure out how to spend their time once they…

Small business hiring cools off in July

Not quite the blistering pace reported in June.

Hiring by small businesses cooled off this past month, mirroring a similarly modest slowdown across the broader economy, according to a new report.

Small employers added 84,000 workers in July, down from a two-year high of 126,000 new positions added the month before, according to payroll processing firm ADP. Initially, the company had reported that small businesses (fewer than 50 employees) had added 117,000 jobs in June.

Overall, the economy added 218,000 positions in July. While that’s down from 281,000 last month, it’s otherwise the highest monthly total since November.

Workers are finally getting raises again

One more sign that life is improving for American workers: paychecks are finally growing faster.

The Labor Department reported Thursday that workers’ wages and salaries grew by a seasonally adjusted 0.6 percent during the second quarter, the fastest pace since the third quarter of 2008.

Wages and salaries only make up 70 percent of total compensation, including benefits. Total compensation costs as a whole also grew by a seasonally adjusted 0.7 percent during the second quarter.

Though it’s true that wage growth was much faster before the Great Recession, the news is still a sign that the labor market is tightening, as increased demand for labor helps boost paychecks.

 

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Social Intelligence – A Leadership Imperative

July 15, 2014 by

business (7) We all know someone who’s smart, whose intelligence is unquestionable.  Yet, he or she is socially awkward, has few friends and struggles being successful personally and professionally. They often say the wrong thing at the wrong time in social situations because they’re unable to read the crowd.  They usually aren’t achieving what they or others believe is their full potential.

In the past it was thought that a person’s professional and personal potential could be measured and predicted by their Intelligence Quotient (IQ).  But, this theory is limiting and doesn’t adequately identify the diverse human behaviors needed to achieve success.  Intelligence is multidimensional and comprised of different, overlapping and equally important subsets.

Social Intelligence (SI) is one of the subsets and is often referred to as “people skills”.  It used to be believed that people either had them or they didn’t.  Fortunately, while some of the “skills” are innate, SI can be studied, practiced and learned, which is positive news for anyone wanting to be an effective leader.

A successful leader must be able to connect with people, then effectively influence and motivate them to collaborate.  This is accomplished through understanding social and group situations and the dynamics which govern them.  SI is the ability to observe people’s interactive styles and use the knowledge to develop effective strategies, which help a leader achieve his or her objectives though others.

However, SI is not limited to reading other people well.  An influential leader has awareness of and insight into their own perceptions and reaction patterns. Through experience and on-going education they learn to accurately assess the impact of their behavior on others, using this knowledge to lead and inspire.

It’s assumed that people automatically learn to get along with others as they mature and gain experience.  Unfortunately, a quick look around the typical workplace shows this is not the case.  Most people don’t continue to learn and grow as they age – they never acquire the awareness and skills needed to succeed in professional or personal social situations.

Nevertheless, people who lack insight and competence, when interacting with others, can make significant improvements in their SI abilities at any time regardless of their age or circumstances.  And once the basic skills and knowledge are learned they’ll be able to experiment with additional behaviors and new interaction strategies.  Social Intelligence can increase throughout one’s life giving anyone an improved chance of reaching their full potential.

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Vacations Are Important For Your Bottom Line

July 1, 2014 by

business (2)Job related stress is universal.  Almost everyone has had job stress negatively affect them personally and professionally, sometimes on a daily basis.  Even people who thrive on it will admit there are times when it’s too much for them.  One of the greatest relievers of work stress is taking time off, whether it’s 1 day or 2 weeks.

And yet there were 429 million unused vacation days in the U.S. last year.  Many Americans don’t take enough time off – to their own and their company’s detriment.  Fore-going time off isn’t healthy, profitable or productive for people, companies or the economy.  It’s estimated those 429 days would have generated $160 billion and created 1.2 million jobs (mental_floss, July 2014).

It’s well documented that chronic stress takes its toll on the body: it decreases the ability to resist infection and maintain vital functions, increases accidents and injuries, creates sleep disturbances and can even negatively alter genetic material at the cellular level.  It’s equally well researched that chronic stress creates mental health issues: irritability, depression, anxiety, memory difficulties, poor decision making, social isolation, poor impulse control and loneliness.

Vacations help break the stress cycle by getting people out of their usual work schedules and habits.  Time away can be a 3 day weekend staycation or 2 weeks in Finland for the Air Guitar World Championships.  The essential part is to do something that’s a healthy break from the stress and routines of work.

A healthy break means different things to different people.  It can be: restful and recuperative, challenging and exciting, a religious pilgrimage, a decadent spa visit, seeing new cultures, or spending time with family and old friends.  It’s important to identify the desired benefits and how to achieve them before the vacation is taken, to be pro-active.

Unfortunately, vacations are often poorly planned and executed, too expensive and as stressful as the job people are taking a break from.  They don’t take time to think about what would be beneficial and what they actually need.  A little self awareness and planning can keep them from making the common mistake of needing a vacation from the stress of their vacation.

Every workplace has some form of stress, therefore, employers and employees alike can greatly benefit from time off.  Some companies have recognized this fact and made it mandatory for everyone to take all of their vacation time.   A mentally and physically healthy work force, capable of coping with workplace stress, goes a long way towards efficient productivity and successful profitability.

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Should You Have a Business Mentor?

June 18, 2014 by

business (4)There are many issues a small business owner has to look into when running their own business.  Whether you have employees or not, all the decisions to be made come and stop with you.  Small and big business decisions and the success of your company are strictly correlated to the choices you make. Regardless of what decisions you take, research has shown time and again that having a small business mentor is extremely important and beneficial for you and the success of your business. To read more about this topic follow the links below.

Small business weekly: Health care, tax breaks and veteran entrepreneurs

A review of the biggest small business and startup stories from the past week, with a focus on Washington.

Under siege: Critics of the health care law, including many business owners, have long bemoaned a provision that requires employers to provide health coverage to their full-time workers. Now, some of the law’s supporters are starting to call for the rule’s elimination, too, warning that it will push employers to pull back on hours. (OSB)

More delays for many: The Obama administration last week approved 18 states’ requests to delay for a second year an important feature of the health law’s new insurance exchanges for small business. The feature was supposed to allow employers to give their workers a choice of multiple plans through the online marketplaces. (POL)

Suddenly small: The Small Business Administration last week announced that it would adjust its small-business size-standards for inflation, lifting the cap on either receipts or assets for 487 industries. Consequently, roughly 8,400 previously large companies can now apply for resources restricted to small businesses. (WBJ)

Look for support to combat small-business isolation

Years ago, when I first decided to start a business, a friend who had owned a small business for more than a decade gave me some words of advice.

She warned me that I would have to overcome three main challenges: a lack of financial stability; a need to be disciplined: the isolation of being a business owner.

I certainly understood that things would be rocky financially. And I quickly came to realize I had to establish strict work and spending habits to succeed.

But I brushed off her comments about isolation. How could someone like me, with so many contacts, friends and family ever feel isolated?

However, my friend was right.

Running a small business is a lonely business, especially if you work from home.

Even if you have an office and employees, all important decisions and major difficulties are yours. The buck stops with you — and that’s isolating at times.

Who do most people turn to so they won’t be in a vacuum?

• Spouse. Most spouses lose patience hearing the gritty details of your business.

Their own fears about money, the demands on your time, and their perception of your capabilities often color their advice. Besides, it’s often nice to have someone with whom you can escape from work worries.

• Employees. Employees can be a good sounding board for many things, but for

New insurance proposals give more choices to small business

PORTLAND, Maine — On average, insurers in Maine are seeking smaller increases to health insurance premiums for small businesses in 2015 than in the past decade, when annual increases have most often been in the double-digits.

The filings for 2015 still require state and federal review, but the first look at rates proposed by the five insurers planning to offer small group insurance next year in Maine show rate proposals for the first quarter of 2015 will rise 5.7 percent from the first quarter of 2014. Premiums have increased by at least 10 percent annually for the past seven years.

“At a high level, I can say what I’m looking at on paper is good news for small businesses,” said Joe Ditre, of the Augusta-based advocacy group Consumers for Affordable Health Care.

The average rate increase figures give a sense of how much more money the entire small group market stands to spend on health care costs. It doesn’t reflect what each business owner will experience.

“I think companies just kind of brace themselves for the annual quote from their brokers or agents and then see how they can handle it,” said David Clough, state director of the National Federation of Independent Businesses. “That’s been going on for a number of years.”

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Succession Planning – It Ain’t Over ‘Til it’s Over.

June 11, 2014 by

business (11)Your small business has been successful.  It has provided you and your family income and personal satisfaction.  It’s been a good run and you’re ready to move on to the next phase of your life – do some traveling, go fishing and spend time with the grandkids.

About 2 months before you retire you tell everyone the succession plan.  1. The business will provide your retirement income.  2. Your son, daughter and/or key person will take over.          3.  You will have a party, eat some cake and make a speech.  This is the most common succession plan among small business owners.

However, the belief that it’s enough planning and that “everything will work out” is usually wrong.  It rarely works because it’s not actually a plan.  A successful succession plan takes time, money and effort.  It can be one of the most difficult challenges an owner will face.  It’s difficult for a variety of reasons.

The owner may have become complacent over the years and doesn’t want to make the hard management/personnel decisions that need to be made, which are mandatory in a good succession plan.  A poor management choice can close a formerly thriving business in just a few years.

A successful plan needs time and may take over a year to implement.  This can be hard for someone who has a tough time giving up control or is conflicted about retiring.  If procrastination is a part of his management style he may be counting on someone else “to figure it out when I’m gone”.

Finally, outside assistance is essential and many owners find it difficult to see the need for and to ask for help.  Now is not the time for your pride and ego to get in the way.  A good plan requires the input of professionals who understand the management (consultant), legal (lawyer) and financial (accountant) issues.

Because it’s difficult most owners avoid succession planning to the detriment of the company, their employees and their retirement.  Avoidance and passing the buck seldom works and can lead to damaged personal and professional relationships, decreased wealth and closure of the business.  It’s not uncommon for owners to have to come back and attempt to rescue it.

As Yogi Berra said, “It ain’t over ‘til it’s over.”  A complete, thought out and well executed plan starts well before the actual day of retirement.  This approach provides the needed stability to make a complete transition, one which safeguards the business’s wealth and sustains harmony among the employees.  Successful owners manage the succession plan as they have managed their company, with forethought and good stewardship, right up until the cake and speech.

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Ohio Unemployment

June 10, 2014 by

business (3)The United States unemployment rate for April was 6.3% down from 6.7% back in March.  The April rate is a 1.2% decrease from last year, and it seems it has been steadily decreasing over the last 12 months. In Ohio we are doing a little bit better than the national average. Ohio’s unemployment rate was 5.7 % in April 2014, down from 6.1 % in March.  Small businesses across our nation provide a great percent of the jobs created, and in Ohio small business provide more than half the jobs. Helping them succeed should be a top priority for the Ohio government, and providing them with resources and guidance can make a huge difference.

Read more about business in Ohio by following the links below.

Ohio Growth Summit seeks to unleash job-growing power of small businesses

Fully 99 percent of Ohio businesses have fewer than 100 employees – and though they’re small, they still provide 60 percent of the jobs.

The key to exponential job growth is for public-private partnerships to help micro-companies progress to the 10-99 employee stage, said Jerry Ross, executive director of the National Entrepreneur Center in Orlando, Florida.

“We are a small-business country,” said Ross, opening speaker of the Ohio Growth Summit entrepreneurial conference being held Wednesday and Thursday at Columbus State Community College.

“What we need to do as communities is say, ‘How do we get together to grow our small businesses?’ ” he said. “The leaders need to start talking to each other.”

Ross’s center combines the forces and expertise of 12 different economic development agencies under one roof, including the U.S. Commerce Department, the University of Central Florida’s Small Business Development Center and incubation program, the Orlando chapter of the Score business mentorship group and several minority business associations

SEA Change, a new Cleveland business accelerator, is looking for startups with heart: the Mix

CLEVELAND, Ohio–If you have an idea for a smartphone app or an Internet-based service that could conceivably scale to something big, and make people rich, there are several business groups in Northeast Ohio that might help you get started.

But what if your venture is intended mostly to solve a social problem or better the world? Good luck. There really has not been any place to take such a notion locally–until now.

This week, a group of entrepreneurship enthusiasts will introduce SEA Change, the region’s newest business accelerator and one that aims to add a new dimension to local innovation.

As a social enterprise accelerator, SEA Change will offer training, connections and capital to startups that have humanity at heart, organizers say. Noble ventures could partake of thousands in seed money.

More details will be revealed Friday, when SEA Change is launched at Shaker LaunchHouse, one of the collaborators behind it. And much will not be revealed because no one is quite sure how SEA Change will evolve.

Ohio Business Owner Sentenced For Lapsed Comp Coverage

Columbus, OH (WorkersCompensation.com) – A Ravenna (Portage County) business owner was ordered to pay $3,500 in connection with lapsed workers’ compensation coverage. Ronald G. Larlham pleaded guilty May 12 in Portage County Municipal Court to workers’ compensation fraud, a first-degree misdemeanor.

“Businesses in Ohio cannot operate with lapsed workers’ compensation coverage,” said Bureau of Workers’ Compensation Administrator/CEO Steve Buehrer. “The bureau makes good faith attempts to work with businesses to bring them into compliance, but if unsuccessful, we must take the issue to court to comply with state law and to protect the State Insurance Fund.”

The BWC’s compliance department referred the matter to the Special Investigations Department’s Employer Fraud Team (EFT) after Larlham continued to operate his business, RGS Automotive in Ravenna, with lapsed workers’ compensation coverage. He had failed to work with the compliance department to bring the company’s policy back into compliance. EFT agents then made numerous attempts to bring the company’s policy back into compliance. The case was referred to the Portage County Prosecutor’s Office.

 

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Is your Business in a Tax Friendly State?

June 3, 2014 by

business (6)When you are a small business owner every penny counts. Every monetary decision you make affects the profitability of your business and the success of your company.  If you want to start a business or even thinking of relocating to a more business friendly state here are some options for you: South Dakota, Wyoming, Nevada, Texas, Florida, Montana, New Hampshire, Washington and Utah have no corporate taxes, individual taxes and/or sales tax.  For us in Ohio, the state is listed among one of the least tax friendly for businesses.

Read more news about this topic by following the links.

Big picture important in Kasich tax debate

As Ohio continues economic development efforts, a new study on John Kasich’s latest tax plan merits a close look.

In the economic development arms race among states, perception matters.

Right now, Texas is winning that battle. Toyota’s decision in April to relocate its North American headquarters to Plano and consolidate other operations – which will take roughly 1,600 jobs out of Erlanger – is only the most recent example.

Chevron and Apple also are putting more than 5,000 jobs in Texas, which has no personal or corporate income taxes. Goldman Sachs just hosted its annual meeting in Irving, where it employs 650 employees, and invited Texas Gov. Rick Perry to speak.

With that as a backdrop, a new study by Matrix Global Advisors on Ohio Gov. John Kasich’s latest tax plan merits a look – even as the legislature considers fast-tracking income tax cuts implemented in 2013. Kasich wants to reduce individual income tax rates by 8.5 percent over the next three years, expand Ohio’s earned income tax credit, and increase the personal exemption for low- and middle-income households.

Small business in mountain states leads nation for job gains, says IHS-Paychex report

For a third straight month, the Rocky Mountain states in May topped the nation for small-business job growth over the previous year, according to a monthly report from Colorado’s IHS Inc. and Paychex Inc.

Small-business jobs in the mountain states grew by 1.41 percent in May from a year earlier, following April’s 1.75 percent year-over-year increase and March’s 1.62 percent gain, according to the latest Paychex-IHS Small Business Jobs Index, issued Tuesday.

The region includes Colorado as well as Arizona, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming.

The mountain region’s growth far outstripped the “East North Central” states (Illinois, Wisconsin, Michigan, Indiana and Ohio), which came in at No. 2 with 0.59 percent small-business job growth, the report said.

On the other hand, the “Middle Atlantic” states of New York, New Jersey and Pennsylvania saw small-business jobs drop 0.69 percent over the one-year period, the greatest decline of any U.S. region.

Seattle raises minimum wage; will others follow?

Seattle activists celebrated a successful campaign to gradually increase the city’s minimum wage to $15 by calling for a national movement to close the income and opportunity gaps between rich and poor.

The Seattle City Council unanimously passed an ordinance Monday that would give the city the highest minimum wage in the nation.

Socialist City Council Member Kshama Sawant, who after the council meeting called on the people of America to elect more independent and socialist candidates, said the push for a higher minimum wage is spreading across the nation.

“Seattle may be a hippie city. We may wear socks with our sandals,” but it’s also a city where different progressive groups can work together to bring about change, Sawant said.

The minimum wage issue has dominated politics in the liberal municipality for months, and a boisterous crowd of mostly labor activists packed the council chambers for the vote. They held signs that said “15 Now,” chanted, cheered and occasionally jeered when amendments they favored were voted down.

Filed Under: Ohio Business News Tagged With: , , , , ,

How the Ohio BWC is Hurting Small Businesses

May 28, 2014 by

business (3)News about the Bureau of Workers Compensation and the illegal practices against small business, the cost to Ohio workers and the state as a whole is nothing short of abhorrent.  How many small businesses have scraped by or gone under because of the high rates imposed by the BWC? Small business with less capital are  at the mercy of these institutions, and the rates that have been historically and inexplicably high have certainly put a burden to the small business owner. Read more about this topic by following the links below.

BWC is hurting small businesses

The Ohio Bureau of Workers’ Compensation is hurting the majority of job creators in Ohio — the small business owner, like me. It overcharged me and Ohio’s other small business owner so it could give a few businesses, usually the larger companies, huge price breaks on their worker’s compensation coverage premiums. A court has ruled that the BWC overcharged me — to the tune of several hundred dollars a year, and the majority of other small business owners illegally. It is sitting on an $8 billion (that’s right billion with a “b”), but refuses to pay the judgment against it; even after losing the frivolous appeal it filed to try to overtune the judgment against it in favor of the small business owners it overcharged.

It’s time for the BWC to do the right thing, take responsibility, and pay the judgment against it in favor of the small business owners it overcharged. And every day the BWC refuses to honor its obligation, it is costing Ohio $2.3 million dollars a month. It’s time for the BWC to meet its responsibility to pay its obligation to the roughly 270,000 employers who struggled to pay the Bureau’s illegally inflated premiums when paid and who continue to thwart the same roughly 270,000 employers from investing on the future of Ohio’s economic comeback.

Ohio Senate approves bill to expand income, business tax cuts

COLUMBUS, Ohio — The Ohio Senate on Wednesday approved one-year expansions of state income and small-business tax cuts, as well as raising tax credits and exemptions for poorer Ohioans.

The Republican-sponsored measures in House Bill 483, which passed the Senate, 24-8, come as a result of higher revenues and lower state spending than expected.

Under the revised budget review bill, a 9-percent income tax cut previously approved for this year would be increased to a 10-percent cut. The move would save taxpayers an additional $94 million this year, according to state Sen. Scott Oelslager, a North Canton Republican.

Another change would give businesses making $250,000 or less a 75-percent business tax deduction for 2014, up from a 50-percent deduction in current law. That would mean $225 million in savings, Oelslager said.

System works against small businesses

For many years, the Ohio Bureau of Workers’ Compensation has favored some businesses and charged more for others (“Appeals court: Ohio businesses were overbilled,” Dispatch article, May 17). This ends up making the small mom-and-pop shops that employ many Ohioans the bearers of undue burdens.
Many of us go out of business due to these unfair practices.

The Bureau of Workers’ Compensation has lost its case in court, and again lost its appeal. It’s time for Ohio small businesses to get what is lawfully theirs.

We are Ohio. The bureau is here to serve us, not themselves.

JOHN ANDERSON
President/CEO
Anderson Computer Consulting
Marion

Regulators close small lender in Ohio

WASHINGTON — Regulators have closed a small lender in Ohio, marking the eighth U.S. bank failure of 2014 after 24 closures last year.
The Federal Deposit Insurance Corp. said Friday that it has taken over Cincinnati-based Columbia Savings Bank.
The lender, which operated a single branch, had about $36.5 million in assets and $29.5 million in deposits as of March 31.
United Fidelity Bank, based in Evansville, Indiana, has agreed to assume Columbia Savings’ deposits and to buy essentially all of the failed bank’s assets. Columbia Savings’ failure is expected to cost the deposit insurance fund $5.3 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession. They declined to 92 in 2011 and fell to 51 in 2012.

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3 Types of Networks Every Leader Should Develop

May 26, 2014 by

business (9)Every organization has a “go-to person”, the leader who can successfully get things done, who knows everyone and is well liked.  The one some call a natural leader and while others say he’s/she’s “just lucky”.  However, chances are, luck has very little to do with it.

Organizations are social structures created and operated by people.  Leaders effectively navigate them by building and maintaining the relationships they need to be successful.  In the article “How Leaders Create and Use Networks” (Harvard Business Review, 2007) Herminia Ibarra and Mark Hunter identified the 3 types of networks successful leaders have or should develop.

Operational – This network is internal to the organization and is developed to get work done effectively.  The goal is to build strong functioning lateral relationships by identifying who can be counted on in other departments (HR, IT, accounting, etc).  It’s equally important to identify individuals who are depending on you and to be an essential part of their network.

Personal – This network is mostly external to your organization and is crucial to your personal and professional development.  Successful leaders have an eye on the future and become involved with outside activates, which provide opportunities to meet useful contacts.  The key to establishing this network is to be involved in the activity and not just show up.

Strategic – This is a leveraging network that separates the leaders from the managers.  It’s both internal and external to your organization and is oriented to the future.  Identify your future priorities and challenges, and then secure support for them with the people in this network.  Formal or informal mentors and coaches are usually a part of it.

The main factor in successfully building and maintaining all 3 networks is to give more than you take.   Leaders know that establishing relationships, doing a favor, showing interest in someone, giving a referral and communicating face to face is still how things get done.  Yes, it can be time consuming, but as Coleman Cox said, “I am a great believer in luck.  The harder I work the more of it I seem to have”.

Nicole Abbott – writer, educator and psycho-therapist

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Are You In The Right State To Start A Business?

May 20, 2014 by

business (8)The small business sector has been for many years an employment power in the United States, it accounts for more than half the jobs generated in this country since 1995. There are approximately more than half a million businesses generated each month and although of those businesses only 7 out 10 will make it past the 2 year mark, the entrepreneurial spirit of Americans is well deserved. The question now to ask is whether you are in the right state to start a business, or you need to think about the pros and cons of starting your business where you are.
Read more about this topic by following the links above.

Here’s where Ohio ranks on small business friendliness

A national small business advocacy group says Ohio ranks among the top 10 for its tax code’s friendliness toward business.

The anti-tax Small Business & Entrepreneurship Council ranks Ohio No. 8 for its tax system’s overall friendliness toward small business. Ohio’s neighbors, Indiana and Kentucky, ranked 11 and 32, respectively.

The “Small Business Tax Index 2014” looked at 21 different measures to determine a state’s tax friendliness. Those include the top personal and corporate income tax rates, top capital gains and dividends tax rates, property taxes, additional taxes on S-Corporations, unemployment taxes, and whether a state has a death tax.

“When it comes to state and local taxes – as well as levies at the federal level – the direction that policy should be pointed is clear. Keep the overall tax burden low. Preferably, do no [sic] tax income at all,” the group writes in its report.

Dayton No. 66 among best cities for small business

Dayton trumps Detroit, Las Vegas, Birmingham and many others when it comes to the best city to work for a small business.

The Miami Valley ranks No. 66 in the U.S. for small businesses, according to a new ranking from Wallethub.

Cities were evaluated by several metrics, including the number of businesses with fewer than 250 employees per 1,000 inhabitants, industry variety, net small business job growth, average monthly earnings for new hires and average number of hours worked.

Columbus was the top-ranked Ohio city at No. 23.

The top city on the list was Minneapolis, followed by Salt Lake City and Miami.

Stockton, Calif. ranked last.

NBC4 Investigates: Why Does Ohio Owe Businesses $1 Billion?

COLUMBUS, Ohio – As Ohio’s economy begins to recover, the state is clearly focused on jobs, and numbers show some growth, but did the state actually harm more businesses in the past?
An NBC4 investigation reveals how one state agency allegedly crushed thousands of small businesses.

While the jobs picture in Ohio is rebounding, a huge shadow is being cast by the past – and the bureaucracy in the Bureau of Workers’ Compensation (BWC).

Small businesses can’t operate without worker’s comp insurance, and in Ohio, they can only get that from BWC.

Unlike other states that carry private insurance, Ohio’s BWC is a monopoly.

In 2006, Ron Foreman owned a successful contracting company, which used to be located near downtown Ashville, and employed 40 people.

Freeman’s family, including his two sons at West Point, was prospering. His small business was a model of what state leaders say they want in Ohio.

Filed Under: Ohio Business News Tagged With: , , , , , , ,
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