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Proposed Legislation Offers Big Tax Break to Entrepreneurs

A new bipartisan bill introduced in Congress – the Startup Innovation Act of 2013 – promises a big benefit to entrepreneurs via a new research and development tax credit. The bill, which was originally introduced last summer, was reintroduced in the Senate in late January.  A House bill that would mirror the Senate bill is expected to be introduced shortly. If passed, the new law would allow companies that are less Read More

Top 10 Asset Protection Planning Guidelines for Small Business Owners

The best time to create an asset protection plan is prior to having a claim made against your business; after that, it's too late. Trying to put asset protection in place after a claim is made often makes things worse, not better. Asset protection planning should not be confused with insurance; it is not a substitute. Putting your personal assets into the business is not the way to protect them; you should instead Read More

What You Should Know About Starting a New Business

Whether you're a baby boomer who wants extra retirement income or an entrepreneur who prefers working for yourself, there are certain steps you need to take in starting a new business. These include: Business plan. Your top priority should be to develop a comprehensive business plan that will spell out what products or services you will be offering, market analysis, pricing, financing, location and financial Read More

The Challenges Facing Small Business in 2013

According to a December survey by The Wall Street Journal and Visage international, approximately one-third of small business owners say that economic uncertainty will continue to be the single largest obstacle to long-term growth for their companies in 2013. The online survey of almost 1,000 small business owners representing a range of industries, all with less than $20 million in annual revenue, also revealed Read More

How To Prepare Your Small Business For A Profitable Sale

When you started your own business, you probably didn't give much consideration to selling it. However, with statistics showing that 80% of a small business owner’s net worth is tied up in their company, preparing your business for a profitable sale should be on your radar. Whether you plan to sell your business outright or transfer to partners or family members, here are some steps you should take to protect your Read More

What the Fiscal Cliff Tax Deal Means for Small Business

Congress passed the American Taxpayer Relief Act – aka, the fiscal cliff tax deal – in the wee hours of January 1, 2013, and President Obama is expected to sign the new legislation as soon as possible. After the dust from the deal-making settled, the bill contains a mixed bag of both good and bad news for small business, as outlined at Forbes.com: The Good News Makes permanent the tax rates on ordinary income, Read More

The Family Business: Avoid These 4 Lethal Legal Mistakes

If you operate a family-owned business, or are considering starting one up, there are four potentially lethal legal mistakes you should take care to avoid, including: No employment agreements. Family members who work together are usually hesitant to confront one another if someone isn't pulling their weight. Having an employment agreement for everyone ensures that expectations for job performance are spelled out and Read More

Employment Law: The Top 10 Ways Employers Get Sued

A recent OPEN Forum post listed the top 10 mistakes employers make that are most likely to get you sued; these include: 1. Classifying all employees as exempt, whether or not they are. 2. Allowing non-exempt employees to work during their lunch breaks. 3. Classifying employees as independent contractors when they are not. 4. Neglecting to provide discrimination and harassment training to supervisors and Read More

ESOPs: A Solution for Business Owners Teetering on the Fiscal Cliff

It has been estimated that business owners have up to 80 percent of their personal net worth tied up in the value of their business, so the pending tax increases have many owners worried about a significant loss of assets to higher capital gains taxes. One solution to consider is an employee stock ownership plan (ESOP), a qualified retirement plan whose assets are made up of company stock that is held in a Read More

3 Tax Saving Actions To Take Before 2013!

It’s safe to say that all of us would like to save money on our taxes. The problem is, most of us don’t know how or we procrastinate too long to take advantage of tax saving strategies that can make a big difference on the bottom line. If you’re ready to save money - be ready to act now. You can literally save thousands on your taxes by implementing these three simple actions in the next two weeks. 1.    Meet with Read More