Posts Tagged ‘small business’

What Could Ohio’s Small Business Investor Income Tax Deduction Do For Me?

Thursday, February 27th, 2014

In an effort to become more taxpayer-friendly and reduce the effective tax rate, Ohio enacted the Small Business Investor Income Tax Deduction effective for tax year 2013. This tax deduction benefits many of Ohio’s individual income taxpayers. So how exactly does this deduction work?  (more…)

What Are 5 Things You Should Do Financially Now?

Tuesday, January 7th, 2014

As a small business owner, you probably find the end of the year a busy time. Before you know it, you find yourself into January trying to determine what the New Year will bring. One of the keys to being a successful business owner is taking a break from the day-to-day routine and spending some time doing valuable planning. This is sometimes referred to as working on your business, not just working in your business. To help you with this process, here are five things you should consider doing as a small business owner as you start the New Year.  (more…)

What Are 6 Things You Can Do To Improve The Health Of Your Business in 2014?

Monday, December 30th, 2013

Are you out of breath from the impact the economy had on your business during the last several years? Is it time to develop some New Year’s resolutions that will make a difference in your business? Adopting a new diet, jumping on the treadmill or committing to run a half marathon are common items on the “personal” resolution menu. However, is it time to add energy and resources to your resolutions in order to improve the health of your business?  (more…)

So Is It a Tax Credit Or a Tax Deduction?

Wednesday, August 21st, 2013

As you can probably guess if you have seen any courtroom dramas lately, semantics is very important when it comes to the law. One word can totally change the meaning of something, and hence change the thinking or behavior of someone.  Or in the case of tax law, one word can be a “gotcha!” or really change just how useful a provision might be to your business.  Let’s take a look at the small business tax break that is part of the recently passed Ohio budget as an example.  (more…)

Did You Know that the FASB Wants to Hear From You?

Wednesday, June 5th, 2013

Let’s face it—opinions matter. We all like to be asked for our opinion. And more often than not, opinions help shape decisions and the direction that a group of people may take. (more…)

When Can I Apply for the Ohio Incumbent Workforce Training Voucher Program?

Tuesday, May 28th, 2013

When will the application process begin for the next round of the Ohio Incumbent Workforce Training Voucher Program? This is a burning question for many Ohio companies these days. While the Ohio Development Services Agency has not yet communicated what date the application process will begin, you can keep an eye on its website for an official announcement.  They are hoping to have the application process open sometime in June, though it’s possible that date may get pushed back.  (more…)

How Can the Ohio Incumbent Workforce Training Voucher Program Work for Your Business?

Friday, May 17th, 2013

It’s almost half way through the year. When thinking about your employees, how have you helped them develop professionally during the past few months?  Investing in your people pays off. It helps them, helps you, and helps your customers. But, it’s expensive and time consuming – training is one of those things that always seem to get pushed until tomorrow. But now the state of Ohio is taking away one of your excuses – it’s picking up part of the tab. (more…)

Why is the Timeliness of Employee Contributions Under Scrutiny?

Friday, May 3rd, 2013

The Department of Labor (DOL) has focused on the timely remittance of employee contributions to retirement plans for a few years. And recently, they stepped up efforts during agency-conducted audits, making this a key area of detailed review. The timeliness of your remittances will be under the microscope, and not only the frequency, but also the consistency. (more…)

Do You Have Any QuickBooks Tips for Managing Cash Flow?

Wednesday, December 26th, 2012

Cash flow management is a struggle for many small businesses.  Unlike revenue, cash flow isn’t easy to quantify or pin down.  It’s up and down and moves around.  But, most small businesses that fail do so because of a lack of cash flow… not revenue or profits. (more…)

What’s Your “Get Out of Business” Plan?

Friday, May 18th, 2012

You’ve worked hard to build your business and probably can’t imagine a time when it won’t be a major part of your life.  But, someday, you’ll approach retirement and you’ll want to spend more time enjoying your life and less time balancing your books.

Maybe you’ll want to leave your business to your daughter.  Maybe you’ll want to sell it and cash out.  Either way, business transition doesn’t just happen.  It isn’t serendipitous.  You need a “get out of business” or succession plan. (more…)

How can your accountant help your business get the necessary financing?

Tuesday, March 6th, 2012

Your accountant can help your business get financing in a number of ways.

Preparing documents. Lenders want to receive financial information in a specific format, and also want year-end and interim financial statements on a timely basis. Your accountant can help. (more…)

How do you follow IRS regulations when gifting a business interest?

Friday, February 17th, 2012

Lately we’ve been surprised by how many people are thinking about filing a gift tax return without a business valuation. We’ve had a few conversations with people who are under the impression that they don’t need to attach a valuation of their business interest to the gift tax return.

Before you file your return without a valuatio (more…)

Is Your Farm a Hobby or a Business?

Friday, February 10th, 2012

Farming is a pleasure activity for some individuals, and for others, it’s how they support themselves. If you farm for profit, how do you prove it to the IRS? (more…)

Do You Have a Business Pre-nup?

Monday, January 30th, 2012

No one enters a relationship wanting to get jilted. It’s true whether you’re entering a business together or a marriage together – and the consequences can be even more painful if you’re doing both at the same time. (more…)

Are You Ready for the Next Phase of InvestOhio?

Wednesday, November 30th, 2011

Recently we’ve been telling you about Ohio’s new nonrefundable tax credit program called InvestOhio. Through it, Ohio taxpayers who invest in qualifying Ohio small businesses can qualify for a 10 percent credit against their personal Ohio income tax if they meet certain requirements. In less than two weeks, taxpayers can begin the second step in the application process for this tax credit. (more…)

How will the Small Business Lending Act impact my business?

Tuesday, October 5th, 2010

Small Business Lending Funding Act Establishes Four Lending Programs

When President Obama signed into law last week the Small Business Jobs and Credit Act of 2010, the new law created a $30 billion lending fund that will allow the U.S. Department of Treasury to invest in small to medium-sized financial institutions that will in turn be encouraged to increase small business lending. Here is a breakdown of the four lending initiatives established by the law.

Small Business Lending Fund. Administered by the U.S. Treasury, the Small Business Lending Fund will award a capital investment to eligible banks with assets under $10 billion. The banks can receive up to a small percentage of their risk-weighted assets, and receive essentially an incentive loan that must be repaid within 10 years. The banks must lend additional funds to small businesses as well as appropriate advertising. The fund also includes a pilot program that will allow non-profit intermediaries to make loans to small businesses at 1 percent interest over a 20-year term. The non-profit intermediaries can loan up to $200,000 per small business through the pilot program.

State Small Business Credit Initiative. A seven-year State Small Business Credit Initiative will be administered by the U.S. Treasury. Treasury will allocate federal funds to participating states with capital access programs. States can qualify for the funds by demonstrating that their capital access programs meet performance and eligibility requirements, including access to capital for businesses with less than 500 employees, minority-owned businesses and those in underserved communities. New programs can also qualify for the federal funds.

Small Business Early Stage Investment Program. The new law amends the Small Business Investment Act of 1958 to establish an early-stage investment program to provide equity investment financing for early-stage small businesses. The program will be managed by the administrator of the Small Business Administration.

Small Business Borrower Assistance Program. Also as part of the Small Business Jobs and Credit Act of 2010, the Small Business Administration is directed to implement an assistance program that provides payments to lenders of principle and interest on qualifying guaranteed business loans of up to $300,000. Every borrower receiving a qualifying small business loan will be automatically enrolled in the program unless the borrower opts out. The SBA’s administrator is required to commit an amount to each borrower equal to 6 percent of the principle disbursed amount of the borrower’s qualifying loan.

The Small Business Jobs and Credit Act of 2010 also contains roughly $12 million in tax breaks and incentives. We will be reporting on the various tax implications of the new law in the weeks to come.