This article discusses how under previous law, deductions for business meals were limited to 50% of the cost, but through the pandemic, that deduction was doubled to 100% for the time being if the meal was provided by a restaurant. Further, many self-employed taxpayers are trying to re-energize their business
This article discusses an important topic that all small business owners should consider as it occurs every single day. In the past, credit card transactions required a signature in order to help authenticate the purchase. However, with the development of EMV technology, most credit card companies have dropped this requirement,
This article discusses both the importance of a good leader in any small business as well as the requirement that the business is productive. To help you decide what is important to understand, members of the Young Entrepreneur Council weigh in on what they believe are tips that all small
This article discusses the importance of having a succession plan. According to the Dayton Daily News, about 3 out of 4 small businesses currently do not have a succession plan. Succession plans should not be a birthright, but instead, should go to the most qualified individual. Planning for successor years
This article discusses how marketing is essential for any successful business, especially startups. However, sometimes the best marketing practices can be extremely expensive with little return on investment. However, using simple tips such as getting a social cost, having a referral program, and sending emails to the right people are
This article discusses the best methods to practice before selling your business to someone who values it as much as you do. Firstly, it is important to determine your business value. In order to successfully do that it is necessary to follow the asset method, market method, and income method.
This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction
Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there
This article discusses how the coronavirus pandemic has impacted the way people are purchasing businesses and how business owners are selling. In fact, there’s been a rise in investment activity, and it is expected to continue for the remainder of this year. In order to capitalize on these investments, taking
This article discusses the sad reality of how fewer than 1/3 of family businesses are successively handed down to the second generation. However, utilizing the tips outlined in this article such as starting your succession planning early, including family members in discussions, training, and sticking to the facts can all