The employee retention credit (ERC), a credit created during COVID-19, ended on September 30, 2021 (December 31, 2021, for startups), but it’s still alive. How can that be? The reason: The deadline for submitting refund claims has not expired. Many employers claimed the credit, and a number of these are still pending. But there’s been […]
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The definition of a customer is “one that purchases a commodity or service.” A customer is the party that generates revenue for your business. But in addition to the sales they make, there are other ways a customer can help your business…and at little or no cost to you. Here are 3 ways a customer […]
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Increasingly, you’ll hear about big companies using their profits for social good or to help the environment. Time listed the “best corporations” in 2023; the ranking included sustainability. Among these corporations were Microsoft, Apple, Alphabet (Google), Meta (Facebook), Accenture (in Ireland), Pfizer, and American Express. But you don’t have to be a giant corporation to […]
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How would you react if you opened a marketing email addressed to “Dear shopper?” In this day and age, you’d wonder how healthy the company was to cut such sharp corners. It’s the equivalent of junk mail addressed to “resident.” Wooing today’s consumer requires personalization. Technological advances mean little on their own — it’s how […]
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To claim deductions and credits for the business expenses you incur, you must have certain records, including the amount of your outlays. Without good records, you can miss out on otherwise legitimate tax write-offs. The IRS has created certain tools you can use to avoid the need to retain receipts and other records of costs. […]
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Building a brand strategy for a business helps create cohesion for the marketing strategy, outreach efforts, and overall perception and experience of the business. A brand often consists of a mission statement and values that are communicated through visual, verbal, and other elements to create a unique customer experience of a business. The customer’s experience […]
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The federal government recognizes that “illicit actors frequently use corporate structures such as shell and front companies to obfuscate their identities and launder their ill-gotten gains through the U.S. financial system.” To enable the government to catch and penalize these bad actors—drug dealers, money launderers, foreign operatives, and others—the Corporate Transparency Act (CTA) of 2021 imposes […]
The post Get Ready for the Beneficial Ownership Information Reporting Rule appeared first on Barbara Weltman.
The old expression “cash is king” really hits the mark during a recession. SCORE reports that 82% of small businesses fail due to cash flow problems. To help recession-proof your business, be sure to have cash and manage it wisely. Here are some ways to do it: Getting the cash you need For most businesses, having […]
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Today, anyone (including me) can figure out how to use ChatGPT (Open AI) to create content. It can produce blogs, marketing materials, video scripts, and more. This generative AI tool is free and can be helpful. But there are some serious issues to note. Here’s my take on how I’ve been using it and what […]
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Does it pay to be highly successful? From a personal and professional viewpoint, sure. You get satisfaction from helping your clients and customers and achieving milestones, as well as financial rewards. But from a tax viewpoint, success has its downside. Federal tax rules may penalize your efforts. Higher income tax rates aren’t the only things applied to owners who are very profitable. There are additional tax costs, all of which contribute to a significant tax bill. While taxes won’t dampen the drive for success, they do cut into what can be pocketed. Understand how these additional tax costs work. Added […]
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