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BUSINESS TIPS & MORE
5 Things You May Not Know About Small Business Taxes
By Barbara Weltman
Small Business Trends | Taxes drain time.
Based on the scenario in this article small business owners spend $3,450 to prepare their own taxes annually, that’s $287 per month. Meanwhile, when small business owners hire MOR Consulting Services, LLC to handle their taxes the figure drops to $2,100 only $175 per month. Additionally, when working with MOR this estimate includes Quarterly Meetings and reports, monthly entering of data, and the filing of the actual tax return.
MOR saves you more!
Even though most use paid preparers for tax return preparation, many tax chores still fall on small business owners or their employees. These include record-keeping, seeing to tax payments, and meeting or talking with preparers. How much time does it take? It depends who you ask:
The IRS says recordkeeping needed for a self-employed individual to prepare Schedule C of Form 1040 is 3 hours and 36 minutes; return preparation and time to assemble and submit the return is projected to take an additional 3+ hours.
The SBA found that these same business owners spent 32 hours annually on taxes.
The cost of compliance is higher on small businesses than on large ones. This burden is estimated to cost small businesses $18 to $19 billion per year.
And planning to have the cash on hand to pay tax bills is also up to you. Cash flow planning for various tax obligations can take up some time throughout the year. >> READ MORE
How to Get Started with Ecommerce
By Scott Ferguson
The Business Owner’s Playbook | Online shopping is becoming routine for millions of consumers worldwide. The consultancy firm AT Kearney notes that global ecommerce has grown approximately 13% for five years running. If you sell products and services to a wide audience, getting into ecommerce is a relatively low-cost way to test new markets and greatly expand the built-in limits of your existing bricks and mortar store. Plus, it keeps your products in a 24/7 sales channel. If it’s a good fit for your business model, you just need to set up a secure e-store, install payment-processing systems, keep a lid on shipping costs, and track customer feedback so you can manage your online brand reputation. >> READ MORE
The Liabilities of Letting Employees Work From Home (with a Checklist)
By Julie Bawden-Davis
Small Biz Ahead | Allowing employees to work from home has definite perks for the small business owner, including promoting a satisfied workforce and cutting down on office space expenses. Amid all of the telecommuting fanfare, however, there are still potential liabilities to consider when you have home-based employees. (There are also a few employees who should never work from home.)
Work-from-home employees may expose your company to risks not currently covered by your insurance policy. Before you give employees the green light to forge their own paths in a home office, familiarize yourself with your responsibilities as a telecommuting boss. >> READ MORE
Is Your Business Missing Out on Small Business Set Asides?
By Marcy Love Thomas
LinkedIn | Have you seen small business set asides that are in your company’s skill set, but the size standard is too small for your company to compete? Or, alternatively, a set aside with a size standard so large that you will be contending with businesses with far greater resources? Rather than abandon small business set asides squarely within a company’s competencies because the company is too large to be eligible, or too small to be considered competitive, a company can take simple steps to influence the size standard relied on to define what is an eligible small business. >> READ MORE