At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.
Topics: Business Ownership, Small Business, Business Expenses, Loans
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for - and receive - a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan proceeds are used as specified, business owners may apply to have the loan forgiven.
Topics: Business Ownership, Small Business, Business Expenses, Loans
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer.
Topics: Business Ownership, Taxes, Tax Credit, Small Business, Business Expenses
Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed into law on March 18, 2020.
Topics: Business Ownership, Tax Credit, Small Business, Business Expenses
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs - home-based business people.
Topics: Business Ownership, Small Business, Business Expenses
If you're self-employed and use your car for business, you can deduct certain business-related car expenses.
Topics: Business Ownership, Taxes, Tax Deduction, Small Business, Business Expenses
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them:
Topics: Business Ownership, Taxes, Managing Your Tax Liability, Small Business, Tax Return, Tax Planning, Business Expenses
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