It Pays to Be a Small Business
It Pays to Be a Small Business
Sometimes small business owners feel like they’re left in the shadow of bigger businesses but that’s not always a bad thing.
Small businesses are flexible businesses, that flexibility is a competitive advantage. Larger institutions mean larger risk and more complexity so big businesses often struggle to change, even when the market calls for it. Small businesses can adapt and change to meet the current market needs as they arise.
Small Businesses also have the advantage when it comes to (more…)
Biggest Challenges for Small Businesses
Challenges Ahead for Small Businesses
With the new year upon us, it time to get going and look forward to what is in store. Here are some of the biggest challenges small business owners will face in 2014. Read on to wise-up and make plans to overcome these potential stumbling blocks.
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1. Funding
While there are signs that the tight credit markets for small companies are loosening up, the loosening is happening slowly. In November 2013 big banks approved 17.4% of small-business loans which is up from (more…)
Cyber Security Follow Up: I Got Phished
Less than 24 hours after publishing my last post I (almost) became a victim of phishing myself. What interesting timing! Read on to see how they tried to get to me and what classic phishing signs I recognized. I will not post complete phone numbers below but did receive everything in full 10 digit phone numbers.
Here’s how I got phished. At 6:45pm this evening I received the following text message:
PleaseContact[US-Bank]SecDept@(323)647-25*0
My first thought was “Oh no! Somebody got my credit card (more…)
Protecting Your Business: Cyber Security
Protecting Your Business Online
Use It or Lose It: Get These Tax Breaks Before They Expire
Tax Breaks!
The Join Commission of Taxation published a list of 55 federal tax provisions that are set to expire this year a.k.a. tax breaks. Here are a few of those that may apply to you as an individual or business taxpayer.
State Sales Tax Deduction. Applicable to residents of states without an individual income tax.
Tuition and Fees Deduction. This allows up to a $4000 deduction for qualifying postsecondary education expenses. Check with your tax professional for details but this generally is available to couples filing jointly who make under $160,000. Make sure to pay Spring 2014 expenses by the end of 2013 to be sure to get the deduction with this year’s taxes as it may not be available next year if congress passes the Student and Family Tax Simplification Act.
Educator Expense Deduction. K-12 teachers and other classroom workers such as aides and counselors, can deduct up to $250 of unreimbursed materials and supplies expenses.
For more info go to Tax Benefits for Education at IRS.gov
Mortgage-insurance premium deduction. This allows home buyers who had to get mortgage insurance to deduct the premiums along with their mortgage-interest payments, as long as the insurance contract was issued after 2006.
For more information, see Topic 458 at IRS.gov.
Forgiven mortgage-debt exclusion. Canceled debt is normally taxable as income. Through the end of the year, a special provision excludes up to $2 million of debt forgiveness on a principal home. This can be from a foreclosure and also might apply to forgiveness from restructuring.
For details, go to IRS Publication 4681.
Section 179 deduction. This allows certain businesses, even those reporting on indiivudal tax returns, to deduct specific costs up front, rather than waiting and spreading out the costs over several years. The $500,000 deduction for 2013 drops to $25,000 in 2014.
For more information, see IRS Publication 946.
Want to see all of the provisions set to expire this year? Click on the link to see the Join Commission of Taxations complete list of federal tax provisions set to expire.
Please contact our office with further tax questions or for a referral to a professional tax preparer. Click the link or simply call 858-549-8600 to speak with us today.
Gifts for Clients and Associates: Holidays as a Business Owner Part 2
Gifts for Clients and Associates
With an ever increasing number of holiday events, plays, parties, dinners, etc, staying on top of well wishes at the office can easily be put on the back burner. Business owners, use the quick tips and ideas in our two part Small Business Holiday series to wow your clients and associates this season.
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Holidays as a Business Owner: Part 1 Holiday Cards
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BE PREPARED or you could lose more that you can imagine!
. . . was the message that devastated my family 10 years ago today.
Today is the 10th anniversary of the San Diego County Cedar Fire which tragically burned 280,278 acres and was one of 15 Southern California wildfires during October of 2003. Unfortunately, the Cedar Fire hit very close to home. My family and I lost our family cabin in Julian. It took us 13 years to build. It took the fire 30 minutes to destroy!
As I reflect on the tragedy of the 2003 fires, and the sad loss of our cabin we loved so much, I am reminded of how important it is to prepare for disasters.
One way to evaluate how prepared you are is to go to ReadySanDiego.org which has a well written preparedness guide including helpful tips on how to prepare for disasters common to the San Diego area. There is also a link (www.readysandiego.org/alertsandiego) which takes you to the system called Alert San Diego. A system used by emergency response personnel to notify homes and businesses that are at risk during an emergency. As this system uses the 911 data base, this notification will only be given to landline telephones. Cell phones and email addresses must be registered on the site in order to get notification.
Lastly, I urge you to set two or three preparedness goals you might be able to accomplish during the next week. Some day as you are asked once again to evacuate your home, you will thank yourself for the things you did in advance to protect your loved ones and property in the event of an emergency.
Please call me if I can be of any assistance to you or your family.
Gary Quackenbush
Success is…..
“Success is stumbling from failure to failure with no loss of enthusiasm.” — Winston Churchill
Estate Planning with Gary Quackenbush – www.GQLAW.com
I was on Craig Sewings American Dream on U-T TV on Saturday October 12, 2013. It was fun to have the opportunity to get the word out on how important it is to have a Will, Trust, and Guardian designation.
Let me know what you think.
Call me any time at 858-549-8600 and we will talk for free. There is more on my website @ www.GQLAW.com