When I read a story like this one in the Wall Street Journal, I get a little sick to my stomach. Small business owners who thought they were setting up pension plans for themselves and their employees are now being sacked with huge fines from the IRS. Huge, as in $1.2 million for one Houston business.

The IRS says these small business owners are operating tax shelters; the business owners claim they had no idea and that their CPAs, financial advisers and others helped set up the plan. Either way, paying the fines, even a portion of them, would pretty much destroy all of the small businesses in this article.

There are a couple lessons to be learned here, but the best one is probably to make sure your accountant, financial planners, lawyers and other advisers who help make important decisions about your business can be trusted. In the current issue of MyBusiness, we feature a few tips for finding a qualified tax preparer. The same tips apply, whether looking for a financial planner or lawyer. It might take a little more work upfront to find the right advisers, but the time will be well spent.

Posted by Lena Anthony on September 21, 2009 03:31 PM

According to NFIB's Small Business Problem and Priorities survey, taxes are the No. 3 most pressing problem for today's entrepreneurs. And this year, filing your taxes could be an even bigger headache. According to the Wall Street Journal, this year the federal government is taking steps to crack down on small businesses who under-report their income.

So how do you avoid a tax audit? The short answer: keep personal and business expenses apart, organize all your records and file for an extension to buy some time. For more about avoiding an audit, check out the article. Also, visit www.NFIB.com/legal, where you can download the NFIB Guide to Taxes.

Posted by Megan Pacella on February 3, 2009 09:34 AM

If you're thinking about setting up a retirement plan for employees, the clock is ticking: Oct. 1 is the IRS deadline for when employers must set up a SIMPLE (Savings Incentive Match Plan for Employees). If you received a filing deadline extension for your 2007 returns then you have until Oct. 15 to set up a SEP (Simplified Employee Pension) in order to take a deduction for the 2007 tax year. Oct. 15 is also the date that 2007 contributions must be made to both plans for anyone who received a 2007 extension.

Confused about what all that means? Check out this Chicago Tribune article for a primer on different retirement plans for your staff. You might be surprised to learn why experts say a down market isn't a good excuse to avoid setting up or contributing to such plans.

Posted by Shannon McRae on September 15, 2008 09:21 AM

What's your business worth? It's a good idea to know the value whether you're nearing retirement (and preparing to sell) or if you're trying to borrow money from the bank. Now a new Web site from credit card issuer Advanta Corp lets business owners see what similar businesses are worth and get customized estimates of their own value, according to this entry on the Wall Street Journal's Independent Street Blog.

The site offers free estimates for 10 million U.S. businesses based on info from Google Maps as well as a major business credit bureau. You can also provide more detailed information--like annual revenue, inventory, rent, number of employees, etc.--and received a customized valuation. A good tool to know about for anyone selling—or buying—a small business.

Posted by Shannon McRae on September 8, 2008 02:29 PM

Almost half of small business owners polled in a recent survey said they plan to lay off workers, stop raises or offer days off instead of wage increases as a result of the slowing economy, according to this Wall Street Journal article.

But while trimming payroll might seem like the easiest move when times are tough, the article suggests business owners might want to think twice before handing out pink slips. Employees are valuable, especially skilled ones you've trained.

I liked the ideas such as switching up duties (why can't an account supervisor also help empty trash cans?), asking for volunteers who might want an extended amount of unpaid leave for the promise of their job back in a few months, or cutting your work week from five days to four.

Posted by Shannon McRae on July 28, 2008 09:00 AM

Just yesterday I was picking up a few things from the grocery store and remembered that I was out of dishwashing liquid. Quickly scanning the shelves I found my favorite brand of ecofriendly soap. I also noticed that I was paying a good bit more for it than the other well-known brands my mom has used my entire life. But I'm willing to do it. Protecting the environment and my family from harsh chemicals is worth a few more dollars.

The owners of this civil- and environmental-engineering firm are banking on the idea that a lot of other Americans are like me--willing to pay a little more to help the environment. The Wall Street Journal explains how Sherwood Design Engineers charges clients an extra 0.05 percent of their bill to put toward renewable-energy credits. So far, no customers have balked at the fee, says Bry Sarte, the firm's chief executive.

Posted by Shannon McRae on July 8, 2008 10:50 AM

We've been in budget discussions at my house recently. It's something we've meant to do since the beginning of the year, and here were are halfway through 2008. We finally decided it was time to get serious. I felt better about our procrastination when I read this AP article. Turns out mid-year is a great time to revisit financial goals and budgets--especially for small business owners and especially during this kind of economy. Things to look for: how new tax provisions will affect your business (like the increased mileage deduction and a near doubling of small-business expensing limits), whether you need to be more concerned about receivables and if there are any ways to save on energy costs.

Posted by Shannon McRae on June 30, 2008 07:59 AM

I'm sure you've seen the commercial on TV that features the crazy-dressed man standing in front of Washington, D.C., monuments screaming about how easy it is to get FREE! government grants for everything from your electricity bill to your dog's flea collar. I always wonder who buys his book, and I'm always skeptical when I see articles promising small business owners that it's really easy to get the government to help you pay for some portion of your business.

But when I read this Wall Street Journal article about available government grants to pay for employee training and development, I was a bit more convinced. The WSJ is a credible news source--not a crazy screaming man. And the second sentence of the article proves why they're credible: They admit that it takes a lot of time. But if you have the time and the determination, it turns out there is money available to help you train your staff--if you know where to look.

Posted by Shannon McRae on April 7, 2008 08:48 AM

Taxes aren't much fun--or even remotely interesting--for most people, but putting them off until the last minute can leave you in a pinch, according to this recent Tools and Tips article on NFIB.com. Though you're probably already pushed to the limit with your free time, the article cautions against waiting until April to contact your accountant, who is most likely swamped this time of year and might not be able to fit you in before Tax Day. And, the article advises, if you practice "shoebox accounting" in your business (where you throw all of your receipts in a shoebox until it's tax time), make an appointment now. And then do everyone a favor and invest in a filing system for next year.

Posted by Megan Goodchild on March 18, 2008 01:11 PM

You have to spend money to make money--and, it turns out, to save money too. As the economy slows, you're probably looking for some belt-tightening measures in your small business. This AP article offers several ideas--the catch is that all of them require you to spend a little upfront.

The Russo Group, a marketing firm in Lafayette, La., hired a CFO whose strict rules reduced expenses by 18 percent in one year. A PR firm in California outsourced all its HR duties to a professional employer organization--a move that saved both time and money. By outsourcing these time-consuming functions, executives could spend more time on their PR business--the best bet for a business trying to stay ahead of a recession.

Posted by Shannon McRae on February 18, 2008 09:06 AM

Many small-business owners find income tax season the most chaotic and aggravating time of the year. With a year’s worth of receipts and bank statements to organize, getting prepared to pay off the government can be an overwhelming task. Although the dreaded tax deadline is months away, making a few simple tax moves now can pay off in April.

Paying income taxes is such a convoluted process, that oftentimes small-business owners end up paying the government too much--and for small enterprises running on a tight budget, every dollar counts. To avoid overpaying and trim your tax bill, check out these five tax tips from Businessweek.com.

Posted by Megan Pacella on January 8, 2008 12:01 PM

Running a business on a shoestring budget can be tough, but there are some easy steps you can take to help your bottom line. Today's Tools and Tips article on NFIB.com offers five ways to save money in your small business, including:

• Make your office energy efficient. Install a smart thermostat to heat or cool your business only when you need to, and replace incandescent light bulbs with compact florescent lights, which can save you approximately $30 or more on energy costs per bulb.


• Hire interns. College interns can be great assets to your business, since they are eager to get valuable experience in their field of study--paid or not. While interns must receive something in return for their work, a stipend or academic credit is often acceptable. But be careful what tasks you give them--you can't just use them to make coffee and photocopies.


• Cut back on outsourcing. Consider eliminating services like couriers, travel agents and office cleaning or landscaping crews if you and your employees can tackle the jobs.

Find out more easy ways to save cash at NFIB.com.

Posted by Megan Goodchild on October 11, 2007 02:46 PM

Retirement planning is never easy, especially if it's up to just you to work out all of the details for your employees. If you might be thinking that a 401(k) plan isn't the best fit for your business, take a look at this recent Tools & Tips column on NFIB.com, which discusses whether a 412(i), which combines pension payouts and life-insurance protection, could be a good choice instead.

Some of the plan's pros include:

• Funded exclusively by individual annuities or a combination of annuities and life-insurance contracts


• Can provide fixed, known monthly retirement benefits, life-insurance protection and, relative to other plans, large tax-deductible contributions (in excess of $300,000) that can build a substantial retirement fund in just a few years


• Any business, whether C Corporation, S Corporation, partnership or sole proprietorship, can establish a 412(i) plan

And some potential cons include:

• Because of the large contribution levels, 412(i) plans are not for struggling companies


• Unlike some other pension plans, loans against 412(i) funds are not allowed


• There is no investment flexibility. By law, a 412(i) must be funded entirely with insurance and annuity contracts

Posted by Megan Goodchild on July 13, 2007 09:23 AM

I don't plan to fund my post-retirement trip around the world with my Social Security checks (if there's even still money left to distribute by then). Fortunately for me, I work at a small business that offers a great retirement-savings plan. But we're in the minority among small businesses. Companies with more than 100 employees have 65 percent participation in retirement plans, but for businesses with fewer than 25 employees, the rate is a meager 25 percent.

Washington Post business columnist Martha Hamilton is right on track with the reason behind the discrepancy: "Hundreds of thousands of small-business owners often work flat out just to keep the business operating," Hamilton writes. "They don't have accountants, lawyers, tax consultants or human resource offices to help sort out the complex rules, and their earnings are often unpredictable. That retirement planning takes a back seat is not surprising."

Hamilton outlines plans some groups in Washington think might be one way to help the nearly half of all private-sector employees who don't have or don't participate in retirement plans where they work.

Posted by Shannon McRae on July 2, 2007 12:05 AM

Tax season can be stressful for anyone, but nobody knows the demands of compiling records and poring over the books like a small-business owner. Without a dedicated finance or bookkeeping department, most small-business owners end up having to do the tax prep-work themselves—a task that a recent AP article on MSNBC.com says often is set aside until tax day is approaching.

Instead of thinking of taxes as a once-a-year event, the article says, small-business owners should integrate tax work into their regular operating routine to ease the pain of last-minute preparation. If getting your books organized—and keeping them that way—seems too daunting, the article recommends delegating the task. And though hiring the job out can sound expensive, it could save you lots of time—and money—in the long run.

For more helpful tax-time hints, visit the 2006 Tax Resources section of NFIB.com.

Posted by Megan Goodchild on March 8, 2007 09:21 AM

Just in time for tax-filing season, the IRS has released its dirty dozen list of the most blatant scams affecting American taxpayers. Most of the false information comes from scam artists who peddle the schemes by phone, but the IRS also warns taxpayers to be weary of tax preparers who promise inflated returns.

Topping this year's list is abuse of the telephone excise tax, a one-time refund of previously paid long-distance telephone taxes. Early returns show that some filers are requesting refunds on their entire phone bills rather than the 3 percent tax. Find more information on how to determine your telephone excise tax refund on NFIB.com.

Posted by Shannon McRae on February 28, 2007 09:13 AM

While running errands downtown this weekend, I found a five-dollar bill on the sidewalk. I hesitated when I saw it--should I pick it up? Am I being watched by some sort of hidden-camera show to see what people will do when they don't know they're being watched? Since it was only five dollars and since no one around seemed to have lost any money, I picked up, chalking it up to a lucky day for me.

Unfortunately for small-business owners, finding capital isn't as easy. But the good news is that funding is available--if you know where to look. Check out SmartMoney.com's special section on the six best places to find capital for your business.

If you know you just need a loan, then this article from a past issue of MyBusiness can help. We break down the difference in the loans available from the Small Business Administration.

Posted by Shannon McRae on February 18, 2007 08:51 PM

Small-business owners beware: The IRS is watching you. An article in American Business Daily explains that members of the Senate Finance Committee recently asked the IRS to come up with a plan for closing the estimated $290 million tax gap (the difference between what federal taxpayers owe and what they actually pay). Upon hearing its assignment, the agency pointed to business owners as the biggest source of the problem, claiming that underreported business income makes up one-third of the tax gap.

This issue has NFIB written all over it--the small-business advocacy group refuses to stand by and let the government balance its books on the backs of independent-business owners. A story in the current issue of MyBusiness magazine explains why the IRS is barking up the wrong tree.

Posted by Shannon McRae on February 7, 2007 09:01 AM

I love to eat. I get as excited about a new restaurant as some people get about the Super Bowl (sorry to any fans, but neither team interests me this year). So the idea of being able to write off a good meal is right up my alley. But even though the IRS allows businesses to deduct 50 percent of the cost of meals and entertainment expenses incurred as a cost of doing business, being cautious is key. This article in the Charlotte Business Observer lists five essential points you should cover to substantiate a meals or entertainment deduction.

Posted by Shannon McRae on January 22, 2007 08:54 AM

I keep thinking I'm done with my holiday shopping--and then I remember a few more things on my list. My goal is to knock it all out this weekend so that I can relax and actually enjoy the last week before Christmas. When I head out on Saturday morning, I'm going to make sure to shop first at locally owned stores. Not only will I avoid the parking-lot madness and massive crowds that overtake the mall and big-box stores, I'll also be supporting a small-business owner who contributes to my community. Need more convincing? Check out NFIB's five reasons you should shop local businesses this holiday season.

Posted by Shannon McRae on December 14, 2006 04:08 PM

None of us can see into the future (and that's not a bad thing when you think about it). But if you're working hard, yet feel like you're not getting anywhere with your business, good news. Forget about predicting the future. New research from Six Disciplines Corporation finds that success might can be boiled down to just five attributes.

Small Business Trends Blog editor Anita Campbell recently revealed the traits most often shared by successful businesses with 10 to 100 employees. The first four are no surprise: a strong leadership team, the ability to attract and retain quality employees, a disciplined approach to business and strategic use of technology. But like Campbell, you might be surprised by the fifth: the wise use of trusted outside providers.

If you're trying to do it all yourself, relax--and seek help. The smartest businesspeople know that no one knows everything. Find advisors you trust and tap into their knowledge. Your future will look brighter.

Posted by Shannon McRae on December 13, 2006 02:39 PM

Of all the things to accomplish on your to-do list before the end of the year (which, scary enough, is only about three weeks away!) don't forget to see if there are any financial moves you should make before Jan. 1 to help save on your 2006 returns. This article from the latest issue of MyBusiness outlines key steps small-business owners should take for maximum savings.

Posted by Shannon McRae on December 6, 2006 11:17 AM

I'm already tired of Christmas music, and that makes me sad. For the past few weeks, I've heard Bing Crosby crooning in most of my local retail shops. Can't we eat the leftover turkey before we pull out the Christmas lights? Guess not.

The music, the decorations and the crowds mean one thing: Holiday shoppers are coming. Each year, retailers set their sights (and sites) on topping their previous year's sales records, and the 2006 holiday shopping season is no exception.

The good news for small business is that online shoppers aren't only drawn to national retailers. In fact, 75 percent of holiday shoppers said they are likely to purchase gifts online this year from small businesses, according to a Yahoo Small Business survey conducted by Harris Interactive (press release link). Topping shoppers' wish lists: secure payment systems, easy customer checkout and free shipping.

If you want to find tips on increasing your ecommerce, visit this section of the NFIB.com's Business Toolbox. Better get started soon before Valentine candy boxes fill stores.

Posted by Shannon McRae on November 20, 2006 02:22 PM

Belt-tightening at the pump takes on a whole new meaning thanks to a study released by the University of Illinois. Researchers found that Americans are using nearly 1 billion more gallons of gasoline each year than they did in 1960 because of expanding waistlines, according to this AP article. More weight makes for lower gas mileage, so your arteries aren't the only thing you'll save if you pass on that super-sized burger combo.

"The bottom line is that our hunger for food and our hunger for oil are not independent," says study co-author Sheldon Jacobson. "There is a relationship between the two."

Recent trends in consumer-driven health plans have some small businesses looking at the value of promoting wellness habits among employees. As gas prices continue to rise, healthy eating habits might not only affect your insurance premiums--they could affect your fleet's fuel bills as well.

Posted by Shannon McRae on October 26, 2006 01:04 PM

For many of you, Oct. 16 will be nothing but another Monday. Personally, I'm pretty excited because I'm getting a haircut that day. But if you're one of the almost 10 million Americans who requested a tax filing extension from the IRS this year, Oct. 16 probably means a little more than a new hairdo.

For those of you who haven't filed yet, act fast. Filing late can pose some challenges—tax preparers aren't available around the clock like they are in April, for example—and missing the deadline can put you in troubled waters with the IRS.

This recent USA Today article provides some helpful tips for late filers.

Posted by Lena Anthony on October 10, 2006 01:40 PM

Processing payroll is a tedious job--every dollar must be accounted for and deducted correctly. If you're not a CPA, it's easy to make mistakes. That's why the small-business owners in this recent MyBusiness story decided to outsource the dreaded task. Even if your bottomline is tight, hiring help (or at least purchasing software) to process internal payroll might be worth the expense. If you're tired of crunching numbers, check out these tips on AllBusiness.com about how to shop for the best solution.

Posted by Shannon McRae on October 9, 2006 11:42 AM

At MyBusiness, we strongly believe the best experts on running a small business are the men and women who do it every day. Real small-business owners know exactly what it takes to be successful.

That being said, we still think this Nevada Appeal article on 10 common small-business mistakes is helpful. Writer William Creekbaum has been an investment management consultant for 15 years. During that time, he's witnessed business owners fall victim to common traps, such as not giving up on an idea that isn't working and trying to do everything yourself. Glance over his list and see if any of the common mistakes sound familiar--and quickly change your ways if they do!

Posted by Shannon McRae on September 18, 2006 01:26 PM

Finding and retaining good employess is a common challenge among business owners, especially in this age of skyrocketing health-care costs. If double-digit increases in your insurance premiums have forced you to drop coverage, you may be left wondering what other perks you can use to attract and keep star workers.

Retirement plans are one option for many owners. Employees enjoy the security of getting help with their saving. This USA Today post points to J.W. Hall Steak and Seafood Inn in Aliquippa, Pa., whose owner Joe Hall, has been offering IRAs since 1988. "I have many long-term employees and it was a way to reward their loyalty, and of course give them even more incentive to stay with us," Hall says.

A recent issue of MyBusiness covered another good retirement alternative for business owners and their employees: the new Roth 401(k) plans.

Posted by Shannon McRae on August 21, 2006 12:55 PM

Seeing the latest Gallup poll survey made me think of a hit country song by the legendary Alan Jackson (I can't help it, MyBusiness is published in Nashville). In the ballad, "I'd Love You All Over Again," Jackson promises his wife that if he had it to all over, he would still choose to spend his life with her. The Gallup poll finds small-business owners are crooning the same tune. A whopping 83 percent would still choose to become a small-business owner, despite the high stress and long hours. That's because business owners know all that hard work eventually pays off--nine in 10 say they feel successful, and 47 percent feel "extremeley successful" or "very successful."

Posted by Shannon McRae on August 14, 2006 10:31 AM

Is the other 25 percent really telling the truth? That's the first thing I thought when I saw this new Gallup poll that found 75 percent of American workers say they'd be happier if they made more money--exactly $33,000 more, according to the study. So what about the other 25 percent? Are there really employees out there who would say they wouldn't be just the slightest bit pleased with more money?

One of the study's more comforting finds for small-business owners: Though they might want more money, 63 percent of employees don't think they'd be happier in a different job. A more positive way to look at that stat? Employees are pretty satisfied. NFIB.com's Business Toolbox has an entire section on how to motivate and inspire employees. Check out the articles for ideas on how to maintain a happy (and productive) staff. And if the survey offers any insight into your workers, might as well browse the Business Toolbox category on employee compensation too.

Posted by Shannon McRae on August 7, 2006 11:02 AM

Dream of the day you ride off into retirement? Even though an NFIB Research Foundation poll found that 46 percent of small-business owners say they never intend to fully retire, chances are, you've thought about what you'll do "someday." If you're planning your exit strategy, check out a new series on eVenturing, a resource from the Kauffman Foundation. "Ready to Sell Your Company?" is a collection of tools and articles that help business owners navigate the challenging road to retirement.

Posted by Shannon McRae on July 13, 2006 10:10 AM

The Christian Science Monitor today reports on an emerging trend in Afghanistan: entrepreneurship among women. Good news out of the Middle East is rare these days, and this article offers hope that conditions are improving for everyone in a country ruled by the oppressive Taliban until just a few years ago. The article points to a report from Microfinance Times that found 75 percent of all active microcredit borrowers in Afghanistan are now women, many of whom use their loans to start businesses.

Like their American counterparts, Afghan small-business owners—and women in particular—are leading the way in rebuilding their country’s shaky economy. Reports indicate some 10,000 women have started businesses in that country during the past few years. “Businesspeople are the ambassadors of peace in the world. If we've got women entrepreneurs, other women will feel that business can help them make a better life. This creates an atmosphere to create a factory or an industry, and brings in investors,” says Suraya Parlika, founder of All Afghan Women’s Union.

Posted by Shannon McRae on May 8, 2006 08:22 AM

John Mann’s fuel costs have almost doubled in recent months, and the owner of Buffalo, N.Y.-based 1-2-3 Delivery may have to his raise prices to keep up. With 52 delivery vans and three large trucks, Mann, like so many other small-business owners, has been hit hard at the pump.

If you’re worried about absorbing higher fuel costs in your business this summer, it might be time to think about trading in some of your vehicles for cars that get better gas mileage. CNNMoney.com picks the most fuel-efficient cars in five categories. The article also includes easy ways to pinch a few pennies when you’re picking out a new car, like opting for a smaller V-6 engine over a V-8 and passing up the four-wheel or all-wheel drive option.

Posted by Shannon McRae on May 1, 2006 07:16 AM

As summer approaches, high-school and college students will be taking a break from the books. Why not put them to work in your small business? Whether you're planning to hire your next door neighbor's child or your own, there are rules that limit the number of hours and the type of job teenagers can work. The Department of Labor created YouthRules!, a Web site full of resources, tips and frequently asked questions to keep employers straight. The rules aren't too complicated, but penalties for breaking them are substantial. The time students spend in your small business might inspire them to start businesses themselves one day. Help teenagers you know get a jump on business ownership by introducing them to the NFIB Young Entrepreneur Foundation scholarship awards program, created to help fuel the future of America's free enterprise system.

Posted by Shannon McRae on April 24, 2006 07:08 AM

Sure, the deadline to file your taxes this year was extended a couple of days, but let's face it: Tax day can still be stressful if you're rushing to beat the clock. NFIB.com today has some some last-minute tips to help get you organized, and offers a list of commonly made mistakes made on tax returns:

Entering an incorrect tax amount from tax tables

Listing incorrect or incomplete Social Security numbers for the filer and/or dependents

Misspelling names or listing name changes not provided to the Social Security Administration

Using an incorrect form

Checking the wrong filing status

Also worth noting: Due to the Patriots Day holiday, residents of Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont and the District of Columbia will have until Tuesday, April 18. Also, for idividual and business taxpayers severely damaged by Hurricane Katrina in certain parishes and counties until August 28. Of course, be sure to check with your accountant, tax advisor or IRS.gov for specific instructions regarding filing dates other than April 17 (next Monday).

Posted by Megan Goodchild on April 14, 2006 08:44 AM

With millions of Baby Boomers reaching retirement age, planning for one's financial future is a hot topic these days, prompting a feature in this week's Newsweek. Just this year, a new kind of 401(k) was added to the list of retirement savings options. Small-business owners might consider offering employees the new Roth 401(k), which allows participants to invest with after-tax dollars, which means the tax bill has already been paid on these funds. The new plan isn't for everyone, so see the current issue of MyBusiness for more details.

Posted by Jamie Roberts on April 12, 2006 12:54 PM

Have you found youself baffled at your business' rising costs even after you have cut expenses? On NFIB.com today, Jeffrey Moses writes that the best way, and sometimes the only way, for a business to cut costs is to require employees have every purchase authorized. To formalize the purchasing process, Moses says, small-business owners should establish the following:

Inform employees that they should put all purchasing requests/suggestions into writing and deliver them to the owner for review (delivery can be through managers or supervisors). The written request should include reasons for purchase, approximate dollar amounts, suggested brands and models and anticipated savings or improvements in operations (i.e., reduced labor requirements, faster production, improved quality, increased safety, etc.). When employees put purchasing suggestions into writing, they must clearly think through all aspects of the purchase. This results in a more thoughtful, considered request, as opposed to an off-the-cuff suggestion not based on analysis or comparison.

The owner may want to set up a board of key employees, managers or officers to assist during a review of purchase suggestions. A group decision can take the heat off an owner when turning down a purchase suggestion.

When employees suggest major purchases, they could be invited to meet with the board to answer questions. Employees normally would not, however, participate in the actual decision process.

The ultimate decision rests with the owner, who should convey his or her decision to the employee making the suggestion, either in writing or verbally.

Posted by Megan Goodchild on April 10, 2006 09:13 AM

How do you plan to spend your tax refund this year? If you're like some business owners, you won't be keeping it for long. The Memphis Business Journal reports that most business owners plan to use their refund to pay down debt, according to a recent survey. Other highlights of the study, which surveyed 436 small-business owners, include:

53 percent will use a refund to pay down debt, while 30 percent will save the money.

54 percent will buy only what they must in the next 12 months.

44 percent believe they've become more practical about purchases this year.

28 percent intend to pay with cash more often, rather than credit.

Posted by Emily McMackin on April 7, 2006 09:09 AM

(From NFIB.com) "A recurring nightmare for accountants who do income taxes for individuals and small businesses is the client who practices “shoebox accounting.” Shoebox accounting is the practice of throwing all receipts, vouchers and other indications of expenditures into a box, which is later––most likely on April 13 or 14––turned over to the accountant with the expectation of receiving a finished tax return ready to sign and mail by midnight on April 15. This is no way to treat your accountant––especially if you would like to retain his or her services in the future."

Posted by Rex Hammock on March 30, 2006 01:23 PM