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4Q Business Planning

October 16, 2012

Many business owners are paralyzed by uncertainty over what the future may look like for their business and industry. But if you’re the owner of a closely held family business and are thinking about some form of retirement, you should consider taking advantage of a few tax provisions before the end of the year to help you, your company, and your family.

In the next 12 to 24 months, several tax laws will probably change. The lifetime gifting exemption of $5 million per person will likely be reduced and the long-term capital gains tax of 15% increased. In the fourth quarter of 2012, you can take advantage of current rates to start implementing the transition or sale of your closely held family business.

If your net worth is high enough, and your children are going to be taking over your company, then strongly consider using some or all of your $5 million gift exemption this year. (more…)

Ideas for an End-of-the-Year Events

October 15, 2012

Labor Day is well behind us and whether you want to believe it or not, 2013 is fast approaching. The end of the year is typically the busiest time for many businesses, but it can also be the perfect time to host an event.

An event can give your business or organization an opportunity to create intimacy and make a more personal connection with those you come in contact with. When you invite customers and members to a special event, you’re building relationships the old-fashioned way — with personal, face-to-face contact.

Now is the perfect time to start planning for your end-of-year events. Here are some ideas for events that businesses and organizations can put together to bring in customers, clients, members, donors, prospects, and others: (more…)

Internet Marketing for Beginners: Part 2 – Generating Sales

October 12, 2012

This article is the second in a series on Internet Marketing for Beginners. In the first article, I discussed setting a proper online goal. A website should either generate sales, leads, or support for an existing customer base.

This article will focus on the first goal: Generating Sales.

Some of you may think ALL websites should generate sales. However, in my opinion, only a few should consider that their goal. When I say, “generate sales,” I define that phrase as allowing someone to put a product in a “shopping cart” and paying for it online. The merchant has only to ship it at that point.

The majority of you don’t need a shopping cart. Basically, those who sell high-priced items or services rarely need a shopping cart. Examples would include realtors, repairmen, consultants, etc. (more…)

Embargoes and Sanctions

October 10, 2012

Shipping to Embargoed Countries; Shipping to Sanctioned Countries; Special controls; Office of Foreign Assets and Control (OFAC); Source: Bureau of Industry and Security (BIS)

Concentrate on Business, Not Payroll

October 8, 2012

The popular adage that “time is money” is particularly true for small business owners. And handling payroll tax obligations can be quite time-consuming. Consider contracting with a third-party payroll provider to alleviate the burden of handling your employment tax obligations.

Most small business owners find the most value in outsourcing their responsibilities to withhold and pay Social Security, Medicare and income taxes. The outsourcing doesn’t have to be an all-or-nothing arrangement—payroll services offer different levels of service. Your decision will likely be based on your time constraints as well as your comfort level.

Ensure a Third-Party Provider Is Up To Snuff

If you decide to go the outsourcing route, take a couple steps to protect yourself: (more…)