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Trusted Answers From Licensed Business Professionals
FINANCING

How Should a Small Business Negotiate a Loan for 2012?

By Susan Ladika on December 14th, 2011 at 12:30 pm

This is a common scenario these days, "The loan for my small business is coming due next year. I've heard it's hard to get a new loan, so what do I need to do to get one at the best terms?" It's good that you're thinking about your loan now, rather than when it comes due. A conversation with your banker today can help eliminate surprises and help smooth things along down the line. .
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FINANCIAL ADVICE

Is Your Business Prepared for the Increase in Minimum Wages?

By The BIDaWIZ Team on December 5th, 2011 at 5:45 pm

Small businesses in eight states may want to start thinking about a strategy to offset the wage increases they may have to shell out to non-salaried minimum wage workers. Beginning on January 1, 2012, small businesses across eight states or 17% of the country will owe an additional $0.32 on average per hour or $665 per year for each minimum wage worker. This means that those with several employees in this category will owe several thousand dollars a year in additional wages. Is your business prepared for this wage increase? Read More.

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TAX BREAKS

The Self Employed Can Get a Big Tax Break From Retirement Savings

By The BIDaWIZ Team on November 29th, 2011 at 6:00 pm

As we head into the final month of 2011, now is the time to start acting on year end tax saving strategies. For those that are self employed or have a side business, the savings can be significant by contributing to a tax friendly retirement plan now or or before April 16, 2012. Read More.

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SMALL BUSINESS

Choosing the Best Accounting Software for Your Business

By The BIDaWIZ Team on November 7th, 2011 at 11:30 pm

Every small business needs to keep track of their company's financial performance which means investing in the right accounting solution is essential. Learn which accounting solutions are available for your small business and the factors you need to consider in your decision making process. .
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TAX BREAKS

Do I Qualify for the Small Business Health Care Tax Credit?

By Susan Ladika on November 3rd, 2011 at 6:45 pm

If you own a small business and employ fewer than 25 full-time equivalent employees, you may very well be eligible for the tax credit. It all depends on your employees' average annual wages, and whether you pay part of their health care coverage. If you meet specific criteria, you could be eligible for a tax credit of up to a maximum of 35 percent of your health care premium costs. The credit was adopted as part of federal health care reform legislation. .
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FINANCIAL ADVICE

What’s The Best Way To Determine E-Commerce Shipping Costs?

By Susan Ladika on October 28th, 2011 at 11:30 am

As anyone who runs an eCommerce site can tell you, calculating shipping costs can be one of the most complicated aspects of the entire transaction. Charge too little, and you won't be able to cover your costs. Charge too much, and you can drive shoppers away. In fact, a survey done for PayPal earlier this year found that more than 40 percent of online shoppers had abandoned their carts in midstream, most frequently due to high shipping costs. The average price of the goods that were abandoned exceeded $100. .
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SMALL BUSINESS, TAX REPORTING

Businesses with Sales over $20,000 Need to Prepare for form 1099-K

By Susan Ladika on October 17th, 2011 at 2:15 pm

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Beginning with transactions made this year, income that came to you through third-party payment processors like PayPal and credit and debit card companies need to be reported to both you and the Internal Revenue Service on the new 1099-K form. The form is being implemented in an effort to prevent merchants from underreporting their income to the IRS and is applicable to all small business owners who have 200 transactions or more for the year and total at least $20,000 from a particular payment processor. .
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FINANCIAL ADVICE

Am I Selling my Goods and Services for the Right Price?

By Susan Ladika on September 30th, 2011 at 3:30 pm

how-to-price-goods-and-services
At a time when consumers are concerned about every penny they're spending, it's imperative that your products be priced properly. While it might be tempting to set a low price, that can be just as dangerous as pricing your product too high. If you don’t establish a high enough price, you may not be able to make enough to cover your costs, let alone turn a profit. Too low a price also can give the impression that what you're selling is of poor quality. .
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TAX BREAKS

The 2011 Small Business Tax Breaks Set to Expire, Unless…

By The BIDaWIZ Team on September 29th, 2011 at 3:00 pm

2011-tax-breaks-expire-for-business
Year end is quickly approaching which means small business owners should be finalizing their tax planning strategies for December and into 2012. There are several tax benefits that may expire or be significantly reduced in 2012 but President Obama's proposed jobs plan could extend those breaks and more. .
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FINANCIAL ADVICE

What Should Small Businesses Know About Virtual Phone Systems?

By Susan Ladika on September 16th, 2011 at 4:15 pm

virtual-phone-systems
A virtual phone system or virtual PBX is a low-cost alternative to traditional telephone systems that still allows small businesses to project an impressive image to clients and business partners. There’s no need to maintain and install extra hardware, and you can get features like a professional greeting when the phone is answered, have calls routed to various extensions, receive unlimited fax service and have calls routed to mobile phones and online voice mail. .
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