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TAX REPORTING

Thousands Of IRS Notices Were Recently Sent To Small Businesses

By The BIDaWIZ Team on August 15th, 2013 at 5:59 pm

A couple of years ago, we had warned small businesses of the potential issues that could arise from the new 1099-K form reporting requirement. It didn't take long for the IRS to send notices to 20,000 small businesses indicating that they may be under-reporting income. What should you do if you receive this notice now or in the future? .
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SMALL BUSINESS

Are Licenses And Degrees Necessary To Become An Entrepreneur?

By Ryan Himmel, CPA on August 9th, 2013 at 11:36 am

While there are many different ways to prepare yourself to become an entrepreneur, we recommend focusing on opportunities that help you develop key qualities. Most entrepreneurs share these traits: imagination, courage, integrity, leadership, work-ethic and accountability. Pursuing a professional license or graduate degree can only help with building on some of these qualities. Here's how. .
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FINANCING

Online Lending Alternatives For Small Businesses

By Ryan Himmel, CPA on August 2nd, 2013 at 8:39 am

We recently contributed to Entrepreneur Magazine by providing an analysis of the alternative lending market for small to mid-sized business. Read More.

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MARKETING

Identifying The Best Location For Your Business

By The BIDaWIZ Team on August 2nd, 2013 at 7:45 am

Location can play an important role in determining the success or failure of an early-stage business. This is why you should spend time planning and analyzing locations to find the right one. With that said, you need to incorporate a strategy in your search. .
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SMALL BUSINESS

How Do I Take A Business Idea To Market?

By The BIDaWIZ Team on August 2nd, 2013 at 12:03 am

In many respects, coming up with the business idea is the easy part when starting a business. Successfully executing on that idea to create a viable and sustainable business is the hard part. If you happen to have already developed a prototype, then you're a step ahead of most other entrepreneurs at this stage. Theoretically, you've already defined a problem in the market and have created a solution. However, there is still much work to do and steps to follow to increase your chances of success. .
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SMALL BUSINESS

What Are The Characteristics Of A Long Lasting Company?

By The BIDaWIZ Team on July 26th, 2013 at 4:46 pm

Whether your company is a startup or a large publicly traded entity, there are certain characteristics that any management team can follow to improve their chances of building a long lasting business. Most of these traits go unnoticed or are ignored since 50% of new businesses last 5 years and less than 33% make it past year 10 (source: Bureau of Labor Statistics). .
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TAX ISSUES, TAX REPORTING

The IRS Penalty Waiver That Can Provide Relief To Taxpayers

By The BIDaWIZ Team on July 12th, 2013 at 10:49 am

Over twelve years ago the IRS created the first-time abatement waiver (FTA), yet few taxpayers and businesses that are eligible for it know of the clause. We attempt to solve that problem by explaining who is eligible for the abatement and how to request it. .
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HIRING

What Should You Do If A Great Employee Leaves Your Company?

By The BIDaWIZ Team on July 5th, 2013 at 12:41 am

Many businesses go through periods when one of their best employees decides to leave the company. While this may be difficult for your company, this is not a time to lose optimism about the future. Rather, you need to learn as much as possible about what led to their departure. .
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FINANCIAL ADVICE, HIRING

Businesses To Benefit From The Delay In The Obama Healthcare Law

By The BIDaWIZ Team on July 4th, 2013 at 12:24 am

Small to mid-sized business owners can breath a sigh of relief or at least until January 1st, 2015. The Obama administration has recently announced that small businesses will have a one year grace period to comply to the new health insurance requirements as part of the Affordable Care Act. What does this mean for your business? Read More.

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TAX BREAKS

Will Changing Tax Legislation Favor C Corps Over S Corps?

By The BIDaWIZ Team on June 25th, 2013 at 4:17 pm

Dramatic changes to the tax code were initiated in the beginning of this year and more can be on the way for 2014. The highest marginal personal tax rate of 39.6% now tops the corporate rate of 35%. Does this change signal a trend going forward and should small business owners start to re-think their S Corporation tax structure? .
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