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Financial Advice for Small Business Owners, Knowing When to Cash Out, and The Best Cities for Entrepreneurial Talent

KNOW | TWELVE, JUNE 2019 

10 Self-Help Tips To Help Small Business Owners Keep Their Finances Organized

Owning a small business can certainly come with a steep learning curve, and it’s one that many entrepreneurs face alone. Learning on the fly is never easy, and there are many aspects of day-to-day business that need to be mastered. In particular, small business owners may struggle to keep finances in order.

While it can be challenging to keep your business’ finances organized and under control, with a little know-how—and a bit of expert advice—you can get a grasp on the information, procedures and technology you need. In this article, 10 members of Forbes Finance Council share their top recommendations for small business owners who are struggling to keep their finances in order. Check out this article and learn how to leverage these recommendations and get your small business financially organized!

 

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Boosting Social Media Advertising, Crucial HR Tips & How to be a Great Boss

KNOW | TWELVE, MAY 2019 

More Than 90% of Small Businesses Will Increase Advertising Spending in 2019

Most Small Businesses Are Prioritizing Advertising This Year and Will Increase Spending on Social Media Advertising (56%) and Other Online Advertising Mediums Such as Google Search and Banner Ads (41%). A large percentage (91%) plan to invest more in advertising in 2019, according to a new survey from The Manifest, a business news and how-to website.

Each year, more than half of small businesses (57%) spend less than $50,000 on advertising, the survey found. Increased spending on advertising will help small businesses spread brand awareness and stand out among their competition.

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Tools You Need, Employment Law Changes & Tips for Tough Conversations

KNOW | TWELVE, APRIL 2019 

Tools and Software You Should Be Using in 2019

Each decision that supervisors, team leaders, or CEOs make drastically affects the company’s entire ecosystem. A leader should research and test each decision before choosing to move forward. This step is crucial for a company to thrive in competitive markets. The fine folks over at Best Company asked CEOs, managers, and leaders about the tools and software that have proven to work for them. In this power-packed synopsis, these representatives share valuable insights and explain the benefits of using the most up-to-date tools and software in the following categories:

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Stay Safe With Google Chrome Password Checkup

KNOW | TWELVE, MARCH 2019 

Here's How Delete Messages You Regret Sending on Facebook Messenger

Facebook now lets you delete messages from old Messenger chats, a feature only Mark Zuckerberg used to have. Facebook launched a new feature in early February that lets you delete old messages inside its chat platform, Facebook Messenger. If you’d like to clean up your old chat history or have sent messages you may regret, there is an easy way to delete them. You can even delete newly sent messages if you act within 10 minutes of sending.

First, open the Facebook Messenger app on your phone or desktop and find a conversation with messages you would like to delete. On your phone, press and hold on a message or select the three dots menu icon on desktop version. Choose “remove” next to the message. If you have sent the message in the last 10 minutes you can select “remove for everyone” to make sure the messages disappear from the indexes of the people you’ve sent them to, not just your own history. CNBC

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New Tax Break for Small Business Owners

KNOW | TWELVE, FEBRUARY 2019 

This New Tax Break Can Make a Big Difference for Small Business Owners

The IRS regulations on Qualified Business Income was a major piece of the Tax Cuts and Jobs Act. This deduction is available for tax years 2018-2025 to eligible individuals, estates, and trusts that own interests in pass-through entities. For QBI deduction purposes, pass-through entities are defined as sole proprietorships, single-member (one owner) LLCs that are treated as sole proprietorships for tax purposes, partnerships, LLCs that are treated as partnerships for tax purposes, and S corporations. While the QBI deduction is available to individuals, estates, and trusts, the proposed regulations refer to all three as “individuals.”

Qualified business income means the net of qualified items of income, gain, deduction, and loss from an eligible business that’s operated via a pass-through entity. The deduction does not reduce your adjusted gross income (AGI). In effect, it’s treated the same as an allowable itemized deduction. The QBI deduction also does not reduce net earnings from self-employment for purposes of the self-employment tax nor does it reduce your net investment income for purposes of the 3.8% net investment income tax. The bottom line is that the QBI deduction regulations are lengthy and complex. This column only scratches the surface of the proposed rules. You may need to employ a tax professional to help you sort through the details and get the best QBI deduction results in your specific circumstances. - MarketWatch

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Amazon’s Foray into Healthcare

KNOW | TWELVE, JANUARY 2019 

Translating the New Tax Bill for Small Businesses

Business owners have many questions since the passage of the massive new tax bill. This article outlines what’s in the new provision, who it affects, and why you likely don’t need to change a thing to benefit. The most important outcome of the new tax law (officially the Tax Cuts and Jobs Act, or TCJA) was to give a large, permanent tax cut to corporations. But most businesses in the US are small businesses, not large corporations. So rightfully, Congress introduced a provision into the TCJA to create a little more parity, called the deduction for Qualified Business Income (QBI) (also known as Section 199A). This provision, unlike the corporate tax cuts, is strictly for businesses known as “pass-through entities.” In terms of taxation, there is only one corporate entity that actually pays taxes, the C-Corporation.

A C-Corporation is usually very large and is primarily structured in order to take on shareholders, as a public company or one that is traded on the stock market. Every other type of business, from a tax standpoint, is known as a pass-through entity. The new deduction for Qualified Business Income (QBI), allows you to deduct 20% of your “qualified business income” from your total business income. For example, if I made $100,000 in profit from selling paintings as an artist, I get to deduct 20% of that — ie, $20,000. This benefit is phased out for individuals making between $157,500 ($315,000 if married) and $207,500 ($415,000 if married) in a number of service-based fields. There are a ton of details and restrictions in this particular new provision, especially if your income falls within the phase-out window, so know that you need to do research or talk to your accountant before you apply it. - Hyperallergic.com  

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Google Calendar SMS Notifications Cancelled

KNOW | TWELVE, DECEMBER 2018 

Google Calendar SMS Notifications cancelled

SMS notifications for Google Calendar events will be removed January 7, 2019. The notifications will cease to work on that date and instead in-app notifications will be the main method of reminding users of upcoming events. Google has confirmed that users that have the SMS notifications set up will be automatically notified in one of two ways. If a user has Calendar open or the Google Calendar app on a mobile device, they will receive in-app notifications. If a user has SMS notifications set up for new events, changed events, cancelled events or response, they will receive an email. If you have disabled calendar notifications, then head to Settings > Apps & notifications > Find the Calendar app > Turn notifications on. Google also stated that the Calendar API will be updated to reflect this upcoming change. - 9to5Google

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Facebook Messenger Gets A Back to Basics Facelift

KNOW | TWELVE, NOVEMBER 2018 

Facebook Messenger Gets A Back to Basics Facelift

Facebook is rolling out a redesigned Messenger focused on simplicity. Facebook’s Messenger was initially presented as a simple way for Facebook users to send messages while using Facebook on a desktop. After the expansion to a mobile app many additional features including games, bots and payment, were added which made the once simple Messenger feel bloated to users. The newly redesigned app is hoping to return the focus to chats and present a more streamlined experience by combining many of those extra features. The extras will still be accessible but will be hidden away where you can safely ignore them.

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New Tariffs Will Impact Small Business Owners in a Big Way

KNOW | TWELVE, OCTOBER 2018 

Walmart wants to bring its 'everyday low prices' to health care

Walmart, which markets itself as the leader in "Everyday Low Prices," is working on increasing its presence in the health care sector. The retail giant has entered into a deal with Anthem, one of the nation's largest insurers, to entice more Medicare enrollees to buy over-the-counter medications and health supplies at its stores. Former Humana executive Sean Slovenski has been hired to lead its health and wellness division and it was reportedly looking to buy PillPack before Amazon purchased the online pharmacy in June.

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Apple to Introduce New Low-Cost Macbook Laptop

7 Sep 2018,
Posted by Emily Morgan

KNOW | TWELVE, SEPTEMBER 2018 

Apple Is Planning a New Low-Cost MacBook, Pro-Focused Mac Mini

Apple has announced a new lower cost laptop along with a professionally focused upgrade to the Mac mini desktop later this year. Apple typically releases new Macs in October following the launch of new iPhones. Apple experts believe that the company is planning to debut three new iPhones, Apple Watches with larger screens, and new iPad Pros later this year.

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