Mother’s Day is a day to recognize the importance of moms; it became an official holiday in 1914. It’s also a good time to note that a number of highly successful businesses were started by mothers. I’m guessing that they figured out how to run a company while maintain a work-life balance. Here’s a roundup of some of these moms who are also wonderful entrepreneurs as well as my tips on work-life balance. Major companies founded by moms Moms have been running businesses—from the family farm to local bakeries, boutiques, and other Main Street businesses—for a long time. Some moms have founded bu ..read more

For many people, tax filing is becoming a distant memory for this year; April 15 has passed. But taxes are year-round for business owners. They deal with payroll taxes on a regular basis and many pay quarterly estimated taxes. A few even pay excise taxes. But what about the big picture when it comes to tax filings? Each year, the IRS creates a data book with tables showing various information—how many returns were filed, how many were filed electronically, how many were examined, and more. The most recent data book covering the government’s fiscal year 2023 (ending September 30, 2023) shows ch ..read more

If you’ve incorporated your business or formed a limited liability company, you may have the belief that you can’t be personally liable for your business’ debts. Think again. If you have employees and you fail to deposit the taxes you’ve withheld from their paychecks, you may be 100% personally liable for these taxes. Here’s what you need to know. What are trust fund taxes? When an employer withholds income tax and the employees’ share of FICA to cover their Social Security and Medicare taxes, the employer is acting in a fiduciary capacity. The taxes don’t belong to the employer; they represen ..read more

As your business expands, you may need more “hardware” to outfit a growing staff or perform new or additional tasks for customers. The new items may be small, such as tablets, smartphones, and laptops (which cost a few hundred to a few thousand dollars), or large equipment, such as cement trucks (which cost from $100,000 to $300,000) or CT scanners (which cost from $80,000 to $300,000). The cost for robots used by small manufacturers can start at $25,000 and go to  $400,000. (Getting a new vehicle for business is a whole other discussion and it’s not covered here.) There’s a lot to t ..read more

The prevalence of remote work, which grew substantially during the pandemic, is obviously not going away. In 2024, 65% of companies offer remote work arrangements. This includes hybrid work—some hours at the company and some remotely. It’s well established that employees prefer to have remote work options, with 66% believing it should be a legal right. So, if the nature of your business permits remote work arrangements and you’re onboard, it’s imperative to address cybersecurity concerns. Recognize the threats Don’t be an ostrich when it comes to the potential for being victimized by a cy ..read more

April is National Distracted Driving Awareness Month, so it’s a good time to confront problematic driving actions and the policies and practices to combat them. After all, your business may be financially liable for accidents, whether the vehicle is owned or leased by the company or it belongs to the employee driving on company business. In addition to distracted driving, there’s drowsy driving, poor driving habits, and mechanical issues. (This is an update from an earlier blog.) Distracted driving The CDC reports that 9 people are killed each day in the U.S. because of distracted driving ..read more

Many people try incorporating the outdoors into office interior design, from adding different plants to using colors that mimic natural landscapes. Going through those efforts can be a worthy effort to improve the employee experience, but it’s also possible to encourage working outside. An outdoor workspace is far from conventional compared to working from home and while on vacation. That said, there are various benefits to taking a job outside, at least for a portion of the day. 8 Benefits of Encouraging Outdoor Work 1.   A New Environment Staying in one space for too long can be to ..read more

April 22 is Earth Day, which started in 1970 as a day to raise awareness of environmental issues. This year’s theme for Earth Day is “Planet vs. plastics,” with a goal of a 60% reduction in plastic production by 2040. Whether you’re a climate change activist or just someone concerned about protecting the environment, Earth Day is a good time to think about the Circular Economy and how your business can benefit from it. What’s the circular economy? According to one source, “the circular economy is a model of production and consumption which involves sharing, leasing, reusing, repairing, refurbi ..read more

While summertime won’t officially begin until June 20, 2024, it’s not too soon to begin planning for it. Running your business smartly requires planning and preparation. Here are 3 areas to be thinking about now so you can be ready when the calendar says summer. 1. Vacation and holiday planning Summertime is synonymous with vacations. Schools are out and the weather is conducive to play. From a business perspective, summertime requires some special planning with respect to time off. Vacation scheduling. As a general rule, most employees want to take their vacation days during the summer. A sm ..read more

Like December 7, April 15 for many is “a date which will live in infamy.” It’s Tax Day in most of the U.S. Calendar-year partnerships and S corporations were required to file their 2023 returns, along with Schedule K-1s for owners, on March 15, 2024, or obtain an extension. Now, the filing deadline for owners of these pass-through entities is approaching. Here are 5 last-minute reminders to help you meet your tax obligations and avoid penalties, interest, and IRS scrutiny. 1. Check your filing deadline. April 15th is the due date for the 2023 federal income tax return. But the deadline is Apri ..read more