Digital Payment Service ZELLE Claims to Provide a Tax Loophole for Small Businesses

The IRS’ new reporting rule for third-party payments has been a concern for small businesses who use platforms like PayPal or Venmo to complete transactions. As of 2022, payments for goods and services totaling $600 or more within a tax year, regardless of the number of individual transactions, must be reported to the IRS. Third-party …

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Federal Reserve Moves Cause Majority of Small Business Loans to Have a 10.5% Interest Rate

Due to an increase in the Federal Reserve’s benchmark interest rate, small businesses will pay double-digit interest rates for the first time since 2007. The Prime Rate, which small business loans are based on now sits at 7.5% – (pushing most common SBA loans to a 10.5% interest rate) the highest it’s been in decades. …

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Small Businesses Rely on Email to Engage and Acquire Customers

A reported 81% of small businesses use email as their primary customer acquisition channel. With a return of as much as $40 to every $1 spent, this is no surprise—even with the advent of new social media platforms and other online engagement tools, email marketing continues to prove cost-effective. A common and reliable way to …

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Tips From the Small Business Cyber Summit

A recent survey found that 88% of small business owners felt vulnerable to a cyber attack. Leaving your security issues unaddressed can be costly. According to the FBI’s Internet Crime Report, the cost of cybercrimes against small businesses totaled over $2 billion in 2021. The U.S. Small Business Administration hosted its first Small Business Cyber …

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What Happens to Your Roof When You Put Off Replacing It

The typical house roof can last twenty years or longer if it is made of quality materials and installed by trained experts. Some have remained in good condition for twenty-five years or beyond. But it is not a good idea to avoid replacing your roof once it sustains serious damage or begins to show signs …

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Future Proof Your Investments and Assets: What a Will Can Do for You

A will is a legal document that clearly states assets and investments status upon your death. Without one, the state is responsible for dividing your assets. However, deciding the route of a will usually is not easy for family members. Although unintentional, many typically have their plans on how to handle your possessions after your …

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Year-End Tax Planning: Part 1

Since we are getting towards the end of the year, I like posting ideas for year end tax planning. Accordingly, there will be a series of posts on this topic. You may have heard ex President Bush say, many years ago, “Read my lips. No new taxes.” Now read my lips (figuratively): “More new taxes… …

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