This guide shows you How To Manage Your Small Business Cash Flow Watch This and Other Related films here: www.videojug.com Subscribe! www.youtube.com Check Out Our Channel Page: www.youtube.com Like Us On Facebook! www.facebook.com Follow Us On Twitter! www.twitter.com
House passes small business contracting bills
May 19th, 2012
Eight bills aimed at making it easier for small businesses to win federal contracts won approval Friday in the House of Representatives. But the legislation’s fate is uncertain because the measures are attached to a defense spending bill that President Barack Obama has threatened to veto.
The $642 billion defense bill passed the House by a vote of 229-120. It goes next to the Senate, which is expected to make changes in the defense spending proposals. Obama has threatened to veto the bill, which departs significantly from his proposed Pentagon budget.
The eight contracting bills were attached to the defense bill because doing so guaranteed that they’d make it to the House floor, said D.J. Jordan, spokesman for the House Small Business Committee, which sponsored the bills. He said it also made sense for them to be attached to the bill because 70 percent of federal contracts are made by the Pentagon. Thousands of bills introduced in Congress each year never make it to a full House or Senate vote.
The contracting bills include:
—The Government Efficiency Through Small Business Contracting Act, which would raise to 25 percent the amount of federal contracting dollars that should go to small businesses. Under current law, the figure is 23 percent.
—The Small Business Advocate Act, which would make it easier for the Offices of Small and Disadvantaged Business Utilization in federal agencies to advocate for small business contracts.
—The Subcontracting Transparency and Reliability Act, which intends to make it easier for the government to stop large businesses from winning contracts by using small companies to front for them and would allow more small businesses to team up to win contracts.
—The Small Business Opportunity Act, which would make small business advocates part of the federal contracting process.
—The Building Better Business Partnerships Act, which would Allow the Small Business Administration to oversee 13 current mentorship programs for small businesses.
—The Small Business Protection Act, which would revamp the SBA’s size standards, or the measure it uses to determine what a small business is.
—The Contractor Opportunity Protection Act, which would overhaul the appeals process for contract bundling. Bundling is the process that brings a number of small companies together to provide goods or services to fulfill one large government contract. Often they are subcontractors of larger companies.
—The Contracting Oversight for Small Business Jobs Act, which is intended to fight fraud in contracting.
Posted in Information | No Comments »
Ten best small business stories of the week
May 19th, 2012A roundup of the highlights from The Globe's home for entrepreneurs
Posted in Information | No Comments »
SaleSpider.com Reaches 1 Million Members
May 17th, 2012TORONTO–(Marketwire -05/16/12)-
SaleSpider Media today announced they have reached 1,000,000 Small Business Members and expanded its business directory to over 12 million US businesses. Growing by over 20,000 new members per month, SaleSpider is a powerhouse in helping Small Businesses take their businesses to the next level.
With over 1,000,000 members, doing lead generation and market research is easier than ever on SaleSpider.com. As the site grows, SaleSpider.com members will continue to find more business connections and save time on their daily tasks.
SaleSpider’s innovative social platform is the industry leader in bringing together small and midsize businesses to help open the lines of communication for new business.
About SaleSpider:
SaleSpider Media is a leading digital media company. We own multiple properties that offer online advertising solutions to both b2b and b2c advertisers and direct marketers. Clients range from small to medium businesses to Fortune 1000 companies and their media agencies.
SaleSpider Media’s publications and media brands include:
- SaleSpider.com — Over 1,000,000 Small & Medium Business Owners & Executives.
- AdShare Display Network — B2B & B2C Performance Display Targeting.
- AdShare Email Marketing Services — Over 10 million B2B & B2C Opt-Ins.
SaleSpider Media’s primary property is SaleSpider.com, the largest Small Business Social Network in the US. We are the Facebook for entrepreneurs and small business owners. We are established in media agencies and are overwhelmed with opportunities.
To learn more about SaleSpider Media, please see www.salespidermedia.com and www.salespider.com.
Posted in Information | No Comments »
Annual small business and business plan competition winners named at SBA luncheon
May 17th, 2012
CONTRIBUTED PHOTO
Winners of the 2012 Coastal Bend Small Business Awards. From left: James Bounds, Minority Small Business Champion of the Year; Sylvia Ann Tryon-Oliver, Women in Business Champion of the Year; Celia Garza, SBDC Counselor of the Year; Virginia Delgado, Home-Based Business Champion of the Year; Randy Webb Jr., SBA Young Entrepreneur of the Year; Joe P. Dove Jr., SCORE Counselor of the Year; and Theresa Nix, Small Business Person of the Year.
CORPUS CHRISTI —
The U.S. Small Business Administration kicked off National Small Business Week by honoring Coastal Bend small businesses for their achievements.
The 2012 Coastal Bend Small Business Awards, hosted by the Del Mar College Small Business Development Center, recognized business owners who have inspired their fellow entrepreneurs and supported growth of the region’s small business community.
The winners are:
Small Business Development Center Counselor of the Year: Celia Garza
SCORE Counselor of the Year: Joe F. Dove Jr.
Home-based Business Champion of the Year: Virginia Delgado
Minority Small Business Champion of the Year: James Bounds
Women in Business Champion of the Year: Sylvia Ann Tryon-Oliver
Young Entrepreneur of the Year: Randy K. Webb Jr.
Small Business Person of the Year: Theresa Nix
Also announced on Wednesday was the winning team from the Coastal Bend Business Plan Competition.
Coastal Bend Aerospace — the team of Texas A&M University-Corpus Christi students Thurman Walling, Douglas Johnson, Rishi Ahuja and Cody Lemke — won the contest and $22,000 in in-kind startup services.
The team developed a way to launch payloads into low Earth orbit using high altitude balloons.
It has been a trying few years for small businesses navigating economic recovery but all signs point to progress, said Yolanda Olivarez, Region 6 administrator for SBA.
Small businesses create about two-thirds of the country’s new jobs. The country has gained more than 4.2 million jobs through 26 consecutive months of private sector job growth, offsetting the 8 million lost to the economy, Olivarez said.
“A lot of it, I believe, has been because we’ve provided small businesses the resources that they need,” Olivarez said Wednesday morning.
Olivarez said the SBA has increased access to capital, which is key to starting and growing a business. Lending in Region 6 — which includes Texas, Louisiana, Arkansas, Oklahoma and New Mexico — topped $2.7 billion in fiscal year 2011, figures show.
In the Lower Rio Grande Valley District, which includes the Coastal Bend, there were 181 loans for more than $56 million in fiscal year 2011, records show.
To date in 2012, there have been 123 loans for more than $18.4 million.
Olivarez said the businesses honored Wednesday in Corpus Christi are great examples of how vital small businesses are as the backbone of the nation’s economy. All honorees provide for themselves, their families and are involved in civic activities.
“This is the quality small businesses have,” Olivarez said. “Not only are they contributing to the job market, but they give back to the community.”
National Small Business Week has been celebrated in May by presidential proclamation since 1963. Nominations for 2013 awards can be made at www.sbawards.com.
AWARD WINNERS
Small Business Development Center Counselor of the Year: Celia Garcia
As the only Spanish-speaking counselor on staff, she handles a larger load of clients who require challenging services such as document translation. Garcia also helps clients from Mexico properly establish businesses in Corpus Christi.
SCORE Counselor of the Year: Joe F. Dove Jr.
A retired certified public accountant who co-owned accounting firm Dove & Thompson for more than 32 years, Dove since 2010 has been a volunteer counselor with SCORE — a network of experienced business professionals who offer advice to entrepreneurs.
Home-based Business Champion of the Year: Virginia Delgado
Delgado, a small-business owner herself, helps train home-based business owners with startup guidance, planning and marketing advice, including best practices with tools and resources such as social media.
Minority Small Business Champion of the Year: James Bounds
Bounds, South Texas regional business development director for Security Service Federal Credit Union, created a small-business loan program a few years ago when he was president of Horizon Credit Union.
Bounds volunteers as an advocate for minority-owned businesses and serves on several boards, including the Portland Chamber of Commerce, the Corpus Christi Hispanic Chamber of Commerce and San Patricio Economic Development Corp.
Women in Business Champion of the Year: Sylvia Ann Tryon-Oliver
Tryon-Oliver has worked in customer service, marketing and finance in the Coastal Bend for the past 35 years and has been president and CEO of the Corpus Christi Black Chamber of Commerce since 2004.
In 2006, she developed a Saturday business seminar “SOS,” or Sisters on a Saturday, for women to network and learn about entrepreneurship.
Young Entrepreneur of the Year: Randy K. Webb Jr.
Webb owns Webb Construction, which he began at age 20 after jobs in the refineries and with Sherwin Alumina.
Webb started in construction at 13, working alongside his father and grandfather. His business took off, riding the wave of the residential housing boom. Webb now handles multimillion-dollar projects with up to 20 employees at any given time.
Webb Construction has a 100 percent on-time completion record.
Small Business Person of the Year: Theresa Nix
Nix’s Gainco Inc. has invested more than $1.2 million in environmental remediation, drilling and injection and oil field waste services equipment using SBA commercial loans. The company now has a 5,000-square-foot building and 3-acre equipment yard.
Eagle Ford Shale activity has boosted Nix’s business as Gainco provides services to oil producers, operators and tank rental companies.
Posted in Information | No Comments »
How To Start A Small Business
May 14th, 2012This guide shows you How To Start A Small Business Watch This and Other Related films here: www.videojug.com Subscribe! www.youtube.com Check Out Our Channel Page: www.youtube.com Like Us On Facebook! www.facebook.com Follow Us On Twitter! www.twitter.com
Posted in Videos | No Comments »
How To Start A Small Business
May 14th, 2012This guide shows you How To Start A Small Business Watch This and Other Related films here: www.videojug.com Subscribe! www.youtube.com Check Out Our Channel Page: www.youtube.com Like Us On Facebook! www.facebook.com Follow Us On Twitter! www.twitter.com
Posted in Videos | No Comments »
What the budget means for small business
May 14th, 2012
“The majority of small business entities do not use a company structure this measure(the tax refund) will be of no benefit to them” Photo: Reuters
This year’s federal budget has again shown that the small business sector is largely ignored by politicians and bureaucrats in Canberra. One of the budget measures will only help those businesses that can afford to purchase assets, while the other will tend to only help large and medium-sized businesses.
The main small business tax initiative in the budget was in fact not a new measure but an old one updated. From July 1, 2012 small business entities, those with a turnover of less than $2 million, can claim an immediate tax deduction for assets purchased costing less than $6500. When this measure was originally announced the limit was $5000.
Where an asset costs $6500 or more it can be depreciated in a single group or pool. Currently assets with a useful life of less than 25 years are depreciated at 30% per annum and half that rate in the year of purchase. Assets with a useful life of 25 years or longer are depreciated at 5% per annum. Under the new system all assets, except for buildings, will go into a pool and be depreciated at 30% per annum.
One measure, that would have restored equity to the income tax system for small businesses, would have been to increase the income threshold that determines if a business is a small business entity. Since the small business entity system was introduced on July 1, 2007 the income threshold should have increased to $2.25 million to reflect increases in CPI.
Another previously announced measure given prominence in the budget was the ability for small businesses to claim an immediate tax deduction for the first $5000 of the cost of a motor vehicle. Any excess cost over $5000 can be included in the depreciation pool and written off at 30% per annum.
In practical terms the two measures when combined will mean if a motor vehicle costs less than $6500 in immediate tax deduction will be claimed. If it costs $6500 or more the immediate tax deduction will be $5000 with the balance depreciated at 30%.
An example of how this works is a business that buys a delivery van costing $20,000 in November 2012. The business will receive an immediate tax deduction of $5000, and a depreciation deduction of $2250, in the 2013 financial year. In the 2014 year the depreciation deduction will be $3825.
The problem with the assets and vehicle purchase measures for businesses in financial difficulty, as result of the two speed economy, is that they will only get a benefit if they can afford to purchase assets and will be paying tax.
The only new measure announced in the budget is the ability for companies to receive a tax refund when they make a loss in a financial year, and company tax was paid on a profit made up to two years ago. As the majority of small business entities do not use a company structure this measure will be of no benefit to them.
Questions on small business tax or other issues can be emailed to business@taxbiz.com.au
Tax for small business, a survival guide, by Max Newnham is available in bookstores
Posted in Information | No Comments »
What the budget means for small business
May 14th, 2012
“The majority of small business entities do not use a company structure this measure(the tax refund) will be of no benefit to them” Photo: Reuters
This year’s federal budget has again shown that the small business sector is largely ignored by politicians and bureaucrats in Canberra. One of the budget measures will only help those businesses that can afford to purchase assets, while the other will tend to only help large and medium-sized businesses.
The main small business tax initiative in the budget was in fact not a new measure but an old one updated. From July 1, 2012 small business entities, those with a turnover of less than $2 million, can claim an immediate tax deduction for assets purchased costing less than $6500. When this measure was originally announced the limit was $5000.
Where an asset costs $6500 or more it can be depreciated in a single group or pool. Currently assets with a useful life of less than 25 years are depreciated at 30% per annum and half that rate in the year of purchase. Assets with a useful life of 25 years or longer are depreciated at 5% per annum. Under the new system all assets, except for buildings, will go into a pool and be depreciated at 30% per annum.
One measure, that would have restored equity to the income tax system for small businesses, would have been to increase the income threshold that determines if a business is a small business entity. Since the small business entity system was introduced on July 1, 2007 the income threshold should have increased to $2.25 million to reflect increases in CPI.
Another previously announced measure given prominence in the budget was the ability for small businesses to claim an immediate tax deduction for the first $5000 of the cost of a motor vehicle. Any excess cost over $5000 can be included in the depreciation pool and written off at 30% per annum.
In practical terms the two measures when combined will mean if a motor vehicle costs less than $6500 in immediate tax deduction will be claimed. If it costs $6500 or more the immediate tax deduction will be $5000 with the balance depreciated at 30%.
An example of how this works is a business that buys a delivery van costing $20,000 in November 2012. The business will receive an immediate tax deduction of $5000, and a depreciation deduction of $2250, in the 2013 financial year. In the 2014 year the depreciation deduction will be $3825.
The problem with the assets and vehicle purchase measures for businesses in financial difficulty, as result of the two speed economy, is that they will only get a benefit if they can afford to purchase assets and will be paying tax.
The only new measure announced in the budget is the ability for companies to receive a tax refund when they make a loss in a financial year, and company tax was paid on a profit made up to two years ago. As the majority of small business entities do not use a company structure this measure will be of no benefit to them.
Questions on small business tax or other issues can be emailed to business@taxbiz.com.au
Tax for small business, a survival guide, by Max Newnham is available in bookstores
Posted in Information | No Comments »
Small business loans from nonprofit helped create 230 jobs, MDC says
May 14th, 2012Madison Development Corp. said 15 loans the nonprofit organization made to local small businesses last year, totaling $2 million, helped create 230 jobs, with 192 of them full time.
That’s an increase from 2010 when a similar loan total resulted in 150 new hires.
Nordic Consulting Partners, a health care information technology consulting company, added 73 full-time employees in 2011, the largest job increase.
MDC specializes in loans to small businesses that may have a hard time getting money from a bank.
Posted in Information | No Comments »
