Archive for April, 2009

President Obama Says Economy and Credit are Showing Signs of Life

Thursday, April 16th, 2009

Last Friday, President Obama extolled that there are “glimmers of hope” in the U.S. economy for recovery, which has been experiencing the deepest recession in a generation.

Dennis Romero over at the Entrepreneur.com Daily Dose blog has a great summary of the president’s remarks at the White House.

Since March, the Small Business Administration’s popular small business loan program has expanded by 20% when the administration announced stronger loan guarantees for credit administered through the SBA.

The President commented to reporters at the White House, “We feel very good about the progress that we’re making in unlocking lending in some particular markets, for example the small business area.”

He went on to say regarding the 20% increase in small business lending, “And what that means is that small businesses are starting to get money that allows them to keep their doors open, make payroll, and that is going to contribute to our overall economic growth, as well as help make sure that people are able to keep their jobs.

Additionally, home refinancing has shown signs of improvement, which is helping stabilize the sector of the economy that’s at the heart of the recession.

In light of this, now may be the time to incorporate online – check out our post from last October detailing Reasons to Consider Starting a Small Business in a Recession.

Keeping Up with Small Business Taxes

Monday, April 6th, 2009

After incorporating a small business online, you have to determine what your tax liabilities are – which usually is best done through the services of a certified public accountant.

It’s that time of year when we’re all thinking about filing our individual tax returns – however, there are also taxes for small businesses that need to be addressed to avoid the dreaded IRS audit, which can put the brakes on whatever you may be trying to accomplish.

The IRS site provides some explanation of the taxes a small business can be responsible for paying – these include: income taxes, self-employment taxes, employment taxes and excise taxes.

All businesses except partnerships are required to file an annual income tax return…partnerships file an informational return.

Self-employment taxes are for individuals who work for themselves, covering Social Security and Medicare. If you have employees, the employment tax(es) cover this along with their income withholding and unemployment insurance taxes.

Depending on what you do, you may have to pay excise taxes as well. These apply to companies that manufacture or sell certain products, operate certain kinds of businesses, use various types of equipment and receive payment for certain services.

Of course, it’s important to consult with an accountant to find out exactly what taxes you must pay…but short of that, take a look at the IRS’ Business Tax article to learn more.

Escape from the Cubicle Nation!

Thursday, April 2nd, 2009

Attention all aspiring entrepreneurs…there’s a great new book being released on April 30th from life coach Pam Slim to help transition from slaving away in a cubicle for some corporation to becoming your own boss as an entrepreneur.

Online incorporation service MaxFilings suggests this book as a great resource to help properly manage your affairs when making this stressful, but in the end, very fulfilling transition.

Hating your job is not proper motivation for becoming an entrepreneur according to Pam…and it is not a viable business plan either. The book however provides the low down for properly getting your venture off the ground and many different points related to starting, operating and marketing a small business.

The book is now available for pre-order from your favorite online book retailer.

Order “Escape from the Cubicle Nation” today and when you’re ready form your corporation or LLC online, look to MaxFilings to help you effectively navigate the legal procedures for starting your business in any state in the union.