Starting this month, we’re trying out something new here at MaxFilings and Incorporation-e. Just a quick browse around the Internet about business and economic news yields literally thousands, if not millions of results. It can be daunting to sift through all that information to find things that are useful or interesting to you.
Below is a compilation of stories we spotted recently that we want to share with you. We’ve broken everything down in sections, and provide a quick rundown of stories we feel are of interest to you, the small business owner.
Continue reading for a brief rundown of current events, economic news and other items of interest to small business owners.
Economy and Market Updates
- 2015 has not started out too great for stock markets. Last week (ending Jan. 16), stocks endured their third straight week of losses on concerns about corporate earnings and how they’ll be affected by falling oil prices, a rising dollar and other events. Stocks have gained back some of the lost ground in the shortened trading week (Jan. 20-Jan. 23), but fell modestly early Friday morning following a big rally in European markets.
- European stocks rose sharply following a decision from the European Central Bank to launch an aggressive bond-buying program to stimulate the sagging Eurozone economies. It’s expected the program will create more than 1 trillion Euros by September of next year.
- Not long before the ECB’s announcement, the Swiss Central Bank abandoned its currency peg to the Euro in a surprise move. In 2011, the Swiss set a minimum exchange rate of 1.20 francs to 1 Euro in response to the Greek sovereign debt crisis that year. The Swiss Franc rose nearly 30% following the announcement on Jan. 15.
- After peaking at $115 in June, oil has been steadily dropping. This of course is welcome news to motorists, but not so welcome to oil-dependent economies across the world, including here in the U.S, with one town in North Dakota already reeling from layoffs. A survey from ConvergEx Group of 306 professional investors concludes that an oil price below $30 would signal a global recession. A recent report from the World Bank indicates all 9 major commodity indexes will decline in 2015.
- A few important economic indicators: The U.S. economy grew “…at a below-trend rate” in December according to data from the Chicago Fed, slipping from +0.92 to -0.05. This index looks at data from 85 different economic indicators. Existing home sales ticked up slightly in December after falling for much of 2014 according to the National Association of Realtors. Finally, although manufacturing in the U.S. continued to expand in January, the U.S. Manufacturing Purchasing Managers Index dropped to 53.7, its lowest level since January, 2014.
Small Business Taxes
- It’s a new year which means businesses need to start thinking about taxes. Although small businesses are the most optimistic since the financial crisis of 2008-09, their biggest concern is taxes.
- This article from Bloomberg provides a good breakdown of different tax preparation software tools available to small businesses.
- Have trouble meeting tax filing deadlines? Check here for a quick list of important deadlines for 2015 and avoid penalties for late-payment!
- The IRS is raising the standard mileage rate for businesses in 2015 to 57.5 cents per mile, which is up a cent and a half over 2014.
- U.S. Treasury Secretary Jacob Lew urged Congress to pass business tax reform this year. In a speech in Washington, Lew says there is bipartisan support to cut the corporate tax rate from 35% to 28%.
Entrepreneurship
- Getting back on track after the holidays is a daunting task. MyCorporation.com recently compiled a few expert tips on motivating you and your team in the New Year.
- Struggling to determine the best business structure for your new venture? This handy infographic from the University of Southern California compares sole proprietorships, partnerships, LLCs, S corporations and C corporations in an engaging, informative way.
- Many new entrepreneurs have misconceptions on what exactly incorporation means for them and their businesses. For example, many entrepreneurs think an LLC will absolve them of ANY legal responsibility whatsoever, which is untrue. Click here for the complete list…
- In this day and age, we spend lots of time sitting, with “more than one-half of an average person’s day is spent being sedentary” according to Dr. David Alter. A recent study found that people who sit for long periods had a 24 percent higher chance to dying from health problems. Lesson here: GET UP AND MOVE AROUND!
- The Uber app has been taking the cabbie world by storm. A recent study sponsored by Uber Technologies found that in New York, an Uber driver earns around $30.34 an hour on average, while a traditional taxi cab or chauffeur earns around $15.17 hourly. Since mid-2012, the number of Uber drivers in the U.S. has grown to 160,000.
As they say, that’s a wrap. We hope you enjoyed our inaugural news roundup. Please feel free to leave feedback on how we can improve. For more information on business incorporation, registered agents and more, continue browsing our blog or visit MaxFilings.com to explore your options today.