New Sources of Financing for Small Business
On November 18, 2009, Goldman Sachs announced it was investing $500 million to provide grants and loans to thousands of small business. The program, called the “10 Small Business Initiative,” is a charitable effort on the part of Goldman Sachs. It will include $200 million in funding for grants through community colleges, universities and other institutions. Some of the funds will be used for counseling; other funds will be used for grants and loans. The

A Health Care Reform Bill That Will Make You Sick
The House version of health care reform, the Affordable Health Care for America Act (H.R. 3962,) that was passed on November 7, 2009, would probably hurt, not help, small businesses with the challenge of providing medical coverage for staff. Here’s what the bill would do: Force small businesses to offer health care for full-time and part-time workers. To offset some of the cost, there is a tax credit for small businesses with 25 or fewer employees, but it would be available only for two years and eligibility for the credit in those two years would

When Losses Are a Good Thing
No business owner wants to lose money. But if this happens, there can be a silver lining—a tax break that enables the owner to recoup taxes paid in prior years. This is called a net operating loss (NOL) carryback, and Congress just made things better for owners with losses. Under the Worker, Homeownership, and Business Assistance Act of 2009 (

Estate Tax Changes Afoot
A bipartisan estate tax bill called the Estate Tax Relief Act (H.R. 3905) has been introduced in the House. Instead of there being no federal estate tax for those dying in 2010 and having the pre-2002 rules apply after 2010 (with a top rate of 55% and an exemption amount of $1 million), the new law would retain the

Maximizing Your Retirement Plan Options
If you want to save for retirement on a tax-advantaged basis, you can use a qualified retirement plan. Contributions you make on your behalf and for employees usually are tax deductible. Earnings grow tax-deferred and are not taxed until withdrawals are made.  There is still time to select a retirement plan for 2009, a move that makes sense if you’ll be profitable this year. Or you can get ready for 2010. Here are some choices to c