Small and home-based business owners in desperate need of financing are increasingly being targeted by a flood of scam artists hoping to capitalize on wide spread confusion and economic hardship. The Better Business Bureau recently released its list of the top 10 scams and rip-offs for 2009. Here are a few examples from that list directed at small business owners:

Stimulus/Government Grant Scams – Even before President Obama announced the stimulus plan in February, scammers had already set up schemes for misleading consumers and small business owners into thinking they could get a piece of the pie. Offers for worthless assistance and advice on how to get government grants bombarded consumers online, over the phone and via mail and e-mail.

Google Work from Home Scam – Countless Web sites cropped up in 2009 that claimed you could learn how to make money from home using Google or Twitter and offered a free trial of learning materials. The Web sites often included the Google or Twitter moniker and logo. As a result, many people who complained to BBB thought they were getting a job with Google or Twitter when in, fact, they were being lured into another misleading free-trial offer and were billed every month for the materials and other mystery charges that added up to hundreds of dollars.

Over-Payment Scams – Over-payment scams typically target small business owners, landlords or individuals with rooms to rent and sellers on classifieds or sites like Craigslist. Typically the scammer pretends to be a customer, possible renter or interested buyer, respectively. The victim receives a check for more than the amount requested. The scammers then ask the victim to deposit the check and wire the extra amount elsewhere, such as to a shipping company. Ultimately though, the check is fake and the victim is really wiring money back to the scammers.

Other common fraudulent financial schemes include:

The Advance Payment/Fee Scam- A person claiming to be a loan broker asks for an upfront processing fee that can go as high as a few thousand dollars. Upon payment of the fee the “loan broker” disappears and the loan never materializes.

The Identity Thief- In this case sensitive information, not money, is the target. Fraudulent brokers lure unsuspecting business owners in to applying for a loan by either promising easy approval or low interest rates. After filling out the application, the broker absconds typically with the applicant’s social security number, bank account information, and even credit card numbers.

Fake Equipment Loans/Lease Programs- Business owners receive a letter or a phone call stating that they have been pre-approved for either an equipment loan or equipment lease. They are encouraged to send in their first payments, yet they never receive the equipment.

In an upcoming post, I’ll outline some tips on how to protect yourself and your business from these fraudulent financiers.

Source:

http://smallbusiness.dnb.com/business-finance/business-loans/3535-1.html

(Image Credit)

I saw a recent post at womenonbusines about how important it is for small business owners to seek out public speaking opportunities- even if those opportunities are unpaid. I couldn’t agree more.

With all the emphasis these days on online social networking and hyper-connected, mobile technology, still nothing beats a face-to-face meeting. In the business world, as in other areas of life, the human contact factor weighs heavily, and can create a bigger, more lasting impression on potential customers and business partners.

But if the thought of getting up to speak in front of a group of people leaves you feeling a little weak in the knees, then consider these tips:

1. Most important rule… be yourself!!! Don’t try to be something you are not. My general rule: get to know your public speaking strengths and weaknesses. Where necessary compensate for weaknesses, but put more emphasis on building on your natural strengths and abilities.

Everyone has talents and/or abilities that are unique to them. The first place to start is to get in touch with them. Some people are funny… Some people speak very clearly and logically… Some people are charismatic and can work up a crowd… Some people are sensitive and can feel where their audience is holding… Each one of these abilities can be used to connect with the people who have come to listen to you speak.

2. Don’t go overboard with public speaking “techniques.” There are many, many public speaking techniques designed to make the experience more interactive and engaging for your audience and to keep you on track (for example, the use of visual aids, humor, outlines, etc). While they each have importance, keep in mind that you do not need to use all of them to be a good speaker. They are meant to cover up small “deficiencies” in your presentation and to enhance your natural abilities. If you are in touch with your strengths and weaknesses as a speaker then it will be easier to pick out which techniques to use and to decide how and when to use them.

3. Do your homework before hand. Though many public speaking advisers emphasize thoroughly knowing what you are speaking about and the message you want to give over, don’t forget to also learn about who you are speaking to (i.e. what are their interests? Ages? Are they there voluntarily or are they forced to be there?) as well as when ( i.e. In the morning? At the end of a long day?) and where you are speaking (i.e. What is the size and layout of the room?). All of these factors should influence the way you will deliver your presentation.

4. Rehearse your presentation. If you have time and a listening ear you can practice giving over your presentation to someone and ask for feedback. You can alternatively record yourself speaking, whether via an audio recording or video tape. What this does is puts you in your audience’s point of view so that you can get an idea of what their experience will be like and make any necessary adjustments.

5. Get some perspective. Unless you are making a career of public speaking, most speaking engagements begin and end within an hour and they may be clustered around certain times of the month or year. Even if you make mistakes during your presentation and even if it was a difficult experience (which happens to even the best of public speakers), the engagement will come to a close and life will go on (even if it doesn’t feel like that at the moment!). Just try your best and try to let yourself shine through. In the end, it’s what counts the most.

(Image Credit)

According to statistics from the US Census Bureau approximately half of all US businesses are home-based, and as the ranks of the unemployed continue to swell, this percentage will only get higher.

So if the thought of working in your pajamas or “commuting” to your kitchen table sounds appealing then you might want to consider some of these profitable home-based business occupations:

1. Virtual Assistants: As businesses clamor to cut costs, it is often cheaper and easier for them to outsource some or all of their administrative duties. You can start your search for job opportunities on craigslist or virtualassistantjobs.com.

2. Consultants/Advisers/ Coaches: This is a big category that includes everything from small business consultants, fashion consultants, financial advisers, and even life coaches. This kind of self-employed business opportunity is typically for those who are trained or experienced in a professional area

3. Brokers: Being a “middleman” can turn into a lucrative business. Two of the best performing occupations to date include insurance brokers,as well as those who specialize in the sales of securities

4. Writers: Freelance writers and editors require very little initial overhead. In the race to increase their content pool, many sites pay per article published or edited and/or give writers a share in ad revenue. There are also several sites where freelance writers can connect with potential clients and “bid” on the chance to complete a particular project. .

5. Designers: Those who are trained in any kind of designing, such as interior, industrial, or graphic design, can promote their skills as an independent contractor.

6. Product Repair and Maintenance: This self-employment opportunity is generally recession-proof. Things will always break down and need to be fixed- in good times and bad. The most lucrative areas include: electronic or precision equipment repair and home care.

7. Event Planner: If you love to organize and plan, then you could help others coordinate their weddings, fund raising benefits, or parties.

8. Network marketing/MLM: These ubiquitous marketing schemes do have the potential to legitimately make you money (with some hard work), but there are a lot of scams out there. You should do your research before signing on to any such programs. Here’s a good article on the topic

9. Medical and Legal Transcription/ Medical Claims Billing: If you have any experience with transcription and access to the needed equipment, you can work from home for a variety of companies. There are several transcription training courses available online. Click here for more information.

10. Caterers and Personal Chefs: If you have a flare and a passion for cooking you could start your own catering or personal chef business. Where possible, try to target a specific niche. Keep in mind that caterers must secure a food establishment license and must meet any state and federal health requirements.

As the economy continues to shed jobs, many have turned to or are considering starting their own businesses. There are numerous benefits to being self-employed- especially in recessionary times such as these. One just needs to know how and when to take advantage of them.

The following is a rundown of some good reasons why self-employment is the way to go in a period of economic adversity:

1. Save money on work-related expenses. Depending on the nature of your business, being self-employed may mean that you are spending less on some of the indirect costs of working for someone else, such as transportation, business attire, or food items.

2. Take advantage of rock-bottom prices. In a recession, the cost of raw materials and supplies as well as real estate and even labor tends to drop. That means lower start-up costs and less over head expenses.

3. Have access to a bigger and better talent pool. A surge in layoffs coupled with a drop in hiring means that many talented, often highly qualified and experienced people will be seeking employment.

4. Take advantage of changes in business relationships and business needs. In order to maintain their competitive advantage, many businesses will be looking to establish new partnerships with those companies that can provide better or more innovative ways of delivering products and services. Being a  new kid on the block may open the doors to such partnerships.

5. Get financing from wary investors still looking for a good return. With a volatile stock market and lower interest rates, investors (especially family and friends) may be more willing to invest in your company.

6.  Economic adversity opens the door to new opportunities and innovation. Consumer needs, habits, and tastes often change during a recession paving the way for opportunistic entrepreneurs.

7.  Be a light in the darkness. Creating, promoting, and growing one’s business under difficult economic circumstances, does not only go against the trend, but it demonstrates a different “side” of the market. This will lead to a win-win situation; the human interest stories will sell and the business will gain publicity as a result.

8. Take advantage of any government policy aimed at businesses. The government’s response (in terms of law making and program development) to the economic slowdown can often mean tax breaks and sometimes new business opportunities.

Though there are many sites online that provide business-related news coverage, not all of them were created equal. The blogs and websites in this list consistently provide quality, up-to-the-minute business news in addition to a collection of informative business articles and resources:

1. Forbes: This online version of Forbes Magazine is perhaps most well-known for its set of “lists”, such as the Celebrity 100, and The World’s Most Powerful People. It is also an excellent source for business news and analysis.

2. Bloomberg: This global news service founded by current NYC mayor Michael Bloomberg, is one of the world’s largest and reliable sources of financial news.

3. BusinessWeek:  An online version of the weekly business publication of the same name, BusinessWeek is now under the auspices of Bloomberg, LP which acquired the magazine in December of 2009.

4. Reuters: The world’s largest multimedia global reporting agency, providing news, information, and investigations as well as a range of financial and economic services.

5. CNN Money: One of the leading business and finance websites, CNN Money is the online version of Fortune and Money magazines.

6. Kiplinger – A must-read for small and home-based business owners, Kiplinger provides a wealth of personal finance advice, info, and financial management tools. It is also a great place to find general business news and forecasting.

7. Small Business Brief: A social site with a focus on small business news. The blog is easy to navigate and highly informative, providing entrepreneurs with the know how to successfully create, start, and operate a small business.

8. All Business: This site provides a wealth of practical information and news pertinent to small businesses. Be sure to also check out the business blog center.

9. You’re The Boss:  This NY Times small business blog offers small business related news, insight, and discussion.

10. Fresh Inc: Fresh Inc. offers a bold and smart look at general issues and trends effecting the business world. Be sure to check out the resource center blogs.

As a small business owner, having access to the right information at the right time can save not only conserve precious resources but also save you a great deal of headache and heartache.

Those looking for information on the best free government resources have many very helpful sites to choose from. Most of the following list comes courtesy of  SCORE, but I added a few of my own sites that are also worth checking out:

1. American Management Association The American Management Association provides information, seminars and e-learning courses on business management topics. At the top of the home page, AMA features an article or series focusing on a current business issue or topic.

2. Association for Small Business & Entrepreneurship (USASBE) The mission of the Association for Small Business & Entrepreneurship (USASBE) is to advance knowledge and foster business development, entrepreneurship education and research.

3. Business Nation Find info and links to local business resources. Select your state and get local business news, resources and links.

4. Business.gov The official resource to help businesses quickly find compliance information, forms and contacts from multiple U.S. government Web sites.

5. Department of Homeland Security The Department of Homeland Security’s Web site includes information to small businesses about potential business opportunities and keeping employees safe in the event of a terror attack.

6. Diversity 2000 This site offers a free database of Minority and Women Business Enterprises  as well as contacts within Fortune 1000 companies.

7. Edward Lowe Foundation The Edward Lowe Foundation helps emerging growth businesses and second-stage business owners.

8. eVenturing eVenturing, run by the Ewing Marion Kauffman Foundation, delivers useful information, guidance and contacts to entrepreneurs.

9. eWomen Network, GLOW Project, GLOW Movie eWomen Network is a resource for connecting and promoting women and their businesses. Leader of the GLOW project and the GLOW movie.

10. Federal Business Opportunities (FedBizOps) The sole source for federal government procurement opportunities that exceed $25,000.

11. Fedmarket.com Fedmarket.com offers free content including a “how-to” guide to small businesses interested in entering the federal marketplace. Fedmarket.com also provides products, services and federal sales training to small businesses.

12. FedStats This site lists statistics from more than 100 government agencies, useful when conducting market research.

13. Financial Industry Regulatory Authority (FINRA) FINRA, through the consolidation of NASD and the New York Stock Exchange, is dedicated to investor protection and market integrity through effective and efficient regulation, complementary compliance and technology-based services, which include market regulation, policy enforcement and dispute resolution.

14. GiveMe5.com American Express and WIPP.org come together to help women small business owners by educating them and offering tools to help to secure government contracts.

15. Hispanic Business Federal Guide Get information on 8(a) certification, procurement contacts within federal agencies, and grant information.

16. IRS Small Business/Self-Employed Web Site The IRS Web site offers a broad range of products, services and resources to educate and assist small business owners and self-employed professionals.

17. Minority Business Development Agency (MBDA) A Federal agency established for the encouragement, creation, growth, and expansion of minority-owned businesses in the U.S.

18. National Association for the Self-Employed (NASE) NASE is the nation’s leading Web resource for self-employed and micro-businesses. This site provides a broad range of benefits and support.

19. National Business Association The National Business Association keeps members up-to-date and informed on important issues impacting the self-employed and small business community.

20. National Center for American Indian Enterprise Development (UIDA) A subsidiary of the National Center for American Indian Enterprise Development, dedicated to developing American Indian economic self-sufficiency through business ownership.

21. National Federation of Independent Business (NFIB) NFIB is a nonprofit, nonpartisan advocacy group that represents the consensus views of its 600,000 members in Washington, D.C. and all 50 state capitals.

22. Office of Special Counsel for Immigration Related Unfair Employment Practices A wealth of immigration-related employment discrimination information can be found on this Web site.

23. Public Entity Risk Institute (PERI) PERI is a nonprofit that offers risk-management resources and training to small businesses. Look for their Risk Management for Small Business publication and their Workplace Safety Kit.

24. SCORE – Service Corps Of Retired Executives Recieve free counseling and business advice from experienced business professionals. This site also contains informative articles and links to various small business resources.

25. Social Security Online This site allows employers to process their W-2s for their employees. The process requires no special software.

26. The Catalog of Federal Domestic Assistance (CFDA) The online CFDA gives access to a database of all federal assistance programs.

27. The Retailer Owners Institute The Retailer Owners Institute is dedicated to improving the financial professionalism of independent retailers.

28. U.S. Chamber of Commerce Small Business Center The U.S. Chamber of Commerce Small Business Center provides small business news and practical business advice. This is the largest national membership organization of chambers in the country.

29. U.S. Department of Commerce Department of Commerce offers information on foreign markets and international trade. Commerce also monitors and enforces compliance with U.S. trade laws and agreements.

30. U.S. Department of Labor Bureau of Labor Statistics (BLS) BLS is an agency for the Federal Government that produces labor economic data and statistics.

31. U.S. Hispanic Chamber of Commerce National business membership organization for Hispanic entrepreneurs with a variety of how to information, national conferences and a membership spanning the nation.

32. U.S. Patent and Trademark Office This site contains everything you need to know about patents and trademarks.

33. U.S. Small Business Administration (SBA) The SBA provides financial, technical and management assistance to help Americans start, run and grow their businesses.

34. USA.gov FirstGov is online collection of federal, local and tribal governments, information, services and resources.

35. Winning Workplaces Winning Workplaces is a nonprofit that provides small and mid-size  employers with proven, practical and affordable people practices, tools and articles to help entrepreneurs improve their workplace practices.

36. WomanBiz.gov A site for woman business owners who are or who want to sell their products and services to the federal government.

37. Women Entrepreneurship in the 21st Century This site provides women with numerous resources, such as info on government procurement, access to capital,  international business, and online workshops.

38. Women’s Business Enterprise National Council This national council serves as an advocate for women-owned suppliers, and helps women-owned businesses obtain certification.

If you are looking to start your own business you might want to consider the sound advice of famous entrepreneurs- those who have already trodden the path to business success. In the following list, several well-known business tycoons offer a collection of business tips and general words of wisdom to keep you and your business on the right track.

think ahead

1. All successful people have a vision. They have the ability the “see” clearly what they want before it exists.-Bill Gates, Co-founder and chairman of Microsoft Corp.

2. Some of success is luck. Just being in the right place at the right time. –Bill Gates

3. When you find a good idea act on it right away. –Bill Gates

4.  Absorb, assess, and then act. Knowledge without action is impotence. –Donald Trump, Flamboyant Chairman and CEO of Trump Organization.

5. Avoid your comfort zone — it’s probably outdated anyway-Donald Trump

6. Resolve to be bigger than your problems. Who’s the boss? –Donald Trump

7. If you’re honest, you should know the questions that should be asked, as well as the answers. That’s probably why there’s so much confusion out there today. –Donald Trump

8. Do business with people you like and who share your objectives. –Warren Buffett,  chairman and CEO of Berkshire Hathaway

9. It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently –Warren  Buffett

10. Borrowed money is the most common way that smart guys go broke. – Warren Buffett

11. Price is what you pay. Value is what you get. -Warren Buffett

12. Strive to become a market leader. Own and control the primary technology in everything you do. –Steve Jobs, co-founder and CEO of Apple Corp.

13. Ask for feedback from customers of diverse backgrounds –Steve Jobs

14. Learn from failures, admit it and move on. –Steve Jobs

15. Learn continually from people within and outside of your company –Steve Jobs

16. You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. –Steve Jobs

17. Have a clear articulation of what your value proposition is – what makes you different? –Michael  Dell, founder and CEO of Dell, Inc.

18. Tough times present new opportunities and the seeds can be sown for future successful companies –Michael  Dell

19. There’s never been an easier time to connect with customers all over the world – utilize social media opportunities like blogs, Facebook and Twitter –Michael Dell

20. Find something that works well and then replicate it –Michael Dell

21. Take advantage of the resources around you – people, technology and suppliers –Michael Dell

22. Keep your messages simple and clutter free to reach your market faster –Jack Welch, Chairman and CEO of General Electric

23. See change as an opportunity-keep an eye out for changes to your business –Jack Welch

24. Do your homework or hire wise experts to help you. Never jump into a business you have no idea about. –John Templeton, British stock investor

25. There’s no free lunch. You won’t make it big in one day but persistence will take you there. –John Templeton

26. Leadership is not about a title, degree or level. Anybody can lead at any time.-Carly Fiorina, former CEO of Hewlett-Packard and Executive Vice President at AT&T

27. Change is always hard. There is always resistance.-Carly Fiorina

28. Sustainable business planning has long term benefits for your business- Fujio Mitarai, Chairman of Canon and head of the Japanese Business Federation

29. Environmentally friendly products are sustainable for the planet and more sensible from a business perspective-Fujio Mitarai

30. When you innovate, you’ve got to be prepared for everyone telling you you’re nuts  -Larry Ellison, co-founder and CEO of Oracle Corporation

31. Business opportunities are like buses, there’s always another one coming.- Sir Richard Branson, founder of the “Virgin” brand of over 350 companies.

32. Big businesses will always try to crush small upstarts. To beat big businesses, use the strengths of being small. Big corporations are impersonal; staff are often not treated well. At a small company, you can make sure your staff are proud of working for you and then they’ll work hard to be successful. And small companies are more nimble- Sir Richard Branson

33. If you’re a successful entrepreneur, wealth comes with it. A responsibility comes with that wealth.-Sir Richard Branson

34. A good company runs as if it is a family. If your son messes up, you don’t kick him out of the house- Sir Richard Branson

35. There are no shortcuts. You have to work hard, and try to put yourself in a position where if luck strikes, you can see the opportunity and take   advantage of it. I would also say it’s hard not to fool yourself. Everyone tells you how they are going to be”special,” but few do the work to get  there. Do the work.- Mark Cuban, Chairman of HDNet and owner of the Dallas Mavericks NBA team

References:

http://freebusinesstips.com.au/people/three-vital-steps-to-success-according-to-bill-gates

http://www.businessknowhow.com/growth/trumpsurvivaltips.htm
http://www.christianpf.com/my-five-favorite-quotes-from-warren-buffett/
http://www.1000advices.com/guru/leader_corporate_12_success_rules_sj.html
http://www1.euro.dell.com/content/topics/topic.aspx/emea/corporate/pressoffice/2008/uk/en/2008_12_11_brk_000?c=uk&l=en
http://www.1000ventures.com/business_guide/mgmt_new-model_25lessons-welch.html
https://www.franklintempleton.com/retail/pdf/home/splash_PUB/TL_R16_1207.pdf
http://hbswk.hbs.edu/archive/3384.html
http://blogs.hbr.org/hbr/hbreditors/2008/10/leading_in_tumultuous_times_ad.html
http://www.twincommas.com/business-advice-from-billionaires
http://www.canadianbusiness.com/entrepreneur/managing/article.jsp?content=20061024_115646_5640

As a new small business owner it may be very gratifying to develop and sustain a business for an entire year- especially if you are doing so under adverse economic conditions. But keep in mind as you celebrate this one-year milestone that there will still be a significant amount of work to do to help ensure that your venture remains viable in the years to come. According to statistics, about half of all new small businesses will fail within the first few years of operation.

After the initial start-up stage, it is extremely important to shift your focus to financial planning, operational efficiency, and strengthening your market position- all of which can only fully occur once a business has been up and running for some time.

Below is a list of some important things to consider when your business turns one year old: 

• Is the business registered under an appropriate corporate structure? Different corporate structures produce different fiscal, taxable, and legal realities for their owners, and it is quite common among small businesses that they change from one structure to another as they grow and develop.

• Are you taking steps to build your business’ credit profile? Building your business’s credit is essential if you want to have access to various forms of financing, but it is not a passive process. Make sure you are entering into transactions that will positively affect your business’s credit history.

• Evaluate your marketing strategies. After operating for a year, it is a good idea to examine your marketing initiatives to see how much Return on Investment (ROI) you are achieving. You should also consider if you are effectively conveying to customers that which makes your products or services unique.

• Evaluate your business’s operations. It is a good idea to take stock of how smoothly and effectively your business is operating so that any changes and improvements can be made. Think: quality control and productivity. Make sure that you also consider how your business is utilizing available resources, including worker input, supplies, and materials.

• Keep tabs on employee and customer satisfaction. If either of these two groups are unhappy then it does not bode well for your business.

• Cash flow, Cash flow, Cash flow! Is there enough available capital to cover operational expenses? What about growth? Make sure you are in touch with any impending cash shortfalls and that you have access to quick, short-term sources of financing.

(Image Credit)

As the 2010 tax season kicks into high gear small business owners should be aware that there are several favorable changes to the tax code that will affect small businesses in particular. These amendments were designed to provide a little relief in our struggling economy, and they should do just that to those who qualify- especially since many of them are applicable to a variety of industries and business sizes.

The following is a brief rundown of the most significant amendments:

First-Time Home buyer Credit

Last fall, this tax credit was expanded in three notable ways:

1. The deadline for purchasing a new principal residence was extended till April 30, 2010 (with the closing occurring before July 1st).

2. Initially, this credit only applied to first-time home buyers Now it is also available to previous homeowners buying a replacement principal residence.

3. Finally, the income limit has been increased, allowing a larger pool of home buyers to claim the credit.

The details and structure of this credit will vary depending on when the home was purchased. Those who run home-based businesses in a new residence may be may eligible for an $8,000 credit equivalent to a 15 year interest-free loan. For more information on the home buyers tax credit, click here.

Business Property and Equipment Depreciation and the Section 179 Tax Deduction

The American Recovery and Reinvestment Act (ARRA) created at the beginning of last year extended the bonus depreciation and increased the section 179 deduction. The new legislation extends the 50% depreciation allowance, also known as bonus depreciation, through 2009. Moreover, instead of claiming annual depreciation deductions on capital investments over a multi-year period, small businesses can claim an immediate deduction up to $250,000 on the cost of any qualifying property including machinery, equipment, vehicles, and furniture that was placed into service in 2009.

More information on capital expense deductions is available on the IRS website. Section179.org also provides an assortment of helpful information and advice as well as a Section 179 deduction calculator.

5-Year Carryback of 2009 Net Operating Losses

At the end of last year, President Obama enacted the Worker, Homeownership, and Business Assistance Act of 2009. Part of the new legislation allows small business owners to carry back net operating losses (NOLs) from either 2008 or 2009 for up to five years, an increase from the previous two-year carryback period. imposes a 50-percent income limit on NOL offsets in the fifth preceding tax year. This means that NOLs carried back five years are limited to 50-percent of the available taxable income for that year. Any remaining NOL can then be used to fully offset taxable income in the other four carryback years. By carrying back their losses, businesses can secure a refund of taxes paid in a previous year.

Click here for more information on the Net Operating Loss Carryback.

Cancellation of Business Debt

The ARRA allows qualifying businesses to elect to defer recognition of income from the cancellation of certain corporate or business debt instruments in 2009 or 2010. Income recognition can be deferred five years after the reacquisition and then is included ratably over a five-year period beginning in 2014.

More information on the cancellation of debt is provided on the IRS wesite.

COBRA Premium Assistance Credit

The ARRA further allows those small businesses that provided COBRA assistance to terminated employees in 2009 to obtain a 65% credit against COBRA amounts paid. The credit is taken against employment tax liabilities (see IRS Forms: 941, 944, or 943). The credit is regarded as a deposit made on the first day of the quarterly or yearly return period. For more information, click here.

Tax Credits for Green Business Purchases

There are several tax credits extended to those businesses that purchase qualifying alternative energy and energy-conserving equipment. The $4,000 business energy credit for purchases of fuel cells property, micro turbine property, and solar energy property has been extended through 2016.

There are also several credits extended to the purchase or conversion of alternative motor vehicles, including a new plug-in conversion credit and a new plug-in electric vehicle credit.

For more information on the Alternative Motor Vehicle Credit, click here.

Home-business owners may also be able to take advantage of several home energy tax credits that allow homeowners to claim certain energy saving home improvements.

Work Opportunity Credit

Under the ARRA, two new groups have been added to the work opportunity credit: unemployed veterans who have been discharged or released from active duty and disconnected youth- those aged 16-25 who are not attending school, are not regularly employed, and lack a number of basic skills.

More information on the work opportunity credit can be found here.

(Image Credit)

I want to end off this series of Twitter posts by breaking away a little from the business theme of this blog and take a brief philosophical-type tangent…

The Internet and the technology that both supports and relies on it has been changing quite rapidly over the past couple of decades, and throughout its insurgence many websites have risen and fallen. Remember Lycos and Friendster?

But Twitter is poised to buck that trend. Many users and numerous technology and business experts attribute Twitter’s current success to the fact that it is a versatile networking and information-sharing platform. However, Twitter’s longevity will stem specifically from its role as a business and organizational tool because in this capacity Twitter’s communication model promotes a culture of giving. Twitter asks the question: what do you have to offer to your community? And it does so in a way that is more open and dynamic then the other popular social networking sites, such as LinkedIn and Facebook.

The Internet has traditionally been seen as the medium that levels the playing field where those people and groups who may be “limited” in “real life” can suddenly rise to the top and make contributions where they would have never been able to before. One just needs to consider the success and proliferation of user-generated media such as blogs, Wikipedia, and YouTube as well as the open source movement and the increased reliance among businesses on crowd sourcing.

Though all this openness may open the door to a whole slew of fraudulent practices, Twitter is not just about self promotion, automatic responses, or greedy self-fulfillment (though it does still happen throughout the site). In fact far from it.

Overall, the ones who succeed on Twitter (i.e. grow and maintain a community of loyal and active followers) especially when it comes to business are generally those people and groups who are real, considerate, and “real”-ly consistent. Many people tell newbies to look for opportunities to listen before tweeting, to offer useful help, stay away from automatic responses and spammy self-promotion and in short be themselves.

Twitter will last because its culture is bringing some light and positivity into the online social order. Something we should perhaps take note of at a time when so much corporate greed, political bickering, and corruption is being brazenly flaunted in the face of the “every man.” Maybe those who are spreading the “Twitter love” can influence the world at large.