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Financial Education


  • Submitted on 03 January 2014

    Created on January 3, 2014
     

    Planning ChecklistStart 2014 off right. Here are some actions to take now or in early January that will help you optimize your tax and financial results for the coming year.

    1.  Revisit your recordkeeping practices

    Records are vital for both business and tax purposes. They help know whether or not you’re profitable and provide key information to help you take business actions, such as adjusting prices, cutting expenses, or raising money.

    What’s more, in order to take all the deductions and credits to which your business is entitled in 2014, you’ll need good books and records. Often business owners fail to pay attention to this detail until it’s too late and the IRS is questioning write-offs claimed on a return.

    Set up a recordkeeping system that satisfies tax law requirements, and make sure that employees know what to do. Check IRS Publication 583 [pdf] for details on recordkeeping rules for tax purposes. Consider using apps that can help with recordkeeping, such as those for capturing receipts for travel and entertainment expenses. Some may be available for use with, or provided by, your current bookkeeping software or cloud solution.

  • Submitted on 18 November 2013

    Created on November 18, 2013

     

    I am pleased to invite you to the U.S. Securities and Exchange Commission’s (SEC) 2013 Government-Business Forum on Small Business Capital Formation to be held on Thursday, November 21, 2013, from 9:00 a.m. to 5:15 p.m., at our headquarters at 100 F Street, N.E., Washington, D.C. 20549.

    Similar to last year, the focus of this year’s forum will be The Jumpstart Our Business Startups (JOBS) Act, which was legislation enacted last year to encourage small business growth and startup funding by increasing the ability of small businesses to raise capital and by lessening certain regulatory requirements for individual investments in new businesses.  Under Title VII of the JOBS Act, the SEC is required to conduct outreach to inform several business communities, including minority-owned businesses and women-owned businesses, of the changes made by the Act.

  • Submitted on 10 July 2013

    Created on July 10, 2013
     

    Loan ApplicationMany small businesses think they are too small to compete in the world market. In fact, 97 percent of all exporters are small businesses. The U.S. Government has loans, insurance and grant programs to help you become an exporter or expand your exporting business. Here are four different types of financing programs:

    Export Development and Working Capital Financing

    Enables U.S. businesses to obtain loans that facilitate the export of goods or services by providing the liquidity needed to accept new business, grow international sales and compete more effectively in the international marketplace.

  • Submitted on 04 June 2013

    Created on June 4, 2013
     

    Trade Guide SpanishOn May 8, the U.S. Department of Commerce’s International Trade Administration unveiled the first Spanish language version of the Trade Finance Guide: A Quick Reference for U.S. Exporters.

    The Guide is a simple and effective tool designed to help U.S. small and medium-sized enterprises (SMEs) learn the best ways to get paid from export sales. Now that the Guide is also available in Spanish, it can better help U.S.-based Hispanic and Latino companies compete in global markets.

    What is the Trade Finance Guide?

    The Trade Finance Guide covers 14 subject areas in easy-to-understand two-page chapters that are written in plain language. The Guide is:

    • A “60-minute” self-learning tool for new-to-export SMEs that wish to learn how to benefit from export sales.

    • A user-friendly tool for international credit, banking and trade finance professionals, as well as export counselors for client assistance.

    • A flexible educational tool for professionals teaching international business.

  • Submitted on 11 April 2013

    Created on April 11, 2013
     

    Can’t File By April 15?

    There are three ways you can request an automatic extension of time to file a U.S. individual income tax return: (1) you can electronically file Form 4868 (PDF), Application For Automatic Extension of Time To File U.S. Individual Tax Return; (2) you can pay all or part of your estimate of income tax due using a credit or debit card or by using the Electronic Federal Tax Payment System (EFTPS); or (3) you can file a paper Form 4868 by mail.

    If you file your Form 4868 electronically you will receive an acknowledgement or confirmation number for your records and you do not need to mail in Form 4868. If you need to pay additional taxes when filing Form 4868 electronically, you may do so through the outside service provider or through e-file. You can refer to your tax software or tax professional for ways to file electronically using e-file services. Several companies offer free filing of Form 4868 through the Free File program that you can access on the IRS.gov website. If you wish to file electronically, be sure to have a copy of last year's tax return. You will be asked to provide the adjusted gross income (AGI) from the return for taxpayer verification.

  • Submitted on 25 February 2013

    Created on February 25, 2013
     

    Export-Import Bank: Your Global Finance Partner

    As U.S. businesses seek to expand their global footprint in emerging markets, the demand for a dependable global financial partner is imperative.  The Export-Import (Ex-Im) Bank of the United States is the official credit agency of the United States and offers solutions to U.S. companies to assist with demystifying international financing options.  Its mission is to assist in financing the export of U.S. goods and services to international markets. 

  • Submitted on 23 January 2013

    Created on January 23, 2013
     

    Angel InvestorsMinority-owned businesses are the fastest growing business sector in the Nation, in terms of gross receipts and paid employees.[1] Yet, access to capital remains the biggest obstacle limiting their establishment, expansion and growth. While traditional funding remains the most sought after source of capital, alternative funding sources, such as angel investors, have proven successful for minority entrepreneurs.

    Minorities represent on average less than 7% of all entrepreneurs seeking funding from angel investors. However, they succeed in acquiring angel funding as often as their non-minority counterparts. From January 2009 to June 2012, 17% of all entrepreneurs seeking angel investor funding succeeded. The yield rate for minority entrepreneurs during that same period was 16.1%, a negligible difference. The yield rate is the percentage of investment opportunities that are brought to the attention of investors that result in an investment.

  • Submitted on 11 October 2012

    Be Attentive to Employee and Worker ConcernsBe Attentive to Employee and Worker Concerns

    As part of our blog series on tax literacy, MBDA will highlight the latest tax-related news issued by the IRS for business owners.  The material presented in this website is not offered as legal or tax advice.  You are urged to seek the advice of your tax advisor, attorney, and/or financial planner for any issue related to tax obligations.

    Payroll

    Maintaining good payroll records is critical for both you and your employees. Keep all records of employment taxes for at least 4 years. They should be available for IRS review. The following is a list of some of the records you should keep:

  • Submitted on 24 September 2012

    Created on September 24, 2012
     

    All Those Extras Add UpCar Expenses

    To take a business deduction for the use of your car, you must determine what percentage of the vehicle was used for business. No deduction is allowed for strictly personal use, such as commuting.

    Deductible car expenses can include the cost of: 1) traveling from one workplace to another, 2) making business trips to visit customers or attending business meetings away from your regular workplace, and 3) traveling to temporary workplaces.

    It is important to keep complete records to substantiate items reported on a tax return. In the case of car and truck expenses, the types of records required depend on whether you claim the standard mileage rate or actual expenses.

    Standard mileage rate: To claim the standard mileage rate, appropriate records would include documentation identifying the vehicle and proving ownership or a lease and documentation showing miles traveled, destination and business purpose. The 2012 standard mileage rates for the use of a car (including vans, pickups or panel trucks) are on www.irs.gov, search: standard mileage rate. If you want to use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then in later years, you can choose to use either the standard deduction or actual expenses.

  • Submitted on 13 August 2012

    Breakeven analysis is a tool used to determine when a business will be able to cover all its expenses and begin to make a profit. For the startup business, it is extremely important to know your startup costs, which provide you with the information you need to generate enough sales revenue to pay the ongoing expenses related to running your business.

    A startup business owner must understand that $5,000 of product sales will not cover $5,000 in monthly overhead expenses. The cost of selling $5,000 in retail goods could easily be $3,000 at the wholesale price, so the $5,000 in sales revenue only provides $2,000 in gross profit. The breakeven point is reached when revenue equals all business costs.

Did you know...

The percentage of clients with annual revenues in excess of $500,000 increased over the last five fiscal years.
Graph for MBDA Client Portfolio made up by SGI Clients

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