HOME   |   CONTACT   |   MY BUSINESS TOOLS    Facebook Twitter LinkedIn Google+ Subscribe to MBDA Newsletter

You are hereHome > Financial Education > Financial Education

Financial Education


  • Submitted on 29 February 2012

    Metal WorkThe “Made in America” brand remains strong, with a growing number of businesses bringing production and jobs back to the U.S. from overseas.

    Recent studies indicate on-shoring is likely to increase over the next several years due to rising transportation costs and as companies take advantage of America’s high workforce productivity and strong quality control.

    Do You Plan to Bring Production Home? The U.S. Small Business Administration’s International Trade Loan (ITL) Program Can Help!

    The U.S. Small Business Administration’s ITL program provides small businesses with capital to finance their fixed assets, including real estate, and working capital needs. This program offers private lenders a 90% guarantee on loans as an incentive to encourage lending to growing small businesses.

  • Submitted on 25 January 2012

    When you’re running a business, you don’t need to be a tax expert, too. But you do need some tax basics. IRS Small Business Advantage gives you the  information you need to stay tax compliant so your business can thrive. 

    AccountingChoosing a Tax Professional

    With your new responsibilities, you may decide to hire a professional tax preparer to assist with your taxes. Enrolled agents, tax attorneys, and certified public accountants have training and expertise in federal taxes. When selecting a tax professional, ask a few questions to see if he/she offers what you are looking for:

    Experience: Does the tax professional have experience in working with similar size and type businesses? Is the professional familiar with your particular line of business?

    Services: Does the tax professional offer electronic filing—the safest and most efficient way to file your tax returns?

    Price: What does the tax professional charge for services? If the IRS examines your return, what is the tax professional’s policy on assisting you? Is the tax professional authorized to practice before the IRS?

    Qualifications: New regulations require all paid tax return preparers to register with the IRS and obtain a Preparer Tax Identification Number (PTIN). Ensure that the tax professional you choose has a PTIN.

  • Submitted on 20 January 2012

    Health Care Tax Credit

    Health Care Tax CreditHealth coverage legislation enacted in 2011 included a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations provide health insurance coverage to their employees.

    Small businesses and tax-exempt organizations providing health insurance coverage will qualify for a special tax credit. Included in the health care reform legislation, the Patient Protection and Affordable Care Act encourages small business employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small business employers paying at least half the cost of single coverage for their employees.

    Go to www.irs.gov, search: Health Care Tax Credit.

  • Submitted on 18 January 2012

    2012 Tax CalendarKnowing when and what you have to file can save you a lot of headaches at tax time. To avoid paying penalties, mark your calendar with the following key dates.

    If a filing or payment deadline falls on a Saturday, Sunday, or legal holiday, the deadline will be the next business day.

    January 31, 2012

    • Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2011. Furnish Form W-2 to employees who worked for you during 2011.

    March 15, 2012

    • Corporations: File Form 1120 for 2011 calendar year and pay any tax due. For automatic 6-month extension, file Form 7004 and deposit estimated tax.

    • Electing Large Partnerships: Furnish Sch. K-1 (Form 1065-B) to each partner.

    • S Corporations: File Form 1120S for 2011 calendar year and pay any tax due. Furnish a copy of Sch. K-1 to each shareholder. File Form 2553 to elect S Corporation status beginning with calendar year 2012.

  • Submitted on 09 January 2012

    Business LoansIf you’re starting a business that requires significant financial investment up front, finding a source of funding can be a challenge, especially since the average cost of starting a business is $30,000. This is particularly true for young entrepreneurs who lack a strong credit history or don’t want the hassle of dealing with banks or private lenders.

    Once these startup entrepreneurs are done considering their options, it’s not unusual for them to ask friends or family for startup cash. After all, unlike private investors or banks, these people know and trust you. It’s possible they can get you quicker access to cash with fewer flaming hoops to jump through.  On the flipside, if your business fails or you are tardy in repaying the money, you may be headed for some conflict with the aforementioned family and friends.

  • Submitted on 09 January 2012

    Native American entrepreneurs have a new tool to help determine if they’re ready for business ownership and to help them get started.  Native American Small Business Primer: Strategies for Success is a free, self-paced online business course developed for Native American business owners.  The course provides an overview of basic business principles and  makes them aware of the programs and services available from the U.S. Small Business Administration.

    “Native American Small Business Primer: Strategies for Success will enhance the agency’s effort to provide important resources for emerging Native American entrepreneurs,” said SBA Administrator Karen Mills.  “Our ultimate goal is to help create jobs and stimulate economic and business development in our Native American communities. This course is an essential business development tool for the entrepreneur’s toolbox.”

    The new online course: emphasizes business planning and market research as essential steps to take before going into business; informs Native American entrepreneurs about the legal aspects of starting a business, including the type of ownership (legal structure) and licensing; and provides key information on seed money for starting up, raising capital, and borrowing money.  In addition, there is a section on how to estimate business start-up costs that can help assess the financial needs of going into business.

  • Submitted on 04 January 2012

    Record KeepingEveryone in business must keep records.  Keeping good records is very important to your business.  Good records will help you do the following:

    • Monitor the progress of your business
    • Prepare your financial statements
    • Identify source of receipts
    • Keep track of deductible expenses
    • Prepare your tax returns
    • Support items reported on tax returns

    Monitor the progress of your business

    You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make.  Good records can increase the likelihood of business success.

  • Submitted on 04 January 2012

    Business ExpensesBusiness expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit.

    To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.

  • Submitted on 23 December 2011

    Expanded Tax Credit for Hiring Unemployed Veterans

    The work opportunity credit has been expanded to provide employers with new incentives to hire certain unemployed veterans.

    On November 21, 2011, the President signed into law the VOW to Hire Heroes Act of 2011. This new law provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the first time also makes part of the credit available to tax-exempt organizations.

  • Submitted on 20 October 2011

    The U.S. Small Business Administration’s Small Business Investment Company (SBIC) program provided a record $2.59 billion in fiscal year 2011 to small businesses, a 63 percent increase over last year’s $1.59 billion.

    “Over the past two years, we’ve made SBIC work better than ever before,” said SBA Administrator Karen Mills.  “We cut licensing time in half, which has strengthened efficiency and made it possible to get capital into the hands of small businesses more quickly. When an SBIC invests in a company, it can scale up and create jobs.”

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

Upcoming Events

[Within 90 days]
12/03/2014 - 1:00pm - 2:00pm
12/08/2014 (All day) - 12/09/2014 (All day)
12/09/2014 (All day) - 12/11/2014 (All day)
12/10/2014 (All day) - 12/11/2014 (All day)

What MBDA Does