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Jan042012

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Everyone 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

Jan042012

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Business 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.

Dec232011

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Recently, I participated in a small business roundtable with the Asian-American Pacific Islander community in Philadelphia. The event was co-hosted by the National Association of Asian American Professionals and the Mayor’s Commission on Asian American Affairs, and we were joined by 40 small business owners for a lively discussion on how to do business with the Federal Government.

Dec202011

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Greetings,  As we close out 2011 and prepare to enter 2012, one cannot help but reflect on the year that was and look ahead to the year to come. 2011 proved to be a productive and exciting year for the Minority Business Development Agency (MBDA).

Dec072011

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I know it’s tough to build a business and keep it growing through the years, because I’ve done it. Don’t forget that good business planning can help a growing business stay focused and efficient, even as you manage the daily routine and changing markets. Here are my three favorite easy ways to get back on track with business planning. These are all things I’ve done myself.

Dec062011

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Here are a few things your can do – at no cost – to jump-start your business continuity plan: Determine your greatest risk potential.  It might come from loss of heat, frozen pipes (which can burst, causing water damage), or loss of access caused by icy conditions.  What would happen if you had to shut down your business for several days?

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