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Big Ideas for Small Business® has been dedicated to helping small businesses succeed for over 20 years. The brainchild of Barbara Weltman, a respected corporate speaker, contributing editor, author of more than a dozen books from major publishers, sought-after expert media source, newsletter publisher and more than ever, a trusted advocate for small business owners. Big Ideas for Small Business® is a haven for entrepreneurs looking to succeed.

Idea of the Day®

September 25, 2016

Entity Can Change Form without Losing Qualified Tax Status

A “qualified small business” can issue stock to employees and investors which, if held for more than 5 years, results in a 100% exclusion of gain (i.e., no profits are taxed). A qualified small business is a C corporation that meets certain requirements. However, the IRS has said in a private letter ruling that it can become an LLC, and even change back to a C corporation, without losing its qualified status. A mere change in form or identity (i.e., an “F” tax-free reorganization) does not disqualify the business.

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Big Ideas For Your Business

Resources For Your Business
  • If you thought an IRS audit on your income tax return was tough going, wait until you hear about Affordable Care Act (ACA) audits. They’re multi-level and we’re in uncharted waters. They arise from individuals claiming a subsidy (the premium tax credit) for health coverage obtained from a government Marketplace. The government is now questioning some of these individuals to determine whether they had access to affordable minimum essential health coverage through an employer, which makes them ineligible for the subsidy. The government calls employers with 50 or more employees “Applicable Large Employers (ALEs),” even though a company with say […]

  • 10 Ideas for Avoiding Waste

    Benjamin Franklin said it best: “Waste neither time nor money, but make the best use of both. Without industry and frugality, nothing will do, and with them everything.” What better motto for a small business owner.  Here are 10 ways to avoid wasting your time and money. 1.  Advertise through social media You can do free or low-cost promotions through Facebook and other social media sites instead of spending considerable dollars on traditional media (print, radio, and TV). You can use favorable customer reviews to help your promote your business. If you have room in your advertising budget, consider spending […]

  • The IRS released statistics on 2014 income tax returns filed by individuals. It includes income and losses reported by sole proprietors on Schedule C, farmers on Schedule F, and items passed through to owners of partnerships, limited liability companies, and S corporations on Schedule E. By comparing 2014 statistics with those for 2013, we can see how small business owners are doing. Income and losses For 2014, there were over 24 million Schedule C filers. This represents about 16% of all individual taxpayer. The number of filers shows a little bit of growth. In 2013, there were 23.5 million, which […]

  •   How do you take your company to the next level? Obviously you need a vision of where you want to take your business. To get there, you need to use best practices that support success. The following 10 best practices are adapted from an article featured in Big Ideas for Small Business® in August 2008. 1. Put business systems in place Create a foundation for repeatable success by devising systems and practices that enable easy duplication. Think about the business models of franchises such as McDonalds and Dunkin’ Donuts, which systemize every aspect of the franchise so it can […]

  • HIPAA Rules You Can’t Ignore

    It’s been 20 years since the Health Insurance Portability and Accountability Act (HIPAA) was enacted to ensure the privacy of a person’s medical information (the “privacy rule”). Since then, there have been changes from time to time to straighten this protection. These rules, which are designed to keep third parties from learning about this information without a person’s permission, do not apply only to doctors and other medical professionals; employers are also subject to them in some instances. If you violate HIPAA, you can face civil penalties and even criminal sanctions. Which records need to be protected, and which do […]

  • The Pension Protection Act of 2006 was signed into law on August 17, 2006. This massive piece of legislation was designed to ensure adequate funding for pension plans in light of the catastrophic failures of Enron and other companies following corporate accounting scandals. It also introduced the concept of qualified charitable distributions from IRAs and a new type of retirement plan called a DB/K. How did things work out? Here’s what small business owners need to know. Funding of pension plans The main reason for the law was to put pension plans on a sound financial footing. It seems that […]

  • If you are an owner of a business in which other family members — a spouse, sibling, child, or other relative — also have an ownership interest, you’re not alone. According to the Conway Center for Family Business, as many as 90% of all U.S. businesses are family owned. Yet the Center notes that only 30% of such businesses survive to the next generation , 12% to the third generation, and a mere 3% to the fourth generation. Why? Problems are not adequately addressed by owners when they’re in a position to find solutions. Here are some succession problems and possible […]

  • Merriam-Webster defines intellectual property, or IP, as “property (as an idea, invention, or process) that derives from the work of the mind or intellect; also: an application, right, or registration relating to this.” The Report of the Commission on the Theft of American Intellectual Property in 2013 found that losses to U.S. businesses from IP theft topped $300 billion each year. Earlier this month, more than 3,000 counterfeit shoes, hats, and other merchandise were seized in Indiana.   While there may be no way to be fully protected, there are steps you can take to heighten the protection of your intellectual property (IP). […]


Resources For Your Business

Tracking Personal Time Off by OPEN Forum

Small Business Taxes and Spending by OPEN Forum


September 26, 2016


Events in September 2016

barbara’s books

  • Eliminate confusion, maximize deductions, reduce payments, and conquer your small business taxes with ease In J.K. Lasser's Small Business Taxes 2016, the most trusted name in tax guidance helps small business owners maximize their bottom line. Fully updated for 2015 tax returns and 2016 tax planning, this detailed guide provides concise, plain-English explanations of tax laws tailored to business owners who are experts in their field—not in taxes.
  • The must-have guide to tax write-offs, with clear advice from a trusted expert J.K. Lasser's 1001 Deductions and Tax Breaks 2016 answers the most common tax question—"what can I deduct?" Updated and expanded for 2015 tax filing and 2016 tax planning, this straightforward guide uses plain English to explain the many available deductions and credits, allowing you to quickly recognize ways to reduce what you owe and maximize your returns.
  • Tax facts and strategies every self-employed person needs to know As a self-employed person you have to handle many, if not all, of the aspects of running your business. J.K. Lasser's Guide to Self-Employment is intended to help you with some business aspects with which you may not be familiar—but which have a great impact on your bottom line. It skillfully focuses on taxes as well as many legal and financial matters that may pertain to your business.3
  • Smooth Failing - Living Edition

    This is the Living Edition of Smooth Failing. New stories from business leaders on their business failures and the lessons learned will be added regularly at no additional cost. Alerts will be sent out automatically when each new version is available. Specific requests and challenges can be submitted by the reader for future consideration and these will dictate how often and how many additional stories will be made available.
  • Small Business Survival Book

    12 surefire ways for your business to survive and thrive! Owning a small business can be a fulfilling and financially rewarding experience, but to be successful, you must know what to do while the business is up and running, and, most importantly, what to do when the business runs into trouble. This book is definitely part of what you need to succeed!
  • As Vicki Raeburn of Dun & Bradstreet notes in the forward, "...the successful creation of credit by small business has a significant effect on one of the most important business drivers, namely cash flow. ...     [This book has] the information needed to understand and build business credit."


  • " I don't want to miss it!
    I just wanted to reach out and give you a very big, truly heartfelt "thank you" for all the work that you do to help small business owners grow and succeed. More specifically, I wanted to offer you some praise for your blog posts and Idea of the Day®. My email inbox gets so very cluttered. And honestly, on most days I will do a wholesale delete of many, many messages. But I literally stop and specifically look for your name and your small business Idea of the Day®. I don't want to miss it! In fact, I look forward to reading it daily (even on weekends!) because I know I'm going to learn something new that saves me money, time or just adds to my professional knowledge in a way that helps me help others too. So thank you, thank you, thank you for your efforts! ”

    -Lynnette Khalfani-Cox, The Money Coach

  • " Getting your daily email is like getting an MBA in small business!
    Thank you for finding this important information. Getting your daily email is like getting an MBA in small business. ”

    -J. S. Budnik

  • " Thank You, Barbara!
    "Thank you, Barbara Weltman, for all of your articles and tax advice to small business owners! All the best." ”

    -Shane Madigan

  • " Thanks for providing such useful information!
    I follow your blog religiously for the great tips you provide. I love the new look. It makes me smile to see that your blog got an update.  Thanks for providing such useful information. ”

    -Lee Drozak

  • " Barbara Weltman has been an advocate,
    public speaker, and resource for small business news since the release of her first book, J.K. Lasser’s Tax Deductions for Small Business, in 1995. Since then she has run her website, her Big Ideas for Small Business® newsletter, and her blog, not to mention written over a dozen books. Ms. Weltman is on this list twice because for many business owners, it is easier to scroll through her Twitter feed for trending topics and news events than search her website. However, if you don’t take a minute to read her newsletters or blog — you’re missing out. newsletters or blog. ”

    -Meredith Wood, Fundera Ledger

  • " Great segment!!!
    Barbara Weltman is one smart cookie - I follow her on Twitter, and her content is always interesting and informative. ”

    -An eBay Radio listener - purplejaime1976

  • " Absolutely love your Idea of the Day®
    it’s BRIEF, concise and timely. Funny, I do a quick scan of my bloated mail box, quickly deleting what I feel is a time waster. But I NEVER delete Idea of the Day® until I've first opened it. Both you and Napoleon Hill's Thought for the day ALWAYS get read. You’re in terrific company. Thanks. ”

    -Don Aronowitz


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