Latest news with #SmallBusiness
Entrepreneur
6 days ago
- Business
- Entrepreneur
Only 48% of Founders Feel Confident About Their Taxes — Here's How to Join Them
Most founders feel tax season is a black box, but treating taxes as a year-round strategy instead of a once-a-year scramble can unlock cash for hiring, reduce financing costs and fuel smarter growth. Opinions expressed by Entrepreneur contributors are their own. Nearly three out of four founders admit they go into every filing season with gnawing doubt about whether they paid the right amount, overpaid or overlooked a key incentive. QuickBooks' 2025 Financial-Literacy survey shows that fewer than half of business owners (48%) feel confident they're paying taxes correctly — a confidence gap that scales to roughly seventy-plus percent who feel exposed in some way. Additionally, the share of owners ranking "taxes" as their single biggest problem jumped to 18%, the highest reading since November 2021, according to the NFIB's March 2025 Small Business Economic Trends report. It's reasonable to feel anxious if you wait until April to think about taxes. By then, key strategies like switching your business entity, timing bonus depreciation or funding a cash-balance plan are already out of reach. But the good news is, the same tax code that keeps you up at night can become a growth engine once you integrate it into every quarter's operating cadence. Related: 4 Tax Strategies Every High-Earning Entrepreneur Needs to Know Start your tax season in Q1 When my leadership team gathers during the first week of every quarter, we place tax projections on the same page as revenue, hiring and product plans. That one strategy has helped us realign every future decision from pricing to payroll around its true after-tax impact. For one, it gives the team cash clarity all year. Rolling 24-month models show exactly when quarterly estimates, R&D credits or PTET payments hit the bank. CFOs can stage inventory builds or ad pushes without cash-flow whiplash. Another benefit is that strategic windows stay open. If you want Section 179 to offset new equipment, plan the purchase while there is still time to place the order. If you need a new holding-company structure to capture foreign profits, get documents drafted before summer so state filings are live on January 1st of the following year. Use tax insights for better business decisions Once taxes move from a "report card" and start being a built-in part of your business plan, they directly shape the three growth levers founders care about most: Cash-funded hiring. Knowing the precise week a credit lands lets you schedule a senior engineer or enterprise rep in the same pay period, effectively letting the IRS subsidize the first month of payroll. Launch timing with margin in mind. One client planned to ship a new hardware SKU in September. Our forecast showed that delaying tooling expenses until October would push the bulk of deductible spend into the next fiscal year, inflating taxable income now and starving Q4 cash. We flipped the sequence: cap-ex first, launch in November. We were able to unlock six figures in year-end liquidity. Cheaper capital. Banks like certainty. When we refinanced an eight-figure line this winter, presenting lender-ready tax models alongside GAAP statements shaved 150 basis points (BPS) off the rate because underwriters trusted our free-cash-flow math. Actionable tax strategies and execution tips Some tax moves don't make splashy headlines but quietly swing six-figure outcomes for mid-market firms — if you catch them before the calendar locks. Start with an accountable plan for reimbursement. When you formalize how the company repays owners for business expenses, you move those costs from after-tax to pre-tax dollars and raise take-home pay without bumping salary. Put the plan in place before filing the return; with clean receipts, you can even back-date benefits to January 1st. Next, combine a 401(k) with a cash-balance pension. The pairing can shelter anywhere from $200,000 to $350,000 a year, but the paperwork must be signed by September 15th to claim the deduction in the current year. A timely pass-through entity tax (PTET) election is another overlooked win. In states that offer it, PTET sidesteps the $10,000 SALT cap and returns roughly 4-6% of qualified income — yet the advantage disappears if you miss the early-year election window or delay the quarterly estimates that follow. Lastly, never ignore revenue-recognition management. Adjusting contract terms or release dates to smooth income spikes keeps profits in lower brackets and steadies Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) multiples — an advantage that shows up the moment you start courting lenders or acquirers. Coordinate any ASC 606 tweaks with your product-launch calendar so compliance keeps pace with growth. Related: 7 Advanced Tax Strategies for the Self-Employed Partnership benefits and important notes on extensions A year-round CPA partnership is what turns this list into cash. Continuous check-ins surface mid-season law changes, keep mileage logs and cost-seg studies audit-ready and let your internal finance team focus on operations instead of parsing Congressional markup. While filing an extension can be smart if you're waiting on K-1s or still closing the books, remember that an extension delays paperwork, not payment. If you miss the original due date, you'll rack up penalties, interest and — if numbers look sloppy — heightened audit risk. Poor tax management also unnerves lenders and investors who comb your returns for red flags. Use extensions strategically, but pair them with accurate estimated payments and a living forecast so you never trade one stress for a bigger one. The shift to ongoing tax management Taxes remain the single largest controllable expense for most growth-stage companies. If you continue to ignore them until April, they will pull your cash out of the business. Build them into every quarter's sprint review so they actively drive your hiring initiatives, support funding launches and help reduce the cost of capital. The code is dense and, yes, specialist talent is scarce, but that complexity is your moat once you master it. Start each Q1 with a living forecast, insist that every strategic initiative carries a tax scenario, and partner with an advisor who sees beyond the return itself. Do that, and instead of bracing for tax season, you'll start using it as a tool to fund what's next. This will turn tax anxiety into a competitive edge and unlock growth that the IRS no longer gets to tax.
Cision Canada
28-05-2025
- Health
- Cision Canada
Statement to mark Menstrual Hygiene Day Français
OTTAWA, ON, May 28, 2025 /CNW/ - The Honourable Rechie Valdez, Minister for Women and Gender Equality and Secretary of State (Small Business and Tourism), made the following statement on Menstrual Hygiene Day. "Menstrual Hygiene Day is a reminder that we must always tackle the stigma around menstruation – and the very real impact that period poverty has on people's lives. Menstrual equity also has an important impact on the economy, as period poverty can affect workforce participation, contribute to absenteeism, and limit productivity. For instance, 15% of people in Canada who menstruate say their inability to afford menstrual products holds them back from participating in daily activities, such as attending school or work. Through Food Banks Canada we are running the Menstrual Equity Fund pilot to address barriers to accessing menstrual products. This initiative is dedicated to ensuring that menstruation is never a barrier to education or employment. This Menstrual Hygiene Day let's help raise awareness on what menstrual equity really means. Let's keep pushing to end period poverty in Canada. Join the conversation online by using #MHDay2025 and help challenge taboos and make menstrual health a priority." Follow Women and Gender Equality Canada:
New York Times
23-05-2025
- Business
- New York Times
Under Trump, a Mainstay for Small Businesses Clamps Down
For entrepreneurs who want a loan, a government contract or just some advice, the Small Business Administration is generally a first stop. But over the past few months, getting the agency's help has become more difficult. Under its administrator, Kelly Loeffler, a corporate executive turned senator from Georgia and vocal supporter of President Trump, the agency has aggressively cut staff. It is rolling back changes made during the Biden administration aimed at easing access to credit for the smallest enterprises, and has lowered targets for how much the federal government should buy from them. The changes are especially problematic for Black, Hispanic and immigrant entrepreneurs. In the name of eradicating diversity, equity and inclusion practices, the Small Business Administration is shedding programs aimed at helping disadvantaged businesses, including those run by women. While banks that administer the S.B.A.'s major loan programs have welcomed some of the changes, Democrats and small-business advocates have decried them — especially as the agency is also supposed to inherit a $1.66 trillion student loan portfolio from the largely dismantled Education Department. 'It's unconscionable that the Trump administration would treat such a vital agency so callously,' said Senator Edward J. Markey of Massachusetts, the ranking Democrat on the Senate Committee on Small Business and Entrepreneurship. He noted that Ms. Loeffler had ignored his requests for information about the changes. 'They're destroying the areas where they do have expertise and it's vital to invest, and then moving over areas where the agency is going to wind up overwhelmed,' Mr. Markey said. Senator Joni Ernst of Iowa, the committee's Republican chair, did not respond to requests for comment. But she has cheered the new policies in letters and hearings, saying that the agency's staff was bloated and that its underwriting standards were too lax. The Small Business Administration, established in 1953, has long been supported by both parties. Its lending arm dispensed $56 billion in 2024, and its flagship loan program is generally supposed to operate without a government subsidy. The last few years have been chaotic for the agency. Its responsibilities expanded drastically during the pandemic, when it received more than $1 trillion to distribute through emergency relief programs. Staffing temporarily doubled to nearly 10,000 employees in order to administer them. The number of workers fell to about 6,000 by the time President Joseph R. Biden Jr. left office, and was slated to gradually contract a bit more as the pandemic loan portfolio shrank. The Trump administration decided to fast-forward that culling. In March, it announced a 43 percent staffing reduction, amounting to 2,700 employees. Current and former employees say the cuts have not been carried out in an organized way. Probationary members of the staff were the first to be let go, followed by those who took advantage of the Department of Government Efficiency's deferred resignation program. After that, workers were fired. As a result, many district offices have been hollowed out, slowing response times. An agency spokeswoman, Caitlin O'Dea, did not elaborate on the distribution of the cuts, but wrote in a response to questions that the reorganization would 'redirect all resources to support the core mission of empowering small businesses and driving economic growth, instead of supporting the partisan programs that took root under the Biden administration.' During a Senate hearing on Wednesday with Ms. Loeffler, Senator Jeanne Shaheen, Democrat of New Hampshire, said her state's district office had been cut to three employees from seven, and she asked whether the positions would be restored. Ms. Loeffler replied that she would rehire some of those workers who had retired, but did not provide a timeline. One corner of the agency that has been hobbled is the servicing of Covid-era disaster loans. The agency kept the loan operation in-house when it began in 2020, requiring hundreds of agents to handle payments and other issues. As those employees started being pushed out or leaving of their own accord, live assistance on the program's phone line was shut down. According to Ms. O'Dea, this was a four-day outage while call center infrastructure was upgraded, yet reports of unanswered calls predate that period. Shelly Haywood took out a disaster loan to keep her vintage furniture store in Orange County, Calif., afloat during the pandemic. Business never quite recovered, and in March she decided to shutter her company. To do that, she needed to talk to the S.B.A. to figure out what to do with her loan, which still carried a balance of $57,000. 'I'm calling and calling, but the phone number no longer gave you an option to talk to someone,' Ms. Haywood said. With nobody available to provide guidance, she is forced to consider closing her business while the agency still has a lien on her remaining inventory. The loan may then be referred to the Treasury Department's collections office, which could garnish her Social Security payments or tax refunds. 'Every company has to cut. I'm OK with all of that,' Ms. Haywood said. 'But if you're going to do cuts, don't just leave everybody hanging.' Staff cuts may also affect the agency's ability to police fraud in the disaster loan program, which has been plagued with abuse. In March, Ms. Loeffler fired the agency's chief risk officer and his 11-person team, saying the function would be 'elevated' under the chief financial officer. As the agency loses workers, it's also tightening requirements for those disaster loans, which were underwritten with little proof that the business would be able to repay. Previously, borrowers had been able to get a series of hardship accommodations that enabled them to make only minimum interest payments. That allowance was terminated in March. Jason Milleisen, a consultant who advises S.B.A. borrowers on how to navigate loan settlements, said many of his clients were now more likely to just default. 'So many people call me, they want to pay, they don't want to walk away, but the S.B.A. gives them no choice,' Mr. Milleisen said. 'People are in an impossible position here, which is why there's so much discussion around bankruptcy.' Ms. Loeffler, while working to expand lending for manufacturers, is returning to stricter standards for the agency's flagship program for loans of up to $5 million, known as 7(a). The Biden administration loosened credit requirements, granted lending licenses to more types of companies beyond traditional banks and waived fees in order to ease access to credit. As a result, the number of smaller loans to firms owned by women and people of color rose significantly. Ms. Loeffler reversed course in April, saying the new rules had caused an increase in defaults, dragging the program into a deficit. Katie Frost, who ran those programs for the Biden administration until January, argued that rising interest rates, not weaker underwriting standards, had driven higher defaults. (An independent analysis by Lumos Data found that both factors were at play.) 'I think it's just going to tighten up the ability of small businesses to get credit,' Ms. Frost said. 'The vast majority of borrowers are in fact able to make these loan payments. The whole point of the program is to encourage lenders to accept a little more risk than they would conventionally.' Lenders' views on the reversal vary, but larger banks tended to favor going back to the earlier rules. 'I think in the end it's going to be better,' said Tonya Mazurek, who runs S.B.A. lending in Colorado for Midwest Regional Bank. About loans, she added, 'The ones that are harder that aren't going through probably shouldn't have.' While those changes affect all borrowers, many of Ms. Loeffler's efforts are aimed at specific groups like immigrants. In March, she announced that the agency was relocating six district offices in 'sanctuary cities,' which are jurisdictions that limit cooperation with federal immigration officials. New York City was one of them. Marlene Cintron, who oversaw the New York region for the S.B.A. during the Biden administration, said her New York City operation — which facilitated a billion dollars in loans annually — had lost half its staff. The downtown Manhattan office is set to be consolidated into one on Long Island, she said. 'Small-business owners in New York City are expected to take the Long Island Rail Road or drive or take buses to Long Island in order to be serviced,' Ms. Cintron said. 'That is a major adverse impact.' Ms. O'Dea said that none of the six offices had yet closed and that their replacements had not been announced, but that they would be in 'safer and more accessible communities that comply with federal immigration law.' The agency also announced that all borrowers must now provide proof of their citizenship status. For some programs, 100 percent of the company must be owned by citizens or legal permanent residents. As a result, anyone who has an investor without a Social Security number does not qualify. That change has upended an S.B.A. loan for Haley Pavone, who founded and runs a footwear company called Pashion. She spent years preparing her business to qualify for a 7(a) loan, which carries a significantly lower interest rate than many private options. She was close to signing final documents for a $5 million loan when the agency announced an immediate change to its citizenship requirements. Ms. Pavone scrambled to ask her investors for personal information, including Social Security cards and driver's licenses. She soon learned that less than 2 percent of Pashion's equity was owned by Mexican nationals. The loan fell through, and she has been forced to pivot while facing new tariffs on her products, which are imported from China. 'I'm hoping we can find a capital partner, but frankly my level of optimism given the general level of chaos in the space right now is not high,' said Ms. Pavone, who was born and raised in California. 'It doesn't make any sense.' Ms. Loeffler has also focused on erasing programs that devote special attention to women or people of color, pursuant to a presidential executive order on diversity, equity and inclusion. For example, the Biden administration had started an initiative in California called the Inclusivity Project, teaming up with Wells Fargo to educate and mentor Black-owned businesses. Jay King, the chief executive of the California Black Chamber of Commerce, said the program was helping his members — and other businesses of all races — become good candidates for loans. A couple of months ago, the local Small Business Development Center told him that the Inclusivity Project was shutting down. Mr. King was disappointed, but not surprised. 'Donald Trump is trying to say, 'We're trying to make everybody equal — everybody's the same,'' Mr. King said. 'But we're not. It's never been equal.' The anti-D.E.I. drive also appears likely to claim the agency's approximately 150 women's business centers, which were established by statute in 1988 and offer one-on-one counseling to female entrepreneurs. The White House's proposed budget, which calls for reducing the S.B.A.'s annual funding by a third, would eliminate those centers, along with some 28 offices devoted to serving veterans. The women's business centers operate on budgets of $150,000 a year each, and are usually housed within nonprofits. Funding installments have already been coming late, and some center directors have been told that they should expect to receive no more checks after the fiscal year ends this October. Asked why the centers are being eliminated, Ms. O'Dea said that the agency was 'evaluating the performance and efficacy of each of its taxpayer-subsidized resource partners to ensure they are delivering measurable results for small business owners and taxpayers,' but that it 'fully supports the White House's budget.' While the Small Business Administration is withdrawing loans and grants, it's also easing up on efforts to channel federal procurement toward small businesses, especially those in historically disadvantaged categories. The Biden administration had raised the share of federal spending to those businesses to 15 percent. That goal was supported by offices across agencies devoted to purchasing from small enterprises. Mr. Trump lowered it back down to the statutory floor of 5 percent, and many of those offices have been cut back. At the same time, the number of small-business contracts being terminated has skyrocketed, according to a Bloomberg analysis. Aditi Dussault developed the agency's equity plan, where she served as associate administrator of the Office of Entrepreneurial Development in the Biden administration. She said abandoning higher contracting goals and pulling back technical assistance for those who needed it most was already deterring small enterprises from going after federal business. 'You have all these different supports for small businesses to guide them along the pathway to economic opportunity,' Ms. Dussault said. 'And we are seeing that be eliminated before our very eyes.'
Forbes
20-05-2025
- Business
- Forbes
Five Ways To Support Small Businesses During Small Business Month
National Small Business Month May is National Small Business Month, a time to celebrate the contributions of small business owners to their community. In an era where confidence in institutions is lagging, small business remains the most trusted institution in America. Gallup's annual survey in 2024 found that 68% of Americans have a large amount of trust in small businesses. To add context, the same survey found that only 36% feel that way about the medical system, along with 16% for big business and 12% with broadcast news. Most importantly, small business owners and their employees are friends and neighbors whose success often depends on the relationships they forge with their customers. Here are five ways you can support small business owners in your community during National Small Business Month. 1. Visit a Least One New Small Business in Your Community Is there a new restaurant that you have been meaning to try or a store that you have been wanting to visit? Make it a point to try to do so in the next two weeks. You'll be glad you did and that business may have a new repeat customer. 2. Leave Positive Reviews for Business Online Many businesses either do some or all their work online so positive reviews are becoming more important to new customers who are learning about them for the first time. Whether you have just visited it once or have been going for years, take a few minutes to leave some positive praise for the businesses that deserve it. 3. Avoid Third-Party Purchases Using a third-party purchaser or delivery service does make it easier to buy from a number of stores and restaurants in one central location. However, part of what you pay is going to that third party instead of the business. It may take a few extra minutes, but purchasing directly from the business means they get 100% of the profit. 4. Purchase Merchandise and/or Gift Cards One of the longest-running businesses in Washington, DC, is Frager's Hardware, which has been operating on Capitol Hill since 1920. Part of the reason for this is that the community is invested in its long-term success, and it is rare to walk through the neighborhood on a Saturday or Sunday and not see someone wearing Frager's gear. Your favorite store or restaurant probably has T-shirts or caps too and if you buy one, not only will you be supporting it, you will be a walking advertisement as well. Purchasing gift cards is another way you can help. 5. Advocate for Them When new policies are implemented that affect the economy, they often hit small businesses the earliest and hardest. A recent interview with Pashion Footwear CEO Haley Pavone highlighted how recent tariffs are threatening her business's ability to operate. If you are hearing from businesses about how policies are negatively impacting them, you will be doing them and your community a service by letting your lawmakers know. Small businesses are the backbone of our economy and account for nearly half of all U.S. jobs and represent a broad spectrum of industries and perspectives. Your support of them is paid forward in countless ways.
Morocco World
15-05-2025
- Business
- Morocco World
New VSEs Support Program to Benefit 110,000 Small Businesses in Morocco
Doha – Morocco's government will soon launch a new program dedicated to supporting very small enterprises (VSEs). The announcement came Thursday in Casablanca from Younes Sekkouri, Minister of Economic Inclusion, Small Business, Employment and Skills. 'This new mechanism aims to support VSEs across multiple areas, such as rent, accounting, or the acquisition of professional equipment, with a target of 110,000 beneficiaries,' Sekkouri stated. The minister was speaking at the first edition of the MSMEs (Very Small and Medium Enterprises) Forum organized by the General Confederation of Moroccan Enterprises (CGEM). The event was themed 'Inspire to Transform.' The program will focus on financing operating expenses for VSEs, self-entrepreneurs, and entrepreneurs under the CPU regime. With a budget of MAD 1 billion ($100 million), the initiative will be implemented in the coming weeks. Sekkouri stressed the need to strengthen leadership mechanisms, mediation, and information flow for TPMEs. He noted that some small businesses still face inappropriate responses from banking institutions due to a lack of understanding of their specific characteristics. The minister advocated for a more efficient and responsive guarantee system. This system would quickly detect difficulties and provide committed solutions. On financing, Sekkouri acknowledged that despite state guarantee mechanisms, many young entrepreneurs still encounter obstacles to access. A joint commission with the Ministry of Economy and Finance has been established to engage in in-depth consultation with banks. Addressing administrative simplification, the minister flagged the urgency of reforming the commercial and administrative authorization system. He called it a brake on TPME development. Sekkouri pushed for a transition to a model based on specifications, describing it as 'more flexible and better adapted to economic reality.' This strategic project is already underway, coordinating with several work teams to unleash entrepreneurial potential, particularly among young people. Read also: Morocco Records 78,244 New Businesses in First 10 Months of 2024 The minister also revealed that a comprehensive overhaul of the National Agency for Employment and Skills Promotion (ANAPEC) programs is underway. This particularly targets young people without diplomas. Regarding the new Labor Code, Sekkouri affirmed it will be finalized by year-end following a pragmatic approach in consultation with various social partners. 'This new code will, for the first time, regulate remote work and part-time work, opening new professional opportunities,' he emphasized. The TPME Forum featured inspiring testimonials from business leaders and a panel of entrepreneurs from various sectors. They discussed real-world challenges: launch stages, daily obstacles, financing needs, team management, and digital transition. The event also included two masterclasses. One centered around financing problems faced by TPMEs and available market solutions. The other provided tools for small businesses to respond to artificial intelligence challenges and seize opportunities. Through this first edition of the MSMEs Forum, CGEM reaffirmed its commitment to making small businesses a central lever for wealth and job creation. MSMEs represent 95% of CGEM members across Morocco. Tags: MSMEsSmall businesses in moroccoYounes Sekkouri
