How to make the leap from gig worker to prosperous business owner

A stretch of stores along the base of Munjoy Hill had open signs out and were ready for business as part of small business Saturday, November 28, 2015. Gabe Souza | Portland Press Herald | Getty Images When Miguel Sanchez, 29, started driving for Uber in 2012 after dropping out of Glendale Community College in Arizona, he dreamed of starting a taco stand. Driving around the Phoenix metropolitan area, he noticed that the upscale neighborhoods where people took a lot of Uber rides were also the ones where restaurants did…

Here are the top mistakes that almost every entrepreneur regrets

Jhanilka and Anthony Hartzog say they could have saved an extra $5,000 or $6,000 if they’d hired an accountant in their first year. Source: Jhanilka and Anthony Hartzog If only you could go back in time, but with today’s 20/20 vision. Starting a business is a little like that. You’re fired up with enthusiasm for your enterprise — but maybe not so excited to dig into the numbers and tax regulation. Running a business means juggling multiple priorities and never letting your guard down. If you’re a service-based company —…

Here are the winners and losers of the Trump tax cuts

As taxpayers roll into the second tax-filing season under the Tax Cuts and Jobs Act, one question remains: “Will I come out ahead in 2019?” The IRS began accepting 2019 tax returns on Jan. 27 and anticipates it will receive more than 150 million individual returns this year. Thus far, the agency has delivered 4.3 million refunds to early-bird filers, distributing an average check of $1,869 to those households, according to IRS data for the week of Jan. 31. More from Smart Tax Planning:Trump wants to extend his tax overhaul.…

NYC small business chief Gregg Bishop: Coronavirus fears hit Chinatown

Medical staff check a patient’s condition at a temporary hospital converted from “Wuhan Livingroom” in Wuhan, central China’s Hubei Province, Feb. 10, 2020. Xiong Qi | Xinhua | Getty Images Small businesses located in New York City’s Chinatown are losing customers over “unfounded” coronavirus fears, the city’s small business chief told CNBC on Thursday. “Business owners are telling us revenues are down 40% in Chinatown,” said Gregg Bishop, commissioner of New York City’s Department of Small Business Services. “Consumers should not be afraid to go to Chinatowns across cities and…

Democratic candidates want to end tax break for small businesses

Former New York City mayor Michael Bloomberg, a democratic presidential candidate, attends the U.S Conference of Mayors 88th Winter Meeting in Washington, D.C, January 22, 2020. Yasin Ozturk | Anadolu Agency | Getty Images Democratic presidential candidates are taking aim at a new tax break for small businesses. Billionaire Michael Bloomberg last week pitched a $5 trillion tax plan that would raise levies on wealthy individuals and corporations. He also wants to repeal the 20% qualified business income deduction, a feature of the Tax Cuts and Jobs Act, which went…

Grab these last-minute opportunities to save on your 2019 taxes

Tax season has just started, but you can still find opportunities to cut your 2019 taxes if you know where to look. The IRS started accepting tax returns on Jan.27, kicking off the long march to April 15 — the deadline for taxpayers to pay last year’s liabilities. Even if you’re able to get six more months to file your tax return, you’re required to pay taxes owed by April 15. The next few weeks will be crucial for filers who want to reduce what they owe. “When the year…

Franchising growth could fall to lowest rate in four years

McDonald’s worker prepares french fries to go. Getty Images America’s franchisees are poised for another year of growth in 2020 as the U.S. economy chugs along, bolstered by a strong consumer. But facing an election year and a historically tight jobs market, franchise establishment growth is slowing to its lowest rate in the past four years. The International Franchise Association’s Franchise Business Economic Outlook for 2020 projects the number of franchised business in the U.S. will increase by 1.5% to a total of 785,316 — adding 232,000 jobs this year…

Top LA real estate agent’s biggest lesson for aspiring entrepreneurs

Starting your own business is one of the most difficult career paths to navigate, and even the most successful entrepreneur makes mistakes. But to really succeed, you need to take risks and understand you will not be successful right from the get-go. It takes a long time to grow a business — and even longer to turn a big profit. For many that time never comes. According to a recent Bureau of Labor Statistics report, about half of all small businesses fail within the first five years. Some of the…

Not knowing these five things can threaten a new business

You start your business with a boatload of enthusiasm. What you may not have is a wealth of accounting or financial knowledge — the ins and outs of tax law, cash flow management and insurance. Just over 400,000 startups opened their doors in 2015, according to the Small Business Association. The good news: That’s more than the number of small companies that folded the same year (396,000). Every startup needs some money know-how. These skills probably aren’t your core business, yet they’re essential. Any one of these could trip you…

Goldman Sachs close to a deal with Amazon to offer loans to merchants

David Solomon, Goldman Sachs, at Marcus event Goldman Sachs is in talks to offer small business loans to merchants on Amazon‘s sprawling e-commerce platform, according to a person with knowledge of the plan. The bank has been working on software that would allow it to plug into Amazon’s existing loan platform, said the person, who declined to be identified speaking about negotiations. Last week, Goldman executives led by CEO David Solomon gave investors a vision for the bank’s future, which includes becoming a “banking-as-a-service” provider for the business world. That…