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36 Replies Last post: Feb 26, 2009 8:14 AM by CommunityTeam

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Event: What's in the New Stimulus Package?

Mar 12, 2009 11:42 AM

sboc

SBOCTeam 328 posts since
Jul 27, 2007

It's a new year, with a new presidential administration. Learn about new tax incentives, relief for business losses, and what you need to know about payroll changes. Understand now what they are so you can take advantage of them before it's too late.

Barbara Weltman is one of the nation's leading authorities on taxes and small business and she will be here on February 24 at 2PM EST to answer your questions about the stimulus package.

Barbara will be covering the following key topics:

What are the new tax rules for this year?
Is there relief for business losses?
How will payroll changes affect me and my employees?

About Barbara:

Barbara Weltman is a contributing writer for Inc.com, PINK magazine and New York Enterprise Report, and is a sought-after media commentator who has been featured in The New York Times, The Wall Street Journal, The Washington Post, Reuters, Forbes.com, Marketwatch.com, WABC-TV, Fox News, CNNRadio and CNBC. Barbara is also a top selling author and has written the titles "The Rational Guide to Building Small Business Credit" which features a foreword by Dun & Bradstreet, "J.K. Lasser's Small Business Taxes" and "The Complete Idiot's Guide to Starting a Home-Based Business." For more information on Barbara, please visit http://www.barbaraweltman.com

What's your stimulus package question?

Tags: barbara_weltman, presidential_impact, best_practices, best_technique, economy, entrepreneur, home_based_business, small_business, small_business_taxes, starting_a_business, taxes, tips Report as inappropriate

sboc

SBOCTeam 328 posts since
Jul 27, 2007

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1. Re: Event Feb 24: Presidential impact on small business taxes Jan 27, 2009 9:21 AM

Prior to relying on any legal, tax or financial advice or recommendations provided herein, you are advised to consult with your attorney, financial adviser and/or tax professional to verify the information provided and to determine the applicability of any federal, state or industry specific laws and/or regulations that may apply to you. Bank of America or Barbara Weltman shall have no liability for legal, investment, finance and/or tax decisions based on the information provided.

The SBOC Team

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Tori 79 posts since
Aug 15, 2008

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2. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 18, 2009 12:26 PM

Hi Barbara, I think its great you're here again to discuss this topic!

Not to state the obvious, but many small business owners have taken big hits to their bottom line. Is there relief for business losses?

~Tori

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Professional

Radarlove 5 posts since
Aug 7, 2008

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3. Re: Event Feb 24: Presidential impact on small business taxes Feb 18, 2009 7:33 PM

in response to: SBOCTeam

I have a small business and am almost out of business due to the economy.I am 50 and am working at Mcdonalds as a grill cook.It is very stressful.Is there any help out there anywhere for me?

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sboc

SBOCTeam 328 posts since
Jul 27, 2007

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4. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 20, 2009 5:55 PM

Be sure to check out Barbara's latest article on the economic recovery package. Feel free to give it a read and ask her questions on it during the event.

http://smallbusinessonlinecommunity.bankofamerica.com/blogs/Taxes/2009/02/20/economic-recovery-package-what-s-in-it-for-you

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Mogul

DomainDiva 1,732 posts since
Oct 10, 2007

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5. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 21, 2009 6:15 AM

Why no money for technology and small business?

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Mogul

caffeinated 176 posts since
Apr 29, 2008

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6. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 23, 2009 12:53 PM

Hi Barbara,

I read an interesting article today on http://www.boston.com/. Boston's mayor is launching a program to provide small loans to small businesses in hopes that it will help struggling entrepeneurs during this recession. Should small businesses be looking locally for assistance before looking to the federal government? Can you see any advantages/disadvantages from one over the other?

http://www.boston.com/business/articles/2009/02/23/hub_adds_small_loans_for_small_businesses/

Thanks, looking forward to your response.

caffeinated

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Vince 91 posts since
Aug 15, 2008

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7. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 23, 2009 1:59 PM

Barbara,

What are "bonus depreciation" and "loss carrybacks?" How do they fit into the new stimulus package for small businesses, if at all?

Vince

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Mogul

Howard 82 posts since
Jul 29, 2008

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8. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 23, 2009 8:43 PM

What impact will this have on payroll?

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Professional

flowman 3 posts since
Feb 24, 2009

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9. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 24, 2009 9:35 AM

new to the community, hello barbara....... i'm in the retail chain very small.. trying to get loan very hard as you no.. trying to make end tough.... as a retailer how do apply for this talf loan i'm afraid this might be the only way to save my business....how this works is a little confusing.... i'm most confused about what they are saying about collateral such as sba looans, cc, auto etc. do i use these as collateral or what.. in the coming years they are going to shut down the exit ramps to the small community i'm loocated not to reopen. need money to invest in advertising, equipment, debts etc..can't wait to hear your reply thanks flowman

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Start-up

Food2Go 1 posts since
Feb 24, 2009

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10. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 24, 2009 10:07 AM

Barbara - I purchased a used truck for my business is that deductible?

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sboc

SBOCTeam 328 posts since
Jul 27, 2007

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11. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 24, 2009 2:00 PM

Barbara, welcome back to SBOC and thanks for joining us today! As Barbara gets started with addressing the questions already posted, Community feel free to start asking additional questions. And remember to refresh your screens periodically to see Barbara's latest response.

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EXPERT

BigIdeas4Biz 50 posts since
Feb 7, 2008

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12. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 24, 2009 2:04 PM

in response to: Tori

There is relief for businesses that have suffered losses. The tax law allows C corporations as well as owners of other businesses with respect to their share of losses to carry back losses from operations (called net operating losses or NOLs) to certain prior years in order to offset income in those prior years and receive a tax refund. Usually, the carryback period is two years. For 2008 NOLs, the American Recovery and Reinvestment Act (the recovery package) allows small businesses (those with average gross receipts under $15 million) to elect a three-, four-, or five-year carryback period. This should help to increase tax refunds to give businesses money that can be used to survive and grow in this tough economy.

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EXPERT

BigIdeas4Biz 50 posts since
Feb 7, 2008

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13. Re: Event Feb 24: Presidential impact on small business taxes Feb 24, 2009 2:06 PM

in response to: Radarlove

Many small business owners are experiencing difficulties today, although many are finding ways to adapt in this tough economy in order to survive and grow. Look at the industries being favored by the new recovery package (construction, education, green businesses, health care) to see how your business can benefit.

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EXPERT

BigIdeas4Biz 50 posts since
Feb 7, 2008

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14. Re: Event Feb 24: What's in the New Stimulus Package for You? Feb 24, 2009 2:09 PM

in response to: DomainDiva

The recovery package puts great emphasis on green technology. It creates tax credits for energy research and for making various alternative energy improvements (such as installing small wind energy property). While you are correct that there is very limited money targeted for small business in the recovery package (only about 1% of all tax breaks, for example, go to small business and this is spread over 10 years), small businesses can take advantage of these general provisions.

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