Looking for a literal last-minute tax break for your small business?
It’s the small business equivalent of Truck Month but the clock’s ticking. However, there’s still time to get behind the wheel of a new company vehicle and get a pretty nice tax break in 2020.
Certain tax rules allow small business owners to write off some or all of a purchase of select vehicles. But those rules say you need to purchase the vehicle and get it in service before the end of the calendar year, so time’s running short.
For more on this tax incentive, check out our report from earlier this week:
And for the rest of this week’s big news for small business owners, our weekly roundup is below.
Small Business News
Here are the big stories this week for small business owners.
Barstool Sports founder Dave Portnoy is not a shy supporter of small business. And now he’s literally putting his money where his mouth is with The Barstool Fund. On Thursday, Portnoy announced he’s creating a monetary fund for small businesses to help them survive shutdown orders created by the COVID-19 pandemic. He announced the program on a live stream on Thursday.
Paysafe, a leading integrated payments platform, has announced the launch of Paysafecash in the US. Paysafecash is an eCash solution, allowing users to pay for goods online safely and seamlessly with cash. The eCash solution is powered by the Vanilla Direct payment network of the global payments tech company, InComm Payments.
Did you know that you can buy a large truck, SUV or other vehicle for your business, and be able to write off 100% of the purchase price as a tax deduction, according to IRS rules? If you’re reading this before December 31st, there’s still time to take advantage of this rule for the 2020 tax year.
Is more COVID relief on the way for small business? Legislators in Washington DC certainly hope so and after months of stalled negotiations, it appears a deal may be close. With just days left till federal unemployment aid runs out, a bipartisan group of Senators are still debating the details of the $908 billion in COVID relief.
How and where people work is changing because of the COVID-19 pandemic. And a new study from Fiverr reveals the ability to work remotely is opening new opportunities. According to the report, 68% of U.S. remote workers are interested in freelance gigs. One of the reasons is, working from is giving remote workers more free time.
Square has announced the release of Shift Scheduling, a new first-party scheduling feature that works seamlessly with Square’s Team Management and Payroll. The offering will provide businesses with an all-in-one solution for scheduling, managing, and paying their staff with Square.
Square has announced the inclusion of Square Appointments on Square Register, a point-of-sale solution specifically built for beauty and wellness sellers. Square Appointments integration will help sellers to book and confirm appointments, manage inventory, accept payments, and check out customers offering a front desk experience.
The 2020 Local Consumer Review Survey from BrightLocal reveals 87% of consumers are now reading online reviews for local businesses. Considering the state of affairs (global pandemic), It is not surprising. Because 34% say they always read online reviews for local businesses, while 26% do so regularly. And another 27% report they occasionally read reviews and 13% never do.
The United States is witnessing a surge in entrepreneurship, with certain industries fueling the spike at a time when Covid-19 related unemployment is on the rise. This was the finding of Deluxe, providers of technological solutions to help businesses operate more efficiently and accelerate growth. Deluxe serves 4.5 million small businesses.
Some 79% of consumers say they’re comfortable shopping in stores this holiday season according to a survey by Square and Wakefield Research. A further 40% of consumers say they will at least do half of their shopping in-store. The findings of the survey dispel fears by retailers that this holiday season will see a drop in in-store purchases.
In response to the SECURE Act’s provisions, Paychex, Inc. will be among the first retirement plan providers to introduce a Pooled Employer Plan (PEP) to help U.S. small businesses offer a cost-effective retirement plan option for their eligible employees. The SECURE Act is a bipartisan bill passed into law on December 20, 2019, designed to aid Americans’ ability to save for retirement.
This article, “In the News: Last-minute Tax Break Available for Small Business Owners” was first published on Small Business Trends