02.23.08
Show me the money!
Hidden money that is. Many small businesses miss available monies which can be taken as credits on their tax return. Fortune Small Business writes that as a business you might be eligible to take additional credits “if your business innovates in areas such as Products, Improving Processes, Better Energy Efficiency and/or Environmental Improvements”.
Products: If your company develops a new product or significant improvement to an old one.
Improving Processes: If your business creates a way to boost their operating efficiency or quality.
Better Energy Efficiency: Designing a better solar cell, boosting a battery’s life, reducing computer energy consumption. (Many companies are jumping on the “green” bandwagon and are getting paid for making their location more energy efficient).
Environmental Improvements: Reducing carbon emissions (on certain levels).
Some companies are able to earn money just by taking the necessary steps to conserve energy during certain parts of the day. Any business owner should check with their local energy conservation council to see how they can “go green”. Check out this website: www.neep.org FMI.
Read the entire article posted by Fortune Small Business at: http://money.cnn.com/2008/01/22/smbusiness/found_money.fsb/index.htm
02.22.08
Yes folks, it’s tax season!
It’s difficult to say whether anyone other than accountants truly enjoys tax season. I have no thoughts either way because to me it’s just another tedious necessity that must be dealt with once a year. I found an article on LegalZoom.com that I thought would make an interesting post. The article entitled “The complete download on Business Deductions: Cars, Food & Entertainment” is a good resource for those of us in the small business industry who may not utilize an accountant for their taxes. For me, any help is good help, although I use an accountant. So I thought I would include a list of things here in hopes that it might give another business owner insight as to what they can take (and might be missing) for deductions, according to the Godfather of Taxes, the IRS.
According to the article, the Internal Revenue Code allows that you can deduct all “ordinary and necessary” expenses incurred while operating your business. “Ordinary and necessary” is fairly vague term but LegalZoom states that a good guideline to use is “an expense is ordinary if it is ‘common and accepted’ in your industry and necessary if it is ‘helpful and appropriate’ to your business. Let’s break this down a bit:
EXAMPLE DEDUCTIONS:
- Automobile Expenses
- Entertainment and Meal Expenses
- Travel Expenses
- Rent
- Certain taxes
- Legal and professional fees
- Bad debts
- Interest
- Insurance
- Advertising
- Employee expenses
- Donations to business organizations
- Educational expenses
- Licenses and regulatory fees
- Pension plans
It is always best to ask for guidance from a tax adviser, even if you don’t plan to work with an accountant to file your taxes. Almost all of the deductions listed above have certain restrictions which define whether they are actual to your business structure. The complete article can be viewed at: http://www.legalzoom.com/legal-articles/The-Complete-Download-on-Business.html?WT.mc_id=EM_NEWS_FEB08_FINAL&WT.mc_ev=EmailOpen&spMailingID=1474783&spUserID=ODA5MzAyMDUxNgS2&spJobID=45242822&spReportId=NDUyNDI4MjIS1
The IRS also has many helpful resources on their website at: www.irs.gov
02.15.08
Trademark vs. Copyright
I came across an article on CNN’s Business site this morning that struck my interest and had actually been a topic of conversation with a client a few months back. What would you do if you found out that your business domain name and the url to your business website had been sold to another company (worse, a competitor) who was now legally using it? I know I’d be irritated as heck trying to figure out what my next step was going to be.
The article is sparked by a man who writes to ask what recourse, if any, his company has toward the registration company who sold the domain name and URL to his company’s website. According to Christine Johnson who is the general counsel for GoDaddy.com, unless your company has a trademark on the domain name, there’s little that can be done. She further states that it is important to first distinguish the difference between copyright and trademark. A copyright protects the originator or author of a particular piece of work whereas a registered trademark is a word, symbol or device used to distinguish a specific product or good from others in the market. A servicemark can be used to protect a name or logo associated with a service offered by a company.
According to the article, if the business name is a registered trademark then a dispute can be filed under the Uniform Domain Name Dispute Policy which is governed by the Internet Corporation for Assigned Names and Numbers (ICANN). If the business name has been trademarked and registered and proof can be shown that the company who acquired the name (your competitor) acted in bad faith by achieving the name to compete with you directly, then you may have luck getting the name back. However, if the domain name has not been trademarked and/or the business has let the domain expire, then you are more likely “out of luck”. Once the name has expired, it’s anyone’s game as to who can pick up the name to use for their own business. This is not to say that you shouldn’t try to fight the company who bought the name, because if you are willing to put in the leg-work it might just pay off in your benefit, but it won’t be easy. There will be a lot of work to prove that you have had the business in effect and that the domain name uniquely identifies you and your company, prior to the competitor taking ownership of the name.
Obviously, the key is to remain aware of your domain expiration dates and do not let them expire if the business name and website is still active. Depending on the registration company, there may be allowances or a grace period between the actual expiration date of a domain name and the release date of a “dead” domain name. It is best to make yourself aware of your registration company’s guidelines and policies regarding domain renewals.
The costs associated with a Registered Trademark and a Copyright can be found at the United States Patent and Trademark Office and their 2008 Fee Schedule has been added.
REFERENCE: Lawinski, Jennifer; A Trademark can help corporate identity; Fortune Small Business; Feb. 12, 2008, retrieved from website at: http://money.cnn.com/2008/02/11/smbusiness/copyright_URL.fsb/index.htm?postversion=2008021211
United States Patent and Trademark office
