Join Small Business Minnesota. We are currently offering a “pay what makes the most sense for your business” membership dues. We’ve been there for you all year providing game-changing public advocacy, networking events, resources, the latest small-business news…Now please be there for Small Business Minnesota. The more members, the stronger our community. Join today.
Archive for December 2013
All registered businesses, including nonprofits, must renew their filing each calendar year — for most businesses there is no charge. This can be done by mail or online. Businesses required to file include corporations, limited liability companies (LLCs), partnerships and nonprofits. Failure to renew will result in dissolution. Do this to reserve or keep your business name, too!
The Minnesota Department of Revenue and the Internal Revenue Service begin accepting 2013 business tax returns Monday, Jan. 13, 2014. This includes M4 corporate franchise tax, M8 S-Corporations and M3 Partnership returns. For businesses filing individual income tax returns, the filings begin Friday, Jan. 31, 2014 which also coincides with the Internal Revenue Service’s start date.
The base unemployment insurance tax rate will drop from 0.5% to 0.1%. The additional 14% assessment employers paid on their total UI tax bill in 2013 will be eliminated. http://ow.ly/r19XT
Health insurance tax credits are one of the biggest missed opportunities for small businesses. These tax credits began in 2010. You may apply for credit retroactively. Starting in 2014, the tax credit covers up to 50 percent of employer-paid premium costs for taxable organizations or 35 percent for tax-exempt organizations. Visit the IRS small-business health insurance tax site for more information.
You may be considering charitable contributions. Learn how picking the right charity and related donations might impact your small business’ tax deductions.
There’s no better time to freshen up your books than the beginning of the year. Take another look at your system to make sure you keep good records of expenses or other items eligible for write offs.
Check out IRS Publication 583
If you use your personal vehicle for business, you can deduct the cost of business driving but you must have the records to back it up. Note your odometer at the start of the year and then track your business trips regularly. Hey, there might be an app for that.
We will be releasing a survey soon. If you have any public policy concerns you would like addressed, email your ideas to firstname.lastname@example.org. Examples: Minimum wage, health insurance, transit services, infrastructure, environmental concerns, education…
Submit your nomination for the National Small Business Week Awards. Categories include: National Small Business Week award categories include: Small Business Person of the Year Awards, Exporter of the Year, Disaster Recovery, , Federal Procurement Awards, 8(a) Graduate of the Year Award, Development Center Awards. National Small Business Week is celebrated May 12-16, 2014.
Minnesota offers export assistance for small business: trade mission travel, translation or marketing materials , website development and more.
If you watch the Super Bowl, keep an eye on the ads to see if one of our own Minnesota small businesses, Duluth’s Locally Laid Eggs, made it to the game.
MNsure announced that small businesses (with 2-50 FTE employees) now have until Dec. 7 to sign up for coverage through the MNsure marketplace for coverage beginning Jan. 1, 2014.
Those small businesses without employees need to sign up under an individual plan by Dec. 15, 2013.
Quick links and more at www.mnsure.org
Employer’s Enrollment Guide
Employer notice to employees
Exemptions from the mandate
Qualified Health Plans
Small Business FAQs
Federal tax credits for employers with <25 employees.