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Business Overhead Expense

Business overhead expense insurance is similar to key person insurance in that it protects a critical member of your company – the business owner. “In small businesses where the owner is likely responsible for much of the day-to-day, an extended absence can have a catastrophic effect on the balance sheet,” said Raymer Malone, owner of High Income Protection Insurance Agency.

Business overhead expense insurance is a basic disability policy that covers business expenses such as rent, salaries and utilities if the owner becomes unable to work due to illness or injury.

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Does your company really need these policies? Every company has different insurance needs, depending on the industry, location and nature of the business. While the above-named policies are recommended, they may or may not be right for your business. Be sure to consult with your insurance agent frequently to assess your risks and ensure that your business is getting all the protection it needs.

“Set up a regular timeframe to meet with your agent and update him or her on your business and any changes [that have occurred] to make sure you’re adding the coverage you need,” Klaras said. “Do your research … and make sure you’re covered,” Hoffmann added. “The costs can be very reasonable, and insurance provides the protection you need to make sure somebody else doesn’t get in the way of your path to success.”

Mercedes-Benz India H1 retail sales jumps 65%

German luxury carmaker Mercedes-Benz on Thursday reported a 65% growth in its retail sales in India to 4,857 units in the first half (H1) of 2021 driven by new products and strong demand for top-end cars.

The company had sold 2,948 units in the first half of 2020. In the first halves of both last and this year, sales were disrupted due restrictions imposed to curb the first and second waves of the coronavirus pandemic.

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“Our H1 2021 sales growth is in line with the market sentiments and strongly underlines a continuing high customer demand for models,” Mercedes-Benz India managing director and CEO Martin Schwenk said in a statement. “We have built a solid order bank on the back of new launches and it is highly satisfying to witness an all-round rise in demand for our products.”

On the outlook, VP sales and marketing Santosh Iyer said, “At this stage, at least on the demand side, we don’t see any letdown as we move into this quarter also. Fundamentally, the H2 surely should be bigger than H1.”

Program Must Be Extended and Replenished to Help the Smallest Businesses

One year into the Paycheck Protection Program (PPP), it is clear that the smallest businesses in America—particularly those owned by minorities, women, and veterans—struggled to access the government support. And now, just as recent regulatory changes have finally prioritized them, the program is set to expire May 31, 2021. To ensure these businesses survive the challenges of the Covid-19 pandemic, PPP should be extended until the end of 2021 and replenished with at least $75 billion.

Despite some vocal critics, obvious shortcomings, and ever-changing rules, PPP has largely been a success. For many businesses, it was the intended lifeline for surviving the Covid-19 pandemic and shutdowns. But, for many other businesses it wasn’t enough, and they became casualties of the economic effects of the pandemic. Thanks to the Economic Aid Act (EAA) signed by President Trump in December 2020 and the American Rescue Plan (ARP) signed by President Biden in March 2021, we are now in the third round of PPP funding. The smallest businesses are finally getting what they need, but most observers are predicting the funds will run out prior to the May 31 deadline.

Positive impact of bipartisan regulatory changes
In December and February, there were three critical regulatory changes that collectively and meaningfully addressed the needs of businesses with fewer than 20 employees as well as minority, women, and veteran-owned businesses. In December President Trump increased the origination fee so smaller loans, typically $10,000-$15,000 each, became profitable for more lenders that previously had been ignoring the smallest businesses. In February, President Biden simplified rules for independent contractors and sole proprietors, allowing them to use gross income rather than net income to support their loan applications, and set aside $1 billion solely for these businesses.

And, perhaps most helpful, the February rules also created a 14-day exclusive loan application period for businesses with fewer than 20 employees, which are 98% of U.S. small businesses. A March 9, 2021 Small Business Administration (SBA) study reported that the 14-day exclusive period had the desired impact, showing a dramatic increase in the daily average rate of loans during that time compared to the rate 10 days before. The SBA reported the following statistics:

Minority-owned business applications up 20%, or an additional 1,000 businesses accessing relief each day
Women-owned businesses up 14%, or an additional 600 businesses accessing relief each day

Why Invest In Dividends?

Dividend investing can be a great way for small business owners to stabilize their investment portfolios and receive passive income. Using a portion of your business’s profits for dividend investing is a great opportunity for small business owners to generate an additional income stream, which is key to building wealth. Dividend investing generally provides two sources of possible profit: income from regular dividend payments and capital appreciation over an extended period of time agen judi slot.

Dividend investing is generally a safe and reliable way to gain income from stocks. Dividend investing has a two-pronged approach to rewarding investors: recurring dividend payments and capital appreciation.

With recurring dividend payments, when you invest in dividends, you receive payments for as long as the company can support them, regardless of whether the company’s stock price is up or down.

Capital appreciation, which is the increase in price or value of a company’s assets, can also provide a stable flow of income.

Know the Benefits and Disadvantages of a Sole Proprietorship

Many businesses start out as sole proprietorships, and there’s a good reason to do so: A sole proprietorship is very simple and inexpensive to process.

“There is no cost to organize, and you don’t have to renew your business entity yearly with the state,” said Matt Jensen, a certified public accountant at Cook Martin Poulson. There are no requirements for annual owner meetings or filings with states, and in general, there is less administrative work, he said.

Sole proprietorships do not need to be renewed annually, they require less paperwork and they don’t cost much to process.

What are the disadvantages of a sole proprietorship?

Although a sole proprietorship is one of the simpler business entities, it puts a lot of responsibility on business owners. It offers zero legal protection of your personal assets, and there can be only one owner.

“If a business owner was sued, the owners could literally lose their personal car and personal home because of a business liability,” Jensen told Business News Daily.

Sole proprietorship also poses some security risks. “Another con is that when a business identification number is needed, the owner has to give out their Social Security number, greatly increasing the chance of identity fraud,” Jensen said.

Another drawback is that sole proprietors are not eligible for certain business tax breaks and small business loans. They could, however, be eligible for certain tax deductions intended for self-employed individuals.

Sole proprietorships provide no legal protection for business owners’ personal assets and aren’t eligible for certain business tax breaks or small business loans.

What are the tax implications of a sole proprietorship?

When filing your taxes as a sole proprietorship, you report your business’s income and losses on your personal tax returns. You’re also required to submit a Schedule C, “Profit or Loss from the Business,” as part of your IRS 1040 filing. This form is used to document the income and expenses for your business.

“A sole proprietorship doesn’t have to file a separate [business] tax return,” Jensen said. “A business schedule is attached to the owner’s personal tax return.”

Income earned by sole proprietorships is treated like personal income, which is why it’s reported on your personal tax return.

You may instead be able to submit Schedule C-EZ, which documents your net profit from the business. Because the sole proprietor is considered both the employer and the employee, he or she is responsible for paying both the employer and employee portions of Social Security and Medicare taxes through Form SE, “Self-Employment Tax.” The employer portion of the tax can be claimed as a tax deduction when filing your tax return, however.

All About Sole Proprietorship FAQs

If you are the owner of a sole proprietorship, you do not have to file a separate tax return for your business. When you file your personal tax return, you may have to submit a Schedule C (profit or loss from the business) or Schedule C-EZ (net profit), as well as a Form SE (self-employment tax) for your sole proprietorship.

Can you hire employees if you’re a sole proprietor?
According to LegalZoom, a sole proprietor can hire employees, but you must be careful to avoid violating any local or state regulations. Further, you need to first obtain an employer identification number (EIN). The EIN is needed for tax purposes, and the sole proprietor can’t use his or her Social Security number in place of a legal EIN.

What is the difference between a sole proprietor and a self-employed individual?
Sole proprietor and self-employed mean the same thing essentially. A sole proprietor is the only – the sole – person who runs his or her business. A sole proprietor is not the same as an independent contractor. An independent contractor typically works for another organization or multiple organizations, such as a creative professional – a graphic artist or writer.

An independent contractor will not have taxes held from any payments. Sole proprietors are responsible for paying taxes associated with their businesses.

What are the insurance implications of forming a sole proprietorship?
Sole proprietors are not shielded from any debts or liabilities incurred by the business. Due to personal liability, sole proprietors usually must secure some type of insurance as a way to stay protected in the case of lawsuits. The sole proprietor would want to secure either a small business insurance policy or general liability policy.

Does a sole proprietor receive a salary?
No, a sole proprietor does not receive a salary. Therefore, you can’t pay yourself a salary and receive a tax deduction for a salary. Your pay is dependent on the fees you collect for the products or services you provide to your customers.

What is Day Trading?

When some people think of successful day traders, they think of multimillionaires lounging in a beach town, making trades and relaxing. That reality is rare, and day trading isn’t as easy or lucrative as it might seem from the outside. Despite challenges, some people elect to day trade as a part-time job, or they take on day trading as their full-time gig. If you know your stuff and follow a strategy, you can make money over time through day trades.

If you’re interested in the idea but unsure of how to become a day trader, we’ll take you through the steps. We spoke with experts about the perks and perils of day trading, and they shared insights on how someone can break into the industry.

Day trading refers to buying and selling securities and stocks, then selling them within the same day with the goal of making a profit. At the close of the market day, a day trader will have closed all their positions and realized any gains or losses.

Day trading is the opposite of a long-term investment strategy, in which one holds stocks or securities in hopes that they appreciate in value over time. Instead, day trading is about buying the dips and selling high in the short term – the long-term prospects of a stock or security mean far less than immediate volatility.

Day trading can be risky. Day traders are inevitably going to lose money on trades, and it can be quite difficult to become a profitable day trader.

A day trader is someone who buys and sells stocks and securities in a single day, hoping to make a profit on short-term activity. Day trading can be risky.

What is a swing trader? A swing trader is similar to a day trader, but they are not the same. A swing trader makes trades over multiple days in hopes of profiting off longer-term fluctuations in the stock market. Swing traders may sell some of their securities one day and buy more a few days later, but the idea is to allow more time for the investment to go through peaks and valleys while still owning it during that process. Normally, swing traders own securities for a few days or weeks. Day traders don’t do this, as they only own securities for a day, although both day traders and swing traders perform a type of short-term trading.