Author Topic: request ideas for small business blog topics (Read 279 times)

1KPerDay · « **on:** June 05, 2020, 12:02:59 PM »

pleez

Vulcanbill · « **Reply #1 on:** June 05, 2020, 12:43:29 PM »

The difference between a 401K and a simple IRA.

viffergyrl · « **Reply #2 on:** June 05, 2020, 01:27:33 PM »

Quote from: Vulcanbill on June 05, 2020, 12:43:29 PM

The difference between a 401K and a simple IRA.

...and a Keogh plan

coho · « **Reply #3 on:** June 05, 2020, 01:31:02 PM »

How To Delegate
An important, though frequently lacking skill for the small business owner.

Skee · « **Reply #4 on:** June 05, 2020, 01:46:34 PM »

True that! While there is a plethora of info available, I've run into several small independents who simply do not understand small business retirement plans, e.g. SEP IRA, Simple IRA, self-employed 401(k), etc. Each has different advantages depending upon how your business is structured.

Another might be how to self-incorporate as an LLC in a particular state. While there is a lot of information on the advantages of doing so, I've seen very little about how to actually go about doing it (besides call my law firm & I'll take care of it for a modest fee).

Insurance requirements and recommendations might be another.

The importance of having a web page that drives traffic to your business.

However, while the interweb is full of info on these topics, if you are looking for something unique, I'm dead out of fresh ideas.

1KPerDay · « **Reply #5 on:** June 05, 2020, 03:24:39 PM »

Thanks. Some of the above I've already done but there's some fresh stuff there. Keep them coming!

CLAY · « **Reply #6 on:** June 05, 2020, 07:44:27 PM »

Something we've just gone through and figured out:

How to protect a family farm (or other small business) and pass it on to the next generation without losing it all in the case of long-term nursing care or other issue.

melville · « **Reply #7 on:** June 06, 2020, 07:46:33 AM »

Quote from: CLAY on June 05, 2020, 07:44:27 PM

Something we've just gone through and figured out:

How to protect a family farm (or other small business) and pass it on to the next generation without losing it all in the case of long-term nursing care or other issue.

Self canceling note. The heirs (kids) buy out the parents on a long term installment note. When the parents kick off, the kids inherit the note. Who do they owe the money to? Themselves. What assets do the parents have in the nursing home? A long term note. "Sorry, I'm only collecting $20K this year."

The tricky bit is timing the sale so the kids don't have to make too many payments. But even two or three out of, say, 20 or 30 annual installments can be a lot less than the estate tax on the very few (less than 1%) estates that are taxable these days.

Skee · « **Reply #8 on:** June 06, 2020, 10:01:08 AM »

I'm no expert on estate planning, but in some states that might trigger estate taxes. In DE, property passes tax free to immediate family. In PA, IIRC family pays inheritance tax on either the appraised value at the time they inherit the property or on the actual sales price if the property is transferred by the estate. A revocable trust might be the better option in some states. Need to do your homework on this one.

Good idea though; I like that one.

Vulcanbill · « **Reply #9 on:** June 06, 2020, 02:26:43 PM »

Search engine optimization. What is it, how does it work,and what's worth paying for.

HipGnosis · « **Reply #10 on:** June 06, 2020, 07:13:44 PM »

Target customer ID(ing) and marketing

jadziadax8 · « **Reply #11 on:** June 07, 2020, 07:52:04 AM »

When you’re low on cash, who do you pay first?

Hint: the IRS, always.

1KPerDay · « **Reply #12 on:** June 07, 2020, 08:59:03 AM »

Oooo good one

CLAY · « **Reply #13 on:** June 07, 2020, 08:09:24 PM »

Quote from: Skee on June 06, 2020, 10:01:08 AM

I'm no expert on estate planning, but in some states that might trigger estate taxes. In DE, property passes tax free to immediate family. In PA, IIRC family pays inheritance tax on either the appraised value at the time they inherit the property or on the actual sales price if the property is transferred by the estate. A revocable trust might be the better option in some states. Need to do your homework on this one.

Good idea though; I like that one.

Yep- in Michigan we had to move it into a type of trust in order to save it.

1KPerDay · « **Reply #14 on:** **Yesterday** at 09:59:31 AM »

Thanks again all. Do you guys see a way for the estate planning topic to be relevant without becoming too complicated due to varying state specifics/restrictions?

Keep the ideas coming

CLAY · « **Reply #15 on:** **Yesterday** at 08:02:50 PM »

I'm not sure, but I DO know it's something that needs to be dealt with well before people thnk it should. Only time will tell if we made the move early enough.

It seems this could be an issue for any small business that wants to be passed on to the next generation.

Skee · « **Reply #16 on:** **Yesterday** at 08:43:00 PM »

Quote from: CLAY on Yesterday at 08:02:50 PM

I'm not sure, but I DO know it's something that needs to be dealt with well before people thnk it should. Only time will tell if we made the move early enough.

It seems this could be an issue for any small business that wants to be passed on to the next generation.

I think long term care facilities may look back 3 to 5 years. So you need to have a plan in place.

While you can talk about strategies in general terms, you have to make sure folks understand in many cases they need to get state specific advice and information.

CLAY · « **Reply #17 on:** **Today** at 07:32:20 AM »

Quote from: Skee on Yesterday at 08:43:00 PM

Quote from: CLAY on Yesterday at 08:02:50 PM
I'm not sure, but I DO know it's something that needs to be dealt with well before people thnk it should. Only time will tell if we made the move early enough.

It seems this could be an issue for any small business that wants to be passed on to the next generation.

I think long term care facilities may look back 3 to 5 years. So you need to have a plan in place.

While you can talk about strategies in general terms, you have to make sure folks understand in many cases they need to get state specific advice and information.

Yep- 5 years for Michigan. 4 years to go for us at this point. Once we got this set, my parent's comment was "We should have done this years ago".

Yep.

I guess that's part of my point with this blog idea. While each state can be different, the important thing is to start the process WELL before they think- you don't lose anything. For many people (like my parents) it took a couple years for them to realize that they need to deal with this end-of-life stuff now, as a 10 year plan for farming is probably not in the picture.

jadziadax8 · « **Reply #18 on:** **Today** at 08:02:15 AM »

Quote from: 1KPerDay on June 07, 2020, 08:59:03 AM

Oooo good one

Important. My dad found that out the hard way.

Bounce · « **Reply #19 on:** **Today** at 10:01:59 AM »

Quote from: CLAY on June 07, 2020, 08:09:24 PM

Quote from: Skee on June 06, 2020, 10:01:08 AM
I'm no expert on estate planning, but in some states that might trigger estate taxes. In DE, property passes tax free to immediate family. In PA, IIRC family pays inheritance tax on either the appraised value at the time they inherit the property or on the actual sales price if the property is transferred by the estate. A revocable trust might be the better option in some states. Need to do your homework on this one.

Good idea though; I like that one.

Yep- in Michigan we had to move it into a type of trust in order to save it.

And assets moved into a trust aren't protected for the first 5 years (learned this with Mom when she absolutely refused all suggestions about it. When she finally did (at my brother's recommendation) she didn't live more than 3 years after... so what a double headache (of doing all her taxes, our taxes, and then the Trust taxes) because it wasn't done soon enough.