Due to the Jobs Bill , Tax Bill , Health Care Reform and pending Immigration reform , plus a myriad of others that I may have overlooked, there are some major changes to how we do business in Colorado/USA and I'd like to draw your attention to the ones that go into effect starting in January, 2011. Please consult your tax accountant or tax preparer to see how these changes could affect your business.
#1) Minimum wage in Colorado increased January 1st to $7.36 per hour (and $4.34 for tipped). When the State and the Federal amounts don't match, you're obligated to pay the higher one, and this time it is the State of Colorado.
#2) With the extension of the Bush-era tax cuts now in place, how is FICA (Social Security) going to be affected? You will be deducting 2% less but just in 2011. The savings is on the side of the employee. Instead of using the 6.2% rate, it will be 4.2% of wages paid. Employers have until January 31, 2011 to implement the new payroll tax rates, and make any necessary adjustments or corrections by March 31, 2011. The employer tax rate for social security (6.2%) and Medicare (1.45%) tax remain unchanged from 2010.
#3) Reporting for 1099-Misc is probably going to be changing in phases. Be prepared to report to the IRS the amount you paid each of your vendors if it was over $600 for the year. In order to best prepare (this legislation has the possibility of being appealed/modified ), start requesting a completed IRS W-9 from each vendor. You can download these forms from the IRS web site in order to have the complete legal name, address and Tax Identification Number (EIN or SSN) for your vendor. This is being phased in, some apply in 2011 (i.e. for landlords dealing with unincorporated service providers) and others in 2012. Penalties for not filing 1099s will double in 2011, so please consult a professional on this topic.
#4) If you took part of the HIRE act, it does not pertain to any wages paid after December 31, 2010.
#5) Small businesses can benefit from deducting health care plan expenses.
#6) The IRS announced that the mileage reimbursement rate for 2011 will be $0.51 per mile.
#7) Still pending, but it looks like employers should get familiar with E-Verify , the electronic way to confirm legal status for employees. Stay tuned.
January 12, 2011
December 16, 2010
Espanola SBDC Client & Artist Giovanna Paponetti Receives a letter from Pope Benedict XVI
SBDCs in the News
Espanola SBDC Client & Artist Giovanna Paponetti Receives a letter from Pope Benedict XVI
Artist and SBDC Client Giovanna Paponetti recently released her new book, "Kateri Native American Saint -The Life and Miracles of Kateri Tekakwitha," published by clear light publishers in Santa Fe, NM. The 21 paintings of Kateri's life story are located at St. John the Baptist church at Ohkay Owingeh Pueblo. Giovanna sent a signed copy for His Holiness Pope Benedict XVI, and to her great surprise received a letter from the Vatican. "His Holiness Pope Benedict XVI was pleased to receive the kind gift sent for his acceptance. He appreciates the devoted sentiments which prompted this thoughtful presentation. The Holy Father gives the assurance of a remembrance in his prayers and sends his blessing."
"I am grateful that my book has found its way to the Vatican as this is the place where Kateri's Sainthood will be decided, hopefully soon. As I began to reach new heights in my career as an Artist I did not feel equipped to handle or have the knowledge to know what to do. Once again Julianna Barbee, Director of the SBDC at Northern New Mexico College, and her staff have been there to guide me with their expertise for my continued success."- Giovanna Paponetti.
Espanola SBDC Client & Artist Giovanna Paponetti Receives a letter from Pope Benedict XVI
Artist and SBDC Client Giovanna Paponetti recently released her new book, "Kateri Native American Saint -The Life and Miracles of Kateri Tekakwitha," published by clear light publishers in Santa Fe, NM. The 21 paintings of Kateri's life story are located at St. John the Baptist church at Ohkay Owingeh Pueblo. Giovanna sent a signed copy for His Holiness Pope Benedict XVI, and to her great surprise received a letter from the Vatican. "His Holiness Pope Benedict XVI was pleased to receive the kind gift sent for his acceptance. He appreciates the devoted sentiments which prompted this thoughtful presentation. The Holy Father gives the assurance of a remembrance in his prayers and sends his blessing."
"I am grateful that my book has found its way to the Vatican as this is the place where Kateri's Sainthood will be decided, hopefully soon. As I began to reach new heights in my career as an Artist I did not feel equipped to handle or have the knowledge to know what to do. Once again Julianna Barbee, Director of the SBDC at Northern New Mexico College, and her staff have been there to guide me with their expertise for my continued success."- Giovanna Paponetti.
New Business Cooks with Spelt
November 30, 2010
QuickBooks for Beginners Workshop in La Jara
QuickBooks™ Workshop
Beginner Workshop
Learn the basics: invoices, general ledger, receipts, deposits and bank statement reconcilement
Wednesday, January 12, 2011
5:30-8:00 p.m.
La Jara, County Nursing Building
$20/per person
or $10 if Conejos County Chamber Member
Register by calling Donna Wehe at 587-5151
Or email Ann Marie Velasquez conejoschamber@centurytel.net
Beginner Workshop
Learn the basics: invoices, general ledger, receipts, deposits and bank statement reconcilement
Wednesday, January 12, 2011
5:30-8:00 p.m.
La Jara, County Nursing Building
$20/per person
Register by calling Donna Wehe at 587-5151
Or email Ann Marie Velasquez conejoschamber@centurytel.net
November 17, 2010
Getting along with Difficult People
Workplace Strategies Luncheon - $15 - A light lunch is included
Locations: downtown Alamosa by Rainbows End in Hospice del Valle training room, 514 Main Street, Alamosa
Friday, December 17, 11:30-1:30 p.m.
Presenter is Liz Thomas, Adams State College Instructor
Have you found yourself struggling to get along with a co-worker? This workshop will give you strategies to deal with difficult people at your place of work. Please call Donna Wehe at 587-5151 to pre-register, or email donna@slv-sbdc.com
Locations: downtown Alamosa by Rainbows End in Hospice del Valle training room, 514 Main Street, Alamosa
Friday, December 17, 11:30-1:30 p.m.
Have you found yourself struggling to get along with a co-worker? This workshop will give you strategies to deal with difficult people at your place of work. Please call Donna Wehe at 587-5151 to pre-register, or email donna@slv-sbdc.com
Start Your Own Business Workshop in Monte Vista
Business Startup Workshop - $10
Monte Vista Info Center
Wednesday, December 15, 4:30-6:00 p.m.
Have you dreamed of becoming your own boss, but don’t know how to start?
This workshop will give you a good understanding of what you need to consider to start a profitable business.
Please RSVP to Donna Wehe at 719-587-5151 or donna@slv-sbdc.com
Wednesday, December 15, 4:30-6:00 p.m.
Have you dreamed of becoming your own boss, but don’t know how to start?
This workshop will give you a good understanding of what you need to consider to start a profitable business.
Please RSVP to Donna Wehe at 719-587-5151 or donna@slv-sbdc.com
November 3, 2010
Leading Edge Seminar Offered in Alamosa Feb-May, 2011
Leading Edge Business Seminar in Alamosa, Colorado
Leading Edge Course Gives Lessons in Proven Business Methods
How can I manage my business like a true business professional if I don’t have any formal business training, and I don’t have time to go to take classes at a college?
How can I plan for the growth of my company? How can I explain to my lender my need for financing and increase my chances of getting the loan approved?
If you have asked yourself questions like these, or you are an entrepreneur with a great idea for a business but no idea where to start, then you may want to consider enrolling in the Small Business Development Center’s Leading Edge course.
Leading Edge uses local business experts as speakers and the NxLevel© curriculum and is one of the best and most affordable entrepreneurial training programs on the market today. It aims for these results:
1. Provide basic business skills training, including preparing a business plan.
2. Provide practical guidance in marketing, financial projections and negotiating with lenders.
Over 600 communities in 48 states use the NxLevel© training material, with an average graduation rate of 65%. Existing businesses that have completed the program see a 28% increase in sales, and on average, create one additional job within one year of graduation. Of those graduates not in business, 40% go on to start a new venture.
From a recent San Luis Valley participant’s evaluation:
“If someone has an idea about starting a business, this is the class for you. You have to start somewhere. I know I am going to start a business soon; I am thankful for the Leading Edge Course because it got my wheels turning.”
Schedule for the Spring of 2011
Class will be facilitated by Donna Wehe. To register, contact Donna Wehe at 719-587-5151 or donna@slv-sbdc.com.
Classes will be on Wednesday evenings from 6:00-9:00 p.m. at the Colorado Welcome Center/Train Depot in Alamosa, Colorado, located at the intersection of State Avenue and 6th Street (Hwy 160 East).
The 12 week seminar costs $250 per business. Up to 3 people per business may attend. Scholarships may be available.
The following schedule is subject to change:
February 9 Introduction to Entrepreneurship
Understand business ownership, develop goals, objectives and mission statement
February 16 Planning and Research - this class will be at the Adams State College Library in Alamosa
Use the resources at ASC to learn more about your industry, trends & demographics
February 23 Legal Structure and Tax Management
Learn from an attorney and CPA how the legal structure chosen for your business may help mitigate tax and other liabilities
March 2 Marketing Analysis and Effective Signage
Use market analysis to develop your customer profile and analyze the competition
How to incorporate a SWOT in your business plan
Watch and discuss a 20 minute video about effective signage
March 9 Marketing and Sales Strategies
Realize the importance of business image; learn what influences price/quality relationship, and examine tools used to promote your business
Learn effective sales techniques from an experienced business owner
March 16 Financial Overview
Gain an understanding of the basic financial statements and how they are used, how to calculate break even, and pricing your product strategies
March 23 Managing Money Strategies
Learn how budgets, sales forecasts and other tools provide performance feedback
Develop cash flows (hands on activity to understand profit and loss statement)
Develop a pro forma balance sheet
March 30 - take a break from class and work on your business plan
April 6 Cash Management and Risk Management
Learn about internal operation controls over cash and tax issues that face business owners
Understand all the different types of insurance requirements for small business owners and employers
April 13 Financial Statements and Business Ratios
Learn to calculate and use ratios in financial statement analysis
Learn from an experienced business owner how projections and ratios can be used to make decisions
April 20 Financing Your Business (Lender Panel)
From Angel Investors to traditional commercial loans, discussion with a panel of experts over ways to finance your business
April 27 Green Business
Learn the necessity of "going green," available resources and understand the importance and lingo of the "green business" market
May 4 Future Growth/Graduation
Now what? Growing pains that face businesses and how to handle them; hear the succes story of a local small business and how they got there
Leading Edge Course Gives Lessons in Proven Business Methods
How can I manage my business like a true business professional if I don’t have any formal business training, and I don’t have time to go to take classes at a college?
How can I plan for the growth of my company? How can I explain to my lender my need for financing and increase my chances of getting the loan approved?
If you have asked yourself questions like these, or you are an entrepreneur with a great idea for a business but no idea where to start, then you may want to consider enrolling in the Small Business Development Center’s Leading Edge course.
Leading Edge uses local business experts as speakers and the NxLevel© curriculum and is one of the best and most affordable entrepreneurial training programs on the market today. It aims for these results:
1. Provide basic business skills training, including preparing a business plan.
2. Provide practical guidance in marketing, financial projections and negotiating with lenders.
Over 600 communities in 48 states use the NxLevel© training material, with an average graduation rate of 65%. Existing businesses that have completed the program see a 28% increase in sales, and on average, create one additional job within one year of graduation. Of those graduates not in business, 40% go on to start a new venture.
From a recent San Luis Valley participant’s evaluation:
“If someone has an idea about starting a business, this is the class for you. You have to start somewhere. I know I am going to start a business soon; I am thankful for the Leading Edge Course because it got my wheels turning.”
Schedule for the Spring of 2011
Class will be facilitated by Donna Wehe. To register, contact Donna Wehe at 719-587-5151 or donna@slv-sbdc.com.
Classes will be on Wednesday evenings from 6:00-9:00 p.m. at the Colorado Welcome Center/Train Depot in Alamosa, Colorado, located at the intersection of State Avenue and 6th Street (Hwy 160 East).
The 12 week seminar costs $250 per business. Up to 3 people per business may attend. Scholarships may be available.
The following schedule is subject to change:
February 9 Introduction to Entrepreneurship
Understand business ownership, develop goals, objectives and mission statement
February 16 Planning and Research - this class will be at the Adams State College Library in Alamosa
Use the resources at ASC to learn more about your industry, trends & demographics
February 23 Legal Structure and Tax Management
Learn from an attorney and CPA how the legal structure chosen for your business may help mitigate tax and other liabilities
March 2 Marketing Analysis and Effective Signage
Use market analysis to develop your customer profile and analyze the competition
How to incorporate a SWOT in your business plan
Watch and discuss a 20 minute video about effective signage
March 9 Marketing and Sales Strategies
Realize the importance of business image; learn what influences price/quality relationship, and examine tools used to promote your business
Learn effective sales techniques from an experienced business owner
March 16 Financial Overview
Gain an understanding of the basic financial statements and how they are used, how to calculate break even, and pricing your product strategies
March 23 Managing Money Strategies
Learn how budgets, sales forecasts and other tools provide performance feedback
Develop cash flows (hands on activity to understand profit and loss statement)
Develop a pro forma balance sheet
March 30 - take a break from class and work on your business plan
April 6 Cash Management and Risk Management
Learn about internal operation controls over cash and tax issues that face business owners
Understand all the different types of insurance requirements for small business owners and employers
April 13 Financial Statements and Business Ratios
Learn to calculate and use ratios in financial statement analysis
Learn from an experienced business owner how projections and ratios can be used to make decisions
April 20 Financing Your Business (Lender Panel)
From Angel Investors to traditional commercial loans, discussion with a panel of experts over ways to finance your business
April 27 Green Business
Learn the necessity of "going green," available resources and understand the importance and lingo of the "green business" market
May 4 Future Growth/Graduation
Now what? Growing pains that face businesses and how to handle them; hear the succes story of a local small business and how they got there
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