Small Business Financing: Securing a Loan

At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources. Unfortunately, many business owners fall victim to several common, but potentially destructive myths regarding financing, such as:

• Lenders are eager to provide money to small businesses.
• Banks are willing sources of financing for start-up businesses.
• When it comes to seeking money, the company speaks for itself.
• A bank, is a bank, is a bank, and all banks are the same.
• Banks, especially large ones, do not need and really do not want the business of a small firm.

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Six Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook.

1. State Sales and Income Taxes

Thanks to the PATH ACT of 2015, taxpayers filing their 2016 returns can deduct either state income tax paid or state sales tax paid, whichever is greater.

Here’s how it works. If you bought a big-ticket item like a car or boat in 2016, it might be more advantageous to deduct the sales tax, but don’t forget to figure any state income taxes withheld from your paycheck just in case. If you’re self-employed, you can include the state income paid from your estimated payments. In addition, if you owed taxes when filing your 2015 tax return in 2016, you can include the amount when you itemize your state taxes this year on your 2016 return. Read more