Poor Expense Records Cost Business Owner $27,000
Owners of smaller businesses can sometimes be careless about keeping records of business expenses for tax purposes. The good news is that there’s no one right way to keep these records. According to the IRS, you can use any method of tracking expenses you like if it works for you and your business. However, whatever method you use, you still have to be able to substantiate the time, place, amount, and business purpose of each expense, plus the business relationship of any per
How to Keep out Competitors if You Lease Retail Space
Most stores that lease space in a mall or other commercial area would like a guarantee that the landlord won’t also rent to a competing business. This guarantee is known as “exclusive use,” and you can negotiate for it in a lease. If you’re negotiating a right to exclusive use, here are some things to consider: What’s the use? You’ll want to specifically define your “use,” and what kinds of other businesses are allowed. For instance, if you have an ice-cream-cone shop and you
Are Your LinkedIn Contacts a Trade Secret?
If salespeople connect with their business contacts on LinkedIn or another social media site, can they take that information with them when they leave the company? Maybe not, according to a federal court in California. David Oakes worked for six years as a salesman for a cell phone accessories company. He had signed an agreement saying that he wouldn’t disclose any proprietary information, including the company’s customer base. When the company terminated him, he started a co
Wage Garnishments Are Skyrocketing – and They’re a Minefield for Businesses
More than 10 percent of employees between the ages of 35 and 44 had their wages garnished last year, according to a new study by payroll company ADP. That’s a staggering figure, and it creates a serious problem for employers, who are subject to complex state and federal laws about garnishment and can be sued if they do something wrong. For years, wage garnishment was generally limited to people who fell behind on child support payments or owed money to the IRS. But that’s cha
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