Small Business Rundown

NFIB Research Center Executive Director Holly Wade explains the findings of a new survey including what small businesses are saying about their biggest tax challenges, how tax policy impacts them, and how they would be affected by the loss of the 20% Small Business Tax Deduction. Also hear directly from several small business owners as they discuss how the end of the Small Business Deduction would affect their business, employees, and community. Learn more about the 2024 NFIB Tax Survey. TAKE ACTION: Join the fight with over 95,000 others by signing NFIB’s petition urging Congress to make the Small Business Deduction permanent before it expires at the end of 2025. Stay up-to-date on the latest in the fight to make the 20% Small Business Deduction permanent. To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

Political experts join the Small Business Rundown ahead of Election Day with the inside scoop on the races that matter most to small businesses. Hear from National Political Analyst Jim Ellis and NFIB Senior National Political Director Sharon Sussin about the key battleground races, surprise races that could decide the majority, and issues to keep an eye on as results come in Nov. 5.Take Action: Join over 80,000 small business owners by signing NFIB’s petition for Congressional action to make the 20% Small Business Tax Deduction permanent before it expires in 2025. Voter information and resources can be found on NFIB’s Elections center. To submit your questions, please email podcast@nfib.org.

A deep dive into a new report by EY explains the positive economic impact if Congress protects small businesses from a massive tax hike, and four small employers detail how the 20% Small Business Tax Deduction empowers their small businesses. Hear from Holly Wade, Executive Director of NFIB’s Research Center, Brandon Pizzola, a partner with the Quantitative Economics and Statistics Practice at EY, and small business owners from California, Massachusetts, Nebraska, and West Virginia. NFIB’s top federal advocacy priority is stopping a massive tax hike on nine out of 10 small businesses by making the 20% Small Business Tax Deduction permanent. Customize an email to your U.S. Senators and Representatives to amplify this effort.  Find out if your small business qualifies for the deduction. Stay up to date on the latest Small Business Deduction news. To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

A new small business registry rule, known as beneficial ownership reporting, went into effect Jan. 1, requiring small businesses to report their beneficial owners to the U.S. Treasury Department’s Financial Crimes Enforcement Network by the end of the year. NFIB Small Business Legal Center Executive Director Beth Milito and Caleb Kruckenberg, the attorney in a District Court case challenging this law join to provide a legal update on where the case stands and what it means for small business as the compliance deadline nears. Listen for more information on the new small business reporting registry, penalties for not complying, and more about the scheduled hearing on this case. Take Action: Add your voice to the fight to repeal this rule by customizing a message to your U.S. Senators and Representative. Learn More: NFIB’s Beneficial Ownership Reporting fact sheet. To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

Without Congressional action, 9 out of 10 small businesses will face a massive tax hike when the 20% Small Business Deduction expires in 2025. NFIB members Wendy and Marci Bittner of LOSHAW Thermal Technology join to share what the 20% Small Business Deduction has allowed them to do and what it will mean to their business if the deduction is allowed to expire at the end of 2025. Representative Lloyd Smucker discusses why this issue is so important to him and his constituents, and NFIB’s Director of Government Relations Lauren Hancock provides an update on NFIB’s advocacy efforts.  Take Action: Join over 80,000 small business owners in signing NFIB’s petition to make the 20% Small Business Deduction permanent. Learn more about the issue and status at SmallBusinessDeduction.com  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

Social media can be used to expand the reach and awareness of any small business, but it can be difficult to get started and create effective posts for your ideal followers. Financial Literacy Coach and Profit Strategist Jamie Trull shares her first-hand experience using social media to expand her small business. She also provides tips for what platform to start with, how to leverage content, and transitioning followers into customers. During this episode, Jamie points listeners to several resources, including: · A free guide to reducing taxes for business owners: JamieTrull.com/TaxGuide · A financial literacy Facebook group: https://jamietrull.com/group · Her YouTube channel: https://www.youtube.com/@JamieTrull · Her Instagram profile: https://instagram.com/jamie.trull To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

NFIB experts dive into current legislation, small business court cases, and the latest research findings. Hear from Beth Milito, Executive Director of the NFIB Small Business Legal Center, Holly Wade, Executive Director of the NFIB Research Center, and Jeff Brabant, NFIB Vice President of Federal Government Relations on the status of key federal small business issues. Take action: Stop the massive tax hike by using our simple email tool to tell your lawmakers in Congress to make the 20% Small Business Deduction permanent. Urge Congress to pass legislation to repeal the new beneficial ownership reporting regulation.  Email the Small Business Legal Center with any questions: info@nfib.org Take action using our simple email tool to contact your lawmakers about issues like healthcare costs, swipe fees, and more through NFIB’s Advocacy Center.  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

Government mandated wage increases can be a major concern for small businesses as they seek to operate their business, hire, and keep employees. NFIB member and owner of Everyday Fitness in Redding, California, Larry Fuqua, NFIB State Director John Kabateck, and Vice President of State Government Relations Tim Goodrich dive into the impact of minimum wage increases in California and how the changes in California have a national impact. Larry explains changes his business has made to accommodate minimum wage increases, including tips for other small businesses responding to similar wage mandates. Take action:Share your small business viewpoint on minimum wage nationwide in a survey.Learn more at NFIB.com/CA and in California, vote no on Proposition 32 in November. Learn more about Proposition 32 here.Share your California small business viewpoint on minimum wage in a short NFIB survey.  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

NFIB member Jared Cochran shares his experience adapting his small business to the ever-changing online marketplace. Jared and his family own Speed Fabrication, a metal fabrication company and The Fixx, a salon and spa in their Missouri community. He explains some of the best and most challenging parts of owning a small business, how he got started selling on Etsy, and the changes he’s noticed along the way. Take action and tell Congress to support small businesses by stopping Big Tech’s anticompetitive behavior: https://www.nfib.com/advocacy/now/?vvsrc=%2fCampaigns%2f113294%2fRespond  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

The U.S. Department of Labor (DOL) released a new overtime rule that took effect July 1. NFIB Small Business Legal Center Executive Director Beth Milito and Senior Attorney Rob Smith join this episode to discuss the details of the new rule and what it means for small businesses. They also answered common questions from small business owners about compliance on issues like worker classification, choosing salary versus hourly status, and hiring teenagers for seasonal help.  Send questions on the status of the DOL’s new overtime rule to info@nfib.org Get more information about the new overtime rule in a recent webinar: https://www.nfib.com/webinars/new-overtime-rule-effective-july-1-2024-what-small-businesses-need-to-know/  Get answers to questions about compliance with Wage and Hour laws: https://assets.nfib.com/nfibcom/Wage-and-Hour-Laws-Guide.pdf  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

NFIB’s annual Fly-In took place in Washington D.C. on June 11-12. Over 100 NFIB members gathered to hear expert speakers and meet with lawmakers on Capitol Hill. NFIB President Brad Close and Vice President of Federal Government Relations Jeff Brabant talk about the event and the two issues small business owners discussed with congressional offices during the Fly-In. Those issues included repealing the new national small business registry and stopping a massive tax increase planned for small businesses.  Sign NFIB’s petition telling Congress to make the 20% Small Business Deduction permanent: https://www.nfib.com/advocacy/now/?vvsrc=%2fPetitions%2f4124%2fRespond Urge Congress to support the bill to repeal the new national small business registry requirement: https://www.votervoice.net/NFIB/Campaigns/107617/RespondTo submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

Inflation is the top problem for small business owners and has consistently ranked as one of their top two concerns since November 2021. To help small businesses fight inflation, NFIB called on Congress and the White House to take action in five ways. NFIB Research Center Executive Director Holly Wade and Federal Government Relations Vice President Jeff Brabant provide an economic overview, explain why navigating inflation is challenging for small businesses, and how these five steps by Congress and the White House will help reduce inflation.More information on the top five list: https://strgnfibcom.blob.core.windows.net/nfibcom/Inflation-One-Pager.pdf Take Action:Reduce burdensome regulations: https://www.votervoice.net/NFIB/campaigns/113396/respondMake the 20% Small Business Deduction permanent: https://www.nfib.com/advocacy/now/?vvsrc=%2fPetitions%2f4124%2fRespondSupport adding competition into the credit card marketplace and lower swipe fees: https://www.votervoice.net/NFIB/campaigns/97182/respondLower healthcare costs and provide more transparency: https://www.votervoice.net/NFIB/campaigns/108597/respondTo submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

A new small business ownership registry went into effect on Jan. 1, 2024, but NFIB is fighting to repeal this burdensome requirement for small business owners. In Congress, Senator Tommy Tuberville and Representative Warren Davidson are sponsoring legislation that would repeal the Corporate Transparency Act and its reporting registry. In this podcast, they explain why they are pushing for this change, discussing its impact on over 30 million small businesses and the security threat caused by the registry’s database. NFIB Vice President of Government Relations Jeff Brabant explains the new reporting requirement, what it means for small business owners, and the penalties for not complying.Take Action: If you have 20 or fewer full-time employees, urge your elected representatives to support a repeal of the small business registry requirements. To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

As the 2024 elections approach, now is a good time to focus on not only the presidential election, but every election on the ballot. NFIB Senior National Political Director Sharon Sussin joins the episode to break down what it means to be the voice of small business, the importance of voting for small business candidates at every level on the ballot, and ways to start getting involved now.Information about upcoming elections and voting resources can be found at nfib.com/elections. Find your state specific candidates on your ballot for upcoming elections: https://www.nfib.com/advocacy/now/?vvsrc=%2fCandidates  Learn how members of Congress voted on key small business issues this session: https://www.nfib.com/advocacy/how-congress-voted/  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

What does shopping small mean, and what is considered a small business? Small business owners in suburban and city environments answer these questions and more in this episode. Kim Duncan, owner of Goldenlight Visions in Manhattan, New York, and Amy Morgan, owner of LeFleur in Washington, Illinois, share how small businesses create neighborhoods, the importance of personal relationships that build customer loyalty, and the crucial customer service that small business shopping provides. NFIB State Director Jim Brown from Tennessee broke down how important small businesses are to his state and the importance of getting to know your elected officials.   Learn more about local issues impacting your community small businesses. Take Action: Sign NFIB’s petition to make the 20% Small Business Deduction permanent. This will avoid massive tax hikes on small businesses if it expires in 2025. To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

NFIB member Claudia Smith shares her small business story and the power of her voice. Claudia owns Aggieland Carpet One in College Station, Texas. She’s met with U.S. Senators and explains how the power of her message created an impact lasting well beyond those meetings. Claudia’s story shows that one person’s voice matters and helps lawmakers understand small business issues. Links from the episode: Resources on NFIB’s website: https://www.nfib.com/  Take action and share your story with lawmakers: https://www.nfib.com/advocacy/now/  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

As tax season approaches, small business owner Warren Hudak and NFIB Executive Director of the Small Business Legal Center Beth Milito provide tips and resources to help small business owners navigate tax season. Warren shares the invaluable insights and knowledge CPAs provide, and Beth discusses avoiding audits, looming tax-related threats, and upcoming compliance issues that could create problems. Tax-Saving Strategies for 2024: https://www.nfib.com/webinars/tax-saving-strategies-for-2024-choosing-the-right-entity-and-hiring-your-kids/?utm_source=RedirectSideElement&utm_medium=Amped&utm_campaign=Webinar04032024  NFIB Guide to Taxes: https://strgnfibcom.blob.core.windows.net/nfibcom/NFIB-Guide-to-Taxes.pdf  20% Small Business Deduction Information: Smallbusinessdeduction.com Ask the CPA webinar: https://www.nfib.com/webinars/ask-the-cpa-you-have-tax-questions-we-have-answers/  Death tax action alert: https://www.votervoice.net/NFIB/campaigns/110950/respond  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

NFIB President Brad Close responds to the State of the Union and provides insights on small business issues addressed. Brad touches on job growth, inflation, minimum wage, and more topics from the speech. He also provides an update on NFIB’s top policy issue, the 20% Small Business Deduction. Join the nationwide Small Business Deduction petition drive: https://www.nfib.com/advocacy/now/?vvsrc=%2fPetitions%2f4124%2fRespond Urge Congress to repeal the Death Tax: https://www.votervoice.net/NFIB/campaigns/110950/respond Urge legislators to oppose the Pro Act: https://www.votervoice.net/NFIB/campaigns/68590/respond Learn more about the Small Business Deduction and how it benefits small businesses: Smallbusinessdeduction.com  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

The NFIB Legal Center released an updated Guide to the Employee handbook, one of the most popular in its series of legal guides. Elizabeth Milito, NFIB Small Business Legal Center Executive Director, joins the episode to provide tips for creating the best Employee Handbook for your small business. Learn about the importance of having an employee handbook, vital policies to include, and strategies to consider when creating or updating your small business handbook. Check out NFIB’s Legal Guide to the Employee Handbook: https://strgnfibcom.blob.core.windows.net/nfibcom/Model-Employee-Handbook-for-Small-Business.pdf  Watch NFIB’s webinar on-demand “Must Have Employee Policies for Small Businesses – Hiring, Firing, and Staying Compliant https://www.nfib.com/webinars/must-have-employee-policies-for-small-businesses-hiring-firing-and-staying-compliant/ Reach out to the Small Business Legal Center at info@nfib.org or at (800) 552-NFIB To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

This episode answers some of small business owner’s most frequently asked questions. NFIB experts explain NFIB’s advocacy process as well as top priority issues such as making the 20% Small Business Deduction permanent, the new Beneficial Ownership Information (BOI) law, workforce shortages, and debt collection issues. Hear the answers to questions related to these topics and more. TAKE ACTION: Petition to make the 20% Small Business Deduction permanent: https://www.nfib.com/advocacy/now/?vvsrc=%2fPetitions%2f4124%2fRespond  Action alert for CCCA: https://www.nfib.com/advocacy/now/?vvsrc=%2fcampaigns%2f97182%2frespond  Urge Congress to repeal the new Beneficial Ownership Information (BOI) law: https://www.votervoice.net/NFIB/Campaigns/107617/Respond Get BOI compliance information from an expert guest in a free webinar: https://pages.nfib.com/WBN-2024-01-17-NAT-Beneficial-Ownership-Reporting-Is-Here-PDEW_LP-Register.html  BOI Fact sheet: https://strgnfibcom.blob.core.windows.net/nfibcom/FinCen-One-pager-12-18-23-update.pdf  Legal Guide Series for Debt Collection Guide and more: https://www.nfib.com/foundations/legal-center/legal-guide-series/  To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.