MarketWatch:

The IRS’s online filing system is up and running on time. No last-minute bits of legislation to change the whole playing field. What’s the big news this year? Lots of free advice and better question paths in all services.

About 145 million tax returns were filed last year. The IRS estimates that over 70% of taxpayers are eligible to file for free using the Free File Alliance program or the Free File Fillable Form system.

With that system, skilled computer adepts can avoid commercial tax firms. This no-frills system doesn’t integrate with any state filing systems. It’s useful for folks who are either in a state without a state income tax, or a state with an online tax-return system.

Meanwhile, under the Free File Alliance program, 15 companies offer free federal tax returns to taxpayers with income under $57,000. Each provider has different age and form restrictions and other conditions. Most service all states. But some don’t. For instance, ezTaxReturn.com says it covers “any state, except…” — then lists 30 states it doesn’t service. Read more.

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In the world of money, bills and spending, time waits for no man – or woman. When a due date hits, you have to pay it fast. When an opportunity to buy something at a good price comes up, you have to grab it very quickly. But the funds to do these things aren’t always there. That’s a time when a fast cash loan is what would come in handy.

There is a fast way to get a fast cash loan, fortunately. It is through a payday advance, fast cash from your next paycheque. You apply for it online and the money arrives by the next morning (Monday through Friday). This source of money brings several benefits to borrowers:

• Near-instant solution – In about 20 minutes, you can find out if your request for the paycheque advance has been successful (85 percent of applicants are). With money direct-deposited into your bank account, you can do all the things you want with the cash within 24 hours.

• Uncomplicated process – Fast cash comes in a simple way. You sign on to the lender website. You provide employment information and information about where you bank (upload a pay stub or bank account statement). That’s pretty much it.

• Your solution, your way – What a paycheque advance does is give you control over the calendar instead of the other way around. Instead of bill collectors shaking you down for cash, you decide when to pay which ones. Or, you can go where you want for a weekend instead of missing the fun because your bank account is empty.

Speed does not have to involve risk, however. When you apply for and receive a fast cash loan, online lenders will provide the security for your data, safety for your money and freedom from unauthorized inquiry through best-in-class technology. Without that, this method of borrowing could not be so popular.

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HeraldNet:

Sometimes the greater challenge for entrepreneurs isn’t landing on a winning idea; it’s finding the money to start a new business venture.

It’s been said there are three common sources for funding — family, friends and fools. In reality, personal savings and investment are the top funding sources for start-ups.

Historically, many small business owners found easy access to cash for financing their business through their home equity. In today’s economic environment, with home values significantly deflated, this may not be practical. Most homeowners who’ve purchased within the past six years have witnessed a significant drop in their equity.

Robert Wolverton, a broker with Cobalt Mortgage, has seen the best and the worst of times in his 14 years in the business. More.

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Despite that fact that it is 2010 and today’s marketplace being technologically driven, you might be surprised at how just many small-businesses still don’t accept credit card payments. If your small business doesn’t currently take credit/debit cards than you are really missing out on a sizable revenue stream. Due to the many benefits credit cards offer- convenience, security, increase of purchasing power, etc, many of today’s shoppers prefer to use credit cards when paying for items bought online or in-person.

In order to start conduct credit card processing, your business needs to first be set up with a merchant account. Merchant accounts make it possible for small businesses to accept payments made to them via credit and debit cards.
It is important that you have the necessary information lined up before applying for a merchant account as to prevent any possible delays. When applying, lenders typically require that applicants have a running website, voided check, active checking account, and proof of ownership. If you operate within in a high-risk or specialized industry, than additional items like photos, trade references, and recent tax returns may also be requested.

Merchant accounts are available either directly through a vendor or through a third party agent that is partnered with the vendor. Credit card transactions can be processed and verified via electronic authorization in three ways:

• After swipage, the credit cards magnetic strip is verified by the credit card terminal

• The customer’s information is already registered in the credit card terminal and/or website

• A readable computer chip inside of the credit card is processed

For more information on merchant accounts, check out credit-card-processing-review.toptenreviews.com, nabancard.com and Wikipedia as I found all of them to be pretty helpful.

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MarketWatch:

Unable to get loans at banks, more small-business owners are turning to credit unions.

Most credit unions didn’t get in on the subprime-loan market, so they’re not smarting from multibillion-dollar losses like many banks. Many also have extra cash because deposits increased in 2008 as more investors abandoned the stock market and sought greater certainty in savings accounts. So credit unions are more able — and willing — than most of their banking counterparts to dole out money to small businesses.

Wisconsin Credit Union LeagueMatt Rosenthal, vice president of business services of Summit Credit Union, right, with Josh Duggan, president of Chem-Dry of Madison. Mr. Duggan received two business loans from Summit Credit Union.

About 27% of the 8,147 credit unions in the U.S. offer business loans, according to the Credit Union National Association, a trade group based in Washington, D.C. The amount of business loans was up 18% last year to almost $33 billion from nearly $28 billion in 2007. The average loan size is about $215,000.

“In this really bad environment, we’re doing more and more loans,” says Mike Schenk, senior economist at the Credit Union National Association.

Many credit unions say they would lend out even more money if they could. But a 1998 federal law caps the amount of business loans credit unions can have at 12.25% of assets. The banking industry opposes any changes to the legislation, but credit unions hope to convince Congress to introduce legislation to lift the cap. Last year, a bill was introduced to raise the lid to 20%, but it didn’t garner enough votes. Full post.

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TheStreet.com:

Nationally, the businesses sold had a median revenue of $395,000 and a median sale price of $200,000 in the quarter ended June 30. The businesses had a median cash flow of nearly $95,000. Close to 2,100 businesses changed hands through bizbuysell.com in the second quarter, up from 1,559 in second-quarter 2007.

What explains the strong market for businesses for sale amid an economic downturn? BizBuySell general manager Michael Handelsman says the law of supply and demand is keeping prices high. Though his growing site continues to see rising listings, he believes the total number of businesses for sale nationally has declined, as many business owners are waiting for the economy to improve in hopes of getting a better price.

Meanwhile, Handelsman notes, more executives are being laid off with severance packages that might enable them to purchase a business. So supply is down, but demand is up, keeping prices firm.

One notable trend: Businesses sold through BizBuySell in 2008 had a bit more revenue. The median was $395,000, compared with $364,500 in mid-2007.

Handelsman offers these tips for selling a business in today’s economy:

Clean up the books. Pay off small debts if you can, and make sure your records are ready for buyers’ review.

Keep revenue strong. Continue marketing and bringing in customers to show buyers that your business is still flourishing.

Consider your sector and market. The downturn isn’t the same in every city or every industry. Research businesses sold in your sector or town to see if now is a good time to sell.

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The Wall Street Journal:

Small businesses finally are getting their own little piece of the federal government’s ballooning bailout package.

U.S. officials announced the federal government as part of a broader package will lend up to $200 billion to institutions that originate consumer loans and business loans backed by the Small Business Administration.

The rationale, Secretary Paulson said in a news conference, is it will create liquidity, spurring banks to lend again to consumers and businesses. Some hope it could especially help banks that specialize in offering SBA-backed loans, since such lending has dried up in recent weeks.

Nobody, of course, really knows at this point whether such a cash infusion into the lending system will actually save many struggling small businesses. But some are optimistic it will help – and feel it at least shows policy makers recognize the dire situation on Main Street and want a more direct solution.

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ITWeb:

Once you have raised the necessary venture capital to launch your innovative new technological concept or service into the market, you’re set for success, right? Wrong! A study that has recently been concluded at a world-class university showed that start-up businesses with no venture capital had a 70% greater survival rate than the ones who kicked off with venture capital. This is just one of the astounding facts that came to light during the launch of Business Beat, which took place at The Innovation Hub on the 3 November 2008.

“Business Beat, a new Maxum initiative, will serve as a platform from which ICT entrepreneurs with viable innovative technology concepts or services will be successfully elevated into the market place,” explains Dr Jill Sawyers, Manager of Entrepreneurship at The Innovation Hub. “This will be done through matching these entrepreneurs with MBA Students as well as a consortium of knowledgeable and relevant institutions and entities that could aid them to shape their innovative ideas into solid, profitable businesses.”

Read more.

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MarketWatch:

1. Triage payments
Make a list of all payments due for the next three months. Give payroll priority and see what else you can negotiate to pay later. You may be able to slide with utilities; subcontractors can often be persuaded to wait a bit.

2. Accelerate collections
Call customers to check on payments that are overdue, or due soon. If you have a good relationship, you may be able to ask for early payment as a favor. For older accounts receivable, offer to forgive 15% of their overdue balance if they pay within the week. This may encourage them to respond and it’s less costly than hiring a collection agency to go after receivables you may never see.

3. Invoice early
If you consistently send out invoices a week late, you are delaying receipts by a week. If you average $7,000 a week in receipts, the net effect is that you have $7,000 less to work with. If you take 10 days to send out the invoices, it’s the same as if you need another $10,000 in working capital to run your business.

4. Offer discounts
This invoicing carrot can speed collections, but make sure that you understand how much it is costing you. Some large companies have policies in place that require speeding payments to earn discounts, e.g., 2% for paying within 10 days. But beware: Suddenly offering a 5% discount for payment in 10 days could give out the wrong signal.

5. Invoice more frequently
If you are billing customers for time, consider billing twice a month instead of once. Billing promptly on the 1st and 15th of the month speeds up immediate cash flow.

More tips here.

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USAToday:

As lawmakers debate the proposed financial bailout bill, small-business owners — who are especially vulnerable to financial meltdowns — face even tighter credit than usual.

They’re tapping credit cards and personal savings as it gets harder to land bank financing. They appear to be hoarding their cash, anticipating worse economic times. And unless the rescue bill frees up credit, they’ll likely find it harder to get federally guaranteed loans.

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Associated Press:

Seventeen-year-old Alexis Corocan spends about $5 a month on clothes, accessories and eyes of various shapes and shades for her online persona on IMVU, a popular Internet hangout.

For 29 cents, for example, she can buy a set of deep gray eyes framed by dark lashes. Sixty cents gets her a white tiger. Or for $1.21, she could have an infant named Baby Candy.

Five dollars a month doesn’t sound like much, but through these microtransactions — payments of little as a quarter for a virtual item — IMVU Inc. reaps roughly $1 million in revenue each month.

Micropayments have been one of the Internet’s most-hyped and least-successful ideas — until now, as virtual world creators and video game companies are beginning to expect, and even depend on, players to buy virtual goods in little chunks.

The idea has already taken hold in Asia, where piracy is widespread, making it harder for companies to profit from the traditional model of selling the games themselves. Now some game companies in the U.S. are taking a stab at micropayments as a serious source of revenue.

Instead of charging for each virtual item separately, companies sell chunks of credits — through PayPal, credit card transactions or physical game cards bought in stores like Target — usually for $5 to $25 at a time. Users then spend the credits in small installments, which often amount to just a few cents.

Corocan, of Aurora, Ill., says the money she spends is worth it, but anything more a few dollars a month “is taking it too far.” Read more.

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PR Web:

Few people understand the effect of increased expenses during the summer better than stay-at-home parents. The kids are home from school and living in-house which means higher grocery and utility bills. In addition, what follows is the end-of-summer woe otherwise known as back-to-school shopping. Ultimately, these costs can put a dent in any family’s budget – especially one that is trying to reduce its total debt.

Agencies that provide CareOne Credit Counseling Services understand the debt management issues faced by consumers dealing with these rising costs. In an effort to help stay-at-home parents earn extra money from home while the kids are back in school, they are sharing a series of free tips and resources offering guidance on how to get started working from home.

“Stay at home parents are often in that position because of a lifestyle choice or family needs,” says CareOne Credit Counseling Services Spokesperson Clarky Davis. “It isn’t always possible for a stay at home mom or dad to get a job away from home to earn extra money to help with family expenses. While it’s true that work at home scams exist, there are many legitimate ways to make money at home, and many stay at home parents have successfully made the transition to work at home parents. We know that the most difficult part is often figuring out what to do or where to start. Our work from home ideas and tips can point you in the right direction.”

Providers of CareOne Credit Counseling Services suggest any of the following work-from-home options to earn some extra income during these times.

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Corsavoo.com:

A business plan is a necessity for obtaining business startup loans and funding for your business. Without one, most banks and investors will not even consider providing you with business startup loans or other funding for your new business. But a business plan provides more than just the opportunity to receive funding. Properly done it is also a blueprint for you to map out your future success in a written plan that you can stick to.

A business plan for the sole purpose of receiving a small business startup loan must contain several components. The first few pages include the Executive Summary and the Table of Contents. After this is the company description. This is one of the most important sections of a business plan. Your company description will give potential investors a short history of your small business along with the future cleaning upholstery cleaning are planning for it. It describes plans you might have to expand your business. For purposes of getting small business startup loans, this is one of the sections that loan providers and investors are most interested in. More.

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U.S. News & World Report:

Running a small business can be a life-consuming process, so sometimes small-business owners miss the forest for the trees. Maybe that’s why only about 16 percent of businesses with fewer than 50 employees in the United States have 401(k) plans. Small-business owners are so focused on developing their businesses that some do not realize that those assets can grow at a much faster rate for their retirement under the right plan. An October survey by ING DIRECT’s ShareBuilder401k, which designs 401(k) plans for small businesses, found that “not enough employees” was the top reason cited by small-business owners as to why they do not have a 401(k) plan. That’s despite the fact that even sole proprietorships with no other employees can have 401(k)’s.

Of course, that’s not to say that small-business owners can’t use other retirement plans like IRAs. But there are some unique benefits to 401(k)’s. In 2001, Congress changed the laws in a way that allowed self-employed people to put more money into their 401(k)’s. Today, a business owner under 50 with a 401(k) can invest up to $46,000 a year into the account, with up to $15,500 ($20,500 if over 50) coming from his or her own income, and then up to 25 percent of the business’s profits under the “profit sharing” provision. Regardless of the size of the profits, the total amount cannot exceed $46,000 (or $51,000 if you’re over 50), but that can make a huge difference. That $46,000 “can drop you a tax bracket,” says Stuart Robertson, general manager of Sharebuilder401k. “That is a great tax shelter for these folks.”

But if, like many small-business owners, you’re not very familiar with 401(k)’s, what do you need to know before you get your own plan started? Read on…

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