As a small-business owner I frequently miss important news that can have a huge impact on my ability to operate. I subscribe to magazines and websites that keep me up-to-date on my own industry-related news, but they don’t always have the information I need as a sole proprietor. It’s obvious from their content that they focus more on large operations that have multiple locations, employ hundreds or even thousands of workers and have to deal with employee benefits, worker’s comp, insurance, tax and inventory problems commiserate with their size. I don’t have employees and I specialize in inspections, so I don't carry a materials inventory. My professional subscriptions aren’t terribly interested in the day-to-day operation of my business. For instance, I had to go elsewhere
to discover that the government services inspection contracts I’ve been eyeing have a loophole that is not in my favor. This concerns the Tax Increase Prevention and Reconciliation Act of 2005, which is supposed to benefit small businesses.
“Unfortunately, tucked away in the small print, and even unbeknownst to some who voted for the bill in Congress, was a little provision which stated that any business that has a contract with government at the local, state or federal level will have 3% of their payments withheld starting in 2011. And, to add insult to injury, there are even some in Congress who are now trying to push legislation to move that implementation date up.”
It’s rather disconcerting to know that laws which are supposed to benefit me will instead penalize me. Read the rest of the article
and see. It's good that I found this information prior to submitting my proposal. I'll adjust my bid, but it will probably cost me the contract. Pity the business that gets it and has to lose a bite of their profit down the road because they weren't aware enough.
I’m pleased that I’ve discovered this alternate source of business advice
that caters to businesses like mine, and glad that IncParadise.com
sponsored this post, thus encouraging me to share the news with you.
Labels: blogs, business, payperpost, small business