Welcome to the Small Business Run Down. Each day, we bring you stories that impact small business owners and their workforce.
It’s almost Thanksgiving, so here’s a fun piece about growing up on a family-run turkey farm. But before you get too far into vacation mode, check out these stories on ways SBOs can cut down their 2019 tax bill and the good news on revenue from all 50 states!
Last minutes ways to save on 2019 taxes for small businesses
With just over a month left in 2019, SBOs should take this opportunity to consider lowering their tax bill for the year by investing in a retirement plan or purchasing new equipment. Current tax law allows small businesses to make a dent in their tax burden by using extra cash in a number of different ways, however, tax professionals advise making sure that the expenditures really support the goals of the business and that you’re not spending just to spend.
The Number: $1,020,000. Buy! Buy! Buy! Under Section 179, small businesses can deduct up to $1,020,000 worth of equipment, vehicles and many other types of company property. Obviously, make sure that hot tub you have your eye on qualifies under the law before pulling the trigger.
The Quote: “It’s OK to buy the equipment and use it but not pay for it by year-end — even if a business buys the property on credit, the full purchase price can be deducted.”
Revenue Index shows small biz revenue growth in all 50 states
According to the Small Business Revenue Index from Kabbage, small businesses have something to celebrate in all 50 states. Newly accessible to the public, the index tracks ongoing small business revenue trends across all segments and can be aggregated in a number of different ways.
The Number: 22%. The Small Business Revenue Index shows a 15.7% increase in the median revenue for small business in the first half of 2019. This represents a 22% jump from the same timeframe last year.
The Quote: “Despite a slight slowdown in 2019, likely due to the government shutdown earlier this year and escalating tariffs, overall, the small business economy is roaring ahead with no sign of a near term recession.”
Turkey talk: when the family business is raising birds
Mary’s Turkeys was started in 1954 by Mary Pittman’s father-in-law. When big factory farming operations threatened their business, they changed directions and began offering organic, fresh, non-GMO birds over 20 years ago. Today the business continues to support the family, provide jobs for nearly 2,000 other people … and sell out of turkeys each Thanksgiving.
The Number: 500,000. Mary’s Turkeys raises half a million turkeys per year.
The Quote: “Dad’s not home, he has to put the turkeys to bed.”