Presentation: City of St. Mark's Commission Meeting

Last night, I participated at the City of St. Mark's monthly Commission meeting.  I presented on Florida economic incentives (i.e. tax breaks in the form of credits, refunds and grants).  It was an amazing experience.  My goal was to inform smaller communities about the availability of these incentives and briefly describe some of their benefits. 

My BIG questions: If I offered you a check for $25,000 for training your employees, would you take it?  What if you had to do the training anyway, would the $25,000 check encourage you to get a move on it?

The responses: What's the catch? It's free money, sure I would take it!

Ultimately, what I wanted to get across to the audience was, the money is available each year.  As small business owners, we have to be willing to get help.  No man is an island.  We cannot exist in a vacuum.  And, although some business owners may consider this a hand-out, when you think about it, it is really your money.  If you pay taxes, consider a tax incentive as the government returning some of your money back to you to help with your growth and training needs.

So, I ask this question again, "If I offered to give you a check for creating, retaining or training your employees, would you take it?"

SURE YOU WOULD!!! 

Why not start now? Email me at info@marlynnconsulting.com so we can discuss how you can start receiving money from to help your business grow.

How Small Businesses Are Rebounding With Tax Incentives (Tax Credits)

I recently read an article on Bloomberg.com, titled: "Small Business Is Hiring, but Very Carefully."  The article indicated that in past recessions, small businesses led the rebound, now they're relying on part-time workers and more productivity with fewer people.  The article also discussed an interview with the CEO of a sales promotion company who let go some of his full-time salespeople as a result of the downturn in the economy. The company later kept these employees on as contractors, reducing payroll costs.  

While reading this article I thought about a conversation I had with a local economic development agency.  Florida and local communities within Florida offer tax incentives to businesses to help with their growth and training needs.  There are even greater opportunities for companies located in enterprise zones, brownfield redevelopment, urban and rural areas.  THE PROBLEM? Many small businesses do not take advantage of these opportunities!

As a small business owner, have you thought about getting money to help train your employees?  Or, maybe you’d prefer a tax credit on business equipment and materials?  In a down economy, as a small business owner, you should be excited these opportunities exist.

I hear you asking, what if my business isn’t in Florida?  That is definitely not an issue.  I assure you that your local community offers similar tax incentive programs.  I strongly suggest you contact your local economic development agency and inquire about available tax incentives.  Whatever your situation is, don’t you think you owe it to yourself to at least check these out?

Email me at info@marlynnconsulting.com to find out what incentives are available.  I can also help with other State incentives.

Marlynn Consulting's Ribbon Cutting Ceremony

OK guys, this week was a busy one.  First, I participated in my Ribbon Cutting Ceremony at Tallahasse Chamber of Commerce on Monday - WOOWEE!! 

Monday afternoon found me at a Manufacturers Association of Florida meeting, where I learned about developments in the manufacturing industry as they prepared for “Manufacturers Day At The Capital”.

On Tuesday and Wednesday I spent my days at the DoubleTree Hotel in downtown Tallahassee, where the following meetings took place:

·         Rural and Urban Working Group

·         Competitiveness Working Group

·         Technology, Entrepreneurship & Capital Committee

·         Global Commerce & Investment Committee

·         Florida Life Sciences Council

·         Legislative Policy Committee

·         Board & Stakeholders Meetings

There was a great wealth of information provided at these meetings related to Florida’s economy, economic incentives, and Florida’s key industries.  The general consensus of the group was to determine how to keep the State’s competitiveness to bring in new and retain existing Florida jobs.

On Thursday, the Office of Small Business Advocate held a Small Business Issues Forum in Tallahassee to figure out what burning issues were affecting small businesses.  Business owners voiced concerns about the following topics:

·         Regulations affecting licensed businesses, but lack of penalties for competitors who are not licensed.

·         Difficulty in finding out information from one source, rather than having to look all over the internet.

·         Doing business with State government.

·         Contracting issues for minority-owned and other small businesses.

On Friday, I joined a List Building Challenge call with Emily Morgan (www.virtualfabulosity.com). Finally, on Saturday I will participate in a Toastmasters training workshop. Then, it is time for a little "Rest & Relaxation"

Need Money For Your Business?

Are you familiar with Economic Incentives?

Has your business participated in any tax incentives in the past?

For those of you who are unfamiliar with tax incentives, here is a simple explanation of what an economic development incentive is:

Economic incentives are simply tax breaks provided by the government to stimulate the local economy and encourage business growth.  Economic incentives are commonly available as tax refunds, tax credits, or grant reimbursements.  There are a number of Florida tax incentives, which include tax refunds like QTI (Qualified Tax Refund) and Brownfield Redevelopment; discretionary payment programs like Quick Action Closing Fund (QACF) and HIPI (High Impact Performance Incentives); tax credits like Enterprise Zone, Capital Investment and Commmunity Contribution Tax Credit (CCTCP); and training grants like Incumbent Worker Training (IWT) and Quick Response Training (QRT).

Other programs include, but are not limited to The Economic Gardening and Black Business Loan Programs.

Contact me by email info@marlynnconsulting.com if you wish to find out if you qualify for a tax break under economic incentives.

IT’S THAT TIME AGAIN!!

If you are a participant of the State of Florida’s Qualified Target Industry Tax Incentive (QTI) program, you should have received your QTI Claim Application by now.  It is time to prove to the State that you have met your QTI compliance goals for 2010. 

Have you analyzed your payroll data to determine if you successfully achieved your QTI compliance goals?

Have you analyzed your tax data to determine if you qualify for a full refund?

TIP: If you haven’t started preparing your compliance reports don’t fret, you still have time.  The State gives you an opportunity to request a one-time 30-day extension, which gives you some additional time.  Please note – your request must be in writing.  This gives you until March 2^nd to submit your claim application and supporting documents to the State’s agent responsible for verifying your claims.

It is your responsibility to ensure that all required documentation is submitted to support satisfaction of your compliance goals/commitments.  Proper documentation will result in timely review of your QTI claim package, which will ultimately result in timely payments.

For additional information on how to analyze your payroll data to determine whether you qualify for a tax refund; how to determine the amount of refund you will receive; or what type of documentation you are required to submit, contact me by email at info@marlynnconsulting.com.