Volume 1, Issue 31
May, 2008

Upcoming Events

Tuesdays,
May 20 - June 10
 CORE FOUR Business
Planning Course
Virginia
5:30-8:30 PM, $244
(Four evening sessions)
 

Thursdays,
May 22 - June 12
 CORE FOUR Business
Planning Course
 Duluth
5:30-8:30 PM, $244
(Four evening sessions)


Thursday, May 29
Women's Business
Network Luncheon
The Birch Terrace
 Grand Marais
 11:30 AM-1:00 PM, $10
 (Call Cook County Continuing Ed
to register at 218-387-3411)
 

Monday, June 2
 Recordkeeping for
Small Businesses
Duluth
1:00-5:00 PM, $59


Tuesday, June 10
 Start a Business...
Here's How!
Grand Rapids
6:00-8:00 PM, $20
 

Tuesday, June 10
 Start a Business...
Here's How!
 Duluth
6:00-8:00 PM, $20


Thursdays,
June 17 - July 8
 CORE FOUR Business
Planning Course
 Duluth
5:30-8:30 PM, $244
(Four evening sessions)


Thursday, June 19
 Start a Business...
Here's How!
Virginia
6:00-8:00 PM, $20
To register for a
class or event:
 1-800-422-0374
 info@entrepreneurfund.org
 www.entrepreneurfund.org

 

Total Results Since 1989:

Program
Participants:
9027

Business Started,
Stabilized, or Expanded:
 977

Jobs Created or Retained:
2500

Dollars Loaned:
$7,008,168
Results updated quarterly.

If this page is not displaying correctly, please click here.

 

Special Announcements
   


Whirlpool® Brand Mother of Invention Grant


Moms are known for their ability to come up with creative solutions in meeting the challenges of everyday life.  In recognition of motherly ingenuity, Whirlpool's 2008 Mother of Invention Grant will reward winning moms with thousands of dollars in grant funds and other prizes to help them bring their creative ideas to life.

Entries can be made online or by mail; entry deadline is July 31, 2008.  For complete details and contest rules, visit:  http://www.whirlpool.com/custserv/promo.jsp?sectionId=697
 
   

Women's Business Network Luncheon, Grand Marais

Thursday, May 29, 11:30 AM - 1:00 PM*
The Birch Terrace, Grand Marais
"Emergency Preparedness and Business Continuity"
Presenter: Jim Wiinanen
 *Note date change: This month's luncheon will be held Thursday instead of Wednesday

All women business owners/partners and managers are invited to attend this month’s presentation!  The cost for the luncheon and presentation is $10.  For more information and to register, please call Cook County Higher Education at (218)387-3411.
 
   
   

Read (and Watch) All About It!
   


Turning Dreams Into Dough
   


What’s a “Mompreneur?”  Find out in these video clips originally aired on the TODAY show.  Get inspired to turn your dreams into dough, get retirement advice from Suze Orman, and much more! 

http://www.msnbc.msn.com/id/21134540/vp/24180543#24197292
 
   
   

Tax Breaks for Moms Who Own Businesses
   
According to a survey from Count Me In for Women’s Economic Independence and OPEN from American Express®, work-life balance is the number one reason why mothers start their businesses. How can tax laws help women fulfill their dual functions as moms and CEOs?

Home office deduction
If you work from home so you can combine work with family responsibilities, part of your personal household costs can be a deductible business expense. To qualify for this write-off, you must use a part of your home as:

-  Your principal place of business--where you spend most of your time and earn most of your money, or where you do the administrative work for a business that has no other fixed location.

-  A place to meet or deal with patients, customers, or clients in the normal course of business—occasional or incidental meetings or telephone contact only do not count.

Caution: If you run a corporation from a home office leased to your business, you can’t claim a home office deduction. However, reimbursement for costs can be arranged on a tax-advantaged basis with the corporation using an accountable plan.

Tax credit for dependent care expenses
The costs to care for children under age 13 while you work can produce a personal tax credit. The amount of the credit varies with the amount of your childcare expenses, whether you have one or two or more eligible children, and your income level. For those with adjusted gross income over $4,300, the credit is 20% of expenses of $3,000 for one child or $6,000 for two or more children, or a top credit of $600, or $1,200 respectively.

Qualifying expenses include preschool costs, babysitters, daycare centers, and summer day camp (the cost of sleepaway camp doesn’t qualify).

No credit can be taken for payments made to anyone you claim as a dependent, nor for your child under age 19 at the close of the year, whether or not you claim him or her as a dependent.

Deduction for hiring children
Salary payments to your child are deductible wages. Make sure the amount paid is reasonable for the work performed. Keep track of the child’s hours and work performed because intra-family payments may draw IRS scrutiny.

If you’re a sole proprietor, wages paid to your child under age 18 are exempt from FICA (Social Security and Medicare taxes) and FUTA (federal unemployment tax).

Larger write-offs for SUVs
Soccer moms who buy heavy SUVs (more than 6,000 pounds) that they use for business as well as to transport the team and their gear currently enjoy a special tax break. Instead of limited tax write-offs that apply to most business vehicles, the cost of these SUVs can be deducted up to $25,000 in the first year, with the balance depreciated over a rapid schedule. Only costs related to the portion of vehicle used for business can be deducted. Caution: Congress is looking to close this SUV loophole.

Author: Barbara Weltman, WE-Inc. Tax Advisor
Source: www.we-inc.org
 
   
   

Expert Advice for Women Business Owners
     
Janet W. Christy has written an excellent resource book for a woman owned business. It is very concise and provides easy to find reference points for all types of businesses. If you are serious about expanding your company and capitalizing on being a woman owned business, this is truly a must read book. I personally have grown and increased my earning potential from reading this book and my company is in the process of being certified as a minority owned business due to some of the items in this book. Use it as an investment tool for your business!

From reader: Traci Williams on Amazon.com
 
   
   

Inspirational Women in Business
     
Women in business continue to be the shining light in the current market. According to the Center for Women's Business Research, female entrepreneurs generate $2.3 trillion to the American economy and employ more than 18 million people.

http://sbinformation.about.com/cs/development/a/womenbiz.htm

Source: Darrell Zahorsky on About.com

For more on the History of Women Entrepreneurs: http://hbswk.hbs.edu/item/3178.html

Source:  Harvard Business School – Working Knowledge for Business Leaders
   
   

This Month's Featured Entrepreneurial Resources:

May I Ask a Question?

Can’t wait for the next luncheon or networking event?  Need an answer to your business question now? 

http://www.score.org/index.html

Here you can get FREE and CONFIDENTIAL advice from successful business advisors.  Whether you want advice from someone in your state or from anywhere in the nation just list the keywords in your question and within 48 hours you will get a reply via email.

The Right Stuff

When hiring employees the interview process can be a daunting task.  Click on the following link to get advice from the Small Business Administration.  Here you will find out what you can do both before and during the interview to ensure you get the most out of the process and select the best person for the job.

http://www.sba.gov/smallbusinessplanner/
manage/manageemployees/SERV_INTPROCESS.html
 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 



 


The Northeast Entrepreneur Fund is an equal opportunity employer, lender, and service provider.

Northeast Entrepreneur Fund
8355 Unity Drive, Suite 100  |  Virginia MN  55792
 1-800-422-0374  | www.entrepreneurfund.org

Funded in part through a cooperative agreement with the U.S. Small Business Administration.