$409 Million in Small Business Grants Available in Michigan

If you run a small business in Michigan, there are several grant programs that may help you reach your goals. From Kalamazoo to Detroit to Flint, communities throughout the state can benefit from a vibrant small business community.

Small Business Grants Now Available in Michigan

Here are the Michigan small business grant opportunities that may help.

Growing MI

Growing MI is a statewide grant program to support businesses affected by the pandemic. Michigan allocated $409 million to the program, and businesses can apply for up to $5 million each. To qualify for the full amount, companies must be in business prior to October 1, 2019. Companies that launched between that date and May 31, 2020, can apply for grants that cover up to 25 percent of eligible, pandemic-related expenses. The program specifically aims to help entertainment venues, gyms, hotels, barbers, and restaurants. The deadline to apply is March 31.

Match on Main

Match on Main is a reimbursement grant program that aims to grow and support Michigan communities. Businesses don’t directly apply for this grant – instead, eligible DDA, business districts, or government organizations apply and choose which businesses to include. Each applicant can request up to $25,000 in funding. Applicants can apply on behalf of up to two businesses per funding round. This is an ongoing program with multiple rounds each year; applications are currently being accepted online.

Moving Flint Forward

Moving Flint Forward is a grant program funded and facilitated by General Motors and the Flint & Genesee Economic Alliance. Grants of up to $10,000 aim to support economic growth and employment opportunities throughout the area. To qualify, businesses must have 20 or fewer employees and not be a franchise location or a previous Moving Flint Forward grant recipient. The application period for the third round of funding has closed. So look for updates on a fourth if more funding is provided by General Motors or other community partners.

National Value-added Producer Grant

The National Value-added Producer Grant is a regional funding program for agriculture producers. This isn’t specific to Michigan, but is relevant to the state’s farmers and is supported through seminars through Michigan State University Extension. The program supports family farms, cooperatives, and other organizations that produce various commodities. Grants have generally been limited to $75,000 for planning purposes, but may go up to $250,000 for working capital. This program also requires a dollar-for-dollar match from the grantee. For the latest round, electronic applications must be submitted by April 25, and paper applications are due May 2.

Hatch Detroit

Sponsored by Comerica Bank, Hatch Detroit has supported up-and-coming entrepreneurs in the city for ten years. The annual contest usually provides a $50,000 grant to support the formation of their new brick and mortar storefronts. However, Comerica Bank is doubling its contribution this year to celebrate the program’s tenth anniversary. So aspiring store owners in Detroit can apply for a $100,000 grant this year. The 2022 submission period ends May 12. Then the public gets to vote for the businesses they most want to see in Detroit.

Kalamazoo County Stimulus Funds

Kalamazoo County in Southwest Michigan is now accepting grant applications from businesses that have suffered due to the pandemic. Funding comes from the American Rescue Plan Act, and businesses must meet the qualifications outlined by the federal government. The online application portal is now open, and submissions are due by April 15. Applicants have until March 31 to ask questions about their applications.

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This article, "$409 Million in Small Business Grants Available in Michigan" was first published on Small Business Trends

16 Menu Font Choices for Restaurants

Restauranteurs might spend days, weeks, months, or even a lifetime developing the perfect menus for their dining establishments. It would be a shame if the menu’s design left so much to be desired that patrons were uninterested in the quality dishes listed inside. A menu often represents customers’ first impression of a restaurant, and it’s vital it’s designed in a font that is unique, readable, and inviting.

How to Choose the Perfect Menu Font for Your Restaurant

With millions of typefaces to choose from the best font sites like Adobe Fonts and Envato Elements, how do you choose the perfect menu font for your restaurant?

You don’t have to be a professional designer to choose the best menu fonts. Whether you’re creating the menu from scratch or relying on a restaurant menu maker, just consider the following tips to choose the perfect mix of letting.

Identify the Font Family

Before you can select the premium fonts for your menu design, you can significantly narrow down the options by deciding what font family best represents your restaurant’s brand. Will you choose a font that includes a sans serif or a serif typeface? Perhaps you might even prefer a handwritten script font or a novelty display type.

Focus on Clarity and Readability

Restaurant patrons don’t want to strain their eyes to read your menu, so be sure to choose menu fonts that are readable and clear even for customers with poor vision. If they can’t read the menu, they aren’t likely to become regular customers who try new foods. While you want to choose unique and memorable typefaces for your restaurant menu design, be sure you don’t sacrifice clarity.

Determine Your Menu Tone

What mood do you want your restaurant menu to inspire? A font carries a lot of weight in determining the overall tone presented by a brand. Do you want your restaurant to be known as classic and elegant? Choose a serif typeface. Fun and adventurous? Stick with san serif or some handwritten fonts. Your chosen menu font gives personality to your brand, and choosing the wrong typeface can result in a confusing dining experience.

Reinforce Your Brand

Does your restaurant have its own logo? Consider your brand’s existing designs when choosing menu fonts. If you can’t match the fonts exactly, consider choosing a typeface in the same font family as your sign, logo or other food packaging and displays. If your logo relies on a delicate script font, for example, it might not be the best idea to use a relaxed sans serif display font for your menu design.

Best Handwritten Menu Fonts for Restaurants

Handwritten fonts are typefaces designed to resemble authentic human writing, and they are a popular choice for menu fonts because they foster a personal connection between customers and brands. Handwritten fonts also make noteworthy and memorable menu designs. What are some of the best-handwritten fonts for menus?

1. Timberline

The graceful strokes and textured lines of the Timberline font, available from Adobe Fonts and other popular sources, promise to provide character to restaurant menus. The versatile font could highlight menus for a variety of restaurants, from the hip and trendy coffee shops to classic and elegant fine dining establishments.

2. Rude Cookie

A unique handwritten font with true character, the Rude Cookie font promises to stand out on restaurant menus and joyfully welcome customers to the establishment. Rude Cookie is available from a variety of popular sources, including Envato Elements.

3. Haste

Another popular handmade font for restaurant menu designs, the Haste font is available from Envato Elements, among other online sources. Haste is sure to be the highlight of any menu it adorns, thanks to its unique characters that truly resemble handwritten art.

Best Display Fonts for Restaurants

Perfect for menu titles and headings, a display font is a typography designed specifically for viewing at larger sizes. Because of their expanded appearance, display fonts often can be designed with more creative elements than other fonts. What are some of the best display fonts for restaurants menu design?

4. Armadira

The clarity of the Armadira display font promises to clearly convey your intended message. Available from Envato Elements and other popular font sites, the Armadira font is sure to become a timeless classic illustrating the contents of any restaurant menu design.

5. Decohead

Decohead is an elegant display font characterized by its graceful strokes of varying widths. The art-deco-inspired typeface is available from Envato Elements and other popular font sites, and it promises to add a sophisticated tone to any menu design.

6. Morthern

Want to select a menu font that reflects the charm and quirkiness of your restaurant? The Morthern font is a lively display font featuring Old Style characters, and it can be found at Envato Elements as well as other popular sources.

Best Sans Serif Fonts for Resturaunt Menus

Sans serif typefaces make some of the best restaurant menu fonts because of their classic style and clear readability. Basic sans serifs are some of the most popular menu fonts because their simplicity allows them to mesh with practically any design, and their clarity makes the characters easy for any restaurant patron to read.

7. Cuciniere

A brand new typeface available from Envato Elements and other online sources, the Cuciniere font was designed specifically for food lovers. The unique font is teeming with character, nearly resembling a handwritten typeface while retaining the structure of sans serif characters.

8. Cafe Francoise

A simple yet charming typeface sure to be the highlight of any restaurant menu, the Cafe Francoise font was inspired by outdoor chalk menu board signage showcasing a cafe’s specials of the day. While the font is available from multiple sources, it can be found at Envato Elements.

9. Coffee Morning

A handmade sans serif font, Coffee Morning welcomes customers with cheerful typography while retaining its clarity and readability. The font, available at Envato Elements, features imperfect shapes and rough strokes, giving it the character for which so many restaurants hope to be known.

More Amazing Fonts for Menu Items

Want to create a restaurant menu design that is welcoming, powerful, and memorable? Don’t limit yourself to the above font choices. There are plenty of other amazing fonts for menu items.

10. Baskerville PT

The purpose of any menu is to be read, so it’s important that typography detailing menu items is clear and readable. The Baskerville PT font, available from Adobe Fonts among other sources, is a popular serif typeface, the perfect choice of font for restaurant menu items.

11. Original Burger

Perfect for hip burger joints, the Original Burger font is available from Envato Elements and other popular font sites. The handmade font consisting of uppercase letters, punctuation, and numbers sets the proper tone for exciting and relaxing restaurant atmospheres.

12. Giaza

A classic addition to any fine dining experience, the Giaza font uses smooth curves to create a beautiful serif typeface. The font is available from a variety of popular font sites, including Envato Elements.

13. Theodore Handwritten

A handwritten typeface, the Theodore Handwritten font is a modern script that is suitable for both menu highlights and menu item details. The font is available from Envato Elements as well as a variety of the other best font sites.

14. Keneisha

Looking to highlight your menu with a calligraphic script font? The Keneisha font features a varying baseline, designed to convey elegance and style. Available from online sources including Envato Elements, the font promises to bolster the creative design of any menu.

15. Brioche

A modern yet classic serif font, Brioche features sharp edges and smooth lines to create an ideal menu typeface for elegant eateries or casual diners. The font, offered by Envato Elements, features alternates for many characters, making it a versatile choice for menu design.

16. Linotype Didot

A popular serif font that is known for its clarity and readability, the Linotype Didot font, which is available from Adobe Fonts, makes a great alternative for printing menu items.

What is the best font for menus?

What is the best font for menu items? The font your choose for your restaurant menu can greatly impact how customers perceive your small business. The best menu font is Baskerville PT. The serif typeface is the perfect font for restaurant menu design because it conveys a sense of class and elegance while remaining legible in a variety of sizes.

What is the best font size for a menu?

Menu fonts should be easy to read, even for diners with less than perfect vision. The best font size for a restaurant menu is no smaller than 20-30 points, although headings and titles should be in larger fonts. For display menus, your text should be 1 inch larger for every 10 feet of distance between your customers and the menu.

What is an easy-to-read font for a menu?

Sometimes it’s best to choose a simple font in order to design an easy-to-read menu. If you’re looking for an easy-to-read font for your restaurant menu, try basic sans serif fonts such as Helvetica, Arial, or Georgia. Coffee Morning is also an easy-to-read sans serif typeface with a modern twist that offers a unique character to restaurant menus.

Image: shutterstock

This article, "16 Menu Font Choices for Restaurants" was first published on Small Business Trends

Bulk Dish Soap for Your Business

Buying bulk dish soap is certainly the way to go especially If you run a restaurant, a coffee shop, a food truck, or just any other business that requires regular dishwashing. There are tons of dish soaps in the market. The confusing part – they come in different colors, sizes, and compositions.

Some even claim to be eco-friendly, and so on. When running a commercial kitchen, one of your top needs is a soap that can cut through the grease and grime while smelling good.

Your choice of soap should easily clean dishes caked in hours-old egg yolk or last night’s lasagna.

To save you time, we have compiled a shortlist of the best bulk dish soap for your business.

Best Bulk Dish Soap

• Top Pick: Original Dawn Dishwashing Liquid
• Runner Up: Palmolive OXY Professional Dish Soap
• Best Value: Dawn Ultra Dishwashing Liquid

Dawn Professional Dishwashing Liquid

Top Pick: If you are looking for a dependable bulk dishwashing liquid that can power through tough commercial kitchen grease then you should check out the Dawn Professional Dishwashing Liquid. This 5 gallon Dawn dish soap boasts a strong formula that easily eliminates grease leaving you with squeaky clean dishes, pans, and pots. You can also use this multipurpose soap to pretreat stains on clothes, clean greasy kitchen surfaces, and remove grease and oil from metals. The long-lasting suds can also help reduce sink changeover.

Original Dawn Dishwashing Liquid

Buy on Amazon

 

Palmolive OXY Professional Dish Soap

Runner Up: The Palmolive OXY Professional dish soap is a highly concentrated formula that easily tackles and cleans the toughest grease. Thanks to its grease-cutting abilities, you can use this professional dish soap to clean windows, countertops, tables, mirrors, and more. It is also phosphate-free.

Palmolive OXY Professional Dish Soap

Buy on Amazon

 

Dawn Ultra Dishwashing Liquid

Best Value: Think about the best car. Now think of the performance that you get with the car of your choice. That’s what Dawn Ultra dishwashing liquid is all about. This luxurious and extremely thick dish soap offers super-long-lasting suds. It also has no trouble cutting through the grease in and out of your sink. You certainly want Dawn in your corner if you run a commercial kitchen.

Dawn Ultra Dishwashing Liquid

Buy on Amazon

 

Ultra Shine Platinum Dish Soap

If you regularly have to deal with greasy dishes and tough stains, you certainly need to consider the Ultra Shine Platinum Dish Soap. This bulk dishwashing liquid is formulated to cut the grease and you can also use it for general cleaning such as cleaning greasy ovens. The soap is gentle on the hands as it does not contain any harmful ingredients like parabens or phosphate. This 5-gallon liquid dish soap also comes with a pump for easy dispensing.

Ultra Shine Platinum Dish Soap

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Seventh Generation Dish Soap

The Seventh Generation Dish Soap is a plant-based formula that’s tough on dirt but gentle on the hands. This soap does not use dyes, phosphates, triclosan, or fragrances, but still does a great job cutting through grease and tough residue. The safe and effective formula is 100 percent biodegradable and is EPA Safer Choice Certified, USDA Certified, and B Corp Certified.

Seventh Generation Dish Soap

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Palmolive Original Dishwashing Liquid

This 5 gallon Palmolive original uses special ingredients that easily cut through grease, making it a great ally to have in your commercial kitchen. Thanks to the thick, rich formula, one tub of this original Palmolive dish soap can clean up to 35,000 dishes. It is also pH balanced and phosphate-free and can be used for routine manual cleaning or as a pre-soak for heavily soiled items.

Palmolive Original Dishwashing Liquid

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Joy Professional Dishwashing Soap

This lemon-scented bulk dishwashing liquid does a great job as a degreaser. It is certainly tough on grease and sensitive on the skin. One pack contains four 1-gallon liquid dishwashing soaps. This certainly makes it a great purchase if you run a commercial restaurant.

Joy Professional Dishwashing Soap

Buy on Amazon

 

What to Look for When Buying Bulk Dish Soap

Buying dish soap for your business should not just be about the amount of soap, it should also be about the cleaning ability. Dishwashing liquids such as Dawn are used to clean just about everything from dishes to ducks. Thanks to its degreasing power, Dawn dish soap is used to clean up just about anything covered with oil. All the while, it also features another important element – it is gentle on the hands. And while these are important elements, here are some more features that you should consider when looking for the best bulk dish soap.

• Smell and Appearance: Most dishwashing soaps will have a little bit of fragrance added to match the clean sparkles. Some soaps will have stronger scents than others. For people that are allergic to scents, hypoallergenic soaps are certainly a good option.
• Cleaning Ability: You need a reliable cleaning partner when running a commercial kitchen. Make sure that your preferred soap has strong grease-cutting abilities. A good soap should be able to beat the grease on your dishes and through the whole sink system.
• Long-lasting Foam: This is pretty straightforward. Long-lasting suds can help you save both water and money.
• Price: This shouldn’t be the only consideration, but if you are running a commercial kitchen you need to find the best soap at the best price.
• Ingredients: You certainly should make sure that your preferred dish soap does not contain any harmful ingredients. Most of the soaps that we reviewed are pH balanced and phosphate-free. If you would like to take this a notch higher, there are a good number of soaps that use a plant-based formula such as the Seventh Generation dish soap.

 

YOU MIGHT ALSO LIKE:

• Best Cash Boxes for Small Businesses
• Best Commercial Clothing Racks
• Best Commercial Laundry Carts
• Commercial Cappuccino Machine
• Commercial Beverage Dispenser for Your Restaurant

Qualify for discounts, special offers and more with a Business Prime account from Amazon. You can create a FREE account to get started today.

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This article, "Bulk Dish Soap for Your Business" was first published on Small Business Trends

2021 Income Tax Brackets

Tax season is upon us! It’s time to start thinking about your income tax bracket for 2021, so you can get a jump on preparing your tax return for the internal revenue service. There will be seven federal income tax brackets in 2021, and the following guide will help you understand how they work. Using some of the top small business tax software can also make the task much more manageable.

What is a Tax Bracket?

A tax bracket is the range of income that is taxed at a certain rate, and it also largely determines how much money is withheld from your paycheck. The federal government decides which bracket applies to you by looking at your taxable income, which is your total income minus any deductions or credits you qualify for.

Federal income tax brackets are usually presented in tabular form, making it easy to see how they work at a glance. And once you figure out your filing status, single, married, head of household, etc., you can use them to determine your tax rate and taxable income the same way the government does when you file your taxes with the internal revenue service. You can also look at state tax websites for more information as well as small business tax deductions coming your way.

Income Tax Brackets 2021

The seven federal tax brackets for the 2021 tax year are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your income tax bracket corresponds with your taxable income and filing status, and below are the seven tax brackets based on the marginal tax rate for the tax year 2021. You can use the federal income tax brackets in the tables to calculate your tax bill and make your payment by the April 2022 deadline (or in October 2022 if you filed an extension).

Filing Separately

Taxable income bracket range	Applicable Tax rate	Tax you need to pay
$0 - $9,950	0.1	10% of taxable income
$9,951 - $40,525	0.12	$995 + 12% of the amount over $9,950
$40,526 - $86,375	0.22	$4,664 + 22% of the amount over $40,525
$86,376 - $164,925	0.24	$14,751 + 24% of the amount over $86,375
$164,926 - $209,425	0.32	$33,603 plus 32% of the amount over $164,925
$209,426 - $523,600	0.35	$47,843 + 35% of the amount over $209,425
$523,601 or more	0.37	$157,804.25 + 37% of the amount over $523,600

Jointly Married Filing Separately

Taxable income bracket range	Applicable Tax rate	Tax you need to pay
10%	$0 - $9,950	10% of taxable income
12%	$9,951 - $40,525	$995 + 12% of the amount over $9,950
22%	$40,526 - $86,375	$4,664 + 22% of the amount over $40,525
24%	$86,376 - $164,925	$14,751 + 24% of the amount over $86,375
32%	$164,926 - $209,425	$33,603 plus 32% of the amount over $164,925
35%	$209,426 - $314,150	$47,843 + 35% of the amount over $209,425
37%	$314,151 or more	$157,804.25 + 37% of the amount over $523,600

Married Couples Filing Jointly

Taxable income bracket range	Applicable Tax rate	Tax you need to pay
$0 - $19,900	10%	10% of taxable income
$19,901 - $81,050	12%	$1,990 + 12% of the amount over $19,900
$81,051 - $172,750	22%	$9,328 + 22% of the amount over $81,050
$172,751 - $329,850	24%	$29,502 + 24% of the amount over $172,750
$329,851 - $418,850	32%	$67,206 + 32% of the amount over $329,850
$418,851 - $628,300	35%	$95,686 + 35% of the amount over $418,850
$628,301 or more	37%	$168,993.50 + 37% of the amount over $628,300

Head of Household Tax Brackets

Taxable income bracket range	Applicable Tax rate	Tax you need to pay
$0 - $14,200	10%	10% of taxable income
$14,201 - $54,200	12%	$1,420 + 12% of the amount over $14,200
$54,201 - $86,350	22%	$6,220 + 22% of the amount over $54,200
$86,351 - $164,900	24%	$13,293 + 24% of the amount over $86,350
$164,901 - $209,400	32%	$32,145 + 32% of the amount over $164,900
$209,401 - $523,600	35%	$46,385 + 35% of the amount over $209,400
$523,601 or more	37%	$156,355 + 37% of the amount over $523,600

Changes to Federal Income Tax Rates in 2021

The Internal Revenue Service updates tax rates, allowances, and thresholds annually. One change to the federal income tax rate for 2021 is the standard deduction amount, which has increased to account for inflation. The standard deduction is a fixed amount of income that is not taxed, and it reduces your taxable income to assist in lowering your federal tax bill.

Comparing the standard deduction rates for 2020 vs. 2021 in the table below, you can see that the amount has increased for all tax brackets. For taxpayers filing separately, the standard deduction is now $12,500 (up from $12,400 in 2020), for heads of households it’s $18,800 (up from $18,650), and for joint married filers it’s $25,100 (up from 24,800).

Standard Deductions 2020 vs. 2021

Filing status	2020 standard deduction amount	2021 standard deduction amount
Filing Separately	$12,400	$12,500
Jointly Married Filing Separately	$12,400	$12,550
Married Couples Filing Jointly	$24,800	$25,100
Head of Household	$18,650	$18,800

Other tax changes for 2021 affect tax filers with children and include increased child tax credits (CTC) and earned income credit. The tax credit’s maximum amount is now $3,000 for every child and $3,600 for kids under 6. Another change is that you can have no income and still claim CTC. The earned income credit for 2021 ranges from $1,502 to $6,728. Eligibility for it depends on your tax-filing status, income and how many children you have.

What is the Difference Between Federal Tax Brackets and Tax Rates?

Although they appear to be similar and are used to calculate the total income tax owed, tax brackets and tax rates differ. Here’s how: The tax rate is the percentage at which your income is taxed. On the other hand, a tax bracket has differing tax rates like 10%, 12%, or 32%, which is also known as the marginal rate.

How do Tax Brackets Work?

A tax bracket is the tax rate that you pay on the highest dollar of the taxable income you bring in. That doesn’t mean it’s the tax rate on all of your income after you figure in deductions, adjustments and exemptions, either. Instead, your tax bracket only determines your income tax rates for every additional dollar you make while ignoring rounding effects.

The United States has these types of tax brackets because we use a progressive tax system that is based on the concept that the higher-income tax filers can afford to pay more. So, in a progressive system, the higher your income, the higher the income tax rate you can expect to pay. Your income bracket reflects this, and your tax burden becomes progressively higher if you exceed the income thresholds that place you in the next tax level bracket.

In a nutshell, the marginal tax rate is the amount of additional tax you pay for every additional dollar you make, and it will correspond with the highest tax bracket you are facing.

Working Out Your Taxable Income

Now that you understand what tax brackets are, it’s time to learn how they work for your small business. Since most small businesses are charged at an individual income tax level, you can use the federal tax brackets for 2021 above for taxpayers filing separately.

First, however, you need to calculate your taxable income. A business is taxed on the profit it clears after all its allowable deductions are taken away from its revenues. It breaks down to the formula:

Revenues – Business Deductions = Total Taxable Income

Business Deductions

A business generally has two types of tax deductions that can be used to reduce its taxable income: Cost of goods sold and operating expenses.

• Cost of goods sold: A company’s cost of goods sold (COGS) is the total costs used to create its products and services. For example, if you make and sell jewelry, the cost of goods could be the cost of the material to make them and the wages of the manufacturers.
• Operating expenses: A business’s operating expenses are the costs it takes to keep the organization running. Examples could be things like advertising, interest, shipping, bank fees, accounting fees, office supplies, rent and utilities.

Calculating Tax Owed

You can see how to calculate your small business’ tax burden for 2021 by using the income tax bracket for filing separately. Here are two examples we’ve worked through for you to go by.

Example 1: Assume Small Business A makes $12,000, and the COGS and operating expenses were $5,050 combined. Revenue minus the business deductions will be $12,000 – $5050, making their taxable income $6,950. Referencing the table’s tax bracket for that amount, the tax Business A will need to pay is $6,950 x 10%, which is $695.

The next example shows how an example works when the marginal rate kicks in. With this rate, a person’s income isn’t taxed by a single rate and instead is taxed at multiple rates, and according to each tax bracket your income level falls in.

In addition, each tax rate is only applicable to income that falls within its corresponding marginal tax bracket. When that happens, every additional dollar beyond that bracket is taxed by utilizing the next highest marginal rate.

Example 2: Assume Small Business B makes $71,900. Say COGS and operating expenses were $43,000 combined. Therefore, revenue minus the business deductions will be $71,900 – $43,000, making their taxable income $28,900.

Referencing the table, Business B falls into the 12% marginal tax rate bracket. So, to determine the tax, it’s $995 plus 12% of the amount over $9,950.

To get the amount over $9,950, you subtract $9,950 from $28,900 and obtain $18,950. Multiply the result by 12% and add $995.

$18,950 X 12% = $2,274. That result + $995 = $3,269.

So tax owed with a taxable income of $28,900 is $3,269.

Tips to Get Your Business into a Lower Tax Bracket

Owning a business and turning a healthy profit can be sort of a catch-22 situation. On the one hand, you’re doing well and should be proud of your accomplishments. On the other hand, you now have to pay taxes on all that income.

Fortunately, there are ways to get your company into a lower tax bracket, so you pay less federal income taxes. This includes being aware of standard deduction for small business. Here are a few tips:

• Hire a financial professional or accountant: Even if you’re the only one working in your business, it’s important to get an adviser involved. A professional can help you identify more deductions that could lower taxes and then plan around them accordingly.
• Look into retirement planning: Retirement accounts like IRAs or 401Ks can be great ways for small businesses to save money on their tax bill each year.
• Keep good records: Stay on top of all income and expenses related to your business. This simple act will make tax time much easier and could save you money on penalties for not having proper documentation.
• Purchase assets: If you’re in the market for new equipment, consider buying it at the end of a tax year or the beginning of a new one. Doing this will allow your company to take advantage of depreciation and lower its taxable income even more.
• Time income and expenses strategically: Known as “accelerating expenses and deferring income,” this technique is a great way to get your company into the lower tax brackets. For example, let’s say you’re running an e-commerce site that sells its products at the end of each year. If you defer income until next year by delivering late or sending out invoices after January 31st, it will give more time for expenses like shipping and advertising to be deducted from this year’s taxable income.

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This article, "2021 Income Tax Brackets" was first published on Small Business Trends

Spotlight: The Convoy Gives Small Businesses More Buying Power to Leverage Discounts

Small businesses don’t usually have the buying power of large corporations. So they often end up paying more for the services they need. The Convoy wants to change that.

The online marketplace provides discounts for small businesses by negotiating bulk discounts for all members. Read more about this intriguing concept in this week’s Small Business Spotlight.

What the Business Does

Provides a marketplace for businesses.

Co-founder and CEO ?Yasin Abbak told Small Business Trends, “The Convoy is a B2B marketplace that helps small and independent businesses save money on everyday business tools and expenses, so they can reinvest more in themselves and their communities.”

Business Niche

Offering buying power to small businesses.

Abbak says, “We give SMBs easy access to discounts on the products and services they use (or would like to!), helping them cut costs. We’re able to do this by combining the buying power of all our small business members to negotiate bulk discounts on their behalf.”

How the Business Got Started

To help entrepreneurs.

Abbak adds, “Truthfully, the seeds of this idea were planted when I was a kid. Like many immigrants, when my dad moved to the U.S. he found work in a restaurant peeling potatoes, despite having an engineering degree from one of the top universities in Turkey.

“But he had an entrepreneurial drive, and he worked tirelessly. At various times throughout my childhood, my dad had either a restaurant, food truck, or a bread and pastry distribution business.

“But I saw how difficult it was for him to compete with the chain restaurants and the national brands. With The Convoy, I’m building the resource I wish my father had when I was young.”

Biggest Win

Bringing in new users.

Abbak says, “To be honest, we celebrate each new registrant because we know we’re helping another SMB to cut costs and keep more wealth in their community! Literally, we have a Slack automation set up to send the party emoji to the team each time a new business joins and starts saving!”

Biggest Risk

Getting started.

Abbak adds, “All of our founders took major pay cuts to come onboard because we care deeply about the mission. I think that’s true for all of our employees at this stage; we’re all making sacrifices personally to help support this mission. But we all really believe it will pay off!”

How They’d Spend an Extra $100,000

Advertising and marketing.

Abbak says, “We want to reach as many small businesses as possible so we can help them cut back on expenses!”

Team Tradition

Sharing old-fashioned words.

Abbak explains, “We end each morning standup meeting with a random “word of the day” and we rotate who gets to choose and share it. We usually opt for silly-sounding or antiquated words that you might not otherwise hear. A recent example: Absquatulate. (It means to leave abruptly!)”

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Image: The Convoy, Yasin Abbak

This article, "Spotlight: The Convoy Gives Small Businesses More Buying Power to Leverage Discounts" was first published on Small Business Trends

KKR Small Business Builders Launches Grant Program for Women-Owned Businesses

Women-led small businesses can apply for $10,000 in grant funding through investment firm KKR this spring.

The company’s Small Business Builders grant program aims to support companies that provide important community services and those that have had to pivot during COVID. This is the seventh round of the grant program. And this latest opportunity focuses specifically on women-led businesses.

Small Business Builders Grant Program from KKR

To qualify for the grant opportunity, businesses must be at least 51 percent owned by women or those who identify as female. Companies must be for-profit and operate in the U.S. or another eligible country (including Australia, China, England, France, Germany, India, Ireland, Japan, Luxembourg, Singapore, Spain, United Arab Emirates) with between five and 50 employees. Annual gross revenues must also be less than $7 million as of 2021.

The application period is now open, and eligible businesses can apply using the Hello Alice online grants portal. Applications are due April 22 by 6 p.m. ET. From there, a KKR panel will review the applicants and choose winners based on who best meets the outlined terms and conditions of the program. KKR will then notify grant recipients by email in June 2022. In addition to grant funding, winners can also access educational resources to grow their businesses.

KKR Small Business Grant Program

KKR originally launched its Small Business Builders grant program back in 2020. Since then, the company has awarded 278 small businesses with $10,000 grants. And they recently pledged an additional $1.5 million to continue supporting businesses as the pandemic and its effects linger in many industries. The overall goal of the program is to support pandemic relief efforts and help businesses grow, retain staff, and develop new initiatives that serve their communities.

Winners of past rounds include companies in a huge array of industries, from comedy clubs to child activity centers. Bronx Yoga Lab, a NYC hot yoga studio founded in January 2020, received a $10,000 grant in the latest funding round. Co-founders Dionne Presinal and Kerry Donegan had to close the space for most of their first year in business. So the funds allowed them to stay afloat and retain their team of highly qualified teachers.

Past funding rounds have awarded grants to a variety of business owners. But this latest initiative focuses specifically on women owned businesses. According to research from the U.S. Chamber and MetLife, women business owners reported a sharper decline in the health of their business than their male counterparts during the pandemic. There are many potential factors that impact this discrepancy, from childcare concerns to women being more likely to enter consumer-facing industries. But programs like KKR’s Small Business Builders aim to provide a bit more relief to businesses that need it most.

Image: Depositphotos

This article, "KKR Small Business Builders Launches Grant Program for Women-Owned Businesses" was first published on Small Business Trends