Archive for September, 2010

“Collaboration is the new competition.” ~ Pamela Slim and Michele Woodward

Announcement:

We’re on for a new meeting date and place: Monday, November 15th @ 6:30 PM!  We’ll be meeting at the Scibelli Enterprise Center in Technology Park across from the STCC campus (Bldg. 101).  This is the same building that houses MSBDC, SCORE, The Deliso Videoconferencing Center and the Springfield Business Incubator.
This will be a casual meet and greet event where you’ll get to meet with our Community Business Guides (CBGs) as well as learn about each other. Details will be posted soon.

Collaboration as the New Competition:

Like the seemingly passive paper in the game ‘rock, paper, scissors’, collaboration is an underestimated but game-changing power-move.

As more solo and micro businesses pop up, they’re learning the secret of how working in-step with each other can open many more doors than either can alone. Three examples of collaboration popped onto my radar in the last couple of weeks:

I heard a fascinating interview with business consultant, Kare Anderson of “Moving From Me to We” talking about differentiation and collaboration on Dawn River Baker’s Microbusiness Conversation podcast.

Partnerships: a conversation with Kare Anderson

(Scroll to the August 23rd show to download or play.) She zeros in on a lot of the key points to joining forces to thrive in this economy. If you’re intrigued by the idea of teaming up with other microbusinesses it’s definitely worth a listen.

Local Alliance Forming:

Recently I’ve watched a simple link post (“Let me Show You Inside a Secret Blogging Alliance”) on Facebook evolve into what could be the beginning of an exciting multi-pronged support and promotion network. Local, blogger and mindful marketing consultant, Shalini Bahl posted a story about 7 bloggers who joined forces to help support each other, improve each others writing and exposure all along with starting to monetize their efforts through shared sponsorship dollars.

The resulting replies inspired her to create the Western Mass Blogging Alliance, which has now become a LinkedIn Group actively discussing how we can utilize these ideas – together.

Don’t Eat Lunch Alone – Springfield:

I was seriously jealous the first time I heard about DELA (Don’t Eat Lunch Alone) group in Shelburne Falls. Secretly I whined, “Why can’t we have something cool like that in Springfield?”  Well, now we can!

Social Media blogger and consultant, Daniel Lieberman of Shelburne Falls launched this tradition in Franklin county and has instigated a new Springfield chapter which will meeting the 1st and 3rd Thursday of each month at the beautiful South Congregational Church on Maple Street in Springfield.

I made one of these lunches up in Shelburne a few months back along with a couple of friends, entrepreneur Ali Usman and his wife, author, Lisa. It’s hosted at Generation Sustain shared office space in Shelburne Falls.

It was a casual mix of business, techie and creative types who either worked for themselves, or independently, with lot’s of friendly banter, ideas and business card exchanging.  I didn’t want lunch to end.

Though not specifically a collaboration project, it’s this kind of friendly, loose-knit networking that provides the broth for such alliances.

The Springfield DELA group started this last Thursday and looks to be a perfect seed for that same kind of interactive, cross-pollination medium that stokes new business ideas and activity.   I wholeheartedly encourage you to join us.

It’s open to all micro and solo business owners, and other independent business, techie and creative types.

~ Trish Truitt

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Before I had a chance to post a note to send us your small and micro business question we had two that needed a quick answer. So here’s one below that’s especially timely considering the next quarterly deadline is Sept. 15th.

If you’d like to post a question for one our Community Business Guide (CBGs) go ahead send us a note through the contact form.

Calculations

QUESTION FROM: Anthony (greater Springfield MA area) who asks about estimated quarterly taxes.

ANSWER BY: Community Business Guide (CBG) Oscar E. Ramos of Ramos Accounting

Q: “Do I have to file quarterly taxes yet? I’m not making that much (yet)”

“My accountant said that because I am not rolling money (yet) and making less than about $15K so it really isn’t necessary yet. My concern obviously is that accountants cost a few hundred dollars if I am not mistaken and for 4 times per year!? So say I start making MORE money next year, would it be acceptable to do taxes like halfways through, then if I start making even MORE then quarterly?”

A: “Yes, and on a quarterly basis.”

“You as a sole proprietor have to send in estimated tax payments to both the IRS and the state. There are no filings of any reports. What you need to send in is enough to cover income taxes and self-employment taxes for the IRS and an income tax estimate for the state.

What the exact amount is depends on whether you have a loss or a gain in your business. You are typically charged income taxes base on the tax rate for your taxable income and self-employment taxes at a rate of 15.3% of your gain or net income.

Every three months {see schedule below} you should figure out your income minus expenses and if your have a gain or net income then send a payment for the tax bracket percentage you are in plus 15.3% for self employment taxes.

For the state, send in 5.3% for income tax only. Now there are many factors that you have to consider to get it within a ballpark range but this is has been the simplest rule that I can give to a small business owner.”

Oscar E. Ramos of Ramos Accounting and Tax Service

Just to add my own experiences Anthony, I’ve done these for a few years and they really are quite easy. (CT state ones may be a bit more complicated.). Below are the links to the forms or vouchers most sole proprietors would use.  Take a look at them and I think they’ll be a bit less intimidating.

ESTIMATED TAX VOUCHERS

Federal 1040-ES 2010

1st payment . . . . . . . . . . . . . . . . . . . April 15, 2010

2nd payment . . . . . . . . . . . . . . . . . . June 15, 2010

3rd payment . . . . . . . . . . . . . . . . . . . Sept. 15, 2010

4th payment . . . . . . . . . . . . . . . . . . . Jan. 18, 2011*

MA Dept. of  Revenue 2-ES 2010

CT Dept. of Revenue CT-1040ES form

9/15/10 Addendum:

I just found out that MA has a quick, easy online option for ES payments here.

Also here’s a page that answers some more questions about Estimated Taxes in MA.

~ Trish Truitt

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