Day: November 28, 2020

How a Profit and Loss Exercise Got My Freelance Business on Track

A woman takes a selfie in front of a lake with mountains in the background. Davis

Lindsey Davis participated in a profit and loss exercise to look at her business expenses, and she found that she was spending more than she was paying herself. Photo courtesy of Lindsey Danis

“You don’t have any more deductions?” the accountant asked me.

I’d always done my own taxes, working through my self-employment income with help from TurboTax, but I agreed to see him when my wife wanted an independent check on our finances. We weren’t paying a ton in taxes, but we also suspected we were paying more than we needed to.

The accountant’s advice? “You need to spend more on your business if you want to lower what you owe.”

Encouraged by the accountant, I spent more on my freelance writing career. Each week, I tracked my business expenses on a spreadsheet. I wrote down household expenses like utilities or internet, which I’d claim proportionally for my home office deduction. I listed software, magazine subscriptions, conferences and webinars, books, supplies and more.

I congratulated myself for making all of these investments in my business. And it was money well spent, creating new opportunities for my career.

Recently, a simple budgeting exercise showed me how these seemingly smart decisions may not have been the right ones for me. Sure, I’d been acting on good faith to nurture my

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Stocks on track to close out month of big gains as jobs data looms

Stocks on track to close out month of big gains as jobs data looms

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Amazon, Tesla, AstraZeneca, Carnival & more

An Inc worker prepares an order in which the buyer asked for an item to be gift wrapped at a fulfillment center in Shakopee, Minnesota, U.S., November 12, 2020. Inc | Reuters

Check out the companies making headlines in midday trading. 

Moderna — The drugmaker’s stock jumped 16.4% after AstraZeneca’s CEO said the company would run another trial on its coronavirus vaccine candidate amid questions over the drug’s effectiveness. Pizer and BioNTech, which are also working on their own vaccine, gained 1.7% and 3.1%, respectively.

Home Depot, Gap — Shares of retailers rose due to investor optimism around shopping for the Black Friday holiday. Shares of Home Depot ticked about 0.7% higher. Gap, TJX Companies, Dick’s Sporting Goods, Etsy and toymaker Hasbro all rose on Friday.

Amazon — Shares of Amazon gained about 0.3% as investors cheer what is expected to be a strong holiday shopping season for the e-commerce giant. Wall Street firm Truist estimated that Amazon will claim 42 cents of every dollar spent during the full year-end shopping season as the pandemic forces many Americans to shop online.

Tesla — Shares of Tesla jumped more than 2%, bringing its weekly gains to more than 19% and its rally this year to 600%. The stock has been on a tear after it was selected for inclusion

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What is Small Business Saturday? | 2020

It’s time again for Small Business Saturday. 

The event began eleven years ago as a promotion by American Express. Soon it was embraced by local, state, and national small businesses, organizations, and governmental agencies. (See map.)

A brief history of Small Business Saturday

Here are some of the ways that Small Business Saturday has evolved over the last decade.

2010 | Small Business Saturday was created and sponsored by American Express, who registered the URL and registered the trademark for the term Small Business Saturday. The company also created a Facebook page supporting the event and also promoted the event with national television advertising and a broad array of public relations activities. 

As part of the 2010 promotion, the first 10,000 small business owners who signed up to participate received $100 worth of free Facebook advertising, and the first 200,000 American Express cardholders who pledged to use their credit cards on Small Business Saturday to support small businesses received a $25 credit.

2011 | Beginning in 2011, American Express created the  Small Business Saturday Coalition as a means for small business development groups, along with federal, state and location governments and associations, could participate collaboratively.

2013 |In 2013, American Express began to use another trademarked advertising tagline, “Shop Small,” in its Small Business Saturday promotions. The

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