While Americans wait to see who’ll win the election, business owners can deploy business tactics that work to their advantage, regardless of the outcome.

Although it may be too late for sole proprietors to gain the tax advantages of forming an LLC or corporation in 2008, it’s not too early to begin adopting these changes for 2009.

To save on taxes in 2009, small business owners should begin tax planning in Q4.

Tax planning is a process of looking at various tax strategies in order to determine when, whether, and how to conduct business so that taxes are reduced or eliminated.  Keys to tax planning often include reducing your taxable income and tax rate, posponing income and accelerating deductions. It’s also important to consider the implications of potential tax credits and the affect of  Alternative Minimum Tax (AMT) rates.

When it comes to investing their retirement savings, many entrepreneurs have learned that franchises will outperform mutual funds.

Listen and learn how improving your sales efforts will lead to a more successful business. Ed Lewellen joins us to help outline  5 Steps to Successful Selling.

In the audio, we discuss best practices for each step:

1. Know your target market
2. Prospecting/Target Marketing and Setting Appointments
3. The presentation

What’s the difference  between a hobby and a business?

The IRS defines a hobby as an activity that you pursue without expecting to make a taxable profit - such as coin or stamp collecting, as opposed to setting up your own dealership.