Monday's Small Business Edge

Generous small business tax deduction is shrinking

Two generous tax breaks that small business owners got during the recession are going to shrink dramatically in 2012. That makes year-end tax planning more important than usual. The changes affect the deductions for purchases of equipment. One is called the Section 179 deduction, a name taken from a provision of the Internal Revenue Code. The other is called bonus depreciation. Congress approved the breaks as an economic stimulus move — they were intended to make it easier for small businesses to expand and hire workers. Although the economy is still slow, the breaks are being scaled back. Because of these impending changes, it's time to sit with your accountant or tax planner and decide whether it makes sense to buy equipment sooner than later. "Understand that we're not going to have this deduction in the next couple of years," said Ed Smith, a tax partner at the accounting and consulting firm BDO in Boston. Read more from AP here.

Dr. Osteryoung's Small Business Advice

Remembering something about the customer

I really enjoy running, especially with my black lab Sophie. I have competed in a number of 5K races and am now working up to a 10K race. While my finish times are not great, I usually do pretty well among my age group. About two months ago, while in Ft. Lauderdale, I went into a running store called Runner's Depot. I was looking for a new pair of running shoes, and this store happened to be very close to my hotel. The salesman at Runner's Depot convinced me to buy a pair of Newtons, a new type of running shoe that encourages you to lean forward as you run.... Continued...»

Panama City Beach: Small shops struggle on during slow winter season

You see the small T-shirt shops in the shadows of the tall condo towers along Front Beach Road, often overlooked in the emphasis put on the big resorts and fancy restaurants. But they struggle with making it through the slow winter months just like the rest, and often are caught in the crossfire when talk turns to the future profile of Panama City Beach. Dottie Clark, operations manager for the five Heat Wave/Purple Haze/Wizards shops, said she has seen the arguments come and go over the years: the pros and cons of Spring Break, the practicality of making the area a "year-round" destination. "I've seen this for many years, trying to make us like Destin," said Clark, a resident since 1986. "We are not Destin." Full story from the Panama City News-Herald.

Innovation

What's next for WattNext? Solar car-charging stations with shade

Bill Ferree's plan to use solar energy to charge up electric vehicles across Central Florida and other parts of the Sunshine State is getting its day in the sun. Ferree, 67, and the two partners with a company called WattNext installed a solar-powered station on Oct. 20 outside First Green Bank in Eustis. Over the next couple of months, WattNext — which has already put in ChargePoint stations for electric cars across Eustis, DeBary, Mount Dora, Winter Garden, Leesburg, Clermont, and DeLand — will be branching out along the Interstate 4 corridor to Sanford, Winter Park and Orlando. Ferree also wants to develop shaded structures called "WattTrees" that provide shade while generating electricity from solar panels attached to the roof. Full story from the Orlando Sentinel.

Businesses to be honored for overcoming adversity

Five businesses that have overcome extraordinary challenges will be honored this week in the hope of inspiring others. The five businesses - two each in Lee and Charlotte, one in Collier - are finalists for the 17th annual Southwest Florida Blue Chip Community Business Award, sponsored by BB&T - Oswald Trippe and Co. "The goal of this program is to share these stories so others might learn from those experiences and understand others have gone through similar challenges," said Gary Trippe, managing director of BB&T - Oswald Trippe. The finalists' businesses are: Naples Maid Service; Parson Masonry of Fort Myers; Pies & Plates in Punta Gorda; The Pita Pit, based in Lee County; and Suncoast One Title in Punta Gorda. Read more about this at the Fort Myers News-Press.

Social Media Advice for Entrepreneurs

Don't treat social media as a one-night-stand

Branding consultant Gary Vaynerchuk has some advice for you. He would like it if you stopped behaving like a 19-year-old boy when managing your social media. Too many businesses are looking for rapid monetization from their social-media marketing efforts, acting like a hormone-induced teenage male with his prom date, Vaynerchuk says. Instead, take it slower. "Don't treat it like a one-night stand," he told entrepreneurs.
See video below from Inc.