The Nation’s Military Veterans are a Powerful Entrepreneurial Force
On this Veteran’s Day many of the nation’s military men and women are finding a new way to serve their nation when they return home from their tours of duty. An ever-growing number of U-S military veterans are returning home and joining the ranks of entrepreneurship. In fact, veterans account for 14 percent of small businesses nationally, including 7 percent that are operated by service-disabled veterans, according to the U.S. House Small Business Subcommittee. Numbering more than 5 million, these veteran entrepreneurs make critical contributions to the U.S. economy. They continue to serve their country, community, and neighbors as job creators and innovators.
Why are military veterans enjoying the ranks of entrepreneurship in even greater numbers? Vets are traditionally a good fit in small business because they are often self-starters with a demonstrated solid work ethic, have experience in managing others, and are trained to be results-oriented. There are also a growing number of initiatives in to help veterans realize the dream of owning their own business.
There is also a special loan program for military vets and their spouses by the Small Business Administration called Patriot Express. Under the Patriot Express, the SBA guarantees up to 85 percent of loans of up to $150,000 to veterans, and up to 75 percent for loans of more than $150,000 up to $500,000 to veterans. The loans can also go to service-disabled veterans, reservists and National Guard members. Certain spouses also are eligible, including the widowed spouse of a service member or veteran who died during service or of a service-related disability. Active-duty service members participating in the military's Transition Assistance Program, which offers job-search assistance to service members transitioning to civilian life, also may apply
The 21 Gun Salute program established by the U.S. General Services Administration, aims to direct more GSA contracts to small businesses owned by service-disabled veterans. Officials want to allocate at least 3 percent of GSA’s contracting dollars, or $143 million, to service-disabled veteran small businesses in 2008, a mark the agency has struggled to reach. The initiative also would help veterans find markets for their products while establishing a mentor program and partnering with veterans organizations.
SCORE- “Counselors to America’s Small Business” has a special outreach specifically for veterans and military community entrepreneurs. This includes valuable mentoring and resources to help veteran, National Guard and Reservist small business owners succeed. SCORE is also a part of SBTV.com’s business organization page.
More Small Enterprises Going Paperless: The Small Business Options on Taxes
As more small business accounting departments are going paperless, entrepreneurs and business owners are using accounting software to maintain their books and records electronically. Electronic records can include databases, saved files, e-mail, instant messages, faxes, and voice messages. Businesses need to have the same good electronic recordkeeping habits as they do for paper records. Millions of small firms are opting to stay with paper tax records for their recordkeeping. Generally, if a small business taxpayer has assets of less than $10 million, they may retain paper records. Keep in mind that, whether a taxpayer chooses to maintain paper or electronic records, the IRS must be able to trace transactions through the records to source documents. Looking for more information on paper and electronic record keeping in a small business? Revenue Procedure 98-25 is the IRS’s comprehensive guidance on maintaining electronic records. For those that have more questions –the IRS has a number of ways to connect. For example, small business video and audio presentations can be found at the IRS website.
