StreetShares Blog - The Resource Center for Veteran Small Businesses

StreetShares Blog

The Resource Center for Veteran Small Businesses

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Ways to Save on Veteran Small Business Taxes: Deductions & Credits

By StreetShares on March 17, 2017

Did you miss the March 15 business tax filing deadline? Did you get an extension on your small business taxes this year? Well now you have several months until the final deadline on October 2, 2017. Let us help by letting you in on a few credits and deductions you could make on your business taxes.** 

Did you know that if you went “green”, hired a veteran, or started a company last year you might be eligible for three important but little known tax deductions?

Small tax deductions and credits take a little extra work, but your savings can really add up. Every dollar counts when it comes to running a veteran small business. We’ve compiled some resources of available credits and deductions your business may qualify for:

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Selecting an Accounting System for Government Contractors

By StreetShares on March 14, 2017

This blog post was originally published on the E. Cohen and Company, CPAs blog.

One question that we frequently receive from companies operating in the government contracting arena is what accounting system do we recommend? The accounting and finance function can provide strategic value and help a government contracting company grow and stay organized to get contract financing. It should also be efficient and allow for timely reporting to management and other stakeholders.

In addition, government contractors are subject to many regulations and reporting requirements that create a need for accurate and specialized financial reporting, as well as appropriate accounting policies. The accounting software your company uses is part of the foundation of a strategic, effective and efficient accounting and finance function, which makes selecting an accounting system a very important decision.

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How to Improve Your Personal Credit Score

By StreetShares on March 9, 2017

We are currently in a series of blog posts on the subject of credit scores and the affect they may have when applying for a veteran business loan.

"How Credit Score Affects Getting a Business Loan" touched on the breakdown of both personal FICO credit scores and business credit scores. This article will take that knowledge and use it to show you how to improve your credit score.

Before we move forward, it’s important to disclose that it takes time to improve a credit score. Anything that promises a “quick fix” is just plain wrong. Credit scores, in essence, are a reflection of your payment patterns over time; much like a driving record, problems will not just disappear. Don’t lose heart, though! If you’re patient, over time you will absolutely see improvement. Here’s how:

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March 2017 Veteran Small Business Award Finalists

We’ve got another month of amazing veteran business owners to present as finalists for the Veteran Small Business Awards. Here’s a quick overview of the finalists, but as always, please vote for your favorite veteran small business at the StreetShares Foundation voting page. Some of these veteran-owned small businesses have just begun their entrepreneurial ventures and this could be their first veteran business grant or business funding. Help three of them win up to $5,000 this month to go toward their company and to continue to support the veteran and military community.  

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Spotlight Veteran Business: Q&A with Government Contractor Terra Ferma

One of our long-time government contracting customers has seen a lot of changes since he won the Commander’s Call Award, now renamed the Veteran Small Business Award, back in 2015. Military service teaches many life lessons, including the value of taking the initiative: when you see a problem, you seek to solve it. Dennis Roark, Army Space Command veteran and President of Terra Ferma, took this approach several times throughout his career and entrepreneurial business ventures. With a broad background in telecommunications, he saw that his customers needed better, cost-effective power systems in place as well. We had the chance to catch up with Dennis and learn about his accomplishments in the energy industry and government contracting space.

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StreetShares Foundation Rewards Veteran Business Owners with $10,000

Inspirational and life-changing organizations continue to dominate the competition for the Veteran Small Business Awards. The finalists put up a good fight for the most votes. Thank you to all of the applicants, finalists and voters for your participation in the third round of awards. The StreetShares Foundation aims to not only provide these cash awards but to also be an inspiration and educational tool for other veteran small business owners.

This week is National Entrepreneurship Week. The StreetShares Foundation and StreetShares, Inc. celebrate entrepreneurs every week because of our focus on small businesses across the country. Today is the perfect time to celebrate and announce the winners of the February Veteran Small Business Awards. We announced the winners at the Bunker Labs DC Muster event on Facebook Live. 

1st Place: Brian Zimmerman, Marine Veteran and Founder of Income Designers

2nd Place: Richard Sanders, Army Veteran and CEO of SHplates

3rd Place: Jaime Velez, Army Veteran and Co-Founder of PingMomo

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7 Guidelines to Help You Establish and Build Business Credit

By StreetShares on February 22, 2017

We are currently in a series of blog posts designed to teach you about credit scores and how they might affect your business loan. Our goal with these articles is to show you how to be advantageous with your credit scores in order to make the best decisions financially for your vete­ran-owned small business.

Personal credit information is relatively common knowledge (although, if you would like an in-depth look, see our first post in the series). But did you know that you could separate your personal finances from your business’ finances – and, in fact, that we highly recommend you do so? ­

In this post, we’ll go over seven steps to help you establish and build business credit. The first three steps cover how to establish your business, which, in turn, allows you to complete the remaining four steps of building business credit that is detached from your personal finances and personal credit score.

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Why Military Veterans Should Become Entrepreneurs

By Mark L. Rockefeller, Co-Founder & CEO on February 16, 2017

I’m one of the 2.5 million veterans who served in Iraq or Afghanistan. I’m also an entrepreneur. And I’m not alone. The men and women of today’s armed services are uniquely positioned to become successful veteran entrepreneurs.

To my fellow veterans:

You have what it takes.

By nature of your military service, you possess the skills that are required to run your own business. As a Soldier, Sailor, Airman, or Marine, you learned the importance of communication, focus, and drive to accomplish the mission at hand. You’ve encountered problems that need to be solved on the fly and you’ve done so instinctively. Recall one of the earliest reports from Operation Enduring Freedom: U.S. special operations forces in Afghanistan coordinated precision airstrikes from laptops on horseback—21st Century technology met old-fashioned creativity to get the job done. That’s called entrepreneurship.

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3 Reasons to Invest in American Small Businesses

By StreetShares on February 14, 2017

From the earliest days of our country, small businesses were the backbone of the American economy. Investments were made locally through the informal networks of investors and merchants. Industries were built and regions prospered through locals investing, buying and trading with the companies they believed in. But we don’t live in colonial times any longer. We can still support the business owners and entrepreneurs who provide great services and quality products and there are plenty in our own backyards. What if we committed to supporting small businesses? What if we committed to keeping money in our local economies that would help create more jobs, cut down on packaging and transportation waste, and put working capital back into the hands of Main Street America?

Here’s three reasons why you should consider supporting small businesses:

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5 Books Every Veteran Small Business Owner Should Read

By StreetShares on February 9, 2017

 

Veteran business owners and military spouse business owners need mentors who can give them great advice. Thankfully, books can be those mentors that help drive their mission forward. Here are five we heartily recommend:

1) Rise: The Veteran’s Field Manual for Staring Your Own Business & Conquering the Online Economy by Wes O’Donnell

What it’s about: 
Military veteran and entrepreneur Wes O’Donnell provides step by step instructions for veterans looking to start their own business. The book is full of tips and detailed, real world examples—and an awesome appendix filled with veteran-specific business resources.

Why we love it: 
We believe veterans make natural entrepreneurs and are an invaluable asset to any business. We love O’Donnell’s honesty as he shares events from his experience—including embarrassing mistakes he made in his own business.

Best quote: 
“Being an entrepreneur is like jumping out of an airplane and assembling your parachute on the way down.”

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