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  • Small Business Saturday 2024: Empowering Local Entrepreneurs

     

    Small Business Saturday occurs on the following Thanksgiving, the day after Black Friday, and a day before Cyber Monday. This year it falls on Nov. 30. Small Business Saturday is an annual event that celebrates and supports local entrepreneurs and their contributions to communities across the United States. As we approach 2024, this initiative takes on even greater significance, providing a platform for small business owners to showcase their resilience, innovation, and the unique value they bring to their neighborhoods.

    The Importance of Supporting Small Businesses

    Economic Impact

    Small businesses are the backbone of the American economy, accounting for over 99% of all businesses and employing nearly half of the private workforce. Supporting these local enterprises has a ripple effect, driving job creation, boosting local economies, and fostering community prosperity.

    Community Enrichment

    Small businesses are more than just commercial entities – they are the heartbeat of our communities. They provide unique products and services, preserve local character, and foster a sense of community pride. By supporting small businesses, we invest in the vibrancy and character of our hometowns.

    Innovation and Resilience

    Small business owners are inherently innovative, constantly adapting to market changes and consumer needs. Their entrepreneurial spirit and agility enable them to respond quickly to challenges, making them essential to the long-term economic health of our nation.

    Innovative Marketing Strategies for Small Business Saturday

    Social Media Engagement

    Leverage platforms like Facebook, Instagram, and TikTok to showcase your products, share behind-the-scenes content, and engage with your local community. Encourage customers to share their experiences using branded hashtags.

    Collaborative Promotions

    Partner with other small businesses in your area to cross-promote each other’s offerings, creating a united front and a more compelling shopping experience for customers.

    Experiential Events

    Organize in-store events, workshops, or pop-up activations that provide an immersive and memorable experience for your customers. This helps to build brand loyalty and foster a sense of community.

    Loyalty Programs

    Reward your most devoted customers with exclusive offers, discounts, or VIP experiences. This encourages repeat business and creates a strong emotional connection with your brand.

    Partnerships and Resources for Small Business Owners

    Financial Assistance

    Explore grant programs, loans, and other financial resources to help small businesses access the capital they need to grow and thrive.

    Educational Workshops

    Participate in workshops and training sessions that cover topics like digital marketing, financial management, and human resources to enhance your business acumen.

    Networking Opportunities

    Connect with other small business owners, share best practices, and explore collaborative opportunities through local chambers of commerce and industry associations.

    Government Support

    Stay informed about government initiatives, policies, and resources to support small businesses, such as tax incentives and regulatory assistance.

  • IRS seven tax brackets and federal income tax rates

     

    The IRS uses seven tax brackets to calculate your tax bill based on income and filing status. As your income rises, you may move into a higher tax bracket, which can increase the amount you owe in taxes.

     

    It’s important to note that you do not pay the same tax rate on every dollar of income. Instead, your income is divided into thresholds. As you exceed each threshold, a portion of your income is taxed at the higher rate associated with the new bracket.

     

    Your marginal tax rate is the rate applied to your highest dollar of income, while your effective tax rate is the total percentage of your income that you pay in taxes.

     

    For example, assume a hypothetical taxpayer who is married and has $100,000 of joint income in 2024 is claiming the standard deduction of $29,200.

     

    Without considering other income, adjustments to income, or other deductions, their taxable income would be $70,800. That is $100,000 joint income minus $29,200 for the standard deduction. They would owe the following in federal income taxes:

     

    10% of the first $23,200 income is $2,320 tax.

    12% of the next portion of $71,100 and up to $94,300 is $8,532 tax.

    22% of the remaining portion of $5,700 and up to $201,050 is $1,254.

    Add $2,320 plus $8,532 plus $1,254, they owe $11,926 of total taxes on $100,000 of income.

    Their effective tax rate is then $11,926 divided by $100,000 comes to 11.9%.

     

     

    The Internal Revenue Service adjusts federal income tax brackets each year for inflation. Below are the 2025 tax brackets to help estimate your tax obligation based on income and filing status.

     

    Notice, that for married couples filing jointly, the standard deduction rises to $30,000 in 2025, an increase of $800 from tax year 2024.