Story and image provided by Stillwater Public Library
On Saturday, Feb. 10, at 10 a.m., Brad Rickelman, Assistant Director of the Center for Business Development at Meridian Technology Center, will teach “Starting Your Business” at the Stillwater Public Library. The class is intended to help those interested in opening a business learn the basic information necessary for starting successfully.
Students at the class will learn how to develop the right market for a business; how to create initial financial estimates; how to avoid the common pitfalls new businesses often face; and much more. Question and answer time will be provided throughout.
According to Rickleman, it is a good time to get a business started.
“The outlook for new businesses is quite good overall with the economy doing well,” said Rickleman. “I would say that retail, especially in Stillwater, is a bit soft, as you can tell from the empty storefronts in some of the strip centers. Downtown seems to be strengthening. In Oklahoma, it all depends on the price of oil. As barrel price increases, everyone prospers.”
Rickleman thinks it will takes some time to see how the recent tax legislation will affect new businesses.
“The new tax legislation’s actual effect will depend on what happens once it takes effect,” said Rickleman. “One area that will make a difference to new businesses is the change to the way pass-through business income is taxed. This includes income earned by sole proprietorships, LLCs, partnerships, and S corporations.
“While I am not a lawyer or accountant, Yahoo Finance reports under the new law, taxpayers with pass-through businesses like these will be able to deduct 20% of their pass-through income.
“In other words, if you own a small business and it generates $100,000 in profit in 2018, you’ll be able to deduct $20,000 of it before the ordinary income tax rates are applied. There are phase-out income limits that apply to “professional services” business owners such as lawyers, doctors, and consultants, which are set at $157,500 for single filers and $315,000 for pass-through business owners who file a joint return.”
Unsure what pass-through income is? Consider registering now for the “Starting Your Business” program to find out this information and much more.
Sign up for this free class at http://library.stillwater.org. Registration is required, but will be taken up to the day before the class. For more information, email firstname.lastname@example.org or call 405-372-3633 x 8106.
Library hours are Monday–Thursday, 9 a.m. to 9 p.m.; Friday and Saturday, 9 a.m. to 6 p.m.; and Sunday 1 p.m. to 5 p.m. The Stillwater Public Library is located at 1107 S. Duck St. (the corner of Duck and 12th Ave.).