Be A Good Decision Maker

Posted on May 28, 2011 by America's Business Manager

Tips for Wise Decision-Making

As you manage your business, you will be faced with important decisions that may impact the future of your company. This may seem stressful, but keep these tips in mind and you’ll find yourself making wiser decisions in no time:

  • Define, as specifically as possible, what the decision is that needs to be made. Is this really your decision or someone else’s? Do you really need to make a decision? (If you do not have at least two options, there is no decision to be made.) When does the decision need to be made? Why is this decision important to you?
  • Brainstorm, and write down as many alternatives as you can think of. Be sure to use your resources (experienced friends and family, the Internet, etc.) to find out more about the implications of each option.
  • Visualize the outcome of each alternative. Do you feel more satisfied with one outcome than with the others?
  • Do a reality check. Cross off those alternatives that most likely will not occur.
  • Once you have made your decision, get moving on it. Worrying or second-guessing yourself will only cause stress. You have done your very best. Remember, no decision is set in stone!

Why not share your decision-making thoughts with us?!  We’d love to hear how small business owners go through this process, so feel free to leave a comment!

 

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Bye-bye Business Tax?

Posted on May 20, 2011 by America's Business Manager

Florida Governor Rick Scott squared off against Rick Perry of Texas in a duel over which state is the most business-friendly.

“Seven years is long enough,” the first-term Republican wrote his counterpart after Texas was ranked the best state for business for a seventh time in a poll by Chief Executive magazine. “I am certain Texas’s days at the top are numbered.”

Scott, 58, a former hospital-chain executive, was elected in November with a promise to create 700,000 jobs and abolish Florida’s 5.5 percent company-profit tax. On Jan. 4, his first day in office, he signed an executive order to freeze new regulation. This month, the Legislature sent him a budget that increases the amount of corporate earnings exempt from taxes.

“We have no personal income tax and are phasing out the business tax, starting with eliminating it entirely for half the businesses that paid it,” Scott told Perry in his letter, released by his Tallahassee office today. “Florida is definitely on the road to be No. 1. Thank you for giving us the motivation we needed.”

I guess all we can really say, “We shall see.”

courtesy of Bloomberg
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Make Your List And Check It Twice!

Posted on May 11, 2011 by America's Business Manager

Starting a new business can be exciting and daunting all at the same time.  Making sure you’ve planned for everything and are prepared for “opening day” is crucial.   Once you’ve gotten the new biz going, your monthly and quarterly responsibilities kick into high gear.   So, in an effort to help you we’ve put together a collection of check lists and forms that should make your life a little easier. We have things like expense checklists for the self-employed and a guide for C & S corporations who have opened in this tax year for example.

Everything we have available is online at our website and can be used by anyone, existing client or not.  So head on over, and see for yourself.  Feel free to download or print off anything you need.  And you if you need more than a checklist, put us to work for your business.  We’re really good at what we do, you’ll see!

 

 

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A Helpful List From The IRS

Posted on May 6, 2011 by America's Business Manager

IRS’s Top Seven Tax Tips for Starting a New Business

Anyone starting or thinking of starting a new business should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.

1.    First, you must decide what type of business entity you are going to establish. The type your business takes will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation.

2.    The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.

3.    An Employer Identification Number is used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov.

4.    Good records will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

5.    Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used.

6.    Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.

7.    Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.

 

 

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What’s The Plan?

Posted on April 28, 2011 by America's Business Manager

How would you like to spend your retirement years?  Will your nest egg be able to provide the kind of lifestyle that you have become accustomed to and how much will it cost?  Here are some issues to consider as you plan for your retirement.

How much money will you need? Most of us are aware of the importance of pensions and retirement planning. Pensions, while they are an important part of retirement income, will very rarely cover all your retirement needs if you wish to maintain a certain standard of living during your retirement years. Your retirement income should be supplemented with income from other personal savings and investments.

Start early In your 20s and 30s, retirement seems a lifetime away, but it’s never too early to start planning for it right from your first job. Those who start saving for retirement in their 20s have a better chance of building a large nest egg and achieving sustained financial success.

Educate yourself Financial security and knowledge are closely linked. It is important to have a broad understanding of the basic investment principles; how you save is just as important as how much you save. Educate yourself on the different savings options available and what might work for you.

Seeking professional assistance when it comes to planning for retirement is also a smart move.  Don’t put pressure on yourself to figure out all the answers on your own.

What have you done to plan for retirement thus far?  Share your plan with us by leaving a comment.

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Celebrating That Refund?

Posted on April 22, 2011 by America's Business Manager

So, you got a big fat tax refund check from the good ole U.S. of A., huh?  The average tax refund for tax year 2010 is around $3025.00.  I know it can be very exciting to get that money in your hand once a year.  But have you thought of your refund in this manner before:  A big refund means you’ve given an interest-free loan to Uncle Sam.

Reducing your withholding can be tough for some folks who are used to the big pop from that yearly refund check.  But it’s an adjustment worth making if you don’t like the idea of the government holding on to some of your money every year without having to pay a penny of interest on it.

Will you make the adjustment?  Share your thoughts with us in the comments!

 

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Fact or Fiction?

Posted on April 15, 2011 by America's Business Manager

When it comes to financial planning, it’s very possible you may not be able to separate fact from fiction.  So here’s the scoop…

Financial Planning Is a Front for Selling Insurance or Investments.

Fiction: At the core financial planning is a detailed process. The process includes setting goals, evaluation of your current financial situation, reviewing recommendations and/or alternatives, implementing the recommendations and monitoring your progress so that you can make changes as deemed necessary. It is entirely possible that the process of financial planning will present you with a need that is best served by the proper use of insurance or investments.

You Have to Make More Than $100,000 or Be a Millionaire to Work with a Financial Planner.

Fiction: It is a common misconception that financial planners work only with the wealthy. Many planners do have minimum asset levels to work with you. However, it is equally true that many planners do not have minimums, work with clients for an hourly fee or on a project basis. According to a recent study, the goals that motivated consumers to seek professional assistance varied by both educational level and income level.

Everybody Can Do Their Own Financial Planning.

Fact & Fiction: At its most basic level, you are perfectly capable of doing some of your own financial planning. The process of setting and following a budget is a concept with which we are all familiar, even if we don’t like it. Cash flow – money coming in and money going out – lies at the heart of any solid financial plan. However, because of the nature of the world in which we live with ever-changing tax laws and economic conditions, things get more complicated very quickly. So if you find yourself confused or unsure about your situation it may be a good time to talk with a financial professional.

Do you rely on the professional services of a financial planner?  What has been your experience? Share you stories with us by leaving a comment.

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Don’t Dread April 15th

Posted on April 7, 2011 by America's Business Manager

It’s quite possible that April 15th will forever have a negative connotation due the the dreaded tax return deadline associated with it.  However, this year, the date has been given a “break.”

This year, the IRS extended the filing deadline to April 18th.  But do you know why?  No, it’s not just because April 15th is a Friday.  That’s happened several times over the last few decades.  This year taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15.

I guess that’s pretty fair, right?  The District of Columbia wants to observe a holiday and we get a gift; if you consider dealing with taxes a gift, that is.

That being said, do you file early or wait til the end.  Are you appreciative of the extra time?  Let us know in the comments!

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It’s All About The Resources

Posted on March 31, 2011 by America's Business Manager

While we pride ourselves on providing expert accounting & tax service (and much more)  to our clients, we understand that sometimes what people and businesses need is direction or a little guidance.  Sometimes, for whatever reason, a business isn’t in the position to sign on for the full scope of our services and we understand that.

What’s great about they way we have set up our website is that we have an entire page devoted to links for a variety of resources.  For example, we have start-up guides for new C & S Corporations, a quick reference list of acceptable values for items you may have donated last year, and an outline to help you determine expenses related to your home-based business.  In addition, there are several links to a variety of helpful tax tips.   There’s quite a bit more, but it’s truly too much to list all of it here.

So head on over to the webpage by clicking here.  When you find what you need, come back and let us know how it helped you out!

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Which Do You Choose?

Posted on March 24, 2011 by America's Business Manager

There are many ways to save in planning for your retirement.  Some methods work while others do not.  Today, we share with you 5 of the most common retirement benefit plans.

1)  Profit-sharing plans – Profit-sharing plans in which company contributions to the retirement account are calculated as a percentage of company profits are the most popular form of retirement benefit.

2)  Pension plan – There are still 4,262 traditional pension plans that promise long-term employees guaranteed payments for the rest of their lives in retirement.

3)  Fixed company contributions - Here, the company contributes a specific percentage of a worker’s pay to the retirement account, regardless of how the company performs.

4) Employee stock ownership plan - Sometimes firms contribute shares from the company’s treasury or cash to purchase outstanding shares of company stock to employee accounts using an employee stock ownership plan (ESOP).

5)  Stock bonus plans – A retirement plan that is funded by an employer’s contribution of corporate stock.

Well, as you can see, there’s a lot to consider when determining the best course for you and your family.  This is just one of the reasons we do what we do.  Let us help you with retirement planning and goals.

Share your thoughts on planning for retirement by leaving a comment!

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