Nov 4, 2012
3 more companies clear 1st hurdle for online poker - KTVN Channel 2 - Reno Tahoe News Weather, Video -
3 more companies clear 1st hurdle for online poker - KTVN Channel 2 - Reno Tahoe News Weather, Video -
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Oct 10, 2012
Winning the Tax Game- End of the Season Tax Tips
Contributed by Robyn Yelton, EA
Elite Bookkeeping & Tax Services Inc.
If you think gridlock is a football term, you may not be too far out of bounds. Tax cuts, tax increases and tax provisions are being passed back and forth in Washington, D. C. and whoever fumbles, loses. That can be bad news for taxpayers.
Look at what hangs in the balance: Lower tax rates, the 15% capital gains rate on long-term investments, the 2% payroll tax cut, the 35% maximum estate and gift tax rates, direct IRA payouts to charity, higher alternative minimum tax exemptions, the deduction for state sales taxes and even the $250 deduction for out-of-pocket teacher supplies. And you thought the potential for a 2012 catastrophe was only a Mayan myth.
Although we may be down to the final quarter of the year, there is still time before the two-minute warning, to take a look at your tax situation and see if you can save a few tax dollars.
• The American Opportunity Tax Credit expanded the Hope Credit, providing a credit of up to $2,500 of the cost of qualified tuition and related expenses. Up to $1,000 of the credit can be returned to a taxpayer as a refund. The credit was supposed to end in 2010, but it was extended through 2012. This could be the credit's last year if Congress is looking for ways to cut the federal deficit.
• If you’re in the top tax bracket of 35%, you may want to accelerate income into 2012, if possible. If Congress doesn't act, the highest tax rate will rise to 39.6% in 2013.
• Along with the possibility of higher ordinary income tax rates, there's the possibility of higher capital gains rates on investment income in 2013. The top capital gains rate for investments held for more than a year is 15% for most taxpayers through 2012, and zero capital gains tax for investors in the 10% and 15% tax brackets. If your crystal ball says capital gains taxes are going up next year, you may want to consider locking in profits on long-term investments before the end of this year.
• Giving to charity can help reduce your tax bill if you are able to itemize deductions. In addition to contributions made by cash, check or credit card, the crisp fall air may provide the energy, while the potential of a lower tax bill may provide the incentive to clean out closets looking for items in good condition, that you can donate to a qualified charitable organization. Remember to make a list of the items and determine their fair market value. Clip the list to the door hangar or receipt that you receive from the organization and keep with your tax return documents for your records.
• If you believe that charity begins at home and you want to give away your estate's assets while you're still around to get thanks, you can give up to $13,000 each to as many individuals as you wish without any tax costs to you or your gift recipients in 2012.
• Sometimes, a major life change is thrown your way and you may not think of it as a tax deduction. If you found yourself looking for a new job, agency fees, resume expenses, career counseling costs and travel related to the job search may be deductible even if the job search was unsuccessful.
If you moved because of a change in job location, the cost of moving your household goods and family members may be deductible.
Unreimbursed travel expenses for military reservists, including the National Guard, may be deductible.
The fee that you pay for renting a safe-deposit box, the cost of having your taxes prepared, the advisory or management fees you pay a firm to manage your investments may also be overlooked deductions.
Some of these tax breaks require you to itemize. Others are available even if you claim the standard deduction. Naturally, there may be eligibility requirements to meet and in some cases, there will be extra worksheets, forms or schedules. And you will always need to have documentation for these often-overlooked deductions.
• Even if you’re thinking you’ll never be able to retire, putting money into a retirement account can save you tax dollars. Employees should contribute as much as they can to their 401(k) or similar plans at work.
If you’re eligible, you may want to contribute to an Individual Retirement Account (IRA). Although Roth IRA contributions are not deductible, traditional IRA contributions may be, depending on your income and whether or not you are covered by an employer’s plan.
Self-employed folks also have a variety of retirement plans from which to choose: SEP (Simplified Employee Pension) IRA, or Solo 401(k) or SIMPLE (Savings Incentive Match Plan for Employees) IRA. Some taxpayers may be able to contribute to a Traditional IRA.
For 2012, remember Roth IRA conversion taxes! If you converted a traditional IRA to a Roth IRA in 2010, you were allowed to span the taxes due on the converted amounts equally over the 2011 and 2012 tax years. Your first Roth conversion tax bill was included on your 2011 return, but make sure you plan for the 2012 conversion bill.
Along those lines, it is not too late to adjust the amount of Federal or state tax withheld from your paycheck. If you owed taxes last year, or received a larger refund than expected, you may want to take a look at adjusting your withholding. Remember: the goal is to pay the least amount of taxes. The final quarter of the year is the perfect time to talk to your Enrolled Agent to make sure the game plan you discussed at the beginning of the year still applies, and you’ll surely be the winner at tax time.
For assistance with your bookkeeping and tax needs, contact Elite Bookkeeping & Tax Services directly at (800) 416-3820.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Elite Bookkeeping & Tax Services Inc.
If you think gridlock is a football term, you may not be too far out of bounds. Tax cuts, tax increases and tax provisions are being passed back and forth in Washington, D. C. and whoever fumbles, loses. That can be bad news for taxpayers.
Look at what hangs in the balance: Lower tax rates, the 15% capital gains rate on long-term investments, the 2% payroll tax cut, the 35% maximum estate and gift tax rates, direct IRA payouts to charity, higher alternative minimum tax exemptions, the deduction for state sales taxes and even the $250 deduction for out-of-pocket teacher supplies. And you thought the potential for a 2012 catastrophe was only a Mayan myth.
Although we may be down to the final quarter of the year, there is still time before the two-minute warning, to take a look at your tax situation and see if you can save a few tax dollars.
• The American Opportunity Tax Credit expanded the Hope Credit, providing a credit of up to $2,500 of the cost of qualified tuition and related expenses. Up to $1,000 of the credit can be returned to a taxpayer as a refund. The credit was supposed to end in 2010, but it was extended through 2012. This could be the credit's last year if Congress is looking for ways to cut the federal deficit.
• If you’re in the top tax bracket of 35%, you may want to accelerate income into 2012, if possible. If Congress doesn't act, the highest tax rate will rise to 39.6% in 2013.
• Along with the possibility of higher ordinary income tax rates, there's the possibility of higher capital gains rates on investment income in 2013. The top capital gains rate for investments held for more than a year is 15% for most taxpayers through 2012, and zero capital gains tax for investors in the 10% and 15% tax brackets. If your crystal ball says capital gains taxes are going up next year, you may want to consider locking in profits on long-term investments before the end of this year.
• Giving to charity can help reduce your tax bill if you are able to itemize deductions. In addition to contributions made by cash, check or credit card, the crisp fall air may provide the energy, while the potential of a lower tax bill may provide the incentive to clean out closets looking for items in good condition, that you can donate to a qualified charitable organization. Remember to make a list of the items and determine their fair market value. Clip the list to the door hangar or receipt that you receive from the organization and keep with your tax return documents for your records.
• If you believe that charity begins at home and you want to give away your estate's assets while you're still around to get thanks, you can give up to $13,000 each to as many individuals as you wish without any tax costs to you or your gift recipients in 2012.
• Sometimes, a major life change is thrown your way and you may not think of it as a tax deduction. If you found yourself looking for a new job, agency fees, resume expenses, career counseling costs and travel related to the job search may be deductible even if the job search was unsuccessful.
If you moved because of a change in job location, the cost of moving your household goods and family members may be deductible.
Unreimbursed travel expenses for military reservists, including the National Guard, may be deductible.
The fee that you pay for renting a safe-deposit box, the cost of having your taxes prepared, the advisory or management fees you pay a firm to manage your investments may also be overlooked deductions.
Some of these tax breaks require you to itemize. Others are available even if you claim the standard deduction. Naturally, there may be eligibility requirements to meet and in some cases, there will be extra worksheets, forms or schedules. And you will always need to have documentation for these often-overlooked deductions.
• Even if you’re thinking you’ll never be able to retire, putting money into a retirement account can save you tax dollars. Employees should contribute as much as they can to their 401(k) or similar plans at work.
If you’re eligible, you may want to contribute to an Individual Retirement Account (IRA). Although Roth IRA contributions are not deductible, traditional IRA contributions may be, depending on your income and whether or not you are covered by an employer’s plan.
Self-employed folks also have a variety of retirement plans from which to choose: SEP (Simplified Employee Pension) IRA, or Solo 401(k) or SIMPLE (Savings Incentive Match Plan for Employees) IRA. Some taxpayers may be able to contribute to a Traditional IRA.
For 2012, remember Roth IRA conversion taxes! If you converted a traditional IRA to a Roth IRA in 2010, you were allowed to span the taxes due on the converted amounts equally over the 2011 and 2012 tax years. Your first Roth conversion tax bill was included on your 2011 return, but make sure you plan for the 2012 conversion bill.
Along those lines, it is not too late to adjust the amount of Federal or state tax withheld from your paycheck. If you owed taxes last year, or received a larger refund than expected, you may want to take a look at adjusting your withholding. Remember: the goal is to pay the least amount of taxes. The final quarter of the year is the perfect time to talk to your Enrolled Agent to make sure the game plan you discussed at the beginning of the year still applies, and you’ll surely be the winner at tax time.
For assistance with your bookkeeping and tax needs, contact Elite Bookkeeping & Tax Services directly at (800) 416-3820.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 19, 2012
Does Your Website Tell a Compelling Story?
Contributed by Roger Diez, CEO
Get It Write Inc.
Today just about every business needs a website. Even if you don't actually take orders and collect money online, people go to your website to learn about your business. What they find there makes them a one-time visitor, a frequent reader, or a customer. The difference is whether your content appeals to them. If it's just standard boilerplate about your company, the founder, products and services, blah, blah, blah, you probably won't have many return visitors and even fewer customers.
To truly engage visitors to your website, you need to appeal to their interests and tell a compelling story. Yes, tell a story. People read mysteries and romance novels because they get engaged in the stories and the characters. Your website content should do the same. Post some interesting stories about how customers solved a problem with your product or service. Feature unusual hobbies your employees are engaged in. Tell about your experiences with helping a charity or non-profit do great things in the community. And keep it fresh. If visitors find the same old thing on two or three successive visits, they won't be back.
If you don't have the internal expertise to create compelling content for your website, look around and see if you can find a writer to do it for you. It's perfectly OK if the writer doesn't know your business, because he or she will tend to avoid jargon and insider terms. Someone with a journalism background will be used to interviewing and getting to the heart of the story. Remember, interesting content draws interested visitors, who in time will either become customers or send customers to your site.
Contact Roger Diez directly if you would like assistance with your business writing.
Freelance writing/editing. Specializing in business writing, web content, newspaper/magazine articles, press releases, sales collateral, radio/tv commercials.
Mobile: (775) 721-6230 Fax (775)246-3432
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Get It Write Inc.
Today just about every business needs a website. Even if you don't actually take orders and collect money online, people go to your website to learn about your business. What they find there makes them a one-time visitor, a frequent reader, or a customer. The difference is whether your content appeals to them. If it's just standard boilerplate about your company, the founder, products and services, blah, blah, blah, you probably won't have many return visitors and even fewer customers.
To truly engage visitors to your website, you need to appeal to their interests and tell a compelling story. Yes, tell a story. People read mysteries and romance novels because they get engaged in the stories and the characters. Your website content should do the same. Post some interesting stories about how customers solved a problem with your product or service. Feature unusual hobbies your employees are engaged in. Tell about your experiences with helping a charity or non-profit do great things in the community. And keep it fresh. If visitors find the same old thing on two or three successive visits, they won't be back.
If you don't have the internal expertise to create compelling content for your website, look around and see if you can find a writer to do it for you. It's perfectly OK if the writer doesn't know your business, because he or she will tend to avoid jargon and insider terms. Someone with a journalism background will be used to interviewing and getting to the heart of the story. Remember, interesting content draws interested visitors, who in time will either become customers or send customers to your site.
Contact Roger Diez directly if you would like assistance with your business writing.
Freelance writing/editing. Specializing in business writing, web content, newspaper/magazine articles, press releases, sales collateral, radio/tv commercials.
Mobile: (775) 721-6230 Fax (775)246-3432
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 18, 2012
Evaluating Efficiency for Next Level Expansion
Definition of Efficient-
1. well organized: performing tasks in an organized and capable way
2. able to function without waste: capable of achieving the desired result with the minimum use of resources, time, and effort
Starting and maintaining a business is definitely a challenging task- especially in today’s economy. If your business has survived for two years or more, you deserve to be congratulated for beating the odds.
So you’re ready to take it to the next level. Now what? You want to grow your business, but how are you going to handle the work load? No matter what business you’re in, you must always be prepared to:
Evaluate
Plan
Change
Evaluating your business requires an open mind. Clearly you have been doing some things right or your business wouldn’t have survived thus far. But is your business running as efficiently as possible?
If you’re hoping to grow and take on more business, you should do an efficiency evaluation well in advance. In fact, you should do that right from start. It should be part of your overall plan.
How do you make your business more efficient?
Take a look at how your employees are doing their work and get their input. They are your best inside resource. Ask them what problems they're having and get their ideas on how to fix them. They may not all be feasible, but you won't know if you don't ask.
Consider things such as new software and equipment. What you have may be working, but there may be better options that won't break your budget. Change has a way of finding us even when we're not looking for it, but you're better off being proactive versus reactive.
Pay attention to your management team. Make sure they understand the importance of managing resources for efficiency. They should be managing resources and leading people. Perhaps training is in order.
Utilize outside resources. Go to the experts. Henry Ford once said "I may not know how to run an automobile manufacturing plant, but I can hire people who do."
Here's an example of one successful service company did. They had developed what they considered "a fine tuned system" for producing their product. The clients purchased a “package” and it was delivered in a satisfactory and timely manner about 90% of the time.
Business was good and they began to expand in another state.
The expansion challenges
They needed capital and they needed to be able to take on the additional work load. The “processing phase” although previously successful from the clients perspective, wasn’t as efficient as it could be. The busier they got, the more employees they needed, but errors were increasing with each new hire.
More employee time was being shifted from customer service to fixing errors. The cost to produce it was devouring capital in both profits and customer service time.
Simply taking out a business loan at the time seemed risky until they got things under control. So they wisely took the time to do a complete evaluation.
What they found after evaluating the process
Why the increase in errors? The same data from new orders was being entered over and over on multiple forms as well as in their database. More business meant more entries. More new customers meant more telephone calls and more distractions, etc.
They were spending an exorbitant amount of time correcting errors and unfortunately, too many of them went unnoticed.
Their solution
The did a database modification that included built in forms that pulled the information from the client’s record. This included a database generated form to compare to the purchase order to double check for accuracy before documents were actually printed. The data was now entered only once.
The process involved consulting with the company that designed their original database, but the majority of the modification was handled in house.
The benefits
The company ulitimately saved hundred of thousands of dollars in labor and materials. They were able to reduce the average processing time from start to finish from two hours down to twenty minutes with 99% accuracy (the human component).
Referral sales increased dramatically. All of those happy customers were eager to tell their friends about the excellent service they received. This company has since gone on to establish multiple affilate offices.
Your business may or may not be in the service industry, but if you’re not currently doing so, you should take the time to evaluate your business efficiency on a regular basis. If your business is going to continue to survive and get to the next level, it is a must.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
1. well organized: performing tasks in an organized and capable way
2. able to function without waste: capable of achieving the desired result with the minimum use of resources, time, and effort
Starting and maintaining a business is definitely a challenging task- especially in today’s economy. If your business has survived for two years or more, you deserve to be congratulated for beating the odds.
So you’re ready to take it to the next level. Now what? You want to grow your business, but how are you going to handle the work load? No matter what business you’re in, you must always be prepared to:
Evaluate
Plan
Change
Evaluating your business requires an open mind. Clearly you have been doing some things right or your business wouldn’t have survived thus far. But is your business running as efficiently as possible?
If you’re hoping to grow and take on more business, you should do an efficiency evaluation well in advance. In fact, you should do that right from start. It should be part of your overall plan.
How do you make your business more efficient?
Take a look at how your employees are doing their work and get their input. They are your best inside resource. Ask them what problems they're having and get their ideas on how to fix them. They may not all be feasible, but you won't know if you don't ask.
Consider things such as new software and equipment. What you have may be working, but there may be better options that won't break your budget. Change has a way of finding us even when we're not looking for it, but you're better off being proactive versus reactive.
Pay attention to your management team. Make sure they understand the importance of managing resources for efficiency. They should be managing resources and leading people. Perhaps training is in order.
Utilize outside resources. Go to the experts. Henry Ford once said "I may not know how to run an automobile manufacturing plant, but I can hire people who do."
Here's an example of one successful service company did. They had developed what they considered "a fine tuned system" for producing their product. The clients purchased a “package” and it was delivered in a satisfactory and timely manner about 90% of the time.
Business was good and they began to expand in another state.
The expansion challenges
They needed capital and they needed to be able to take on the additional work load. The “processing phase” although previously successful from the clients perspective, wasn’t as efficient as it could be. The busier they got, the more employees they needed, but errors were increasing with each new hire.
More employee time was being shifted from customer service to fixing errors. The cost to produce it was devouring capital in both profits and customer service time.
Simply taking out a business loan at the time seemed risky until they got things under control. So they wisely took the time to do a complete evaluation.
What they found after evaluating the process
Why the increase in errors? The same data from new orders was being entered over and over on multiple forms as well as in their database. More business meant more entries. More new customers meant more telephone calls and more distractions, etc.
They were spending an exorbitant amount of time correcting errors and unfortunately, too many of them went unnoticed.
Their solution
The did a database modification that included built in forms that pulled the information from the client’s record. This included a database generated form to compare to the purchase order to double check for accuracy before documents were actually printed. The data was now entered only once.
The process involved consulting with the company that designed their original database, but the majority of the modification was handled in house.
The benefits
The company ulitimately saved hundred of thousands of dollars in labor and materials. They were able to reduce the average processing time from start to finish from two hours down to twenty minutes with 99% accuracy (the human component).
Referral sales increased dramatically. All of those happy customers were eager to tell their friends about the excellent service they received. This company has since gone on to establish multiple affilate offices.
Your business may or may not be in the service industry, but if you’re not currently doing so, you should take the time to evaluate your business efficiency on a regular basis. If your business is going to continue to survive and get to the next level, it is a must.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 17, 2012
Five Questions to Ask When You're Thinking of Starting a Business
With hundreds of thousands being laid off during this current recession many are starting their own business. Individuals are often attracted by the thought of more flexible working hours and financial independence.
But when they embark upon their new business venture, especially after sometimes spending many thousands of dollars, they are hugely disappointed with the return on their investment. Also people often have an unrealistic view of what running a business entails.
While setting up and running your own business can certainly be a great idea, even in this economic downturn, one has to tread carefully. People often choose a business that they have feel they have an affinity to and this can certainly have its advantages.
For example, some choose to go into the restaurant business because they enjoy good food and eating at great restaurants. However, being a guest at a restaurant and being a restaurant owner are very different.
Another mistake that people make is that they choose a business where essentially they're exchanging their time for money without any hope of ever being able to automate their business or at least elements of it. Hence, the time freedom which many dream of is not achievable. While starting any business will require a considerable investment of time to get the business off the ground, you should have a strategy whereby you can step away from the business and still have income coming in.
So here are five questions to consider when you're thinking of starting a business.
1. Is the business a good fit for you?
Do your due diligence and thoroughly research any business opportunity. Make sure that it is a good fit for you. Talk to other business owners working in the same industry to get a realistic idea of just what is involved in running the type of business you're considering.
2. How will it change your lifestyle?
Running a business will undoubtedly have an impact on not only your lifestyle but also that of your family and initially that impact may not be entirely positive. Ensure that you have the support and understanding of family members before you start out. This will help to ease the way forward later.
However, as your business becomes more established you'll expect your lifestyle to improve. So put in place clear indicators to let you know whether or not you're on target and adjust your strategy accordingly if not.
3. How much money will you have to invest?
Whatever your monetary investment you need to know how long it will take you to breakeven and how long it will take you to start making a profit. You especially need to know these figures if your initial investment is a large one. It's one thing to start a business with a couple of hundred dollars and quite another when you're investing many thousands of dollars.
4. Do the figures, etc. presented really add up?
Research any figures that are presented to you and, where possible, verify case studies that are presented to you. Unfortunately, it's all too easy to produce fake case studies, testimonials and even sales figures. Also remember that when case studies are presented it is usually the best case studies that are highlighted.
While the fact that one person achieves great success with a particular business model is proof that, given the same opportunity, someone else can achieve a comparable level of success the fact remains that many people don't. You certainly want to have high expectations of any business you embark upon but you also want to have realistic expectations so do your due diligence.
5. What additional training will you have to do?
If you're going into business for yourself you'll need to undertake training. In some cases the training will be a pre-requisite of the business you're going into. For instance, if you decide to buy a franchise then you'll have to undergo the training that company offers. However, there are so many new developments in the world of business that you have to keep your skills up-to-date.
So conduct a skills audit to determine what training you need and then seek out the necessary training. There's lots of training available and it can also be easy to get distracted so remember that it's important not only to learn new skills but to put them into action as well.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
But when they embark upon their new business venture, especially after sometimes spending many thousands of dollars, they are hugely disappointed with the return on their investment. Also people often have an unrealistic view of what running a business entails.
While setting up and running your own business can certainly be a great idea, even in this economic downturn, one has to tread carefully. People often choose a business that they have feel they have an affinity to and this can certainly have its advantages.
For example, some choose to go into the restaurant business because they enjoy good food and eating at great restaurants. However, being a guest at a restaurant and being a restaurant owner are very different.
Another mistake that people make is that they choose a business where essentially they're exchanging their time for money without any hope of ever being able to automate their business or at least elements of it. Hence, the time freedom which many dream of is not achievable. While starting any business will require a considerable investment of time to get the business off the ground, you should have a strategy whereby you can step away from the business and still have income coming in.
So here are five questions to consider when you're thinking of starting a business.
1. Is the business a good fit for you?
Do your due diligence and thoroughly research any business opportunity. Make sure that it is a good fit for you. Talk to other business owners working in the same industry to get a realistic idea of just what is involved in running the type of business you're considering.
2. How will it change your lifestyle?
Running a business will undoubtedly have an impact on not only your lifestyle but also that of your family and initially that impact may not be entirely positive. Ensure that you have the support and understanding of family members before you start out. This will help to ease the way forward later.
However, as your business becomes more established you'll expect your lifestyle to improve. So put in place clear indicators to let you know whether or not you're on target and adjust your strategy accordingly if not.
3. How much money will you have to invest?
Whatever your monetary investment you need to know how long it will take you to breakeven and how long it will take you to start making a profit. You especially need to know these figures if your initial investment is a large one. It's one thing to start a business with a couple of hundred dollars and quite another when you're investing many thousands of dollars.
4. Do the figures, etc. presented really add up?
Research any figures that are presented to you and, where possible, verify case studies that are presented to you. Unfortunately, it's all too easy to produce fake case studies, testimonials and even sales figures. Also remember that when case studies are presented it is usually the best case studies that are highlighted.
While the fact that one person achieves great success with a particular business model is proof that, given the same opportunity, someone else can achieve a comparable level of success the fact remains that many people don't. You certainly want to have high expectations of any business you embark upon but you also want to have realistic expectations so do your due diligence.
5. What additional training will you have to do?
If you're going into business for yourself you'll need to undertake training. In some cases the training will be a pre-requisite of the business you're going into. For instance, if you decide to buy a franchise then you'll have to undergo the training that company offers. However, there are so many new developments in the world of business that you have to keep your skills up-to-date.
So conduct a skills audit to determine what training you need and then seek out the necessary training. There's lots of training available and it can also be easy to get distracted so remember that it's important not only to learn new skills but to put them into action as well.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 14, 2012
Tax Benefits of Medical and Dental Reimbursement Plan
UTILIZATION OF THE TAX BENEFITS AFFORDED BY A MEDICAL AND DENTAL REIMBURSEMENT PLAN
In recent years one of the more common tax benefits utilized by closely held corporations was the Executive Medical and Dental Reimbursement Plan (Section 105(h) of the Internal Revenue Code). Section 89 of the Internal Revenue Code enacted by the Tax Reform Act of 1986 would have repealed section 105(h) and replaced it with a more complex set of rules. Congress repealed Section 89 in 1989 and reinstated Section 105(h). The plan must meet certain eligibility and benefits requirements, otherwise the plan is deemed discriminatory, and all (or a portion) of the benefits paid thereunder would be included in the gross income of the employees so benefited.
Eligibility Requirements
A plan satisfies the nondiscriminatory eligibility requirements if it meets either of two standards, which are similar to the nondiscriminatory eligibility requirements applicable to pension plans prior to revision of the 1986 Tax Reform Act. Under the first alternative eligibility standard, a plan must benefit at least 70% of all employees (or 80% percent of all employees if at least 70% percent of the employees are eligible). Under the second alternative eligibility standard, a plan must benefit a classification of employees set up by the employer and found by the Secretary of the Treasurer not to be discriminatory in favor of employees who are highly compensated individuals. In applying the alternative eligibility standards, the act provides that there may be excluded from consideration any employee who: (1) has not completed 3 years of service, (2) has not attained the age of 25, or (3) is a part time or seasonal employee.
In addition, employees in a collective bargaining unit can be excluded from consideration under the rules similar to those provided for qualified pension plans if there is evidence that accident and health benefits were the subject of good faith bargaining. Similarly, the Act provides for the exclusion of nonresident aliens, under pension plan rules.
Benefit Requirements
The act further provides that benefits must not discriminate in favor of employees who are highly compensated individuals. A plan does not meet the requirement of nondiscriminatory benefits unless all benefits provided for employees who are highly compensated individuals are also provided for all other employees. In testing plan benefits for discrimination, all facts and circumstances are to be taken into account. Consequently, if a plan, or a particular benefit provided by a plan, is terminated, the termination would cause plan benefits to be discriminatory if the limited duration of the plan or benefit has the effect of discrimination in favor of the highly compensated. This situation could arise, for example, where the duration of a particular benefit roughly coincides with the period during which a highly compensated employee utilizes that benefit. The requirements of the act are not violated merely because benefits under an employers plan are offset by benefits paid under a self-insured or insured plan of the employer or another employer, or by benefits paid under Medicare or Federal or State law.
Highly Compensated Employee
A highly compensated employee is: (1) one of the five highest paid Officers, (2) a Shareholder (owning more than 10 percent of stock, directly or indirectly), or (3) one of the highest paid 25% of all employees (other than employees who may be excluded from consideration).
Excess Reimbursement
Excess reimbursement to a highly compensated employee during a plan year under a self-insured medical reimbursement plan is included in the gross income of the employee for the taxable year in which the plan years ends. Reimbursement is an excess reimbursement if it is a discriminatory benefit, that is, if it made under a plan benefit which is provided for an employee who is highly compensated, but not to all employees who are not highly compensated.
In addition, a portion of the total amount reimbursed during a plan year to each employee who is highly compensated is an excess reimbursement if the plan does not meet the nondiscriminatory eligibility requirements. The excess reimbursement portion is determined by multiplying the total amount reimbursed to the employee during the plan year by a fraction, the numerator of which is the total amount reimbursed during that year to all employees who are highly compensated and the denominator of which is the total amount during that year to all employees. In computing the amount of an excess reimbursement because a plan does not meet the nondiscriminatory eligibility requirements, however, discriminatory benefits are not taken into account.
Regulations promulgated by the Secretary of the Treasury provide that reimbursements for certain medical diagnostic procedures do not have to be considered part of a plan, and are not subject to the nondiscrimination requirements of Section 105(h). Included with your new Corporate Kit is a copy of a plan together with a special set of minutes adopting the plan. To set the plan in operation, the papers need only be completed.
For assistance with incorporating your business contact
American Corporate Enterprises, Inc. Toll free (888)274-1130
http://www.americancorpenterprises.com
For assistance with bookkeeping and taxes contact
Elite Bookkeeping & Tax Services, Inc. Toll free (800)416-3820
http://www.elitebookkeeping.biz
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 13, 2012
Five Great Questions to Ask Your Vendors
How easy are you to fool? Most of us tend to consider ourselves savvy professionals. After all, if you own a business, you clearly have some level of aptitude when it comes to the business world around you. Yet there are still situations where we may end up taken in, tricked, misled, or just plain romanced. The problem is, all around in the world there will always be some new technology or feature that could help change your business.
If you are smart, you at least take the time to listen to new ideas... but the downside of that openness is that you might unintentionally open yourself up to being the victim of a scam of some sort. Not every scam stinks the first moment you see it, because not every one is malicious in nature. But your time and money are valuable and you need to be able to protect yourself from those who might waste one, or both — whether they realize they are about to do it or not.
Here are five questions you should ask anyone who might be selling you something to test whether they will be a good partner to work with or if they might just be full of hot air:
1. How will you measure if our partnership is successful? Most people will be ready to answer a question of how to measure success for you and your business — or at least they should. The more challenging question is about what makes entering a relationship with your business successful for them. The answer they give you will tell you a lot about how they see the relationship they are about to enter with you.
2. What else will I need to budget for next year? Many technology buyers are familiar with a concept commonly abbreviated as TCO — or the Total Cost Of Ownership. This simply refers to your overall cost of buying something over time. Asking the question about budgeting for the next year, though, can get a sales person to open up about ongoing costs in a way that asking about ongoing costs might not, because they can see dollar signs for future money. And the upside is that you will get real info on what your total cost of ownership will be.
3. Who else will I be working with (or what other products will I need to buy)? One of the oldest tricks in selling services professions is bringing the "A-team" to a first meeting with you and getting you to fall in love with the stars on the team (who you may not necessarily work with). To make sure you are not getting romanced by one superstar, insist on meeting more of the team members and individuals who will actually work on your business. If you are buying a product, make sure you see the other products in the range that you may need or want to purchase at some point in the future.
4. Where will I be in your range of customers? It is a fair question to ask to find out how important your business is likely to be to a new company that you will be working with. This does not, however, mean that you always need to find a company as a partner where you will be a big part of their customer list... it will just give you a sense of what you might expect and also help you ensure that you are not paying a premium for service when you know you are just a small part of the overall portfolio of customers for who you decide to purchase from.
5. What do I need to do to get a better deal in the future? Once you understand the costs that are involved in whatever you are purchasing, you should also get an answer for the future on how you might be able to negotiate a better deal. This will be valuable to know because if your business increases and you end up purchasing more, you need to know the thresholds to get more preferential pricing, or how else you can improve your contract moving forwards.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 12, 2012
What is a "Non Profit" Organization?
A Non Profit organization (NPO) is a business entity where making a profit is not a primary mission. Typically, Non Profits are engaged in charitable, educational, religious, or artistic activities of public or private interest. Since Non Profit organizations cannot distribute profit to their directors, officers, or members (those who participate in the management of the Non Profit) any income generated by the Non Profit must ultimately go back into the organization. However, Non Profits can hire and pay staff to carry out operational and administrative functions.
If you choose to incorporate your Non Profit as a 501(c) corporation, you can choose from 26 types – 501(c)(1) to 501(c)(26). Section 501(c)(3) is the most common federal tax exemption for Non Profits, which exempts the Non Profit from taxes on income directly related to the organization’s mission. Therefore, many Non Profits are often referred to as 501(c)(3) corporations. Refer to IRS.gov to learn more about other types of 501(c) incorporation.
Forming a Non Profit 501(c)(3) Corporation
Incorporation for Non Profits is very similar to creating a regular corporation, but with the extra steps of applying for tax-exempt status with the IRS and your state tax department. Becoming a Non Profit corporation requires some paperwork, but for many groups the benefits of Non Profit status outweigh the complications.
Here are the steps you must take to incorporate your Non Profit:
Choose a Business Name. Your business name (1) must be different from an existing corporation registered in your state’s office and (2) must indicate that it is a corporation by ending with the words: “corporation,” “incorporated,” “limited,” or a variation of those designations.
File your Incorporation Paperwork. You must next file formal paperwork, or articles of incorporation, and pay a small filing fee to your state. These "articles" contain basic structural information, such as the Non Profit name, its registered agent and office address, and membership structure, if any.
Create Corporate Bylaws. Corporate bylaws outline the rules of operation for your Non Profit corporation, which includes procedures like holding meetings and electing directors. Tax regulations and other state laws are often covered in the bylaws to ensure that the Non Profit is running legally.
Appoint Directors and Hold a Board Meeting. Depending on your state, your Non Profit must appoint at least 1 or sometimes even 3 directors to make major decisions in the corporation. Some states require that you appoint directors before filing your articles of incorporation. Afterward the appointment, directors formally adopt the bylaws and elect officers at the board meeting.
Obtain Licenses and Permits. You must obtain relevant business licenses and permits like any other business. Regulations vary by industry, state and locality. Use the Licensing & Permits tool on Business.gov to find a listing of federal, state and local permits, licenses, and registrations you'll need to run a business.
Start Fundraising. Now that your NPO is officially established you'll need to pay attention to its bread and butter - fundraising. State offices of the National Association of State Charity Officials* (NASCO) provide local fundraising regulations. While individual donors amount to the largest contributors to Non Profits, federal, state and local governments offer grants, loans and programs to fund NPO projects. Learn more about funding opportunities for your Non Profit on USA.gov.
Hiring Employees. If you are hiring employees, read more about federal and state regulations for employers.
Taxes.Most businesses will need to register with the IRS and state and local revenue agencies, and obtain a tax ID number or permit.
Non Profit organizations are not automatically exempt from federal and state taxes. Therefore, Non Profit organizations seeking tax-exemption must formally apply for federal recognition and in many cases state recognition. Before you apply, make sure that your Non Profit organization satisfies the following requirements from the IRS.
Eligible Non Profits can file for federal and state tax exemptions once their articles of incorporation are registered with the state. The instructions below outline the application process for Section 501(c)(3) status, the most common federal and state tax exemption for Non Profits:
Apply for Non Profit Federal Tax Exemptions. Submit an application to the IRS for your federal Non Profit status as a 501(c)(3) organization. You must file a Form 8718, User Fee for Exempt Organization Determination Letter Request and Form 1023, Application for Recognition of Exemption with the IRS. It's best to file within 27 months after the date of your incorporation. Learn more about the application process and other requirements and responsibilities of 501(c)(3) Tax-Exempt Organizations from the IRS.
Apply for Non Profit State Tax Exemptions. Laws from each state vary. Some states require a separate application, while others automatically grant you tax-exempt status when you obtain federal tax-exempt status. Other states require a copy of the letter from IRS that you have obtained federal tax-exempt status. Contact your state tax agency to find out what steps you must take.
Annual Filing Requirements. Once your Non Profit is deemed 501(c)(3) tax-exempt, you must file annually Form 990 Return of Organization Exempt from Income Tax, Form 990-EZ Return of Organization Exempt From Income Tax, or Form 990-PF Return of Private Foundation. Learn more about annual filing requirements for exempt organizations at IRS.gov.
For incorporation assistance contact American Corporate Enterprises, Inc.
Toll Free (888)274-1130
Web site: http://www.americancorpenterprises.com
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 11, 2012
Is my computer infected?
By Credo Computer and Repair Services
There's nothing quite as scary to a business as having a virus spread through your office computers. The cost of down time, computer replacement and lost data can be astronimical. If you don't currently have an IT maintenance plan for your business, you should consider it.
Read about Malware, Trojan Horses and signs that your computers may be infected at this post by Credo Computer and Repair Services. Continue reading.
For assistance with your computer needs contact Eric Johnson at (775) 636-8378.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
There's nothing quite as scary to a business as having a virus spread through your office computers. The cost of down time, computer replacement and lost data can be astronimical. If you don't currently have an IT maintenance plan for your business, you should consider it.
Read about Malware, Trojan Horses and signs that your computers may be infected at this post by Credo Computer and Repair Services. Continue reading.
For assistance with your computer needs contact Eric Johnson at (775) 636-8378.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Quick Overview of Corporate Record Keeping
Contributed by Deanna Kelly, Office Manager
American Corporate Enterprises, Inc.
Corporate Record Keeping is very important. It’s the difference between being a Corporation or not. At the least you would need Minutes for an Annual Meeting. Minutes are very simple: Who, What, When, Where, Why.
Who was at the meeting?
What kind of meeting (Special or Annual)?
When was the meeting?
Where was the meeting?
Why did you have a meeting (what was discussed)?
You write or type this out and place it in your corporate book behind the Minutes tab. Minutes should be in chronological order.
Day to day business does not require a meeting or minutes. Anything outside of day to day minutes (ie. purchase of property or vehicle by the corporation) requires a meeting, minutes and a resolution. All to be filed in your corporate book.
You should have a meeting each year to elect new officers & directors. The resulting minutes should be filed in the corporate book as discussed previously.
Even though LLC record keeping requirements are not as stringent as for Corporations, you should still maintain a Company Record Book. If you don't have a Record Book for your Corporation or LLC, we can provide one for you. Just give us a call toll free at (888) 274-1130.
For more information about American Corporate Enterprises,Inc. visit their web site at http://www.americancorpenterprises.com.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
American Corporate Enterprises, Inc.
Corporate Record Keeping is very important. It’s the difference between being a Corporation or not. At the least you would need Minutes for an Annual Meeting. Minutes are very simple: Who, What, When, Where, Why.
Who was at the meeting?
What kind of meeting (Special or Annual)?
When was the meeting?
Where was the meeting?
Why did you have a meeting (what was discussed)?
You write or type this out and place it in your corporate book behind the Minutes tab. Minutes should be in chronological order.
Day to day business does not require a meeting or minutes. Anything outside of day to day minutes (ie. purchase of property or vehicle by the corporation) requires a meeting, minutes and a resolution. All to be filed in your corporate book.
You should have a meeting each year to elect new officers & directors. The resulting minutes should be filed in the corporate book as discussed previously.
Even though LLC record keeping requirements are not as stringent as for Corporations, you should still maintain a Company Record Book. If you don't have a Record Book for your Corporation or LLC, we can provide one for you. Just give us a call toll free at (888) 274-1130.
For more information about American Corporate Enterprises,Inc. visit their web site at http://www.americancorpenterprises.com.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 10, 2012
Making Expense Management A Priority
Always be internally-driven: Keep improving your process. Have a good employee suggestions program that works, that is, all suggestions are carefully evaluated and those that are implementable are actually implemented, and if they work out well, the employee is suitably rewarded.
Always be externally-driven: Stay on top of changes in technology and process. Even when a technology is not directly targeted at your application/process, you need to evaluate it to see if you can use it for cost reduction.
Competitor-driven: Benchmarking against your competitors is ideal. You must have real time data on your competitors' cost position. If you find that your competitor is doing better than you, immediate action is needed.
Always be Implementing a cost reduction program: After you have compiled the data from competitors and other industry benchmarks, set realistic goals first, though it is perfectly fine to have ultimate goals as well. Ruthless cost cutting can have negative consequences.
Develop a cost reduction program in consultation with each and every employee who could potentially contribute. Do not limit the team to managerial types. In many cases, the floor staff has a better understanding of what works and doesn't and how to make the process better.
Always do a ROI analysis. No cost reduction program should be undertaken until the ROI justifies it.
Explore all options for cost reductions and not just those related to business process redesign or technology/equipment upgrades. Some of the other options that can be considered are outsourcing or off-shoring.
Business process redesign - A simple framework for small and medium-sized businesses While growth is a preferred mode of creating value in almost all cases, an enterprise still needs to focus on operations management, or more specifically, on the robustness of its business processes. Business processes, therefore, may need to be redesigned from time to time for the following reasons:
1.Existing process are broken, or in other words, performing at sub-optimal levels
2.New technology/equipment/systems are available
3.Competitors have better business processes putting you at a competitive disadvantage
4.Business model transformation is being implemented
5.Customers expect you to align your processes with theirs
While business process redesign (or reengineering or revamping or overhaul) may initially seem overwhelming, it shouldn't be. In fact, most businesses should be able to do a large part of BPR on their own. We believe that no one knows an enterprise's processes better than their own employees. However, there are areas where an external advisor can create value:
1. Employees are often reluctant to identify broken systems, inefficiencies, errors, etc. because it is likely to make them look bad
2. Consultants and advisors, through their work with other companies, have a better
3. understanding of what works and what doesn't. Thus, by tapping into their knowledge base, you can not only save time and money, you are also ensuring that you are using the best practices available in the industry. They also have better idea about benchmarks and may, therefore, help you set realistic expectations from BPR
When an organization decides to outsource, reducing costs is always one of its main objectives. Then 'reducing' costs evolved into the need to 'control' them. And today, the financial aspects are often not even listed among the key points. It's true that cutting costs remains an important factor, but rather as a consequence of the main requirements: nowadays when an organization embarks on an outsourcing project, it is looking above all to safeguard its operation (thanks to state-of-the-art Data Centers, industrialized processes and formal, guaranteed levels of service), to make sure it has easy access to the expertise it needs to manage complexity within its information systems, to access technological innovations more quickly and to be in a position to respond to fast-changing business practices.
What customers presented to their service providers followed quite a simple formula: "do the same thing, but better, faster and at a lower cost". At that time, outsourcing often consisted very largely of taking over existing systems. But for the past five years, IT Departments have had to face a dual, and clear-cut acceleration: within business itself on the one hand, which has led their internal customers to expect their information systems to be much more responsive.
And, on the other hand, on the technological front, especially with Web technologies now reaching maturity (including those operating at back office level) and the growth in consolidation and virtualization.
Today's outsourcing contracts take this change into account and as a result they are including much more development work rather than simply operational tasks. Which is why costs no longer take center stage in the list of requirements for the contract: before doing things in a less costly way, you have to start by actually doing it in the first place!
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 7, 2012
"Learn from the CEOs"
Don't miss our upcoming event on Sept. 20th. Seating is limited so call today!
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jul 10, 2012
Facilitate, Facilitator, Facilitation…What Should I Know?
Contributed by Betsy Kosier, MA JD
President/Owner of Interaction Alliance
Connecting People, Process & Purpose
A dictionary will tell you that the word facilitate is a verb that means to make things easier, facilitation is the act of making things easier, and a facilitator is someone who has taken on the responsibility for making things easier, such as managing a meeting or group process, navigating the pace and progress of a project, or even helping to overcome communication challenges. We have all heard and used those words, yet their meanings may vary depending on their intent.
In the generic sense, most people facilitate in a variety of ways every day – at the office, at home and within our communities. There are those who are by nature more able than others to provide assistance and there are situations that appear to be more amenable than others to moving forward. For whatever reason, people, topics, courses of action, past experiences or other circumstances may make progress toward a goal seem unlikely. Or you may want to be part of a discussion unhindered by your day-to-day role. The advantage of a well trained, professional facilitator may be just what you need!
The specialized profession of facilitator has become quite visible; there are facilitator associations and conferences as well as organizations and consultants offering facilitation services. But what distinguishes the professional field of facilitation from someone’s untrained effort to make things easier, which may be well intended but ineffective?
Experienced, skilled facilitators demonstrate an array of characteristics that have significant value when you are faced with factors that challenge your ability to succeed. This checklist of common attributes will be useful in your search for a qualified facilitator:
• Neutrality regarding the discussion topic, impartiality to participants and consensus among participants to make use of a particular facilitator due to those qualities
• Employs organizational analysis to help you identify critical stakeholders, discern what may affect your group process and participants, and ascertain desired outcomes
• Collaboratively plans and designs a group process that is responsive to participant needs, safe for open or confidential communication, and inclusive of stakeholders
• Delivers a group process that encourages information exchange; explores perceptions and assumptions; elicits diverse perspectives; and attends to differences, conflict and power dynamics with constructive intent
• Utilizes strategies that invite inquiry, promote clarification, honor self-determination and manage impasse productively
• Listens with focus, summarizes thoughtfully and distills all information considered by participants to be important
• Fosters participant-owned outcomes without inserting opinions or other persuasive tactics, and strives to be process, not solution, driven
• Cultivates a meaningful negotiation process that engages all participants; discovers and demystifies issues; captures content; and supports collaborative decision-making, realistic implementation strategies mutually crafted by participants and closure
• In a timely manner, completes the written product you desire, which reflects integrated content and sustainable results that emerged from group discussion.
Is this someone who leaps tall buildings in a single bound? No; a professional facilitator is simply someone who is well suited to shepherd a group of any size through a customized process that tackles issues of importance, reveals a sense of direction, and overcomes the complexity and uncertainty of human interaction.
For assistance with facilitation, organizational development, training, etc. contact Betsy Kosier via http://yourinteraction.com.
Follow on Twitter @InteractAll
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
President/Owner of Interaction Alliance
Connecting People, Process & Purpose
A dictionary will tell you that the word facilitate is a verb that means to make things easier, facilitation is the act of making things easier, and a facilitator is someone who has taken on the responsibility for making things easier, such as managing a meeting or group process, navigating the pace and progress of a project, or even helping to overcome communication challenges. We have all heard and used those words, yet their meanings may vary depending on their intent.
In the generic sense, most people facilitate in a variety of ways every day – at the office, at home and within our communities. There are those who are by nature more able than others to provide assistance and there are situations that appear to be more amenable than others to moving forward. For whatever reason, people, topics, courses of action, past experiences or other circumstances may make progress toward a goal seem unlikely. Or you may want to be part of a discussion unhindered by your day-to-day role. The advantage of a well trained, professional facilitator may be just what you need!
The specialized profession of facilitator has become quite visible; there are facilitator associations and conferences as well as organizations and consultants offering facilitation services. But what distinguishes the professional field of facilitation from someone’s untrained effort to make things easier, which may be well intended but ineffective?
Experienced, skilled facilitators demonstrate an array of characteristics that have significant value when you are faced with factors that challenge your ability to succeed. This checklist of common attributes will be useful in your search for a qualified facilitator:
• Neutrality regarding the discussion topic, impartiality to participants and consensus among participants to make use of a particular facilitator due to those qualities
• Employs organizational analysis to help you identify critical stakeholders, discern what may affect your group process and participants, and ascertain desired outcomes
• Collaboratively plans and designs a group process that is responsive to participant needs, safe for open or confidential communication, and inclusive of stakeholders
• Delivers a group process that encourages information exchange; explores perceptions and assumptions; elicits diverse perspectives; and attends to differences, conflict and power dynamics with constructive intent
• Utilizes strategies that invite inquiry, promote clarification, honor self-determination and manage impasse productively
• Listens with focus, summarizes thoughtfully and distills all information considered by participants to be important
• Fosters participant-owned outcomes without inserting opinions or other persuasive tactics, and strives to be process, not solution, driven
• Cultivates a meaningful negotiation process that engages all participants; discovers and demystifies issues; captures content; and supports collaborative decision-making, realistic implementation strategies mutually crafted by participants and closure
• In a timely manner, completes the written product you desire, which reflects integrated content and sustainable results that emerged from group discussion.
Is this someone who leaps tall buildings in a single bound? No; a professional facilitator is simply someone who is well suited to shepherd a group of any size through a customized process that tackles issues of importance, reveals a sense of direction, and overcomes the complexity and uncertainty of human interaction.
For assistance with facilitation, organizational development, training, etc. contact Betsy Kosier via http://yourinteraction.com.
Follow on Twitter @InteractAll
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jun 26, 2012
Pointers for Negotiating a Buy-Sell Agreement
Contributed by Cassandra Jones, Esq.
Houghton Jones, A.P.C.
A Buy-Sell Agreement is the contract for sale of a business. It is vital that the agreement is clear, and written down. By carefully discussing key points, you and the other party can avoid conflict now. It may seem like overkill to consider some of the details below, but as an attorney with over nine years’ experience in litigation, estate planning, and business law, I know that vague contracts are usually the ones where problems arise.
First, your agreement must be in writing. Don’t do anything on a handshake. This is your livelihood and your business. Why would you risk the roof over your head (or over your kid’s head, or over your employee’s head) when it is simple enough to put words to paper. The other party may sound reasonable in trying to waive this off. “Oh, don’t worry about it! I trust you…” This kind of response can see reasonable, even friendly, especially if the other party is a friend or family member. But, if they take this kind of loose attitude towards what is probably one of the biggest financial transactions in your life, then what kind of loose attitude have they taken in running the business? Or in helping you run the business in the future?
Second, look at the books. It is vital that you actually look at the filed tax returns, profit and loss statements, and balance sheet for the last three years, and the year-to-date. These form a financial snapshot of the company. They will show you how the company has been run, whether it is growing or not, and where you might be able to adjust the budget. From these disclosures, you should project a budget moving forward to ensure that what you are buying is going to be viable in the future. If the other party balks at giving you this information, then I suggest walking away. Whatever their objection is can be worked around. But you buying a business and being in the dark regarding its finances is simply unacceptable.
Third, get key man insurance to secure any loan. Many buy-sell agreements are financed by the original owner carrying a loan that the buyer will pay off over time. What this means is that the original owner continues to carry the risk if the business fails. If you choose to carry the loan, then you should at least require that the buyer obtain a life insurance policy sufficient to cover the balance of the loan and the debts of the business. In this way, if he dies suddenly, there will be enough liquidity to close the business and pay off its debts – including the purchase loan owed to the seller.
Negotiating the sale, or purchase, of a business is nuanced transaction. There are many, many things to consider in such an agreement that I have not even touched upon here. It is vital that, prior to considering such a big transaction, that you seek wise legal and accounting advise. But, if the ball is already rolling, be sure that you at least consider the above pointers.
For legal assistance with your Nevada entity contact Cassandra Jones, Esq. directly at (775)882-1777.
To find out more about Houghton Jones, A.P.C. visit http://www.hou2plan.com
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Houghton Jones, A.P.C.
A Buy-Sell Agreement is the contract for sale of a business. It is vital that the agreement is clear, and written down. By carefully discussing key points, you and the other party can avoid conflict now. It may seem like overkill to consider some of the details below, but as an attorney with over nine years’ experience in litigation, estate planning, and business law, I know that vague contracts are usually the ones where problems arise.
First, your agreement must be in writing. Don’t do anything on a handshake. This is your livelihood and your business. Why would you risk the roof over your head (or over your kid’s head, or over your employee’s head) when it is simple enough to put words to paper. The other party may sound reasonable in trying to waive this off. “Oh, don’t worry about it! I trust you…” This kind of response can see reasonable, even friendly, especially if the other party is a friend or family member. But, if they take this kind of loose attitude towards what is probably one of the biggest financial transactions in your life, then what kind of loose attitude have they taken in running the business? Or in helping you run the business in the future?
Second, look at the books. It is vital that you actually look at the filed tax returns, profit and loss statements, and balance sheet for the last three years, and the year-to-date. These form a financial snapshot of the company. They will show you how the company has been run, whether it is growing or not, and where you might be able to adjust the budget. From these disclosures, you should project a budget moving forward to ensure that what you are buying is going to be viable in the future. If the other party balks at giving you this information, then I suggest walking away. Whatever their objection is can be worked around. But you buying a business and being in the dark regarding its finances is simply unacceptable.
Third, get key man insurance to secure any loan. Many buy-sell agreements are financed by the original owner carrying a loan that the buyer will pay off over time. What this means is that the original owner continues to carry the risk if the business fails. If you choose to carry the loan, then you should at least require that the buyer obtain a life insurance policy sufficient to cover the balance of the loan and the debts of the business. In this way, if he dies suddenly, there will be enough liquidity to close the business and pay off its debts – including the purchase loan owed to the seller.
Negotiating the sale, or purchase, of a business is nuanced transaction. There are many, many things to consider in such an agreement that I have not even touched upon here. It is vital that, prior to considering such a big transaction, that you seek wise legal and accounting advise. But, if the ball is already rolling, be sure that you at least consider the above pointers.
For legal assistance with your Nevada entity contact Cassandra Jones, Esq. directly at (775)882-1777.
To find out more about Houghton Jones, A.P.C. visit http://www.hou2plan.com
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jun 19, 2012
What's Your Business Exit Strategy?
Contributed by Cassandra Jones, Esq.
Houghton Jones, A.P.C.
You have worked hard to build your business. As you approach retirement, or the need to leave your business for other reasons, you should have a plan in place to wind up your business. There are several different types of exit strategies. Which one is right for you depends on factors like your customers, finances, your family, and your employees.
The most obvious strategy is simply to close down the business. When you close down the business you must be certain to properly wind down the business’ affairs. Just because you have decided to leave the business does not mean that the business’ responsibilities and obligations immediately cease. Final taxes must be filed and paid. Outstanding vendors must be paid. There should be a filing with the Secretary of State indicating that the business has been closed. Failure to properly wind down the business may expose you individually. For example, if the business has any unpaid debts, its assets should be used to satisfy those debts. If you take the assets without paying the debts, you may be risking future creditor’s efforts against you personally to recoup those assets.
Another exit strategy is to sell the business. Someone from inside or outside the business takes over the day-to-day operation of the business, while you are released from the business. In selling a business, the challenge is deciding on a sale price and the terms for payment. You must negotiate with the buyer to determine the price. Then the buyer must be able to buy the business. He may do this by paying cash, taking a loan from a bank, taking a loan from you, or a structured payment plan over time based on the company’s profits. The terms of a buy-sell agreement, and how the money is paid, are as various and negotiable as you want to make them. However, they should be clearly defined in a written agreement so that no one is surprised and to protect all the parties in the future. You want to be certain that in selling your business, you do not end up fighting later about getting paid.
You may also choose to exit the business by giving ownership to a family member. Again, the business continues but you are released from managing it. For example, this is where a father hands the business down to his sons. This may include a buy-sell agreement, like that discussed above. Many times, the owner chooses to gift the business to his child or children. When this is done, it may create a federally taxable gift. You must have the business valued to determine whether any gift taxes are required, and then claim the transfer on a proper tax return.
This year, 2012, offers a unique opportunity to make such a gift. During this year, you can give up to $5 million; next year, it is only $1 million. That is a difference of $4 million. It is a use-it-or-lose it situation. If you are considering giving your business to your family, then the next few months offers us a unique opportunity to give the business to your family without having to pay gift or estate taxes on a significant asset.
As you can see, there are specific financial, tax, and legal consequences to any decision to exit your business. Whether you just close the doors, sell the business, or choose to gift it to someone, there are consequences and processes that should be followed to ensure compliance with the law, protect all involved, and minimize fees, costs, and liabilities.
For legal assistance with your business contact Cassandra Jones, Esq. directly at (775)882-1777. Visit her web site at http://hou2plan.com.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jun 18, 2012
Ten Tips for Business Success
Contributed by Sara Zaro, President
Elite Bookkeeping & Tax Services Inc.
Running a business, a department and a home are so complex, with so many people and government agencies pulling on you from all directions. With all the endless reports and duties, it’s amazing that anyone is actually able to get work done, to produce a product finish a project and raise a family. Yet, we do, don’t we? And we do it well.
In a workshop conducted for executive women, the universal complaint was their days were so full of interruptions that these women couldn’t get their own work done. By the end of the workshop, they had come to realize – the interruptions are the job. To manage interruptions and make your life less taxing, here are some guidelines.
1. Know what you want. Whether in life or business, have a goal. Have you ever seen people who seem to always get what they want? When the opportunity presents itself, they know what to ask for – and don’t hesitate to ask.
2. Have a plan. When outlining the steps to reach your goal, you’ll actually take those steps. It feels so good to cross off each step as you go along. Besides business plans can really save your hide when you get audited.
3. Care. Care about the people who live with you, work for you, with you, supply you and pay you. When you treat people well; when you listen to them; when you make each person feel they have 100% of your attention when it matters – you’ll have earned powerful loyalty, respect and love.
4. Know things. Learn the things you need to know to reach your goals so you never have to rely on others. In a pinch, or on deadline, you can step in to do the task, or quickly train someone to do it.
5. Delegate. Once you know the things you must know to run your business or project, hire the right people to do those things you prefer not to do. If you have any doubts before hiring them – keep looking.
6. Market yourself with finesse – not aggressiveness. Whatever you do, you’re always selling – whether it’s yourself, your company, your product, your services, or your ideas and passions. Don’t be overly modest. Learn to express your ideas or pitches succinctly and effectively.
7. Go to the top. Start with the president, CEO, or the person with the decision-making authority, at the company you want to pitch. To get past their executive assistants, just tell the assistant what you want to accomplish. Make the assistants your allies. They not only have the ear of the top boss – but also influence all the executives’ assistants. Let the boss and his/her aide introduce you to their operations executives or managers.
8. Don’t waste your advertising budget on big ticket, splashy ads unless you have unlimited funds. Those are good for the moment only. Use your budget and your customers’ word-of-mouth to establish a constant, visible presence.
9. Keep great records and comply with all government requirements – all levels. Not only will this make audits easier and give you information to keep your costs under control, good records reduce your taxes,
10. Have no competitors. Everyone in your industry does something just a little differently. So when someone else is a better choice for your customer or client – refer them. In fact, make the introduction. You’ll generate good will all around.
BONUS – Number 11. Never stint on quality. Make each product or project as important the 100th time as it was the first time.
Elite Bookkeeping & Tax Services have Enrolled Agents and Certified Bookkeepers. For assistance with your tax or bookkeeping needs, contact them directly Toll Free at (800)416-3820.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Elite Bookkeeping & Tax Services Inc.
Running a business, a department and a home are so complex, with so many people and government agencies pulling on you from all directions. With all the endless reports and duties, it’s amazing that anyone is actually able to get work done, to produce a product finish a project and raise a family. Yet, we do, don’t we? And we do it well.
In a workshop conducted for executive women, the universal complaint was their days were so full of interruptions that these women couldn’t get their own work done. By the end of the workshop, they had come to realize – the interruptions are the job. To manage interruptions and make your life less taxing, here are some guidelines.
1. Know what you want. Whether in life or business, have a goal. Have you ever seen people who seem to always get what they want? When the opportunity presents itself, they know what to ask for – and don’t hesitate to ask.
2. Have a plan. When outlining the steps to reach your goal, you’ll actually take those steps. It feels so good to cross off each step as you go along. Besides business plans can really save your hide when you get audited.
3. Care. Care about the people who live with you, work for you, with you, supply you and pay you. When you treat people well; when you listen to them; when you make each person feel they have 100% of your attention when it matters – you’ll have earned powerful loyalty, respect and love.
4. Know things. Learn the things you need to know to reach your goals so you never have to rely on others. In a pinch, or on deadline, you can step in to do the task, or quickly train someone to do it.
5. Delegate. Once you know the things you must know to run your business or project, hire the right people to do those things you prefer not to do. If you have any doubts before hiring them – keep looking.
6. Market yourself with finesse – not aggressiveness. Whatever you do, you’re always selling – whether it’s yourself, your company, your product, your services, or your ideas and passions. Don’t be overly modest. Learn to express your ideas or pitches succinctly and effectively.
7. Go to the top. Start with the president, CEO, or the person with the decision-making authority, at the company you want to pitch. To get past their executive assistants, just tell the assistant what you want to accomplish. Make the assistants your allies. They not only have the ear of the top boss – but also influence all the executives’ assistants. Let the boss and his/her aide introduce you to their operations executives or managers.
8. Don’t waste your advertising budget on big ticket, splashy ads unless you have unlimited funds. Those are good for the moment only. Use your budget and your customers’ word-of-mouth to establish a constant, visible presence.
9. Keep great records and comply with all government requirements – all levels. Not only will this make audits easier and give you information to keep your costs under control, good records reduce your taxes,
10. Have no competitors. Everyone in your industry does something just a little differently. So when someone else is a better choice for your customer or client – refer them. In fact, make the introduction. You’ll generate good will all around.
BONUS – Number 11. Never stint on quality. Make each product or project as important the 100th time as it was the first time.
Elite Bookkeeping & Tax Services have Enrolled Agents and Certified Bookkeepers. For assistance with your tax or bookkeeping needs, contact them directly Toll Free at (800)416-3820.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jun 12, 2012
A Quick Overview of Nevada Business Entities
Contributed by Cassandra Jones, Esq.
Houghton Jones, A.P.C.
There are several types of business entities in Nevada. Each entity has its own specific benefits, and drawbacks. Which entity is right for your business depends upon many factors, including the size of your business, your goals, and the risk inherent in your industry.
Nevada offers limited partnerships. A limited partnership is an agreement between several people to operate a business. In a limited partnership, one partner – called the general partner – runs the business. As the person running the business, the general partner is directly liable and at risk for any of the company’s liabilities. Such liabilities might include broken contracts, bad debts, or claims for personal or property damage from customers or employees. However, the limited partners (i.e. any partner who is not the general partner) are insulated from such claims. Limited partnerships are taxed on a “flow through” basis, which means that the net profits of the limited partnership are reported on the partner’s tax returns directly.
Nevada also has limited liability companies. A limited liability company is owned by a member, or group of members. The rights and responsibilities between the members are defined by an operating agreement. Often, one or more members are singled out as the “manager,” or the person responsible for running the business. Although this looks very similar to a limited partnership, the manager of an LLC is generally not at personal risk for the company’s liabilities. Instead, under the protection of an LLC, there is a “veil” between the individual members and the business which protects the individuals from the business’s liabilities. Generally, an LLC is taxed on a flow through basis like a partnership, although the members can elect to have it taxed like a corporation.
A corporation is a business that is owned by shareholders. The shareholders vote to elect a board, and the board runs the business. Corporations have the strongest legal protection in that it shields the shareholder-owners from the liabilities of the business. However, corporations are often highly structured with required annual meetings and may have complicated by-laws. Additionally, corporations are directly taxed so that any income paid out to a shareholder as dividends often experiences a double taxation – once as profit for the corporation, and second as dividend income to the individual. Such taxes, however, can be planned for and often minimized.
Which business entity is best for you depends on a myriad of factors. The level of protection you might need from business liabilities, the best way to minimize taxes, and the best structure for flexibility all need to be considered when forming a business entity. There is no one-size-fits-all company.
For additional information and legal assistance with your Nevada entity, visit Houghton Jones, A.P.C.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Houghton Jones, A.P.C.
There are several types of business entities in Nevada. Each entity has its own specific benefits, and drawbacks. Which entity is right for your business depends upon many factors, including the size of your business, your goals, and the risk inherent in your industry.
Nevada offers limited partnerships. A limited partnership is an agreement between several people to operate a business. In a limited partnership, one partner – called the general partner – runs the business. As the person running the business, the general partner is directly liable and at risk for any of the company’s liabilities. Such liabilities might include broken contracts, bad debts, or claims for personal or property damage from customers or employees. However, the limited partners (i.e. any partner who is not the general partner) are insulated from such claims. Limited partnerships are taxed on a “flow through” basis, which means that the net profits of the limited partnership are reported on the partner’s tax returns directly.
Nevada also has limited liability companies. A limited liability company is owned by a member, or group of members. The rights and responsibilities between the members are defined by an operating agreement. Often, one or more members are singled out as the “manager,” or the person responsible for running the business. Although this looks very similar to a limited partnership, the manager of an LLC is generally not at personal risk for the company’s liabilities. Instead, under the protection of an LLC, there is a “veil” between the individual members and the business which protects the individuals from the business’s liabilities. Generally, an LLC is taxed on a flow through basis like a partnership, although the members can elect to have it taxed like a corporation.
A corporation is a business that is owned by shareholders. The shareholders vote to elect a board, and the board runs the business. Corporations have the strongest legal protection in that it shields the shareholder-owners from the liabilities of the business. However, corporations are often highly structured with required annual meetings and may have complicated by-laws. Additionally, corporations are directly taxed so that any income paid out to a shareholder as dividends often experiences a double taxation – once as profit for the corporation, and second as dividend income to the individual. Such taxes, however, can be planned for and often minimized.
Which business entity is best for you depends on a myriad of factors. The level of protection you might need from business liabilities, the best way to minimize taxes, and the best structure for flexibility all need to be considered when forming a business entity. There is no one-size-fits-all company.
For additional information and legal assistance with your Nevada entity, visit Houghton Jones, A.P.C.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jun 5, 2012
Protect Yourself from Your Small Business
Contributed by Cassandra Jones, Esq.
Houghton Jones, A.P.C.
Despite the economy, I have seen many people endeavoring in a small business lately. According to the US Census Bureau, Nevada has nearly fifty thousand businesses. Over 55% of those businesses have four or fewer employees. Small business really is the backbone of our community. Many people work hard to operate their business, and to take care of their employees and family.
What many small business fail to do, however, is to take advantage of the different business entities available in the state of Nevada. Instead, these small businesses operate as sole proprietors or general partnerships. A sole proprietor is any individual operating a business directly, without forming a business entity or registering with the secretary of state. Similarly, a general partnership is a group of people directly operating a business, without forming a business entity or registering with the secretary of state. A general partnership may or may not have a contract defining the rights between the partners.
As a sole proprietor or general partnership, there is nothing that distinguishes the business from the individual. The individual must pay all the income and employment taxes directly. It leaves the individual little flexibility to minimize income taxes. On the other hand, a business entity often empowers the individual to plan their business and expenses in a way that minimizes the taxes owed to the government.
Additionally, there is nothing that keeps the liabilities of the business separate from the individual. There are many reasons that a business may have liabilities. These liabilities may arise from a contract – like a lease or loan –- or from personal injury – like a claim for damage from a customer, or a worker’s compensation claim. As a sole proprietor or general partnership, if the business is sued then so is the individual. The individual’s assets and lifestyle are directly at risk of the business. This risk is magnified in a general partnership, where the acts of one partner exposes each and every individual to personal risk. However, by forming a business entity there is a “veil” placed between the individual and the business. This veil is a protective barrier that keeps the individual’s home and lifestyle separate from the business’ liabilities.
For example, many small businesses sign leases. If the lease is in the name of the business alone (and not personally guaranteed by any individual), then only the business entity is liable in the event that there is a breach of contract. Likewise, with a properly formed business, if the business is sued because a customer slips and falls, or because an employee unintentionally causes damage, then the business owner – an individual – is not at risk of being personally and individually responsible for the injury.
There are several types of business entities in Nevada, including limited liability companies and corporations. Each entity has its own specific benefits, and which one is right for your business depends upon your specific needs. If you are operating a small business as a sole proprietor or general partnership, you should seriously consider forming a business entity to take advantage of the tax flexibilities and protection built into them.
For additional information or legal assistance with your Nevada business, contact Casandra Jones, Esq. at (775)882-1777.
Visit her web site at http://hou2plan.com/
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Houghton Jones, A.P.C.
Despite the economy, I have seen many people endeavoring in a small business lately. According to the US Census Bureau, Nevada has nearly fifty thousand businesses. Over 55% of those businesses have four or fewer employees. Small business really is the backbone of our community. Many people work hard to operate their business, and to take care of their employees and family.
What many small business fail to do, however, is to take advantage of the different business entities available in the state of Nevada. Instead, these small businesses operate as sole proprietors or general partnerships. A sole proprietor is any individual operating a business directly, without forming a business entity or registering with the secretary of state. Similarly, a general partnership is a group of people directly operating a business, without forming a business entity or registering with the secretary of state. A general partnership may or may not have a contract defining the rights between the partners.
As a sole proprietor or general partnership, there is nothing that distinguishes the business from the individual. The individual must pay all the income and employment taxes directly. It leaves the individual little flexibility to minimize income taxes. On the other hand, a business entity often empowers the individual to plan their business and expenses in a way that minimizes the taxes owed to the government.
Additionally, there is nothing that keeps the liabilities of the business separate from the individual. There are many reasons that a business may have liabilities. These liabilities may arise from a contract – like a lease or loan –- or from personal injury – like a claim for damage from a customer, or a worker’s compensation claim. As a sole proprietor or general partnership, if the business is sued then so is the individual. The individual’s assets and lifestyle are directly at risk of the business. This risk is magnified in a general partnership, where the acts of one partner exposes each and every individual to personal risk. However, by forming a business entity there is a “veil” placed between the individual and the business. This veil is a protective barrier that keeps the individual’s home and lifestyle separate from the business’ liabilities.
For example, many small businesses sign leases. If the lease is in the name of the business alone (and not personally guaranteed by any individual), then only the business entity is liable in the event that there is a breach of contract. Likewise, with a properly formed business, if the business is sued because a customer slips and falls, or because an employee unintentionally causes damage, then the business owner – an individual – is not at risk of being personally and individually responsible for the injury.
There are several types of business entities in Nevada, including limited liability companies and corporations. Each entity has its own specific benefits, and which one is right for your business depends upon your specific needs. If you are operating a small business as a sole proprietor or general partnership, you should seriously consider forming a business entity to take advantage of the tax flexibilities and protection built into them.
For additional information or legal assistance with your Nevada business, contact Casandra Jones, Esq. at (775)882-1777.
Visit her web site at http://hou2plan.com/
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
May 30, 2012
Keeping Control over Your Social Media Dos and Don'ts
Contributed by Jillian Pearson, Pres.
Site Noticed, Inc.
Things you should do
Do have a plan.
Every article you’ve ever read about creating content includes a reference to planning in some fashion — such as creating an editorial calendar or creating a checklist. Though this advice may sound like a broken record, advanced planning really is the one key step content creators can take to help assure quality. Nothing scuttles a content marketing program faster than not knowing the best time and place to publish your content on the right channel, or not knowing the steps you’ll need to take beforehand to get it done properly.
Do train your team.
Make sure everyone on your content-producing team (internal and external) understands your organization’s goals and the required procedures involved in your content marketing program. For example, provide them with a style guide; teach those who manage your real-time communications (e.g., Twitter or Facebook) what your company considers appropriate and inappropriate for posts; and outline your criteria for escalating any concerns about posts or replies to a supervisor. You need to trust that your team knows your corporate story and can use their best judgment to share it, so providing adequate training is the best way to ensure that they are producing timely, relevant, and valuable content on your company’s behalf.
Read more
If you would like to learn more about Social Media, or if you need assistance with implementation, contact Jillian via http://www.sitenoticed.com.
Follow on Twitter @sitenoticed
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Site Noticed, Inc.
Things you should do
Do have a plan.
Every article you’ve ever read about creating content includes a reference to planning in some fashion — such as creating an editorial calendar or creating a checklist. Though this advice may sound like a broken record, advanced planning really is the one key step content creators can take to help assure quality. Nothing scuttles a content marketing program faster than not knowing the best time and place to publish your content on the right channel, or not knowing the steps you’ll need to take beforehand to get it done properly.
Do train your team.
Make sure everyone on your content-producing team (internal and external) understands your organization’s goals and the required procedures involved in your content marketing program. For example, provide them with a style guide; teach those who manage your real-time communications (e.g., Twitter or Facebook) what your company considers appropriate and inappropriate for posts; and outline your criteria for escalating any concerns about posts or replies to a supervisor. You need to trust that your team knows your corporate story and can use their best judgment to share it, so providing adequate training is the best way to ensure that they are producing timely, relevant, and valuable content on your company’s behalf.
Read more
If you would like to learn more about Social Media, or if you need assistance with implementation, contact Jillian via http://www.sitenoticed.com.
Follow on Twitter @sitenoticed
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Apr 19, 2012
Warning - Business Identity Theft On The Rise
Contributed by
Tracey Padilla, Pres.
American Corporate Enterprises, Inc.
We frequently hear stories about people who were victims of identity theft. Less often in the media - but unfortunately on the rise – is business identity theft. The thieves look for businesses that have not kept up their annual filings that are either in default or revoked status. They submit annual filings or reinstatement documents then change key company information in order to take control of the business.
As with individual identity theft these thieves then get credit cards in the company name or establish lines of credit with banks or other vendors - all if which can be devastating to a business.
This is one of the reasons that we suggest companies file a formal dissolution with the state, have their tax advisor file a final tax return and close all open lines of credit for their business.
The National Association of Secretaries of State (NASS) has been working closely with The Identity Theft Protection Association (ITPA), which recently launched the website www.BusinessIDTheft.org to combat this growing threat.
The website has information about ways that theft can occur, prevention information, resources, victim assistance and more.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Tracey Padilla, Pres.
American Corporate Enterprises, Inc.
We frequently hear stories about people who were victims of identity theft. Less often in the media - but unfortunately on the rise – is business identity theft. The thieves look for businesses that have not kept up their annual filings that are either in default or revoked status. They submit annual filings or reinstatement documents then change key company information in order to take control of the business.
As with individual identity theft these thieves then get credit cards in the company name or establish lines of credit with banks or other vendors - all if which can be devastating to a business.
This is one of the reasons that we suggest companies file a formal dissolution with the state, have their tax advisor file a final tax return and close all open lines of credit for their business.
The National Association of Secretaries of State (NASS) has been working closely with The Identity Theft Protection Association (ITPA), which recently launched the website www.BusinessIDTheft.org to combat this growing threat.
The website has information about ways that theft can occur, prevention information, resources, victim assistance and more.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Apr 18, 2012
The JOBS Act- a new crowdfunding craze
American Corporate Enterprises, Inc.'s Blog: The JOBS Act- a new crowdfunding craze:
President Obama recently signed The JOBS Act , which purportedly will ease access to money for small businesses. The Jumpstart Our Business Startups Act bill is supposed to help entrepreneurs find investors through online “crowdfunding,” allowing all Americans to invest in new companies.
This bill also aims to reduce the red tape involved in publicly selling stock. The clock has begun ticking for the SEC to draft regulation to protect investors.
Reports indicate that the JOBS Act allows companies to raise up to $1 million a year from individual investors. The regulations are said to include protection for people who have an annual income or net worth under $100,000 wherein they can invest no more than $2,000 in a company that's using crowdfunding. Continue reading
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
President Obama recently signed The JOBS Act , which purportedly will ease access to money for small businesses. The Jumpstart Our Business Startups Act bill is supposed to help entrepreneurs find investors through online “crowdfunding,” allowing all Americans to invest in new companies.
This bill also aims to reduce the red tape involved in publicly selling stock. The clock has begun ticking for the SEC to draft regulation to protect investors.
Reports indicate that the JOBS Act allows companies to raise up to $1 million a year from individual investors. The regulations are said to include protection for people who have an annual income or net worth under $100,000 wherein they can invest no more than $2,000 in a company that's using crowdfunding. Continue reading
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Apr 6, 2012
Homonyms and other writing pitfalls
Contributed by Roger Diez, Pres.
Get It Write, Inc.
One of my pet peeves is the incorrect use of words that sound alike but mean different things. Other common spelling and grammatical errors also grate on my nerves. Here are a few examples that you will find on websites every day:
Two, too, to: I think most people know the difference, but the typing fingers sometimes have a mind of their own. "Two", as in the number, is the least of the offenders, but "too" and "to" are often interchanged. "Too" indicates a more than necessary . . . "You put too much salt in the soup." "To" indicates a direction or destination . . . "We're going to Disneyland!"
There, their, they're: "There" indicates a location . . . "What's that over there?" "Their" is a plural possessive . . . "That's their problem." "They're" is a contraction of "they are". But it's amazing how frequently these three words are used interchangeable (and incorrectly).
Your, you're, yore: "Your" is the second person possessive . . . "Is that your cell phone ringing?" "You're" is a contraction of you are . . . "You're going to answer it, aren't you?" "Your" is too frequently used in place of "you're", even by people who should know better. Yore is a somewhat old-fashioned term indicating the past. It is only a suitable replacement for "your" or "you're" when writing in hillbilly dialect.
Phase, faze: "Phase" is a term for a particular point in development . . . "It's just a phase she's going through." "Faze" indicates confusion or panic in the face of difficulty . . . "The final exam didn't faze me a bit." It seems that a lot of writers have never heard of the latter, because they use former in its place all the time.
Its, it's: "Its" is the possessive of the neuter gender . . . "The microwave oven blew its fuse." "It's" is a contraction of it is . . . "It's really cold out today." No apostrophe is required for the possessive. Would you write "hi's" for "his"? Or "her's" for "hers"? OK, some people might (see below for apostrophe misuse).
Here's one you don't see too often, but I ran across it the other day in a mystery book I was reading, and it really jangled my nerves: Lam, lamb. "Lam" is a slang word for running away . . . "He's on the lam from the law." "Lamb", of course, is a baby sheep. When you say, "He's on the lamb" it conjures up a disturbing image.
Other things that drive me nuts are misplaced and unnecessary apostrophes and commas. Or should I say, "Other things, that drive me nut's, are misplaced, and unnecessary, apostrophe's and comma's." I'm sure some people have random comma and aphostrophe generators in their word processors. Commas separate things in a series, or indicate a natural break. Apostrophes indicate a possessive or a contraction.
In days of yore (not your or you're), most of these rules were drilled into students’ heads in elementary school. Back then it was called grammar school, and for good reason.
Roger Diez specializes in busines writing: web content, newspaper/magazine articles, press releases, sales collateral, radio/tv commercials. For assistance contact Roger at (775)721-6230.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Get It Write, Inc.
One of my pet peeves is the incorrect use of words that sound alike but mean different things. Other common spelling and grammatical errors also grate on my nerves. Here are a few examples that you will find on websites every day:
Two, too, to: I think most people know the difference, but the typing fingers sometimes have a mind of their own. "Two", as in the number, is the least of the offenders, but "too" and "to" are often interchanged. "Too" indicates a more than necessary . . . "You put too much salt in the soup." "To" indicates a direction or destination . . . "We're going to Disneyland!"
There, their, they're: "There" indicates a location . . . "What's that over there?" "Their" is a plural possessive . . . "That's their problem." "They're" is a contraction of "they are". But it's amazing how frequently these three words are used interchangeable (and incorrectly).
Your, you're, yore: "Your" is the second person possessive . . . "Is that your cell phone ringing?" "You're" is a contraction of you are . . . "You're going to answer it, aren't you?" "Your" is too frequently used in place of "you're", even by people who should know better. Yore is a somewhat old-fashioned term indicating the past. It is only a suitable replacement for "your" or "you're" when writing in hillbilly dialect.
Phase, faze: "Phase" is a term for a particular point in development . . . "It's just a phase she's going through." "Faze" indicates confusion or panic in the face of difficulty . . . "The final exam didn't faze me a bit." It seems that a lot of writers have never heard of the latter, because they use former in its place all the time.
Its, it's: "Its" is the possessive of the neuter gender . . . "The microwave oven blew its fuse." "It's" is a contraction of it is . . . "It's really cold out today." No apostrophe is required for the possessive. Would you write "hi's" for "his"? Or "her's" for "hers"? OK, some people might (see below for apostrophe misuse).
Here's one you don't see too often, but I ran across it the other day in a mystery book I was reading, and it really jangled my nerves: Lam, lamb. "Lam" is a slang word for running away . . . "He's on the lam from the law." "Lamb", of course, is a baby sheep. When you say, "He's on the lamb" it conjures up a disturbing image.
Other things that drive me nuts are misplaced and unnecessary apostrophes and commas. Or should I say, "Other things, that drive me nut's, are misplaced, and unnecessary, apostrophe's and comma's." I'm sure some people have random comma and aphostrophe generators in their word processors. Commas separate things in a series, or indicate a natural break. Apostrophes indicate a possessive or a contraction.
In days of yore (not your or you're), most of these rules were drilled into students’ heads in elementary school. Back then it was called grammar school, and for good reason.
Roger Diez specializes in busines writing: web content, newspaper/magazine articles, press releases, sales collateral, radio/tv commercials. For assistance contact Roger at (775)721-6230.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Feb 4, 2012
Sandoval seeks repeal of 654 regulations - News - ReviewJournal.com
Sandoval seeks repeal of 654 regulations - News - ReviewJournal.com
CARSON CITY -- Gov. Brian Sandoval on Thursday recommended the repeal of 654 Nevada regulations that he said are either unneeded or a drag on economic growth.
Continue reading
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
CARSON CITY -- Gov. Brian Sandoval on Thursday recommended the repeal of 654 Nevada regulations that he said are either unneeded or a drag on economic growth.
Continue reading
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Feb 3, 2012
Tap Into Human Nature
Contributed by Betsy Kosier, MA JD
President/Owner of Interaction Alliance
Connecting People, Process & Purpose
We all know that one of the biggest issues for companies is the bottom line. An important part of cost containment and sustainability is making sure that you’re utilizing your human resources to their fullest potential. One way to do this is by tapping into human nature to create an environment that helps to facilitate long term success.
To get the most out people who work for you and with you, pay attention to three basic characteristics of human nature:
• People need to and want to be heard
• People need to and want to be valued
• People operate best when there is clarity
What does it take for people to be heard?
Listen. Let them know what you’ve heard, clarify if you need to and use what you’ve learned to move forward constructively. While the intensity of this need to be heard varies from person to person, its premise is reflected everywhere – from the procedural justice intent of due process rights imbedded in the U. S. Constitution to the concepts inherent in collaboration, neutral facilitation and facilitative mediation. The importance of being heard is at the heart of “buy-in.” Opportunity to be heard is the least costly way to achieve a sense of satisfaction and fairness among stakeholders – the people who are affected by outcomes and decisions – and the most likely way to arrive at good decisions.
What does it take for people to be valued?
Give them a chance to meaningfully contribute by offering them opportunities to share perspectives, generate ideas, solve problems and shape decisions. Acknowledge their contributions by letting them know how their perspectives or ideas will have impact or be incorporated. Be clear from the start about how new ideas and information will be utilized. Authentic participation and realistic expectations help people own and follow-through with decisions.
What does it take to provide clarity?
Communicate expectations that are transparent. Identify non-negotiables. Be open to questions and provide genuine opportunities for inquiry about boundaries, roles, authority, performance standards, conflict resolution and direction. Make sure the task is clear and participants understand what human interaction it will take to accomplish the task well. Strive for consistency; too many moving targets will produce confusion, defensiveness, frustration, and even mutiny or sabotage.
If you are mindful of these important human attributes, what do you get?
You reap greater capacity, innovation, effort, buy-in, accountability and results. Instead of surprises, uncertainty, errors, destructive conflict and misdirected efforts, you achieve a more functional organization that is more purposeful about its culture…and its well being.
Need help with this? Contact Interaction Alliance! We will help you implement opportunities for facilitated discussion, inquiry and information exchange for planning, problem solving or organizational development.
IA ensures a responsive, comfortable process where each person contributes meaningfully to information exchange and inquiry. We make certain that interaction is constructive no matter how diverse perspectives are, and participants are heard regardless of complexity or intensity. We make progress and sustainable results possible by accurately capturing and summarizing content. Most importantly, we honor your capacity to make your own decisions.
For additional information or assistance contact:
Betsy Kosier at 775-883-3927
Visit our web site at http://www.yourinteraction.com
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
President/Owner of Interaction Alliance
Connecting People, Process & Purpose
We all know that one of the biggest issues for companies is the bottom line. An important part of cost containment and sustainability is making sure that you’re utilizing your human resources to their fullest potential. One way to do this is by tapping into human nature to create an environment that helps to facilitate long term success.
To get the most out people who work for you and with you, pay attention to three basic characteristics of human nature:
• People need to and want to be heard
• People need to and want to be valued
• People operate best when there is clarity
What does it take for people to be heard?
Listen. Let them know what you’ve heard, clarify if you need to and use what you’ve learned to move forward constructively. While the intensity of this need to be heard varies from person to person, its premise is reflected everywhere – from the procedural justice intent of due process rights imbedded in the U. S. Constitution to the concepts inherent in collaboration, neutral facilitation and facilitative mediation. The importance of being heard is at the heart of “buy-in.” Opportunity to be heard is the least costly way to achieve a sense of satisfaction and fairness among stakeholders – the people who are affected by outcomes and decisions – and the most likely way to arrive at good decisions.
What does it take for people to be valued?
Give them a chance to meaningfully contribute by offering them opportunities to share perspectives, generate ideas, solve problems and shape decisions. Acknowledge their contributions by letting them know how their perspectives or ideas will have impact or be incorporated. Be clear from the start about how new ideas and information will be utilized. Authentic participation and realistic expectations help people own and follow-through with decisions.
What does it take to provide clarity?
Communicate expectations that are transparent. Identify non-negotiables. Be open to questions and provide genuine opportunities for inquiry about boundaries, roles, authority, performance standards, conflict resolution and direction. Make sure the task is clear and participants understand what human interaction it will take to accomplish the task well. Strive for consistency; too many moving targets will produce confusion, defensiveness, frustration, and even mutiny or sabotage.
If you are mindful of these important human attributes, what do you get?
You reap greater capacity, innovation, effort, buy-in, accountability and results. Instead of surprises, uncertainty, errors, destructive conflict and misdirected efforts, you achieve a more functional organization that is more purposeful about its culture…and its well being.
Need help with this? Contact Interaction Alliance! We will help you implement opportunities for facilitated discussion, inquiry and information exchange for planning, problem solving or organizational development.
IA ensures a responsive, comfortable process where each person contributes meaningfully to information exchange and inquiry. We make certain that interaction is constructive no matter how diverse perspectives are, and participants are heard regardless of complexity or intensity. We make progress and sustainable results possible by accurately capturing and summarizing content. Most importantly, we honor your capacity to make your own decisions.
For additional information or assistance contact:
Betsy Kosier at 775-883-3927
Visit our web site at http://www.yourinteraction.com
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jan 25, 2012
Shark Tank's Barbara Corcoran on How She Evaluates Business Pitches
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jan 20, 2012
Tax Checklist
Contributed by Sara Zaro- Enrolled Agent, Certified Bookkeeper
Elite Bookkkeeping & Tax Services
This contains a Tax Checklist to help you organize your tax documents and some frequently overlooked tax deductions that might help reduce your tax bill.
Whenever we talk about taxes, the following caveats apply: “It depends,” and “these deductions may not apply to all taxpayers.” If you have any questions about these or any other tax-related matters, please let us know.
Charitable contributions: In addition to the usual cash donations that you have made throughout the year, you may be able to deduct the cost of using your vehicle if you volunteer your time or provide a service to a qualified charitable, educational or nonprofit organization.
There are two options available for claiming vehicle expenses and, naturally, the IRS requires you to have “reliable written records” for either method:
To use the standard charitable mileage rate of 14¢ per mile, your records must show the name of the organization, the dates you drove your car for your charitable work and the number of miles driven.
To use the actual vehicle expenses, your records must show the costs of operating your vehicle that directly relate to your volunteer work.
You can also deduct parking fees and tolls regardless of which method is used.
So, if you are a scout leader, a Red Cross volunteer, spend a few hours helping out at the local Food Bank or are actively involved with your religious organization, your vehicle expenses may increase your charitable contribution deduction.
In addition to volunteer miles driven, you may have spent money out of your own pocket within the scope of your volunteer work. These expenses might include office supplies, uniforms, and even travel expenses if you were away from home while performing your charitable service. These documentation requirements for out-of-pocket expenses apply:
You must have “adequate records” to prove the amount of the expenses.
You must obtain an acknowledgement from the organization before you file your tax return that contains a description of the services you provide, a statement that says you were not reimbursed for the expenses, and that you receive no tangible (other than religious) benefit from the organization.
The final point under the category of charitable contributions, is simply a reminder regarding noncash contributions: In recent years the IRS has stiffened the required documentation for donations of clothing and other household items to nonprofit organizations like the Salvation Army or the Goodwill Industries. “Three bags of clothing” or “two boxes of books” is not an adequate description of the donated items to claim the deduction. You must have a list of the donated items along with the fair market value you have placed on those items, and some form of receipt or acknowledgement from the organization.
Here are a few handy websites to help you evaluate your noncash items:
Two different Salvation Army evaluation guides can be found here:
http://www.satruck.com/ValueGuide.aspx
http://www.salvationarmysouth.org/valueguide.htm
You can download an evaluation guide from the yellow box in the middle of this Goodwill Industries web page:
http://www.goodwill.org/get-involved/donate/taxes-and-your-donation/
This Usedprice.com link contains Blue Book valuations for different categories of noncash donations from television sets and computers to guns, musical instruments, power tools and more:
http://www.usedprice.com/
Medical Expenses: In addition to the usual deductions for out-of-pocket medical expenses like prescriptions, copays, dental work and glasses, you may also be able to deduct the amount that you pay for medical insurance premiums. The deduction is not just limited to medical, hospitalization and prescription plans, it can also include dental, optical (including contact lens replacement coverage), and certain qualified long-term care plans. Also, the amounts you pay for Medicare Part B and D, and in some cases, Part A, are also deductible insurance premiums.
As with the deduction for charitable miles, there is also a deduction for medical miles and the same two choices apply: the standard medical mileage rate or actual expenses. Be aware that the medical mileage rate for 2011 changed in mid-year! For medical miles driven from January 1 to June 30, the rate is 19¢ per mile; From July 1 – December 31, the rate is 23.5¢ per mile. You can also deduct parking fees and tolls regardless of which method is used for car expenses.
Looking back to 2011, it’s been a relatively quiet year for tax changes, and we can all appreciate that! Congress passed the two-month extension of the Social Security tax reduction and will consider a longer extension when it reconvenes early in 2012.
Tax Checklist
This form is to assist you in gathering your income tax information. Use it as a guide for information you need to provide. Any questions, please call or e-mail.
GENERAL INFORMATION:
□ First, middle initial, and last names of taxpayers and dependents as written on the Social Security cards, and dates of birth for taxpayers and all dependents, especially new dependents.
□ Address, (city, state, zip), telephone number, and e-mail address.
□ Marital Status: Single ___ Married ___ Head of Household ___ Separated ___
□ Number of Dependents: ___ Did any dependents have any income? Yes ___ No ___
□ Do all dependents live with you? Yes ___ No ___
TYPES OF INCOME:
□ Wages - All W-2's □ Income from Rentals - All 1099-MISC
□ Pensions/Retirements - 1099-R □ Business Income - All 1099-MISC
□ Social Security - SSA-1099 □ Farm Income
□ Bank Interest - 1099-INT □ Alimony Received - Total amount
□ Dividends - 1099-DIV □ Unemployment - 1099-G
□ Commissions - 1099-MISC □ State Tax Refund - 1099-G
□ Tips and Gratuities □ Miscellaneous - Jury Duty, Gambling, Other
□ Sales of Stock, Mutual Funds - 1099-B
BUSINESS INCOME & EXPENSE ITEMS: This list is not all encompassing. If you don’t see an expense listed below, ask.
Total (Gross) Income
Advertising
Auto: Parking &Tolls
Business Phone Expense
Cell Phone Expense
Subcontractors
Commissions Paid
Insurance
Interest Paid
General Office Expense
Rent/Lease Fees Paid Legal or Professional Fees
Repairs
Cleaning/Maintenance Dues & Publications
Equipment/Supplies
Tools
License Fees/Taxes Paid
Utilities
Education Expense
Association Dues
Bank/Credit Card Fees
Postage
Meals/Entertainment
Business Miles & Total Miles Asset Purchases
Hotel/Travel Expense
ADDITIONAL ITEMS FOR RENTAL PROPERTIES:
Keys
Condo/PUD Fees
Management Fees
Mortgage Statements
Yard Work
Termite Treatment Expense
Utilities
Mileage/Travel
Other
DEDUCTIONS/CREDITS TO INCOME:
Self-employed Health Insurance
IRAs /Keogh/SEPs
Student Loan Interest
Medical Savings Account
Teacher Expense
Child Tax Credit
Penalty on Early Withdrawal of Savings
Foreign Tax Paid
American Opportunity/HOPE/Lifetime Learning Expenses
Adoption Expenses
* Total Alimony Paid: Must have name and Social Security number of recipient, and amount paid.
* Child Care/Day Care Credit: Must have name, address, Social Security number or EIN of provider, and amount paid.
ESTIMATED TAXES PAID:
Date payment was made, and the amount paid for each Federal and State quarterly tax estimate.
ITEMIZED DEDUCTIONS:
MEDICAL
Medical & Dental bills
Prescriptions
Glasses/Contact Lenses
Out-of-pocket expenses
Medical miles
Lab fees
Hearing Aids
Medical/dental/long term care insurance
TAXES
Prior year state tax paid
City/local tax
Sales tax
Real estate tax
Personal property tax Other
CHARITABLE CONTRIBUTIONS
Church
Boy/Girl Scouts
United Way/CFC
March of Dimes
American Heart
Easter Seals
Red Cross
MDA/MS
YWCA/YMCA
Salvation Army
FoodBank
Payroll deductions
Out-of-pocket Volunteer Expenses
Charitable miles
Other
List and Fair Market Value of household goods and clothing items given to Charitable Organizations.
Elite Bookkeeping & Tax Services will be happy to assist you with your tax needs. Feel free to call us at (800)416-3820.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Elite Bookkkeeping & Tax Services
This contains a Tax Checklist to help you organize your tax documents and some frequently overlooked tax deductions that might help reduce your tax bill.
Whenever we talk about taxes, the following caveats apply: “It depends,” and “these deductions may not apply to all taxpayers.” If you have any questions about these or any other tax-related matters, please let us know.
Charitable contributions: In addition to the usual cash donations that you have made throughout the year, you may be able to deduct the cost of using your vehicle if you volunteer your time or provide a service to a qualified charitable, educational or nonprofit organization.
There are two options available for claiming vehicle expenses and, naturally, the IRS requires you to have “reliable written records” for either method:
To use the standard charitable mileage rate of 14¢ per mile, your records must show the name of the organization, the dates you drove your car for your charitable work and the number of miles driven.
To use the actual vehicle expenses, your records must show the costs of operating your vehicle that directly relate to your volunteer work.
You can also deduct parking fees and tolls regardless of which method is used.
So, if you are a scout leader, a Red Cross volunteer, spend a few hours helping out at the local Food Bank or are actively involved with your religious organization, your vehicle expenses may increase your charitable contribution deduction.
In addition to volunteer miles driven, you may have spent money out of your own pocket within the scope of your volunteer work. These expenses might include office supplies, uniforms, and even travel expenses if you were away from home while performing your charitable service. These documentation requirements for out-of-pocket expenses apply:
You must have “adequate records” to prove the amount of the expenses.
You must obtain an acknowledgement from the organization before you file your tax return that contains a description of the services you provide, a statement that says you were not reimbursed for the expenses, and that you receive no tangible (other than religious) benefit from the organization.
The final point under the category of charitable contributions, is simply a reminder regarding noncash contributions: In recent years the IRS has stiffened the required documentation for donations of clothing and other household items to nonprofit organizations like the Salvation Army or the Goodwill Industries. “Three bags of clothing” or “two boxes of books” is not an adequate description of the donated items to claim the deduction. You must have a list of the donated items along with the fair market value you have placed on those items, and some form of receipt or acknowledgement from the organization.
Here are a few handy websites to help you evaluate your noncash items:
Two different Salvation Army evaluation guides can be found here:
http://www.satruck.com/ValueGuide.aspx
http://www.salvationarmysouth.org/valueguide.htm
You can download an evaluation guide from the yellow box in the middle of this Goodwill Industries web page:
http://www.goodwill.org/get-involved/donate/taxes-and-your-donation/
This Usedprice.com link contains Blue Book valuations for different categories of noncash donations from television sets and computers to guns, musical instruments, power tools and more:
http://www.usedprice.com/
Medical Expenses: In addition to the usual deductions for out-of-pocket medical expenses like prescriptions, copays, dental work and glasses, you may also be able to deduct the amount that you pay for medical insurance premiums. The deduction is not just limited to medical, hospitalization and prescription plans, it can also include dental, optical (including contact lens replacement coverage), and certain qualified long-term care plans. Also, the amounts you pay for Medicare Part B and D, and in some cases, Part A, are also deductible insurance premiums.
As with the deduction for charitable miles, there is also a deduction for medical miles and the same two choices apply: the standard medical mileage rate or actual expenses. Be aware that the medical mileage rate for 2011 changed in mid-year! For medical miles driven from January 1 to June 30, the rate is 19¢ per mile; From July 1 – December 31, the rate is 23.5¢ per mile. You can also deduct parking fees and tolls regardless of which method is used for car expenses.
Looking back to 2011, it’s been a relatively quiet year for tax changes, and we can all appreciate that! Congress passed the two-month extension of the Social Security tax reduction and will consider a longer extension when it reconvenes early in 2012.
Tax Checklist
This form is to assist you in gathering your income tax information. Use it as a guide for information you need to provide. Any questions, please call or e-mail.
GENERAL INFORMATION:
□ First, middle initial, and last names of taxpayers and dependents as written on the Social Security cards, and dates of birth for taxpayers and all dependents, especially new dependents.
□ Address, (city, state, zip), telephone number, and e-mail address.
□ Marital Status: Single ___ Married ___ Head of Household ___ Separated ___
□ Number of Dependents: ___ Did any dependents have any income? Yes ___ No ___
□ Do all dependents live with you? Yes ___ No ___
TYPES OF INCOME:
□ Wages - All W-2's □ Income from Rentals - All 1099-MISC
□ Pensions/Retirements - 1099-R □ Business Income - All 1099-MISC
□ Social Security - SSA-1099 □ Farm Income
□ Bank Interest - 1099-INT □ Alimony Received - Total amount
□ Dividends - 1099-DIV □ Unemployment - 1099-G
□ Commissions - 1099-MISC □ State Tax Refund - 1099-G
□ Tips and Gratuities □ Miscellaneous - Jury Duty, Gambling, Other
□ Sales of Stock, Mutual Funds - 1099-B
BUSINESS INCOME & EXPENSE ITEMS: This list is not all encompassing. If you don’t see an expense listed below, ask.
Total (Gross) Income
Advertising
Auto: Parking &Tolls
Business Phone Expense
Cell Phone Expense
Subcontractors
Commissions Paid
Insurance
Interest Paid
General Office Expense
Rent/Lease Fees Paid Legal or Professional Fees
Repairs
Cleaning/Maintenance Dues & Publications
Equipment/Supplies
Tools
License Fees/Taxes Paid
Utilities
Education Expense
Association Dues
Bank/Credit Card Fees
Postage
Meals/Entertainment
Business Miles & Total Miles Asset Purchases
Hotel/Travel Expense
ADDITIONAL ITEMS FOR RENTAL PROPERTIES:
Keys
Condo/PUD Fees
Management Fees
Mortgage Statements
Yard Work
Termite Treatment Expense
Utilities
Mileage/Travel
Other
DEDUCTIONS/CREDITS TO INCOME:
Self-employed Health Insurance
IRAs /Keogh/SEPs
Student Loan Interest
Medical Savings Account
Teacher Expense
Child Tax Credit
Penalty on Early Withdrawal of Savings
Foreign Tax Paid
American Opportunity/HOPE/Lifetime Learning Expenses
Adoption Expenses
* Total Alimony Paid: Must have name and Social Security number of recipient, and amount paid.
* Child Care/Day Care Credit: Must have name, address, Social Security number or EIN of provider, and amount paid.
ESTIMATED TAXES PAID:
Date payment was made, and the amount paid for each Federal and State quarterly tax estimate.
ITEMIZED DEDUCTIONS:
MEDICAL
Medical & Dental bills
Prescriptions
Glasses/Contact Lenses
Out-of-pocket expenses
Medical miles
Lab fees
Hearing Aids
Medical/dental/long term care insurance
TAXES
Prior year state tax paid
City/local tax
Sales tax
Real estate tax
Personal property tax Other
CHARITABLE CONTRIBUTIONS
Church
Boy/Girl Scouts
United Way/CFC
March of Dimes
American Heart
Easter Seals
Red Cross
MDA/MS
YWCA/YMCA
Salvation Army
FoodBank
Payroll deductions
Out-of-pocket Volunteer Expenses
Charitable miles
Other
List and Fair Market Value of household goods and clothing items given to Charitable Organizations.
Elite Bookkeeping & Tax Services will be happy to assist you with your tax needs. Feel free to call us at (800)416-3820.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Jan 18, 2012
Tax Preparer Questions
Contributed by Sara Zaro- Enrolled Agent, Certified Bookkeeper
Elite Bookkeeping & Tax Services
If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully when hiring an individual or firm to prepare your return. Most return preparers are professional, honest and provide excellent service to their clients.
This year, the IRS wants to remind all taxpayers that they should use only preparers who sign the returns they prepare and enter their Preparer Tax Identification Numbers (PTINs).
Here are a few points to keep in mind when someone else prepares your return:
• Check the person's qualifications. New regulations require all paid tax return preparers to have a Preparer Tax Identification Number (PTIN). In addition to making sure they have a PTIN, ask if the preparer is affiliated with a professional organization and attends continuing education classes. The IRS is also phasing in a new test requirement to make sure those who are not an enrolled agent, CPA, or attorney have met minimal competency requirements. Those subject to the test will become a Registered Tax Return Preparer once they pass it.
• Check the preparer's history. Check to see if the preparer has a questionable history with the Better Business Bureau and check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the IRS Office of Enrollment for enrolled agents.
• Find out about their service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers. Also, always make sure any refund due is sent to you or deposited into an account in your name. Under no circumstances should all or part of your refund be directly deposited into a preparer’s bank account.
• Ask if they offer electronic filing. Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return. More than 1 billion individual tax returns have been safely and securely processed since the debut of electronic filing in 1990. Make sure your preparer offers IRS e-file.
• Make sure the tax preparer is accessible. Make sure you will be able to contact the tax preparer after the return has been filed, even after the April due date, in case questions arise.
• Provide all records and receipts needed to prepare your return. Reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items. Do not use a preparer who is willing to electronically file your return before you receive your Form W-2 using your last pay stub. This is against IRS e-file rules.
• Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form.
• Review the entire return before signing it. Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.
• Make sure the preparer signs the form and includes his or her preparer tax identification number (PTIN). A paid preparer must sign the return and include his or her PTIN as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return. The preparer must also give you a copy of the return.
The IRS can help many taxpayers prepare their own returns without the assistance of a paid preparer. Before seeking a paid preparer, taxpayers might consider how much information is available directly from the IRS through the IRS Web site.
For assistance with your bookkeeping or tax needs, feel free to contact
Elite Bookkeeping & Tax Services at:
Toll Free (800)416-3820
http://www.elitebookkeeping.biz
EMAIL
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Elite Bookkeeping & Tax Services
If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully when hiring an individual or firm to prepare your return. Most return preparers are professional, honest and provide excellent service to their clients.
This year, the IRS wants to remind all taxpayers that they should use only preparers who sign the returns they prepare and enter their Preparer Tax Identification Numbers (PTINs).
Here are a few points to keep in mind when someone else prepares your return:
• Check the person's qualifications. New regulations require all paid tax return preparers to have a Preparer Tax Identification Number (PTIN). In addition to making sure they have a PTIN, ask if the preparer is affiliated with a professional organization and attends continuing education classes. The IRS is also phasing in a new test requirement to make sure those who are not an enrolled agent, CPA, or attorney have met minimal competency requirements. Those subject to the test will become a Registered Tax Return Preparer once they pass it.
• Check the preparer's history. Check to see if the preparer has a questionable history with the Better Business Bureau and check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the IRS Office of Enrollment for enrolled agents.
• Find out about their service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers. Also, always make sure any refund due is sent to you or deposited into an account in your name. Under no circumstances should all or part of your refund be directly deposited into a preparer’s bank account.
• Ask if they offer electronic filing. Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return. More than 1 billion individual tax returns have been safely and securely processed since the debut of electronic filing in 1990. Make sure your preparer offers IRS e-file.
• Make sure the tax preparer is accessible. Make sure you will be able to contact the tax preparer after the return has been filed, even after the April due date, in case questions arise.
• Provide all records and receipts needed to prepare your return. Reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items. Do not use a preparer who is willing to electronically file your return before you receive your Form W-2 using your last pay stub. This is against IRS e-file rules.
• Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form.
• Review the entire return before signing it. Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.
• Make sure the preparer signs the form and includes his or her preparer tax identification number (PTIN). A paid preparer must sign the return and include his or her PTIN as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return. The preparer must also give you a copy of the return.
The IRS can help many taxpayers prepare their own returns without the assistance of a paid preparer. Before seeking a paid preparer, taxpayers might consider how much information is available directly from the IRS through the IRS Web site.
For assistance with your bookkeeping or tax needs, feel free to contact
Elite Bookkeeping & Tax Services at:
Toll Free (800)416-3820
http://www.elitebookkeeping.biz
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Subscribe to:
Posts (Atom)