It might be time to stop cutting costs and start focusing on growth strategies again. The law of diminishing returns tells us that cutting costs with your business will have a positive effect, but there comes a point where the return on investment starts to diminish. Is your company too focused on cost-cutting to boost revenue and profit? Cutting back … Read More
The Value of Accountability
Accountability is truly essential for any successful organization. When team members take ownership of their projects and accept responsibility for outcomes, the entire company benefits. In order to foster a culture of accountability, leaders must step up to the plate. Accountable leaders don’t necessarily have to come from the very top. Anybody, at any level can lead through accountability. The four … Read More
What is a Business Barometer?
Just as important as goal-setting is developing a way to track your progress. Having barometer, so to speak, will show you how you are progressing — and how close you are to reaching your goals. Seeing your progress will also help keep you focused and motivated. In short, having a business barometer will keep you on track for success. If you have big plans for … Read More
11 Tips for Year-End Tax Planning
With the end of the year approaching, it’s time for strategic moves to lower your 2015 tax bill. Strategy: Prepay deductible expenditures If you itemize deductions, accelerating some deductible expenditures into this year to produce higher 2015 write-offs makes sense — if you expect to be in the same or lower tax bracket next year. See the table at the … Read More
Choosing the Right Tax Professional
Choosing a return preparer before the next tax season allows you more time to consider the appropriate options. Doing it early also gives you the chance to find and talk with prospective tax preparers rather than during tax season when they’re most busy. Furthermore, it enables taxpayers to do some wise tax planning for the rest of the year. If … Read More
Time to Check Tax Withholding
Income tax is often withheld from wages and other types of income such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax is withheld, they will owe tax at the end of the year and may have to pay interest and a penalty. If too … Read More
11 Habits of People Who Reach Their Goals
Research shows that 45% of Americans usually make New Year’s Resolutions, while only 8% are successful at achieving them. What is it about those 8% that make them so different? It might sound simple, but it comes down to their habits. Here are 11 you simply must have if you want to reach your goals: 1. Set specific goals Unfortunately, … Read More
Year-End Tax Planning Tips
Got your year-end tax planning underway for December 31, 2015? WE UNDERSTAND that year-end can be a drudge because it means making sure your business accounts are up to date and in order. But don’t leave it until the last minute. No decision, or rushed decisions, can lead to the wrong outcome and cost you more in taxes. Here are … Read More
Year-End Tax Planning for the Individual
Tax planning for the year ahead presents similar challenges to last year due to the unknown fate of the numerous tax extenders that expired at the end of 2014. These tax extenders, which include the mortgage insurance premium deduction and the sales tax deduction that allows taxpayers to deduct state and local general sales taxes instead of state and local … Read More
Is Your Accountant Right for Your Business?
Is Your Accountant Proactive or Reactive? Does your Accounting and Tax Firm offer you advice before it happens or late or not at all? Do they offer value added services that help your business improve and grow or do they just process your work? Are they constantly looking for legitimate but creative ways to minimize your taxes or do they … Read More