If you follow us on Social Media, mainly the big three - Facebook, LinkedIn, and Twitter - you recently saw that I referenced #WalMartDilemma and you may have wondered what I meant by that.   Since this month's #BusinessTip is about establishing your business's credit policies, I think it's important to note a problem that may arise as you establish these policies. Every product manufacturer dreams of the day that they get an order from Wal-Mart.   All those years

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As we all know since it’s been all over the news, there have been some pretty significant tax changes passed recently. While the tax deduction being capped at $10,000 made the most waves and caused many to question whether they should prepay their 2018 property taxes. While there isn’t enough time to touch on all 1,000+ pages of the “Tax Cuts and Jobs Act”, I hope to touch on many of the major and most

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Major League Baseball has their All-Star game at the half-way point of the season.   Just as these professional athletes assess their performance at this point in the season, so too should you assess your business to see where you stand; Have you met your goals? Are you following your plan(s) - business and/or marketing? How are your employees doing? If you haven't made any goals or created any plans, now would also be a good

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If you've ever ordered anything from Amazon, you'll know that they make many recommendations based on complementary items as well as what others purchased that previously purchased the same item as you. Now, I'm no genius but I'm sure they've found that the promoting of these "recommended items" leads to additional sales. I've also read a lot of books on business as well as articles, blogs, whitepapers and other literature regarding business. Within most of these the

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As the 4th quarter begins, companies should be starting their budgeting process.  While there are A LOT of businesses that are highly budget-focused, there are also A LOT that don't take the time to create one...for whatever reason. As I mentioned in a previous post, there are 2 different ways to create your budget - 1) Revenue first or 2) Expenses first.   I'll address each one below. Revenue first If you know or can project

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Situation: April 15th has come and gone.  The question inevitably comes up, "So what do you do now?  You're on vacation for the next 9 months, right?"   Most of these comments are said in jest, and we know that.   However, some people truly may not know what accountants do for the remainder of the year as they may only come in contact with theirs for the preparation of their individual income tax return.   Well, here

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I’ve often said in the past that you should keep good records for many reasons – to know your actual bank balance; to understand how you are performing for the year; to understand how you are performing in comparison to prior years; to make informed business decisions; to make it easier on your accountant to prepare your tax return(s).   But for some, I need to take one step back and say to just keep records, never

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This Thursday, 7/23, The Believe Project, a 501(c)3 charitable organization that brings the joys of Christmas to children stricken with an illness, is holding a Christmas in July fundraising event. My wife was talking with our neighbors who plan on joining us and gave CASH to purchase the tickets.   Now, maybe I’m overly sensitive due to my line of work but, while cash still is king, you don’t give CASH to purchase tickets for a

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  The retirement planner who left a job on Wall Street to start his own firm. The title insurer that is constantly updating his business to comply with ever changing regulations. The insurance agent that started his own business in an industry completely new to him. The list can go on and on.   But when you hear about these professionals the term “Entrepreneur” (typically) doesn’t come to mind.   That term generally evokes an image of

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As a self-employed individual or partner in a business, you may not understand self-employment (SE) tax, how it’s calculated, or how it affects you. As an employee SE tax doesn’t affect you at all.   While you can stop reading at this point, I suggest you continue in case 1) you plan on starting your own business, 2) become partner, or 3) want to understand the tax consequences of your boss (assuming (s)he’s a sole proprietor

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