From all of us at David M. Muldowney, Jr., CPA to all of you, HAPPY NEW YEAR! With the New Year inevitably comes resolutions.   And, unavoidably, most end just as fast (just look at health club attendance between the first week of January and the last week of February).   Believe it or not, New Year's resolutions are big business.   Performing a Google search of "Top New Year's resolutions" returned 148 million results including top resolutions for almost every industry

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Many business owners too often focus on cutting costs, especially during slower economic times.   What they should be doing is focussing on controlling costs, which will help run your business more efficiently and can (potentially) create a windfall when the economy rebounds. Typically when costs are cut, quality and service are sacrificed and your customers suffer.   As a result, you lose customers.  Loss of customers equals loss of sales forcing you to cut more costs and creating a

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When I got to my high school, our baseball team was not very good.   I confirmed with an upper classman who had been on the team before I got there and he assured me that they weren't very good then either.   As time went on, some students transferred from another local high school, some underclassman added value, and my class really started to gel and we became very good, qualifying and advancing in the county and

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Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns. What kinds of records should I keep? You may choose any recordkeeping system suited to your business that clearly shows your income and expenses.  Except in a few cases, the law does not require any

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Whether you drive their cars or use their computers, most of us will agree that Toyota and Dell are pretty successful companies. One often suggested way to improve cash flow while continuing to satisfy your business obligations is to have enough stock on hand to cover production needs but not too much where you are depleting your cash reserves.   Referred to as Just In Time (JIT) inventory, this system is utilized by many international companies

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Q:  My wife and I had a child a few months ago and her maternity leave is up at the end of the month.  Does it make sense, financially, for her to return to work?  A:  Ah, the age old dilemma facing most parents – Do I go back to work leaving my child with someone else or do I stay at home and sacrifice the additional income?    Most parents probably want to stay home

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Just as sure as the sun will shine, people will make resolutions.  While most resolutions focus on weight loss, many others focus on an individual’s financial situation.   With the New Year upon us, what better time to look at your expenses from last year and budget your way to a better financial position in the coming year?  Kill two birds with one stone and set a goal and incorporate it into your budget.   For example,

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Every year the local paper celebrates the 1st baby of the New Year.   While the “15-minutes of fame” are great, the tax man in me says, “Oh man, they just missed the deduction” and sometimes by mere seconds.   But it’s only worth a couple of bucks, right?   In some cases, yes.   However, a friend of mine recently had twins.  The original due date was 1/1 which immediately prompted the thought of “I hope they come

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