Suggestions for the New Year!
As we ring in the new year, many business owners are beginning to set their goals for 2012. While many new years' resolutions include gym memberships and other personal goals, our clients often ask if I have any advice for the small business owner going into the new year......more
As we ring in the new year, many business owners are beginning to set their goals for 2012. While many new years' resolutions include gym memberships and other personal goals, our clients often ask if I have any advice for the small business owner going into the new year.
Here are a few suggestion to help you prepare for 2012:
- Organize, organize, organize!
- Examine your business strategy.
- Be aware of new tax laws and how they affect you.
Now is a great time to take a step back and take an objective look at your business. Do your employees have well-defined roles and goals? When was the last time you reviewed and updated your business plan? Do you have an effective accounting system that allows you to generate reports that help you manage your business? Do you have budgets in place? Addressing these questions can help refocus your business in 2012.
There are many negative effects of this turbulent economy – high unemployment, low consumer confidence, and much general uncertainty. However, with volatile times come new opportunities. Is there a new market opportunity that your business could fill? Now is a good time to evaluate.
There has been a slew (to put it mildly) of new changes that may affect your business. From the new healthcare legislation to the changes in the deductibility of the purchase of business automobiles, understanding the new tax laws can help you in making good decisions for your business. You don’t need to be a tax expert (that’s where we come in!), but you do need to know what to look out for.
On behalf of The Tax Club, I wish you a happy and prosperous new year!
As always, please contact us at 866-840-1829 for assistance with all of your tax and accounting needs.
Sincerely,
Gary Milkwick
President
The Tax Club
MSNBC
FOX NewsTIP OF THE DAY
Lowering Taxable Income After the Year is Over
Even with the year being over you can still benefit on your 2010 taxes by planning ahead. The main o....more
Even with the year being over you can still benefit on your 2010 taxes by planning ahead. The main option available to lower taxes after the year has concluded is a contribution to a retirement plan. If you qualify you can contribute at least through April 15th or even past that in the case of certain plans. However, you have to have the cash available to make the contribution as well as pay any tax due. So, if you are in a financial position to be able to contribute to your retirement, set the money aside now to insure you have it available before you file your taxes. Depending on your tax bracket and income level even a small contribution can get you a good percentage of your money back right away in the form of reduced taxes while still having money for retirement that can be drawn out at a later date.
BUSINESS OF THE WEEK
Starting a business is challenging--but for those who take the leap, life can be very rewarding. join us in honoring those businesses who are setting the pace.
