Finding the right bookkeeper with good experience will benefit your business. It is important to think about what you want the bookkeeper to handle. The better experienced the bookkeeper is, the less oversight you will have to have. You may need to consider hiring a CPA if the bookkeeper has little experience. QuickBooks is a great program to use for your bookkeeping.
Often, it is character and attitude that have the biggest impact on the level of quality an employee brings to your business. Knowing that you can improve skill levels through training and education, doesn’t it make sense to be sure you hire someone with the right attitude and character?
Get this downloadable resource that I put together that offers 40 interview questions to help you uncover 20 character traits that you should be looking for in prospective employees.
Starting a new business, buying some rental property, or investing in a small business opportunity?
A question I’m often asked is “should I have an LLC or a corporation for my new venture?” Although there are many ways to own businesses and real estate, one overriding desire is to limit your liability. LLCs and corporations are great vehicles for that, but how do you choose?
The choice often is driven by tax consideration, terms of the arrangement if you have other partners or investors involved, and what your asset protection needs are. Below is a video that gives you a basic rule of thumb. Remember though, a rule of thumb is just that, a general rule. Visit with your CPA or attorney before making a final decision.
In today’s tax climate, the tax considerations are extremely important in making the decision. I have seen the wrong choice cost business owners thousands of dollars in tax payments they didn’t need to make. Don’t cut corners on this one, get good advice.
Steven Schlagel, CPA
It’s important to protect you and your business in the event of a disaster. Make sure that you have an online back-up plan for documents and files – both business and personal. Having another copy at home just isn’t enough! Use an online service like Dropbox that will allow you to access that information securely from anywhere you land in the event of a disaster. In addition, videos and photos of your business and home should be saved to your Cloud storage or online back-up systems to aid you when filing claims.
Adding a new employee to your team? Look for a servant leader mindset. Further, in the interview process, look for two primary things: character and skills / experience. Character is more important because skills can be taught. Be sure their character meets the job role and your expectations – character is difficult, if not impossible, to change.
Look twice. Consider interviewing more than once to be sure you find the right fit, and be willing to pay for quality. Discover how to continue to cultivate character and skills by setting a good example, offering incentives, and more.
Normally, when you sell properties, you must pay taxes on any gain you receive. Like-kind exchanges, transactions in which you trade properties, may be carried out without any immediate tax consequences. You must satisfy Internal Revenue Service rules, however, which include:
The properties must have the same “nature or character,” as set forth in IRS guidance.
- The exchanges can be business or investment properties put to a productive use.
- The exchanges can’t involve inventory, most securities and some other assets.
- Taxes must be paid on any cash or non-similar property that is part of the deal.
Keep in mind that like-kind exchanges are tax-deferred transactions, not tax free. When a you eventually sell the property you received in an exchange, you must pay tax on any gain from your original investment. In the meantime, though, you can use the funds you would have paid in taxes and you have acquired a new property that may better suit your needs without necessarily making a cash outlay.
Want more information about whether like-kind exchanges can be a good strategy for you and insights on their tax impact? We can help. Contact us today for expert advice on the best ways to address your business and tax concerns.
Do you work at home or have a home-based business? If so, you should be aware that the IRS has created a simpler option for calculating the deduction for the business use of your home. The new option makes record keeping easier because, instead of maintaining records of specific home office expenses, you can use a standard rate per square foot. In my video I explain how it works and how it can simplify your tax record keeping.
The rules for deducting repairs and maintenance change January 1, 2014. In the video below I explain the changes and what you must do before January 1st to preserve your deductions in 2014 and beyond.
How to preserve your deductions for supplies and small equipment. In this video I explain the new law and how it applies to you.
The Work Opportunity Tax Credit provides employers a tax credit for hiring members of certain groups, including many veterans and those who have received vocational rehabilitation. The maximum credit can be as high as $9,600, depending on the employee, but it only applies to hires who begin work before January 1, 2014. So it is critical that you complete any hiring in this regard before year end.
Remember, tax credits are a dollar-for-dollar reduction in your tax bill, so they are well worth taking advantage of. Don’t miss this opportunity!