DID YOU KNOW
It’s June. It’s sunny outside with flowers in full bloom and the Iowa Cubbies in full swing. Most likely the last thing on your mind is your 2011 taxes. In fact, those tax-related phrases like W2’s, 1040 forms and e-filing have been repressed so deeply in your mind, they barely register at all.
I totally understand. But the reality is…a little tax planning for you and your business now, could save you money and be well worth the effort later.
Following are a few tips to help you with tax-saving tools for your business.
– Review Estimated Tax Payments.
Assess what you have paid in taxes to date and adjust the remaining estimated tax payments for this year accordingly. This way you will avoid both under-payment penalties and over payment installments…resulting in a tax free loan to the government.
– Get Organized.
You need to keep close track of your deductible expenses throughout the year. If a pile is starting to accumulate, take the time to sort through your receipts and file accordingly. Organizing now will save you hours at tax time.
– Make Retirement Plan Contributions.
Contributing to your retirement plans can provide you with a significant tax break. If you haven’t started a retirement plan, you may want to consider doing this in 2011. Timing is everything.
– Take Advantage of Hiring Incentives.
If your business will require hiring an additional employee or two, the HIRE act passed in 2010 offers you a couple of incentives.
A tax break is extended to employers who hire full-time workers who were previously unemployed or working part-time. For each worker who is hired and retained for one year, the government will extend a $1,000 credit for your 2011 taxes.
These are just a few of the items to assess during a mid-year business review. There are more. But taking the time to meet with your CPA and review the items listed above will ensure you have a good understanding of your company’s financial situation and information to minimize your tax liability…and give you more time to relax poolside and sip a fruity drink – complete with a paper umbrella!
Kathi Koenig, CPA
Partner – McGowen, Hurst, Clark & Smith, P.C.
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If you are behind on your marketing strategies…no worries. Here are a few simple economical steps to improve your customer connections that you can try today.
Well, short answer, yes. Long answer, is actually a question; what do you expect to get out of your well-polished, finely- tuned set of books, your company financials in a spreadsheet? If you are looking to have all your numbers nicely organized for your tax preparer to whip out your taxes, well that is one good reason to have a bookkeeper . But if you want to know exactly what your company financial status is, it might be better off to hire someone to teach you about how to handle your bookkeeping.
I had a client who couldn’t figure out how to go to the next level. She suggested setting a budget. I started asking some questions and quickly discovered, she has worked very hard to make her business run, but never spent a lot of time on her bookkeeper . We were very far from being able to determine what she spent in order to figure out what we could budget.
If you need assistance with your bookkeeping, find someone who will not just do the work, but will work with you to educate and inform you of your financial situation. Then you can make a more informed decision on your spending, budgeting, and strategies to increase your revenues.
Here is a little info about Business Warrior contributor Lucinda Sperry, owner of Designgoddess.com.
If you are looking for a creative design and marketing business that provides professional marketing design and ideas without the agency price tag…you’ll want to get to know Designgoddess.com. Lucinda Sperry is the creative drive behind the business with 20 years experience in the graphic design, publishing and marketing industries.
Designgoddess.com has provided designs for logos, brochures, newsletters, newspaper/magazine ads, high-impact business cards, website design and more for over 11 years. Clients also receive print pricing services to get the absolute best price and quality for design projects.
Get to know Designgoddess.com by visiting my website or check out the portfolio .
Graphic Design & Creative Marketing
About Janis Robinson
Janis Robinson, business consultant and international inspirational speaker/teacher, grew up, in the USA, in Missouri in an entrepreneurial family. She had the unique experience of attending parochial schools where she was considered too outspoken, uncontrollable and was expelled in 8th grade as a result of questioning authority too much. Janis realized from this experience she had a skilled gift of public speaking, questions the status quo and teaching. Janis has a BS in Nursing(Union College- Lincoln, NE) and an MBA from (University of Nebraska-Lincoln). While pursuing her MBA she became aware of how much she enjoyed personal development and analysis of human behavior, systems, & business strategies. Janis then began her quest to study from over 30 proclaimed experts in business, personal development, systems management and human behavior. Janis continues to research and study in these areas to ensure she is sharing the best of the best information.
One of Janis