Do you dream of checking statements and dwindling balance numbers? Drive yourself into a frenzy trying to budget as carefully as possible from month to month? Worry that a slow month may very well kill your business? Our guest poster today is Sarah Holt from the Consulting Guru and she’s dishing the best advice on how businesses can avoid freaking out and find their focus on the financial front.
Did you know that most businesses are in the red for at least a few years before they start to prosper? Starting and running your own business can be one of the most challenging things you’ve ever done and from a financial standpoint, it’s easy to let the debt weight on your shoulders rule your mood. But when money is scarce, there are four great ways to keep your chin up, both for yourself and your business! Continue reading
Summer is here, and with this wonderful, warm season teens descend upon all kinds of businesses, flush with extra cash and time to kill. Teenagers make great customers for businesses, but when they can’t always get what they want, trouble can easily start. So how do you deal with angry teenage customers without losing your cool? Our guest poster Andrew Schrage, co-owner of Money Crashers Personal Finance, stepped in today to give us tips on how to keep calm and carry on with your youthful summertime customer base.
When dealing with an irritated teen customer, you have to first remain calm. This can be difficult, but it’s important to keep your cool to prevent the situation from escalating. Continue reading
The joy, the pleasure, the inexplainable rapture of the lemonade stand. We all had one when we were a kid, or some venture that was close to one. Subsidized by the kindness, patience, and hard cash of our parents, most of us know the sheer bliss of making a few bucks selling glasses of lemonade for a nickel a pop. Then, as we grew up, selling lemonade transformed into mowing grass or washing cars. Every summer meant a bit more money for clothes or movies or, if you were more responsible, college.
The work ethic of millions has been built on experiences gained during summer employment. And I feel like it shouldn’t stop when we grow up. We become content – content with our jobs, our lives, our little ruts – and we forget about that entrepreneurial spirit that had us up at 6 AM to wake our parents and build a stand out of old plywood.
If you haven’t heard- the 42 state lotto, Mega Millions is over half a billion dollars. Since we’re finishing out tax season we thought it would be good to highlight one last tax post. We’ll discuss the taxes on your lotto winnings, as well as gross income generally.
If you are from New Hampshire, Tennessee, Texas, South Dakota, Washington, California, Pennsylvania or Delaware you will win the biggest in tonight’s drawing- winning between 3% and 9% more than if you were from any other state because you won’t have to pay state income taxes. However, all winners must count the winnings as income and are subject to the Federal income tax of 35% (or maybe more depending on your specific situation). Continue reading
For the last installment in our series on the tax treatment of entity types we’re going to cover the Partnership. If you’ve been keeping up with our posts, this will seem eerily familiar. Why? Because the LLC is typically treated just like a Partnership!
The four considerations we’ve been covering are:
- Pass through of gains
- Pass through of losses
- Transfer of assets to the entity, and
- Transfer of assets from the entity
No one will argue with this little piggybank – money plus money is more money. In fact, that’s the best part of paying taxes – It means you’ve made money! But did you know the type of entity you select can affect your taxes?
As we mentioned last Friday, we’re doing a series on four tax considerations that may help you pick the best business type for you and help your business become more tax efficient. The considerations are: Continue reading
Employees used to see the option of working from home as some sort of gift, bestowed by the management for hard work and sacrifice. A day at home meant a day of sleeping in, watching trashy tv and, maybe, calling in with a made up list of all the things you accomplished while at home. Then the next day you pay for your twenty-four hours of debauchery by making up all the work you missed, cursing yourself for not actually doing anything while at home.
That’s no longer the case. Thanks to the wonders of online hyper-connectivity, now your boss can actually check in with you at any time, be it through e-mail or Skype, and ask to see exactly what you’ve been doing all day. And, sadly, watching a Maury marathon and making a chocolate shake doesn’t count as work. Despite this, many people still see the option of working at home as the easier route. Most business writers will just tell you to find a nice quiet corner, away from distractions so you can get some work done and let things rest at that. But there are some things that people just don’t warn you about… Continue reading
We aren’t really sure how business pundits come up with the prophecies they espouse on prime time cable news shows. Perhaps it has something to do with tracking the stars, seeking out the fortune teller at the local Roma encampment, and gazing misty-eyed into a magical crystal ball. Or maybe it has more to do with tracking current trends and hoping that they are applicable to a wider array of companies than currently being affected.
Of course, there is always the old “throw a dart at a piece of paper and read out the results” trick. While this method may not be quite as accurate, it seems to the go-to plan for some corporate prophets.
How else would we have gotten the following four failed business predictions over the years? Continue reading
December marks the heart of the holiday season. Christmas parties, family gatherings and decking our halls with decorations are synonymous with the season. In the midst of all this merriment, millions of people find that an additional activity goes hand in hand with the holidays: giving. Giving of our time, funds, and resources to others who are less fortunate mark an important part of the holidays. What about businesses? In addition to office holiday parties, do businesses give back to their communities? Continue reading
As the holiday season approaches, what better way than to start getting your spending budget in line than my looking into small ways to help save big money? From travelling expenses to even seeing some of the biggest holiday blockbusters, our awesome affiliates of the day, Promotionalcodes.com, have the necessary tips you need to save in spades this year.
While the politicians fight amongst themselves about how to help get everyone out of the current economic crisis, we all need to do what we can to save where we can. Here are our tips: Continue reading