There is something refreshing about the start of a new year. For many business owners, the first quarter is a time of renewed motivation. As a business owner, this is an ideal time for goal setting and planning so that you can take advantage of the opportunities in front of you. While there are a plethora of ways to improve your business in the new year, here are a few tips to help improve your bottom line, while keeping your employees happy. (more…)
business
How do you Do Good in your community?
I have a hunch a lot of us think quite a bit this time of the year about how we support nonprofits in our community.
After all, many of us just finished our taxes and wondering whether we’ve remembered to include all of the charitable donations we’ve made over the past year.
But there’s more to supporting important causes than merely writing a check or offering up our credit card number.
There’s also good old-fashioned labor.
I’m reminded of this because this is National Volunteer Week, which is designed to inspire volunteerism, encourage others to give of their time and recognize those who already have.
How CPA Firms Can Make Money Unrelated to Their Time
My experience has been that 90% of bottom line profits for CPA firms are earned between January 1 and April 15. From May to December, they try to keep their best people on the payroll without spending down all of their profits. To accomplish this, many firms encourage their staff accountants to take vacations, complete their CPE requirements, or take additional courses – all to avoid having to pay for excess capacity.
Wouldn’t it be easier to find new services you could offer–services your clients already need–and begin incorporating them into your practice? (more…)
Business Owners Looking for Tax Deductions – Consider a SEP Plan
Are you a business owner who’s going to have to write a check to the IRS this year?
If you’re looking for a last minute tax deduction you may want to consider adopting a Simplified Employee Pension (SEP).
If you don’t already have a qualified plan, as a business owner you can establish a SEP up until your tax return due date, including extensions. SEPs are IRA accounts, but because the business is making the contributions, larger amounts are allowed than if an individual established an IRA.
