Take Advantage of Being Self-Employed | Accounting Services New Jersey

When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of tax breaks:

• Build up your retirement funds. When you’re self-employed, you’re allowed to set up a retirement plan for your business. Remember, contributing to a retirement plan is one of the best tax shelters available to you during your working years.Take a look at the SIMPLE IRA, SEP IRA, or Solo 401(k), and determine which plan works best for you.

• Employ your kids. If your business is unincorporated, hiring your child under the age of 18 might make sense. That’s because your child’s earnings are exempt from Social Security, Medicare,and federal unemployment taxes. This year, your son or daughter can earn as much as $12,000 and owe no income taxes. You get to deduct the wages paid as a business expense.

• Deduct health insurance. Are you paying your own medical or dental insurance? How about long-term care insurance? As a self-employed individual, you may be able to deduct 100 percent of the cost of these premiums, subject to certain restrictions.

• Save on business-use items. Self-employed individuals can also deduct ‘mixed-use’ items directly against their business income. Use your car for business and you can deduct 54.5¢ per business mile driven. And if you meet the strict requirements, claiming the home office deduction makes a portion of your home expenses tax-deductible.

Please schedule a meeting with our team to find out more about the tax breaks available to self-employed individuals. http://www.bas-pc.com/schedule.

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2018 Executive of the Year | Bookkeeping services NJ

We are charmed to declare that our own L. Scott Elwell has been perceived as a "2018 Executive of the Year" by South Jersey Biz. Scott has been positioned one of twenty-two pioneers who exceed expectations in molding the eventual fate of business in South Jersey. This accomplishment is such a respect and our group couldn't be increasingly glad! Congrats, Scott!

The following is Scott's component from South Jersey BIZ, Issue #11. Peruse progressively about the acknowledgment here .

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About Us : 

BAS is a Public Accounting Firm that has been providing excellence in servicing the accounting, payroll, and tax needs of businesses.

Business Accounting Systems, P.C., is a South Jersey Public Accounting Firm located in West Deptford, New Jersey that has been providing excellence in servicing the accounting, payroll, and tax needs of independently owned small businesses throughout the Tri-State area.

Countless businesses throughout the Tri-State area depend on BAS to handle all of their business accounting, payroll, and tax needs.

We encourage you to schedule a free, no obligation introductory call with us today to see how All-Inclusive Accounting can help your successful business truly excel.

About Our Firm

BAS is a South Jersey Public Accounting Firm that has been providing excellence in servicing the accounting, payroll, and tax needs of independently owned small businesses throughout the Tri-State area since 1971.

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Have you considered these year-end speculation moves?

As the year's end approaches, investigate your venture portfolio. There might be some duty sparing procedures worth considering. Look at the accompanying zones:

Wash deals. Considering moving a security before Dec. 31 to exploit a capital loss?To ensure the misfortune is deductible, forgo purchasing a generously indistinguishable security amid the 61-day time span that starts 30 days before you move and finishes 30 days after.

Useless stocks. For capital misfortune purposes, securities with no esteem are treated as though you sold them on the most recent day of the year. Your misfortune is commonly equivalent to your cost.If you need to deduct useless securities on your 2018 return, you'll have to demonstrate the security ended up useless amid the year and that it genuinely has no esteem. Not certain you can meet those prerequisites? Moving before year-end might be a possibility for you.

Stock gifts. Giving acknowledged stock to philanthropy gives you a chance to evade capital increases assessment and guarantee a beneficent reasoning.

So as to deduct the gift on your 2018 restore, the blessing must be finished. For authentications you embrace and present straightforwardly, the date of mailing or other conveyance is viewed as the date of the blessing. At the point when your intermediary or the issuing organization handles the exchange, the blessing is finished when the stock is titled to the philanthropy.

If it's not too much trouble plan a gathering for more direction in your year-end impose audit: http://www.bas-pc.com/schedule.

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How to Use a Minimize Rent and Storage Costs

For some small businesses, office lease and inventory storage costs are seen as settled. In any case, are such costs really inflexible? In many cases, no.

Since lease and capacity costs regularly establish a critical bit of a business' aggregate cost spending plan, inventive proprietors who discover approaches to limit those expenses may receive significant benefits. Consider the accompanying inquiries when attempting to shave some cash off your lease and capacity costs:

1. Lease — Is it negotiable? On the off chance that your business is situated in a region with empty places of business, you may appreciate a solid haggling position. Open up arrangements, particularly in case you're nearing the finish of a rent term.

In the event that your organization is battling, consider giving your landowner a chance to peruse your company's budget summaries, clarifying that a decrease in lease would empower your business to endure and thrive. A renegotiated rent assention may likewise accommodate an impermanent lease decrease in return for expanded installments when deals begin climbing.

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Protect Your Privacy in 5 Simple Steps

Do you use a smart phone, tablet, or desktop computer to connect with friends and make purchases, as well as share health concerns with your doctor? If so, your privacy may be at risk.
Companies called “data brokers” routinely compile information about your habits and preferences, including your favorite brands, recreational pursuits, and credit habits. Data brokers use this information to create profiles and scoring models, which are then sold to retailers, advertisers, and other organizations.

Although much of this activity is legitimate and may even help you snag a good deal, being careful when sharing personal information is always a smart choice. Here are suggestions on how to do so:

• Think twice about what you share on social media.At best, data-mining companies may scour your profile to create a consumer file that’s sold to marketers. At worst, fraudsters may use your posts to steal your identity or break into your house when you’re on vacation. This doesn’t mean you have to close all your social medial accounts. Instead, be cognizant of the level of detail you share about your life and your loved ones.

• Be wary of free Wi-Fi.Some retailers use cell phone networks to keep track of the aisles you visit in their stores. Your local coffee shop might have a free — but unsecured — network. By logging on, you may unwittingly provide access to private information on your laptop or phone.Use your own network or hotspot if you need to get online and want a secure way to do so.

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Answers to Questions Asked During NJ Paid Sick Leave

We have been gotten some questions about the new NJ Sick Leave program, particularly this most-asked question: when should the business furnish employees with the notice of employee rights?

The answer is:

Every business will give every employee a written copy of the notification:

1. Not later than 30 days after the type of the notice is issued by the Commissioner,

2. At the season of the employee's hiring, if the employee is employed after the issuance of the
notice by the Commissioner (9-1-18) ; and

3. Upon the first request of an employee.

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On the off chance that you'd like more responses to much of the time made inquiries with respect to debilitated leave in NJ, if you don't mind click here to see the FAQs page.

View FAQs

You can discover answers to these questions in that document:

• Are any employers exempt from inclusion under the Earned Sick Leave Law?

• Which workers are not secured by the Earned Sick Leave Law?

• How much earned sick leave do bosses need to give employees?

• May a business have a strategy that progresses the employee 40 hours of earned sick leave toward the start of each benefit year to avoid calculating accruals?

• and more

On the off chance that despite everything you aren't sure what your duty is, don't hesitate to connect and plan a gathering with me: www.bas-pc.com/schedule

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Survive Financial Stress with These 3 Mindset Changers

Since monetary pressure is a typical piece of life for a great many people, figuring out how to adapt to cash stresses is vital — imperative, actually — for keeping up constructive connections, work profitability, and individual wellbeing.

In case you're managing inordinate tension about your accounts, consider actualizing the accompanying three strategies:

Push ahead and control what you can. In the event that you've been laid off from your activity, for instance, don't invest energy considering the eccentricities of your old manager, the deficiencies of the person who accepted your position, or whatever else that is past your capacity to change. Looking forward and concentrating on the things you can control can alleviate pressure now.

Assume responsibility. When managing individual accounts, vulnerability can produce pressure. Utilize your vitality to begin making positive changes. For example, setting up a composed spending plan can bring your cash stresses into center and give a beginning stage to activity. You may locate that removing a couple of pointless extravagances can give breathing room.Getting the heaviness of obligation off your back may require some investment; yet watching your Mastercard adjusts decrease for a couple of months can give help and want to what's to come.

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Do You Have Misclassified Workers? | Accounting Finance Consultant

Self employed contractor and employee — Do you know the distinction between the two classifications? As you set up your third - quarter 2018 finance reports, set aside opportunity to audit the status of your specialists to enable you to avoid misclassification issues not far off.

Realizing the thing that matters is significant

Frequently, making sense of if a specialist ought to be named a self employed entity or a representative isn't simple.

The IRS takes a gander at a few elements while deciding whether a specialist has been inappropriately delegated a self employed entity by a business. In any case, the last assurance relies upon the actualities and conditions particular to your business.

Where would it be a good idea for you to begin?

Under IRS rules, control is one valuable method for settling the issue. Assess your entitlement to control both the final product expected of the individual playing out the administration for your business, and the methods for accomplishing that outcome. More control (like giving an office, materials,or gear) can demonstrate worker status.

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3 Natural Disaster Prep Tax Tips | Tax preparation Services NJ

The storms and wildfires amid the most recent year are a decent update that a standout amongst other approaches to deal with the fallout of a catastrophic event is to prepare. On the off chance that you live in a cataclysmic event high-hazard region, you can find a way to ease impose and money related issues post-catastrophe by following these tips:

Check your property holders or leaseholders protection for catastrophic event inclusion.

Make a stock of your benefits, including your home, vehicles and other property.

Back up your vital records and reports and keep them in an alternate area.

Remember – Call your insurance agency and us in the event that you have inquiries regarding claims, and also the setback misfortune reasoning.

Remain safe out there.

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2018 Tax Highlights – What You want to Know

2018 is loaded up with more emotional assessment changes than we've looked in more than 20 years! Here's a speedy video that experiences the features and recollect, you can simply connect with use to plan a gathering in the event that you need to go over these progressions and how they influence you and your business particularly.

Watch Video

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Minimize Your Tax Bill by Volunteering for Charity

In the event that you do humanitarian effort for a magnanimous association and have not monitored your out-of-stash costs, you may leave behind a phenomenal chance to bring down your expense bill.

Step by step instructions to get a tax cut

To qualify, your unreimbursed costs must relate straightforwardly to the philanthropy, and you should organize your findings on your assessment form. Here is a concise once-over of what to remember:

Philanthropy related out-of-stash costs might be deductible. Volunteers may deduct the expense of postage stamps, supplies and other out-of-take costs brought about in their charitable effort. For volunteers who are required to wear a uniform, the expense of purchasing outfits is deductible on the off chance that they are unsatisfactory for regular wear.

Time volunteered in not deductible. The expense of your time, regardless of how important it might be, isn't deductible. That is genuine regardless of whether you would regularly be paid for the sort of administration you contribute. For example, Bookkeeping services who perform free counseling for philanthropies can't deduct what they would regularly charge for their administrations.

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Teaching Your Kids About Money Matters

Teaching your child about cash and funds is least demanding when you begin early. Here's a snappy audit of what you should train your children at each age in the event that you need them to end up monetarily capable grown-ups:

Preschool

• Distinguish coins and charges, and realize what each is worth.

• Comprehend that you can't purchase everything (decisions are fundamental).

• Save money in a piggy bank.

Grade school

• Read sticker prices, and learn correlation shopping.

• Do cash math (roll out improvement).

• Deal with a stipend, and utilize it to pay for a few buys.

• Open a bank account and find out about premium.

• Take an interest in family money related exchanges about significant buys, excursion decisions, and so forth.

High school

• Work to win cash.

• Financial plan for bigger buys.

• Figure out how to utilize a financial records.

• Find out about contributing — stocks, shared assets, CDs, IRAs, and so forth.

• Offer in money related arranging (and sparing) for school.

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Estate Planning for Young Children

While numerous individuals discover estate planning essential, those with little youngsters may discover it particularly basic. A estate plan can be a useful arranging device to guarantee your kids are secured if something transpires.

You may utilize your bequest intend to select gatekeepers for your minor youngsters, and additionally accommodate their monetary prosperity. This may incorporate assigning recipients for retirement accounts.

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Succession Planning for Small Businesses

Progression arranging is critical for entrepreneurs, particularly those with a family-claimed business. Before you take a seat with your assessment and lawful consultants to draw up a progression plan, you should thoroughly consider three critical issues:

Who: The subject of who will succeed you in the business can be the hardest of all. Most proprietors need to pass the business on to the family. Be that as it may, are your youngsters willing to go up against the business, and assuming this is the case, would they say they are equipped for running it? Settling these sorts of issues may take a considerable measure of open discourse.

In the event that there isn't an undeniable family successor, different choices incorporate pitching the business to a pariah, elevating a current worker to head the business while you hold possession, or notwithstanding pitching the business to the representatives.

When: When you make the change relies upon various variables, for example, your age, wellbeing, retirement objectives and the status of a successor. Consider whether you need to keep up some inclusion with the business or make a total separation. Keep in mind, however, you ought to dependably have a possibility progression plan if there should arise an occurrence of sudden demise or handicap.

How: How you structure the progress depends halfway on the responses to the prior inquiries and mostly on money related contemplations. Thoroughly consider issues, for example, regardless of whether you require retirement pay from the business or whether you principally need to limit bequest charges.

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Best Practices Kick Your Record Keeping Skills Into High Gear

Expense law change can be great — however it can likewise be untidy. Ensure you're monitoring all that you requirement for the 2018 assessment season (and past) utilizing these ace endorsed tips:

1. Make a different financial balance for all independently employed business movement. This will significantly limit disarray come charge time by giving you only one place to search for business exchanges. The equivalent is valid for Visas. Have a card utilized exclusively for business and another for individual buys.

2. Accommodate your bank proclamations. Despite the fact that it very well may be a great deal of work, it's the best way to know without a doubt on the off chance that you've included everything in your records.

3. Utilize an application. There are some simple to-utilize programming applications to enable you to sort out expense records. In addition, digitizing your records can likewise spare office-documenting space.

4. Track your accounts utilizing essential assessment classifications. Knowing how to arrange your costs and pay is a large portion of the fight. Take a gander at your last expense form or bookkeeper's duty coordinator for pieces of information.

5. Try not to linger. Make record keeping an all year assignment, not a year-end load. For example, refresh business mileage records day by day. Document receipts before they are lost. Make it a propensity to record impose exchanges as they happen consistently.

6. Be tenacious about vital receipts. You presumably definitely know you should gather the standard things: W-2s, 1099s and yearly home loan explanations. Be that as it may, did you realize that an altruistic gift of $250 or more should be substantiated by a receipt from the philanthropy to be deductible? Additionally, keep all compensation stubs and business proclamations. They may contain shrouded findings.

7. Clutch past duty records. Since an IRS review is dependably a plausibility, keep duplicates of assessment forms and supporting records for a long time.

8. Know about new expense laws. A few records end up essential as duty rules change. For example, medicinal costs, altruistic gifts and home loan intrigue will be particularly critical in deciding if you'll utilize the standard reasoning or separate this year.

9. Let your expense star think about huge life changes. New happenings throughout your life, similar to work change, new youngster, or change in conjugal status may influence how you track your salary and costs. A speedy call will enable you to remain in control.

Need a second arrangement of eyes on your books? Our Monthly Accounting Services are second to none and furthermore offer FREE QuickBooks bolster. Timetable a gathering today to talk about what choice is best for you at www.bas-pc.com/schedule.

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Smart strategie for required distributions RMDs

After all the exhortation you've gotten about putting something aside for retirement, removing cash from your conventional IRAs and other qualified retirement designs may feel odd. However once you achieve 70½, the required least conveyance (RMD) rules say you need to do only that.

Under these principles, you should pull back no less than a base sum from your retirement designs every year. Since the withdrawals are viewed as conventional wage, arranging ahead of time can enable you to get ready for the effect on your assessment form. Here some arranging tips:

• Make a rundown of your records. The guidelines require a RMD computation for each arrangement. With customary IRAs, including SEP and SIMPLE designs, you can take the aggregate dissemination from at least one records, in any sum you pick. You can likewise take more than the base. 

Be that as it may, withdrawals from various kinds of retirement designs can't be consolidated. Say for example, you have one 401(k) and one IRA. You need to figure the RMD for each and take isolate conveyances.

For what reason is that imperative? Neglecting to take disseminations, or taking not exactly is required, could result in a punishment of 50 percent of the setback.

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What if Your child wants to start their own business?

Has your child requested your assistance with beginning a business? On the off chance that the appropriate response's truly, odds are you may not know where to begin.

Since the disappointment rate for new organizations is high, it would be strong for you to do whatever you can to expand your child's Chances of achievement. That incorporates thinking about the accompanying:

Discover what foundation has just been finished. Prior to including yourself, discover how much time, thought and exertion your child has officially dedicated to the proposed business.

In the event that the endeavor is close to a thought, you can propose ways to deal with inquiring about the market and deciding the assets, learning and abilities that will be required. In any case, your information ought to be constrained to direction and thoughts. Your kid ought to take every necessary step.

Once your kid has finished the fundamental foundation, and if the venture still appears to be sensibly possible, you'll be prepared to think about the following stages.

Interested in learning important business skills to assist your child in setting up a new business? Read the full article here=> https://www.bas-pc.com/blog/child-wants-start-business-now/.

Steer clear of these 5 retirement plan mistakes

Participating in a 401(k) or similar retirement plan is a tax-advantaged way to save for retirement. If you have the option of participating in a 401(k) plan, avoid these five common mistakes:

• Not taking full advantage. Too many employees opt out of the plan or don’t contribute as much as they can afford. At a minimum, try to set aside enough to receive the full employer-matching contribution.
• Investing too much in company stock. Try not to put all your eggs into one basket when it comes to company stock. Even if the company is doing well now, things can change. If you lose your job, you don’t want to lose your retirement savings, too.

If your employer uses company stock for the matching contribution, you may have no choice. But at least you can select other investments for your own contributions.

• Borrowing from your plan. Take a loan from the plan only as a last resort. Remember, these savings are for your retirement, not to fund everyday needs. When you borrow from the plan, you’re losing the tax-deferred growth on those funds.
• Withdrawing your savings if you change jobs. It’s tempting to cash out your savings if you change jobs. But if you do, you’ll owe taxes and probably a penalty. More importantly, you’ll lose the future tax-favored growth that you might need in retirement. Instead, talk to your financial advisor about a rollover into an IRA or your new employer’s plan.

Not sure if the retirement planning you’ve done so far will be enough? Schedule a time to talk with us at www.bas-pc.com/schedule and we’d be more than happy to discuss your specific situation and give advice on how to maximize your funds leading up to retirement.

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College and Credit Cards: A Good Mix?

If you’ve gone back and forth about whether or not it’s a good idea to send your child to college with a credit card, you aren’t alone. Opinions are divided, both among parents and financial advisors. The outcome depends on the kids and the parents.

On one hand, there’s a potential that everyone will benefit. If your child uses the card for budgeted expenses and then pays off the balance each month, they’ll start to build good credit history. You’ll sleep better knowing your child has a credit source in case of emergencies.

On the other hand, if your child isn’t used to managing money or living within a budget, they might fail to make payments on time and end up with bad credit history. Worse, you may have to step in to bail your kid out.

Here are some tips to help minimize the risk of your child’s credit card experience going south:

• Set ground rules. Agree on what the credit card may and may not be used for while at college. Put the agreement in writing and have your child sign off.

• Establish a budget. Talk regularly about how your kid is managing their expenses within the budget.

• Consider alternatives to a credit card, at least for freshman year.Consider using a prepaid credit card, or set up a checking account with a debit card. This may allow your child to gain experience managing expenses within a budget.

Finally, remember you may have no say in the matter. Students are bombarded with credit card offers as soon as they enroll. Credit card companies are usually happy to issue a card to any student over age 18 in his or her own name.

For more ideas on getting your student across the finish-line of college (and beyond) with good credit, give us a call. We’re here to help in any way we can!

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3 Debt-Destroying Habits Everyone Should Follow

Staying out of debt is simple, but it’s not easy. It requires resilience — forgoing impulsive purchases in exchange for long-term financial freedom.

Personal debt can be categorized as necessary or unnecessary. Necessary debt can generally be linked to assets such as your home mortgage, a basic car for getting to work, or a college degree. Unnecessary debt, on the other hand, might include routine credit card charges or installment loans for items that rapidly decline in value.

If your goal is long-term financial freedom, avoiding unnecessary debt is crucial. These simple habits can help you achieve this goal:

• 1. Live below your means.Living below your means requires that you discover what those “means” are. This could entail tracking your income and expenses over a period of time to learn where your money comes from and how it’s spent. You might be surprised. By spending less on the little items that add up quick (like daily coffee shop lattes), you’ll be able to save for the future and develop long-term wealth.

• Save for emergencies.By setting aside money in easily accessible accounts, you avoid racking up credit card bills when unexpected expenses occur. Such expenses could include trips to the emergency room, replacing the water pump on the family car, or patching a hole in the roof. A reserve fund can also help you survive periods of unemployment without incurring additional debt.

• Go into debt for a good reason. If you decide to incur debt, know what you’re doing. Think about how valuable the item or service will seem three months from today. Also, ask yourself whether you can pay off these new charges out of next month’s income.

Staying out of debt isn’t always exciting, but the long-term benefits are substantial. Give us a call if you’d like to learn more on how you can save by reducing your tax obligations.

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How to Get Your Customers to Pay Up

Your customer is satisfied — but a month has gone by, and your invoice is still outstanding. You’d like to work with the customer in the future. So how do you get your money without losing the customer? Here are two strategies that may help:

1. Make it a habit to clearly and promptly communicate with your customers.

On the day after the due date, send an email with your original invoice attached, or fax a copy. Then call to make sure the duplicate was received. While you’re talking, ask whether the customer has all necessary documentation and find out why payment is delayed. If the customer is happy with your performance, mention that you won’t be able to complete new contracts until past invoices are cleared up. Make sure to request payment by a specific date.

1. Be willing to negotiate with your customers.

When customers fall on hard times, you may still be able to find a solution that will work for both of you. Some options include:

• Ask for a portion of the outstanding balance.
• Request that a specific invoice be paid immediately, with the remainder due at staggered intervals.
• Establish a short-term payment schedule for a series of smaller checks.
• Offer to convert the receivable into a formal note with an amortization schedule and interest rate.

Setting credit terms, limiting the amount of credit you’ll extend, checking ratings and requiring down payments can prevent collection difficulties. If you’d like help establishing procedures for receivables management in your business, give us a call.

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Want to retire someday? Here’s how to save more now:

Need to save more for retirement? Here are some questions to ask yourself to help you get started and stay on track: 

• How much money do you need? The number of years you have before retirement will help determine how much you will need to invest each month to reach your financial goal.

• Is your retirement savings goal realistic?Make sure that your savings goal is realistic. If your goal works out to 10 percent to 15 percent of your monthly income, it should be achievable. But you may need to cut expenses to free up savings.

• Are you saving enough from each paycheck for your own retirement? Try to treat your savings as your most important monthly bill. Write a check to savings first, or have your savings automatically deducted from your checking account or paycheck.

• Are you tracking your expenses?Another way to maximize savings is to track your expenses for a few months. This is a great way to spot unnecessary or wasteful spending; it doesn’t take much work to see potential cutbacks.

• Do you feel in control of your savings? When it comes to saving, think “control.” For example, control the use of your credit cards. The amount you pay each month in finance charges could go to savings instead. Also, control the use of your ATM card. Get in the habit of giving yourself a regular cash allowance and try to live with it.

The key to having enough money for a comfortable retirement is to become a serious saver. Start saving early, commit to saving regularly and save as much as you can.

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Switching jobs this summer? Don’t forget about your taxes!

As you look forward to starting your new job, it’s important to keep in mind how your employment change will affect your taxes.  Here are three tax-smart tips that’ll put you in the best position come tax season:

1. Roll over your retirement plan.

You may be tempted to cash out the balance in an employer-sponsored plan such as a 401(k). But remember that distributions from these plans are generally taxable. Instead, ask your plan administrator to make a direct rollover to your IRA or another qualified plan. This avoids the additional 10 percent penalty on early distributions you would face if you’re under age 59½. Your retirement money will continue to grow tax-deferred.

2. Adjust your withholding. 

Assess your overall tax situation before you complete a Form W-4 for your new employer. Did you receive severance pay, unemployment compensation or other taxable income? You might need to increase your withholding to avoid an unexpected tax bill when you file your return.

3. Don’t expect to deduct job-related moving expenses.

Unless you are a member of the U.S. Armed Forces, you can no longer deduct moving expenses related to your employment.

More tax issues to consider when you change jobs include stock options, employment-related educational expenses and the sale of your home. Give us a call. We’ll be happy to help you with your new employment tax updates.

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5 questions to ask before starting a home-based business

A lot of people consider self-employment because they’ve lost their seemingly stable jobs in the corporate world. Others just dream of making it on their own. As online marketing becomes easier and more accessible, and employees discover the advantages of telecommuting, home-based work alternatives are becoming increasingly attractive.

If running a business out of your home sounds good to you, don’t quit your day job just yet. Take time to fully investigate the pluses, minuses and ramifications of starting your own home-based business. Here are five questions to consider:

• Is there a market for your product or service? Just because your coworkers or relatives rave about your new business idea, don’t assume that everyone shares their enthusiasm. You’ll need to rely on a variety of marketing tactics to get the word out about your business, especially if you won’t have a brick-and-mortar location that will naturally pique customer interest in your community.

• Are you excited about your business idea? To be successful, you’ll need to dedicate yourself to your business day in and day out. If you aren’t enthusiastic deep down about your firm’s product or service, you may find it difficult to weather the storms that confront every business.

• Is it a good fit for you? If you don’t like working with the public, a retail business probably doesn’t make sense for you. Or perhaps your business will require hours in front of a computer. If your forte is face-to-face interaction with people and not holing up in your house for hours, you may need to rethink your strategy.

• How will you allocate time for the business? For many people, a home-based business is convenient and often begins as a part-time venture. Do you have the discipline to stick to a work schedule when your TV is staring at you from the living room? Allocating a specific room for business (with a door!) will help you compartmentalize work life and home life.

• How will you finance startup costs? As a general rule, you should have funds set aside to cover at least six months of your home-based operating expenses. Without an adequate financial buffer, you may spend many unproductive hours just trying to keep the business afloat.

For those willing to take the plunge, a home-based business can provide great satisfaction. But as with any business venture, it pays to do your homework. If you would like to discuss issues related to starting a business, give us a call.

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Want a profitable business? Focus on customer service

Indeed, even with the best of aims, numerous organizations talk up client benefit yet don't really convey. So as to truly give extraordinary client benefit, each worker should be tuned in to how he or she can add to hold clients returning over and over. This at last influences the net benefit of any business.

Client benefit incorporates each component of the business exchange between your business and a client. In spite of the fact that you may consider client benefit simply an issue of being obliging to clients, it really includes a few different contemplations, including:

• Being honest in publicizing your item or administration

• Giving an item or administration that meets or surpasses client desires

• Being instant in conveying your item or administration

• Telling clients you value their business

• Taking care of client dissensions or different concerns instantly and affably

• Being courteous and happy in managing clients – notwithstanding when they are "simply looking" rather than purchasing

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Audit-proof your shareholder loan

If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised wages or a dividend taxable to you as income.

Knowing what the IRS might look at may be useful when you structure the arrangement. Here are some items that will be considered if you’re audited:

• Your relationship with the business. First, the IRS will look at your relationship to the company. If you’re the sole shareholder with full control over earnings, that may weaken your case that the loan is genuine. On the other hand, if you’re one of several shareholders and none of the others received similar payments, that suggests it may be a genuine loan.
• Loan details. The IRS will want to know all the details related to your loan. This may include whether or not you signed a formal promissory note, if you pledge any security against the loan and if the loan has a specific maturity date or a repayment schedule. Other questions may come up about the rate of interest you’re paying and if you missed any payments. The more businesslike the terms of the loan, the more it will appear to be a genuine debt.
• Other financial details. In addition to loan specifics, the IRS may ask you if your company is paying you a salary that’s in line with the work you perform, and if the company pays dividends.

Whether the IRS taxes you on the loan will depend on all these factors. If you’ve paid attention to the details, the loan should withstand IRS scrutiny. Contact us if you’d like more information about getting a loan from your business.

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Summer’s a time for vacations and tax planning

It’s tempting to take a break from everything this summer, but you may regret it come tax season if you push off tax planning. Here are some tips to help you keep your head in the game even when your feet are in the pool:

• If you are a sole proprietor with children, consider putting them on the payroll during the summer months. Wages paid to your children under age 18 are not subject to Social Security and Medicare taxes. What’s more, their earnings are not subject to federal unemployment tax until they turn 21.

If employing your children is not an option, you might still be able to score a deduction by sending them to summer camp. Day camp expenses for kids under 13 can provide a tax credit of up to 35 percent. Just remember, overnight camps do not qualify, and usually both parents must work to claim this credit.

• Keep in mind that tax deductions for moving have been limited. The recent tax code changes have eliminated the moving expense deduction. That means most taxpayers will no longer be able to deduct moving expenses. There are exceptions to the new rule, so give us a call if you have questions.
• Business and pleasure can mix – if you follow the rules. Perhaps your sights are set on some leisure travel. Tacking on a few fun days before or after a business trip might be a tax- and cost-efficient way to pay for a vacation. But you have to follow all the rules if you want your business travel to remain tax-deductible. Travel that is primarily for charitable work might also qualify you for a tax deduction.

No matter what your summer plans are, this is always a good time for a general tax checkup to ensure your withholdings and estimated tax payments are on target. For help with any of these issues, contact our office.

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6 ways to avoid credit card catastrophes

Credit cards should be a convenient short-term way to pay, not a source of regular spending. Unfortunately, some people have a hard time staying true to this concept. Instead of paying off the entire balance due on the card each month, they let it grow and pay only the minimum amounts.
If this sounds all too familiar, it’s time to stop what you’re doing and start following these rules:

• Pay the entire balance due each month.

• If a balance remains unpaid at month’s end, do not use the card again.

• Do not use more than one credit card.

• Do not accept credit cards from specific retail stores.

• Do not pay off one credit card with another.

• Do not purchase gifts for people with your credit card. It’s often too easy to let your generosity exceed your ability to pay.

Spending habit monitoring tip: Take your credit card charges and your canceled checks for the past year and sort each charge and canceled check into two piles. One pile is for the “must” payments such as utilities, taxes, medication, rent or mortgage payments. The other pile is for the optional spending, such as meals at restaurants, gifts for people, recreational events or equipment.

Want more cash flow ideas?

Give us a call today and we will be more than happy to discuss specific strategies that are geared to your situation.

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