Today begins the long extended Labor Day holiday weekend and many individuals have probably already taken the day away from "labor" and their auto-responders are doing all the "work" today.
For many small businesses however, they are more likely than not hard at work today servicing clients and supporting their employees that have taken the day off. The Labor Day holiday is a day to celebrate you...the small business owner.
Signed into law in 1894 by President Cleveland, Labor Day celebrates the American Labor movement, and you as the small business owner are an important part of that continued movement. Back then it was an industrial movement, but today it is more about innovation, and technology. Either way the small business owner will always have a place in the American economy.
So when you finally do get to take the day off and enjoy the barbecue, beach, and college football holiday weekend be sure to remember that it is YOUR efforts that we are celebrating.
Thanks for your efforts small business community. Have a safe Labor Day weekend.
There is a tax firm out there that can help their clients pay no income tax. This tax firm is comprised of a large work force that has access to all the necessary technology tools and tax information to ensure that their clients use all the legal loopholes to bring their tax liability to zero and many times a surplus. This tax firm is so good at saving their clients tax dollars that major accounting firms even loan their employees to them!
Sounds like a great accounting right? Only one problem this accounting firm has one client...and that client is GE.
GE's Tax department is one of the most prestigious tax firms in the country. A quick Google search of "GE Tax Department" shows the efforts that GE goes through to pay no taxes.
Most small business owners don't have the resources and time to research the tax strategies like their "Big Boy" counterparts. They then go about taxes much the same way most personal taxpayers do, taking the last minute "SALY" approach. Learn more about "SALY" here.
Approaching taxes as a routine is ok, if your routine is done on a consistent basis. But even a consistent routine has small changes. Take your morning routine for instance. You may get up at the same time every day, but is the same song playing when you wake, or do you have the same breakfast every morning? The same goes for your tax planning routine. There is a consistent guide that you follow, but you must always monitor for the changes. This includes staying up to date on tax changes, and how they affect your business decisions during the year.
There are quite a few tax issues affecting small businesses currently. From the changes in depreciation, and deduction rules to healthcare now is the time to take advantage of tax strategies for main street businesses like yours.
It's doesn't take having a large tax firm as your tax department to save your hard earned money, but it does take some work (with a little help from a tax expert friend like us :-).
So do like "Nike" the Goddess of motivation/implementation and "just do it".
The ides of August are not even upon us, but as I look out the window this morning I can see the kids begrudgingly congregate at the bus stop and make their ways to the local learning institutions. Yes my friends, summer is in the rearview mirror and school is back in session. If you have kids, you’ve probably already met the teachers. You may have even received a list of the tools your kids will need to make their learning experience a success.
It’s probably been a long time since you’ve sat in a classroom yourself. But school is never out if you are looking to make the most of your money in today’s challenging economy. Saving your hard earned tax dollars is one important way to make the most out of your money in this economy.
What classes would you take to keep more of your income in your pocket? We have come up with a list for parents to review for the upcoming tax season. Try these:
· Math 1040: Where are tax rates headed?
· History 2013: Lessons from last year’s mistakes?
· Social Studies 463: Write off meals and entertainment
· Chemistry 162: Introduction to a “secret formula” for paying less tax?
· Anatomy 213: What’s the best strategy for healthcare benefits?
If you want to keep the most of what you make, you can’t wait ‘til finals for answers. You need to study now. Putting tax-wise ideas and strategies in place today could help avoid an ugly surprise when “Report Cards” come due April 15!
Get a jump-start on the new tax planning semester and contact us. We’ll find the mistakes and missed opportunities that may be costing you thousands today, and show you how “back to school” tax planning can save thousands more tomorrow. We guarantee you’ll leave with valuable new lessons and tax savings to put your kid’s new school clothes money back in your pocket.