There is one critical aspect of your business that you cannot underestimate or take for granted. It’s not marketing or accounting, although these are important and critical also. It’s . . . Your employees! Customer service: Depending upon your role in your business, they probably have much more interaction with your customers than you do. […]
Expenses
The Secret Formula for Financial Happiness
Is there really a secret formula for financial happiness? If so, it would look like this: Income = $100 Spending = $90 Result = Financial happiness Alternatively: Income = $100 Spending = $110 Result = Not too happy financially (at least not for long) Simple, but true. If you like what you just read then […]
Is Cash Flow Going in the Wrong Direction?
Cash flow. It’s what keeps every business alive just like the blood flowing through your veins. The irony is that although it is extremely important, it is not managed properly by many businesses, even the successful ones. Here are reasons for common cash flow issues and how to fix them: Problem: delays with receiving payments: […]
What’s Your Chance of an IRS Audit?
The IRS publishes statistics regarding the percentage of returns that have been examined by type of return. Not surprisingly, some taxpayers have a greater chance of being audited than others according to the latest statistics. Let’s take a look at some stats: The majority of audits, 74.8%, were conducted via correspondence, and the remaining 25.2% […]
Instead of Taking out More Debt, Do This Instead
One of the first ways most people try to cover a financial shortfall is to incur more debt. Whether this is to support a struggling business or even on a personal level. This may be a solution in some cases or may be used in conjunction with other financial methods. However, there is another solution […]
Use the Snowball Effect to Get Better Financial Results
According to the Cambridge Dictionary, a snowball effect is a situation in which something increases in size or importance at a faster and faster rate. It sounds too simple and general, but it is a useful principle that can be used to achieve significant results over time. Practical examples of this are as follows, along […]
Beware of These 3 Conflicts Between Husbands and Wives When Both Work, Which Lead to Marital Tensions
According to the Bureau of Labor Statistics, approximately 61.1% of both parents work in families that have children under 18 years of age. It seems to make economic sense to have both parents working nowadays, but it can create underlying tensions, which you should be aware of: Independence vs. interdependence: Spouses are interdependent upon one […]
What Should You Do When You Receive a Notice from the IRS?
Did you notice that the title states “when” and not “if” you receive a notice? The volume of notices received from the IRS, along with those from the states, has steadily increased over the years, which means that the odds of you receiving a notice are pretty high. What are some of the steps you […]
Do This to Avoid a Big Tax Surprise
If there is one recurring theme from this tax season that caused the biggest tax surprise it is this: Double-check your withholdings: The withholding tables were revised and many taxpayers were under withheld, which caused them to owe taxes versus receiving a refund. The easiest way to correct this is to see how much you […]
The Instructions Said 20 – 25 Minutes
Recently, I purchased a bed from Wayfair that had to be assembled from four large boxes that it was delivered in. I waited until the weekend to assemble it and learned a few things: After spending hours and hours assembling and completing the bed, I took a look at the assembly time to see if […]