In an effort to even the playing field, a unanimous decision by the California Supreme Court recently put business owners across the state in somewhat of a chokehold. With a ruling that could change the workplace status of people across the state, they’ve made it harder to classify workers as independent contractors. Class-Action Lawsuit The ruling came as a result of a class-action lawsuit against Dynamex Operations West, Inc. The suit charged that Dynamex, a package and … [Read more...]
Heads up. Changes are coming. We know—old news. But as rapidly as tax laws have been changing, be sure to keep this top of mind. Already in place are the new Tax Cuts and Jobs Act. The 100% bonus depreciation started for purchases from 9/27/17. More changes are on their way. Which ones, you ask? Here’s a hint: your divorced clients aren’t going to be happy. Alimony beginning after 1/1/19 will no longer be deductible. With these … [Read more...]
“I’m sorry, officer. I didn’t know the speed limit was only 25 in a school zone.” When is the last time that one worked for you? Right. Ignorance of the law is no excuse. It usually doesn’t fly with the IRS either. Despite this, the tax court issued an opinion suggesting that in some cases ignorance can indeed be bliss. Well, maybe not bliss, but it can be a valid excuse—at least to escape certain accuracy-related penalties. For example, a California couple that botched the tax … [Read more...]
It was one of the greatest financial bets of all time. Hedge fund manager John Paulson bet big against subprime mortgages ahead of last decade’s financial crisis, earning billions in profits for his funds. It was a gamble that, in the long run, didn’t pay off. Along with the $4 billion he earned for himself, he nailed a second record-breaking honor when he was slapped with one of the largest personal tax bills in history. According to people close to the firm, Paulson used a tax provision … [Read more...]
Would you like to generate more revenue in your tax business? Who wouldn’t? Just like many other businesses, the tax business is a numbers game. You gather leads and eventually some go from cold to HOT and new clients walk through your front door. Sounds easy, doesn’t it? Well, there’s a little more to it than that. But if you’re willing to do what it takes to heighten your visibility, you can garner a fair amount of leads—not only to sustain your business but also to thrive. Here … [Read more...]
As a tax professional you are well aware that every one of your business clients has two main goals at tax time: Calculate as many deductions as possible Avoid an IRS audit They’re counting on you for help. Most of them are unable to do this on their own, so your guidance is priceless. This is especially true for small businesses—and most vulnerable to RED FLAGS are home-based businesses. Knowing how to advise your clients about what to deduct when filing taxes is … [Read more...]
Did you catch part one of this series on the ROI of Networking? If not, check it out here. Business networking can be lucrative. It’s one way to meet new people and build relationships. The goal is to allow those relationships to pay off in one way or another. If you connect and they become clients, the ROI can be pretty good. Other times, they become great referral sources. The pay off can come down the line so staying top of mind has value. Conventional networking has huge benefits. … [Read more...]
Meeting people who eventually become clients is the goal of any successful business. Networking is one way to do this but it also costs money. Is it worth the investment? What’s the ROI? There will always be a return on investment as long as you are able to convert prospects into paying clients. That goes for everything you do. Sales is a number’s game. The more people you meet, the more relationships you build and the higher your conversion ratio. Can we agree you’re not going to meet … [Read more...]
Most entrepreneurs are hands-on people. Because they are doers by nature, they often believe no one can perform a task as well as they can, so outsourcing doesn’t usually cross their minds. Small business owners end up doing everything themselves – even simple tasks that can be outsourced to subcontractors. Guess what happens? Plates overflow, nerves fray, and things fall through the cracks. Sometimes important things. Outsourcing can prevent all of this. What is Outsourcing? … [Read more...]
We’ve all been there. You’re in the middle of preparing a tax return for a client, you’re missing a document or the answer to a question. You’ve asked them for it 3 times in 3 days and…crickets. They don’t send what you’re asking for or even respond to your multiple inquiries. And you are stuck, you cannot move forward without their input. Not only is it frustrating and inconvenient, but it also eats into your profits because you are spending time on asking them to respond once again instead … [Read more...]
