The fair market value of property or services received in barter is taxable. But, it may not result in an increase in taxable income based on how what you received is used. As an example, we trade accounting and tax services with an office supply company. We must...
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Marketing Tip of the Week – Don’t forget me, I’m already a customer.
The holidays are coming and, like every other year, my company (my wife) makes thousands of homemade cookies to give to some of our clients. It takes about a week of my wife’s time, but our clients enjoy them and request them every year. The other day a client asked...
5 Ways to Increase Year-End Profits
Are your sales and profits for this year lower than you expected? There is still time for you to close strong. Here are five ways to finish this year on a high note. Have a contest. The ability to win a prize creates excitement among your...
When Are Commuting Costs Deductible?
Generally, the cost of commuting between a taxpayer’s home and work location is a nondeductible expense. A recent tax court memo (TC Memo. 2013-240) said this is true no matter how long the drive is. In that case, an engineer drove more than 150 miles a...
What Makes A Good Investment?
Have you ever had a friend suggest a sure fire investment? If you think back, you may recall thinking they were a bit delusional and that the investment was risky at best or a complete non-starter at worst. The reality is many people have a hard time determining what...
Danger: Ignoring Social Media Can Cost You Business! (Part 2)
(In part 1 I explained why you can no longer ignore social media when marketing your business. This article outlines how you can easily get up to speed with social media). So what should you do about it? Simple—wake up to the fact that social...
Danger: Ignoring Social Media Can Cost You Business! (Part 1)
For over two years my niece (who is also my marketing person) tried to talk me into getting a business Facebook page, a Twitter account, a YouTube account, and a LinkedIn account. And for over two years I told her to go away and stop bothering me. I,...
Control Costs With Zero-Based Budgeting
Budgeting is a tool for dealing with the future. It helps you turn expectations into reality. In its simplest form, a budget is a detailed plan for future receipts and expenses. As the budgeted period progresses, you should compare actual results...
Customer Service Problems Happen – Just Deal With Them as They Happen.
The myth most business owners believe: Being a manager and small business owner means solving problems as they happen. The truth successful business owners learn the hard way! Most problems occur repeatedly due to a deficiency in your operating system or in the...
Client Question: How Do I Compete Against the Big Established Business in My Niche?
I have had this discussion with three business owners in the last two weeks. One was launching a web store, one was considering opening a business, and one was struggling to survive. I too am faced with this. No American can dodge a commercial from one...