Tag: Money (22 articles found) - Clear Search


IRS Scams Targeting Those Needing Tax Debt Help

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"The worst kind of lying I've ever done is keeping things from people." -Elijah Wood

With the October 15th deadline nearing (for extended personal returns), there is almost always an uptick in scammer activity, especially seeking out those who are facing debts to the IRS. Yes, criminals use databases too.

Let's start with email...

Take note of these email subject headlines:

"Automatic Income Tax Reminder"

Or

"Electronic Tax Reminder"

If you see an email with either of those subject lines, or something even close to resembling the like, PLEASE DO NOT CLICK. These emails can contain faulty information from scammers looking for personal information so that they can access your Money. Read More...


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Preserving Your Digital Estate

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"A man who does not plan long ahead will find trouble at his door." -Confucius

This isn't particularly a "fun" topic, but again, this day and age calls for it. If you have a lot of important business and data online (most of us do) let's ensure that nothing is ever lost.

Define "Digital Asset"

Before we go any further, the following could be considered digital assets in your name:

  1. Emails
  2. Social Media Sites
  3. Blogs
  4. Financial Accounts
  5. Music Files
  6. Photographs
  7. Videos
  8. Customer Database
  9. Cryptocurrency

The list goes on, but these are a few common personal online assets. Read More...


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Three Overlooked Ways To Control Costs In Your Business

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"Never spend your Money before you have it." -Thomas Jefferson

Profitable revenue is the only thing that will grow your business.

Are there other elements that fuel that process? Absolutely. But you must control costs so that you can forecast and attain PROFIT for the good of your business.

Some people will see this as greedy or profiteering, but a lot of those people just don't know what it takes to run a business. For the rest of us, it's important to keep one another in check with various systems in place to control costs and maintain profitability.

Here are three ideas that often go overlooked -- and if you have questions about any item, please reach out and let me know. I'm available to discuss ways to help you save (and therefore gain).

Annual Renegotiation

Depending on your business model, setting a yearly meeting with vendors to renegotiate terms and payment can be a great first step to controlling costs for your business.

Before setting meetings in stone, you should probably follow a guiding principle in business: whenever possible don't set a contract any longer than a year. This might seem obvious, but many businesses think this longer-term strategy will help them lower costs. That is not the case. Read More...


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Cash vs. Accrual Accounting: Two Main Differences For Businesses To Consider

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"Accounting is the language of business." -Warren Buffett

Let's look at a few differentiators between the two and how each could help, or hurt, your business moving forward.

As always, please let me know if you or your accounting team has any questions on this topic. I would love to help in any way I can, or provide resources for further understanding. My goal is for your business to succeed!

Timing

The key difference between cash and accrual accounting is largely due to timing.

For instance, cash accounting considers revenue right when the cash is received, and right when you pay expenses. Many businesses opt for cash accounting because it's easier to keep track of -- it's a simple method especially for entry-level accountants to maintain.

On the other hand, accrual-based accounting keeps track of earnings as opposed to what's actually been received. Although cash accounting is simple, accrual is more popular because of this timing: businesses consider revenue upon "project completion" instead of waiting to receive the Money. Read More...


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Are You Safe From the Financial Storm?

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Whether it's the rumors of recession (or worse), continued chaos in the political world (and still over a year away from elections -- yikes), increasing cultural division, or something more local, it's a mess out there.

Behm's Key Reminders to Keep Safe from the Financial Storm:

1) What you choose to "ingest" will greatly impact your state of mind.

This will always be the case. Truly -- the media outlets and websites do better (financially) when there is chaos.

That means that there is a very real (monetary) incentive for them to highlight turmoil. If you're wise, you steer clear. I'm not suggesting that you stick your head in the sand, just ... use a strong filter.

2) The only thing certain about the stock market is that it's volatile.

With all that talk of negative yield curves and spooked markets, it's hard to feel confident about long-term outlooks. Which might mean that the best "investment" these days may be YOURSELF ... and your business.

Which leads to...

3) The only thing you can truly control is yourself. The economy, the local market for your goods and services, your retirement -- much of it is out of your hands, in a very real sense.

That said, we met with business owners and clients last week who were taking positive action. With our advice, just a few small tweaks can realize six figures of true savings over the course of years.

Let me know if I can do the same for you.

Until then...

BE THE ROAR not the echo®

Warmly,

Janet Behm
Utah Real Estate Accountants
(801) 278-2700


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Establishing Clear Pricing For Your Customers

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"Mystification is simple; clarity is the hardest thing of all." -Julian Barnes

The first thing we'll address is pricing. Why? Because it's the first thing a prospective client wants to know. When they ask (and they will ask) about your price, the last thing you want to do is beat around the bush.

Prospects will know when you're avoiding the price of your offering.

Set your price based on the value of your offering. And when you do . . . stand your ground with confidence. You know what your offering is worth, and you shouldn't have to fluctuate the price on every sale just to make it work. This is obviously easier said than done, but it's incredibly powerful in practice.

Ways to Pay

Although this is another tip on price, it's just as important.

Cell phones are expensive. And even though cell phone companies should also stand their ground (because we've now seen what they're worth to people), many have payment plans that make phones an easier palm-sized-pill to swallow. Read More...


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Does Your Cost Structure Match Your Company's Value

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"If you don't value your time, neither will others. Stop giving away your time and talents. Value what you know and start charging for it." -Kim Garst

Depending on your business' industry, it can be extremely hard to break through to customers.

But even when price-shopping, consumers will inevitably look to: what makes you different.

Although Walmart and Target prices may be similar, a consumer may value the customer service at one over the other -- that's called a value proposition. Read More...


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Developing An Employee Compensation Plan For Your Organization

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"When we give cheerfully and accept gratefully, everyone is blessed." -Maya Angelou

Now, before we examine three components to consider when making a compensation plan, I want you to know there are serious tax implications in regard to each of these areas.

Let me be clear: if your business needs any help assessing the state of your employee compensation methods, and the ensuing tax implications, please give me a call. 

I'd love to schedule a meeting and discuss how your business can help employees while staying within IRS guidelines.

Salaried v. Contracted Read More...


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Should I Extend Credit To My Customers?

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"Not until the pain of the same is greater than the pain of change will you embrace change." -Dave Ramsey

It's a common problem, and I've talked about it before: customers are asking you for lines of credit, or "special deals" when it comes to your AR. So you ask yourself: should I extend credit to my customers?

My recommendation? Don't do it. Tell them you accept credit cards.

The biggest problem about giving credit is that you end up spending more time collecting Money. Time that could be more profitably used doing most anything else.

The second biggest problem is that some of your credit customers, no matter how big and prosperous they appear to be, will never pay you.  If the accounts/purchases/orders of those customers who don't pay you are big enough (or there are enough of them), you will be forced out of business. Read More...


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Making Children Less Costly (Through Smart Tax Savings)

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"Having a child is like getting a tattoo ... on your face. You better be committed." -Elizabeth Gilbert

Because raising children truly does "take a village", know that I'd love to help walk you through some of these steps in greater detail. Everybody's childcare costs look different, and together we can plan for child-based tax breaks. Don't hesitate to give me a call today. (801) 278-2700

Child Tax Credit (CTC)

Over the last few months, we've spent some time discussing the Tax Cuts and Jobs Act (TCJA), and although some of its outcomes have altered taxpayers' refunds in a negative way, there are indeed some perks. In this case, the signed law meant a CTC increase from $1,000 to $2,000. Read More...


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