Tag: Money (18 articles found) - Clear Search


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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Everything You Need To Know About Tax Records For Businesses

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"For every minute spent in organizing, an hour is earned." -Benjamin Franklin

In addition to the usual suspects -- W2 forms, 1099 forms, bank statements, brokerage statements, etc. -- we're talkin' receipts, sales slips, invoices, cancelled checks, and credit card and charity statements. Anything you can get your hands on will help you. Why?

There are many reasons why you should keep meticulous tax year records. At the top of that list, alongside the possibility that your business gets audited, is that it's easier to file when you have all your tax records in one spot.

That answer may sound simple, but when we're preparing to file your taxes, shuffling through closets and drawers and file cabinets will only create added frustration. No one wants that. Read More...


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How To Save On College Through Tax Breaks

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"The University brings out all abilities, including incapability." -Anton Chekhov

College is expensive.

Let's put that fact out on the table because we all know it's true, and most of us have been affected by this reality in some way, shape or form.

Side note: College is even more expensive if you're trying to cheat the system so your kid gets into a prestigious school. We're all seeing how that turns out ... right before our eyes.

But did you know there are various tax breaks which can help chip away at the cost of your son's or daughter's (or your own!) college tuition?

Note these steps if you're interested in saving on tuition costs with some help from Uncle Sam. Read More...


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Outlining What Occurs During A Business Audit For Salt Lake County Businesses

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"The best preparation for tomorrow is doing your best today." - H. Jackson Brown Jr.

The issue we're tackling today might overwhelm you because of what it means for your business. But there's a simple, helpful solution -- have us handle all of it for you. Please reach out if you find out the IRS is auditing your business. We'd love to help in any way.

Before I dive into some ways you can prepare for a business audit, allow for a quick refresher:

IRS audits are often not initiated at random. The IRS will likely audit businesses with glaring errors from business taxes filed the year before (i.e. when they sense something is up). These tax audits cover a number of areas such as employment and income tax. They are comprehensive and not something to take lightly. Read More...


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About Opportunity Zones/Funds

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Opportunity Zones/Funds

The Tax Cuts and Jobs Act (TCJA) of 2017 is pretty much in place now that the Federal Government is once again funded. There will still be lots of “clarifications” coming out. One of the programs created by the TCJA is Opportunity Zones (OZ). These are areas across the nation that are recognized as low income areas. Utah has 46 Opportunity Zones ( https://opportunitydb.com/location/utah/ ). The US Government is offering incentives to investors to make substantial investments into real estate in these Zones. Essentially the Government is allowing investors to defer capital gains taxes, if the investor will use the capital gains dollars to invest in these Zones. The vehicle for taking advantage of this opportunity is called an “Opportunity Fund” (OF).

An Opportunity Fund is any investment vehicle organized as a corporation or a partnership to invest in Opportunity Zones and must hold at least 90% of its assets in Opportunity Zone assets. Read More...


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