Chris Green gives a great post about your electrical panel. Is it safe?

http://www.inspectorchris.com/blog/21-safe

Ohio Small Business Investors Deduction 

As part of the new Ohio budget signed by the Governor of Ohio the Ohio Small Business Deduction will be increased to 75% for 2014 only. Feel free to call me at 513-382-6234 to learn more about this deduction for Ohio businesses.

Customer Experience

At end of the day the most important thing to a business should be the customer experience. If the customer isn't happy or thrilled with the experience then no future sales may occur and certainly only limited to no referrals will take place.

One of the primary goals I set for myself is to deliver an experience that shows that I care for my clients and that I deliver a great experience for them.

I also strive for professionalism that is flexible enough to meet the needs of my customers.

Thank you

I would like to personally thank all of you who have agreed to be part of my network of strategic resource partners. This blog will probably not be the source of my vision but just a blog. I will keep you posted about my new project as it comes to life.

Avoiding Accounting and Tax Errors

	Have you ever made a math error with your checkbook or banking accounts?

Basic math errors and incorrect tax computations are two of the five most common business

tax errors.

per the IRS

What can business owners do to minimize mathematic and tax errors?

When I was an accounting assistant at Comey & Shepherd, the accounting team had an

error bank. We each contributed a dollar when we made an error.

1

Set time to exclusively manage your business and related tasks.

2

Perform monthly reconciliations of all financial records and bank accounts.

3

Keep all business records, whether fiscal or operational organized and maintained.

4

Match all outside records such as invoices to business financial data on hand frequently.

5

Just as a carpenter will measure twice and cut once, you should double check all numbers.

Computers and calculators will make this task easier.

6

Test your calculations logically. For example be able to subtract figures that you added in

order to achieve the same starting point. Specifically if 1+2=3 then 3-2=1.

7

Restrict the tasks of your employees in order to avoid intentional misreporting.

8

Hire accounting professionals to review and monitor this information and update the records

if deemed necessary.

a

Monthly accounting services, including the bookkeeping task should help avoid errors.

This will help better explain cash flows and budget trends.

b

I have worked with records from shoeboxes of receipts, checkbooks, bank statements

and turned them into tax returns and or financial statements.

9

For tax filings match up with other government filings in order to avoid audits and confusion.

a

reconcile totals that are entered with your tax return figures. For example make sure the

reported payroll records can be reconciled with the reported payroll expense on your

tax returns.

b

reconcile all 1099 statements with both the reported revenue and expenses.

c

confirm that all reported tax payments have been paid and cleared your bank.

d

Verify that you don't count penalties as payments of tax due.

Should I file my taxes if I Can't pay them?

Let's say you had a bad year and are having trouble with bills.  Should you file your taxes even if you can't pay them.  The answer is yes you should file your taxes even if you can't pay them.  Despite what you may want to believe the IRS is more concerned about your filing compliance than your immediate ability to pay.  Yes the IRS will want to be paid eventually and there are mechanisms to achieve this goal.  If you want to learn more about what can be done if you can't pay immediately feel free to contact me to learn more. 

Income from Credit Cards and online Pay systems

New 1099 requirements went into place for businesses that earned income from credit card and online pay systems for 2011.  How will this impact my business you may wonder?  Feel free to contact me for more specific information on the new 1099 reporting requirements.