You filed your return, and you forgot something, or you realize the return was wrong. How do you fix?
The Planner is CORE Group's blog and a way to help others interested in up to date tax service news.
Accountants are weird. They use funny words and use lots of spreadsheets. One common word is Capital Improvements. Similar words that they use to describe the same things: Capital Assets, Fixed Assets, Property, Real Estate, FF&E (Furniture, Fixtures, & Equipment). In the accounting tax world, all of these terms describe something with an economic benefit beyond one year.
You're not really getting paid to learn, but it definitely pays to learn.
Ask any entrepreneur about their business goals and the No. 1 or No. 2 answer is going to be something around growth. In my entrepreneurial circles, the questions are, “How much revenue do you have?” or “How many employees do you have?” Never, not once, have I asked the question, “Yeah, but how much money did you make?”
First, it was toilet paper, now people are hoarding ramen. At least with ramen, it makes some sense. If you are going to be locked up in your house, you need something to eat. Toilet paper made absolutely no sense to me, but that is the point.
Working from home was already building momentum before “social distancing” became a household buzzword. Now, some studies predict that 50% of employees from one-third of companies may continue working from home long after the pandemic ends. Many businesses are beginning to hire employees who already reside in other states, which comes with drawbacks and perks. Employers have more options than ever before when recruiting new talent. Yet welcoming more remote workers aboard doesn’t just mean more employees are now working in dress shirts and sweatpants. If only it could be that simple . It has implications for your taxes as well –– especially if some of your employees have relocated to other states either temporarily or permanently. Here are some factors to consider when navigating this uncharted territory.
Ask any entrepreneur if they want to grow, and with few exceptions, the answer will be YES! Ask them why they want to grow, and likely you will hear crickets. The why is critical, without it, you will fold when challenges arise. If you know the why, and you are passionate about it, you will figure out the how.
I recently wrote about determining why you want to grow your business. In this article, I want to go a little deeper into the idea of changing to grow. As I stated before, what brought you initial success in your business will not grow you to the next level. I have had it explained to me as, “What got you here, won’t get you there.”