Pay Yourself First No Matter What As a business owner, you’re often working hard to cover all the expenses of the business. Whatever those expenses are, don’t forget to pay yourself first no matter what!
As a business owner, I often think my business is doing great and every aspect of it is running beautifully. It reminds me of an old adage my dad used to say, “Son, you never tell a woman that the baby is ugly or you might get slapped.” However, that’s a problem for business owners looking to succeed. Mismanagement in business is clearly visible. Their “baby” is ugly as it can be; it looks like it fell out of the ugly tree and hit every branch on the way down. Ofttimes, the ugly tree hits us and we don’t even realize it. Suddenly our business isn’t as attractive to potential buyers as we think. So, here is four strategic questions to ask yourself when approaching a potential exit plan. Even if your 10-15 years out these questions will benefit your future plan. 1. IS YOUR MANAGEMENT SYSTEM BILLED TO CONTINUOUSLY FOCUS ON MAXIMIZING THE VALUE OF YOUR BUSINESS? Many times, people focus on driving income. Obviously, income is certainly a player in the value of the business but it is not the only player. Income isn’t everything. The value of business goes well beyond income. If you focus on maximizing the […]
Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. The Taxpayer Bill of Rights takes the many existing rights in the tax code and groups them into 10 broad categories. That makes them easier to find and to understand. You can find a list of your rights and the IRS’s obligations to protect them in Publication 1, Your Rights as a Taxpayer. Taxpayer Bill of Rights The Right to Be Informed. Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes. The Right to Quality Service. Taxpayers have the right to receive prompt, courteous, and professional assistance in their dealings with the IRS, to be spoken to in a way they can easily understand, to receive clear and easily understandable communications from the IRS and to speak to a supervisor about inadequate service. The Right to Pay […]