Posts Tagged ‘business advice’

What Should You Do After Tax Season?

Monday, April 14th, 2014

Now that most of you have either filed your 2013 tax return or at least gathered your tax information and sent it off to your CPA, I know what you’re thinking. Phew! I’m done with my taxes for yet another year! But guess what? No, you aren’t!

Now is the time to start planning for next year. The sooner you plan ahead and strategize for next year’s tax season, the better off you may be. Not happy with the amount of taxes that you had to pay this past year? Not happy that you seem to work harder and harder only to pay more in taxes and get further behind? Start planning now for future tax seasons!

Tax Planning For the Future

Here are a few things you can start working on now to help create a better tax experience for yourself next year:

  • Develop an investment strategy. Most people don’t understand the affect this can have on your tax return. You can control when and how to take gains from your investments. You should work on developing a long-term investment strategy with your investment advisor.
  • Create a plan to sell property. Are you considering selling property sometime in the future? Did you know that there are ways to minimize taxes that need to be paid on the sale of property? This isn’t done by calling your financial advisor and letting them know you just sold some property. Get them involved now and discuss that you plan to sell some property in three to five years. Your financial advisor can help you structure the property sale and ultimately help you control the tax effect.
  • Establish a business plan. If you’re thinking about starting a new business, work with your financial advisor now to determine what tax savings you may be able to realize. Depending on the type of entity there could be significant tax savings down the road. 

Tax Planning Help

While there’s no single quick fix to solving all of your business and tax woes, planning now will certainly help you when tax season rolls around next year – and the year after that and so on. If you need help with your tax planning, contact Rea & Associates. Our team of Ohio tax planning professionals can help you develop a tax strategy that best suits you for years to come.

Author: Dave McCarthy, CPA, CSEP (Medina office)

 

Want to read some more articles related to tax planning? Check these posts out?

What Is The Difference Between Fixed Asset Expensing And Capitalization?

So Is It a Tax Credit Or a Tax Deduction?

How Will A Tax Credits and Incentives Plan Benefit Your Business?

How Can Heartbleed Affect You and Your Business’s Online Identity?

Friday, April 11th, 2014

The Internet is a powerful tool – something that can make our lives (and businesses) easier. But it also can be our worst nightmare at times. If you keep up on the news, you may recall within the past few days hearing something about “Heartbleed.” No, this isn’t the name of a new rock-n-roll band. It’s the latest threat to your security on the Internet. News sites started reporting on this newest Internet threat earlier this week. But as more and more has become known about this Internet defect, it’s becoming clear that everyone with an online identity needs to be concerned about it.

Heartbleed is an exploit that basically allows malicious users to run a tool that will gain them access to a Web server and provide them with usernames and password from that server. What can this defect potentially affect? Every website on the Internet. Bank websites, social media sites, online merchant sites … the list goes on.

Within the past couple days, a Heartbleed defect was discovered that allows hackers to access chunks of a server’s memory that could contain Personally Identifiable Information (PII). Sites that integrate a Secure-Socket Layer (SSL) encryption certificate are now at risk of this new defect.

Steps For Protecting Your Online Identity

So what should you do to protect you and your business from this risk? Follow these steps:

  1. Take inventory of all of your online accounts and make a list of your accounts.
  2. Before changing your online passwords, contact the businesses of any accounts that may have SSL certificates to ensure that the company has issued new certificates. To check the “grade” of an SSL-secured site, you can visit Qualys SSL Labs website and input the URL of the site you’re checking. Sites are graded (A through F) on how secure they actual are.
  3. Change your passwords for each of your online accounts.
  4. Clear your Web browsers’ cache, cookies and history. Check out this ZDNet article for step-by-step instructions on how to do this.
  5. Closely monitor your bank and credit card statements to make sure there’s no unusual or suspect activity.
  6. If you receive emails or other online communication that promises a solution to your Heartbleed woes, don’t buy it. These communications are more than likely spam connected to dangerous malware or pointing you to malware. Heartbleed is a very complex online security threat, and there’s not a simple, quick fix for it.

Need Advice On Protecting Your Online Identity?

Following the steps outlined above will hopefully help lessen your chances of becoming a victim of identity theft and fraud. If you have questions or need additional guidance on how to protect your business, contact our IT audit professionals at Rea & Associates.

Author: Joe Welker, CISA (New Philadelphia office)

 

Looking for other blog posts about protecting your business’s online identity? Check these posts out:

Do You Know Who Has Access To Your IT Network?

How Can I Protect My Business From A Data Security Breach?

How Can You Prepare For The Retirement of Microsoft Windows XP?

 

What Are 5 Things You Should Do Financially Now?

Tuesday, January 7th, 2014

As a small business owner, you probably find the end of the year a busy time. Before you know it, you find yourself into January trying to determine what the New Year will bring. One of the keys to being a successful business owner is taking a break from the day-to-day routine and spending some time doing valuable planning. This is sometimes referred to as working on your business, not just working in your business. To help you with this process, here are five things you should consider doing as a small business owner as you start the New Year.  (more…)

Why Is A Relationship With Your Banker Important To Your Business?

Thursday, August 1st, 2013

You have a bank. But do you have a relationship with your bank? A relationship with your bank is important to the success of your business. A banker can be a great source of information and a valuable part of your team. Too often it seems that the banker is only contacted when money is tight or there is an immediate need for cash flow. A business then spends several weeks obtaining information for the banker and attempting to communicate the importance of the current need. If the business had an on-going relationship with the bank, then this process is much easier to handle for the banker and the business.  (more…)

Do You Understand Your Company’s Financial Statements?

Wednesday, June 19th, 2013

Big GAAP vs. Little GAAP has been a hot topic in recent years. (Okay, “hot” topic may be a stretch…) The question of the hour is: Why should a privately held company with close relationships to owners, bankers, insurers and other financial statement users need to comply with the same complex rules and extensive disclosure requirements that a publicly traded company is held to? (more…)

Is Safety Key to Working with Big Oil?

Thursday, January 10th, 2013

Do you operate a safe business? Of course you do. But is your safety to the level it needs to be to work with the “Big Oil” companies?

The Utica shale boom has presented tremendous opportunities for businesses, like yours, that can somehow assist in the production of oil and gas. However, dealing with Big Oil is unlike dealing with your typical customer. If you’ve yet to discover this yourself, you need to know how to play by their rules. And the first one you’ll need to comply with is safety. (more…)

How do you increase cash flow?

Wednesday, March 21st, 2012

Contrary to popular opinion, profits are not the pulse of business. You can’t spend profits. Most companies go out of business because they lack quality cash flow — not because they lack profits or assets. (more…)

Is the Price Right?

Thursday, February 23rd, 2012

Could you be charging more for your products or services? Every smart business owner is continually analyzing people costs and product and market profitability.  (more…)