Let's make the assumption that your business plan is in place ready to go! Now what to do to make sure it happens?
With a business plan, especially a one page plan that all business owners really need to have, it should NEVER be put away in a drawer with your tax return.
A good plan, is one that is reviewed, edited, changed and celebrated.
Here is a monthly checklist I use for my businesses:
1. Sales Made $_____________ month_____________ (Gross revenue)
2. Money Spent $_____________ month_____________ (Costs and Expenses)
3. Compare to plan. Are we off track or on track and WHY?
4. Any new ideas this month? Get a strategy on paper to determine profitability.
5. New contacts made? Have they been added to my lists? Do I need to connect with them?
6. What are we celebrating at the end of this month?
7. What needs to Grow; End; Start; next month?
I use Outlook and have this set as a reoccurring appointment with myself on the last day of the each month. A reminder is triggered 2 days prior and the questions are in the body of the appointment. Pretty simple and hard to ignore.
If you would like to learn more about using Outlook to track your business tasks, join me on December 29 4PM for a 30 minute free webinar. Email for details: Monthly Check
Staying on task is challenging, and with a plan, sometimes, the results can be phenomenal.
Copyright 2010 Linda Fayerweather MBA EA
419-897-0528
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Lame Duck Congress Results
- Extend Tax Cuts. The core of the bill, of course, extends the Bush tax cuts for two more years. This means the top rate stays at 35% (rather than 39.6%) and the rate on capital gains and qualified corporate dividends stays capped at 15% (rather than 20%). But the new law keeps taxes down for everyone, not just the highest earners. If those Bush cuts hadn't been extended, the 10% rate would have disappeared, and tax brackets would have increased faster for everyone.
- Payroll Tax Relief. The act reduces the employee portion of Social Security and self-employment taxes by 2% for 2011 only. This replaces the $400/person "Making Work Pay" credit in effect for 2010 - and ironically means higher taxes for individuals making under $20,000 and families making under $40,000.
- Estate Tax Relief. This is actually the most controversial part of the legislation. Under current law, the estate tax was scheduled to kick back in at 55%, on estates topping $1 million. Most observers expected Congress to restore the tax at the 2009 level, with a 45% tax applying on estates over $3.5 million. But the new law is even more generous, with a tax of just 35% on estates over $5.0 million. Again, this rule applies for 2 years.
- Other Provisions. Finally, the act extends a laundry list of popular tax breaks that otherwise would have expired:
- It "patches" the Alternative Minimum Tax system for two more years, thus protecting millions of Americans from the AMT,
- It extends the Child Tax Credit and American Opportunity Tax Credit for college tuition,
- It expands the Earned Income Tax credit for low-income working families,
- It extends bonus depreciation and first-year expensing deductions for businesses, and
- It extends miscellaneous tax deductions like educator expenses, state and local sales taxes, and tax-free IRA distributions given directly to charity.
Hopefully, this short explanation of the changes to the Tax law will help you get a handle on your 2010 taxes and planning for 2011. If you are still confused or have questions, give us a call, we can help.
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
"Our Value is Measured by Your Success"
419.882.9255
734.847.0400 Ext.201
