IRS Rules All Legal Same Sex Marriages Will Be Recognized For Federal Tax Purposes – Forbes

After weeks of speculation about how the Internal Revenue Service will treat same-sex marriages, we have our answer: the IRS has announced that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. And that’s what we expected.

But here’s what we didn’t: the ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.

via IRS Rules All Legal Same Sex Marriages Will Be Recognized For Federal Tax Purposes – Forbes.

Ask The Taxgirl: Taxing Social Security Benefits – Forbes

Taxpayer asks:

If you have turned full retirement age and are receiving your retirement and also still working full time, how does this effect your taxes?

taxgirl says:

This is a pretty common scenario these days – and a popular question!

Once you reach retirement age, whether your Social Security payments are taxable depends on your filing status and how much other income you receive. Check your federal form SSA-1099 for the total of your benefits. Once you have that number, here are a few key points:

If your only source of income is Social Security benefits, your benefits are generally not taxable.

If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income (MAGI) is more than the base amount for your filing status. Whether that income is taxable is based on a formula. The quick and dirty version of the formula is to add one-half of the total Social Security benefits you received (that’s what is reported on the form SSA-1099) to all your other income, including any tax exempt interest and other exclusions from income. Then, compare this total to the base amount for your filing status:

The base amounts (which are never adjusted for inflation) are:

•$32,000 for taxpayers who file as married filing jointly;

•$25,000 for taxpayers who file as single, head of household, qualifying widow/widower with a dependent child, or married filing separately who did not live with their spouses at any time during the year; and

•$0 for married persons filing separately who lived together during the year.

If the total is more than your base amount, some of your benefits may be taxable.

Ask The Taxgirl: Taxing Social Security Benefits – Forbes.

Affordable Care Act 101 Weekly Webinar Series | SBA.gov

The Small Business Administration and Small Business Majority are launching the Affordable Care Act 101 weekly webinar series. Each week, SBA representatives will walk through the key pieces of the law so that small business owners can understand the facts and make the most informed decisions they can about providing health insurance for their employees.

 

This free series will focus on both federal and state provisions to help small business owners understand how the law will affect them. Topics being discussed include:

 

  • Small business tax credits (available to businesses and tax-exempt non-profits)— who’s eligible for them and how to claim them
  • Marketplace updates
  • Shared responsibility
  • Cost containment
  • Tools and resources available for small businesses interested in learning more about the law

 

A question and answer period will follow.

 

The Affordable Care Act 101 will take place every Thursday from now through the opening of the marketplaces in October. Below are the registration links for the next four presentations. Registration for later webinars will be available shortly.

via Affordable Care Act 101 Weekly Webinar Series | SBA.gov.

What to Do Every Day to Succeed in Business | Intuit Small Business Blog

Your parents probably told you to brush your teeth, make your bed, and eat your vegetables every day, so that you’d develop into a healthy adult. What routine tasks are as vitally important to the growth of your company?

Here’s a list of daily must-dos from a few business gurus.

1. Set priorities. Make a list of your priorities daily. “I have clients make a list of 20 things they have to do in the next couple of weeks. I have them break them down into three columns, top priority, priority and routine. Once all items are in the correct column they start with the top priorities and move on to the next column. Creating this tool every evening for some is needed to stay focused on being productive, not busy. There’s a difference,” says Rich Schuttler, author Everyday Leader Heroes. “Failing to plan means they won’t get done. Too many people believe they can manage this without formalization, but few can,” he says.

2. Crunch some numbers. Identify your top three success metrics — and track them daily. These metrics may include: number of new customers, number of repeat orders, inventory of key products, etc. By recording this data daily, you’ll ensure that you stay on track toward meeting your business goals and can address any issues as they occur, says Fred Lizza, CEO of Dydacomp, a provider of order management solutions.

In addition, check sales from the previous day. Small-business owners who don’t know sales from day to day are unaware of what’s happening in real time. “A day without sales is like a day without sunshine, with a storm coming,” Schuttler says.

3. Make customers a priority. Every day, focus on getting more clients or customers. “Too many business owners get bogged down in paperwork, logo design, networking conferences, and the like. The primary thing is getting customers to buy your product or service, keeping them happy and figuring out how to get more,” says Jonathan Watson, media director for RecordsFerret.com, which conducts record searches. Talk to your customers every day.

4. Be present. Walk around. Ask how things are going, and remind staff members that you are available if they have any questions or concerns. Talk — and, more importantly, listen.

“Catch an employee ‘doing something right,’” Lizza advises. “It is important to recognize employees’ successes. Happy employees create happy customers.” Give your people developmental feedback to enhance their performance, too. Don’t wait for an end-of-the-year review.

Use your product or service daily, too. “If you make something, you should try to find a way to use it every day,” says RJ Bardsley, senior vice president at Racepoint Group, a communications agency. How else will you know what you could do better?

5. Read. “A lot of companies I work with are fighting for market share with two or three competitors. A quick news scan in the morning provides context for every discussion you’re going to have throughout the day — with employees, reporters, customers,” Bardsley says.

“The key is to read quickly. Scan three publications, set up a news feed on Google, or set up a reader in WordPress. Spend no more than 15 minutes a day.”

6. Move forward. Realize two things: First, procrastination is a decision, even if your goal is to avoid a decision. Second, your goal needs to be success, not perfection. “When you’re 80 percent ready, go,” says Linda Henman, author of Landing in the Executive Chair.

“Don’t be afraid to take a chance just because you might fail,” says Fran Tarkenton, co-founder of SmallBizClub.com. “Our most important lessons come from failures.”

7. Stop to think. “Business owners can’t be creative and innovative when they’re running around at 100 miles an hour with their hair on fire. Neither can anyone else when they see that in the owner,” Schuttler says. “Go to the gym, take a walk, run, meditate. Find a way to reduce stress and stay healthy.”

Dawn Reshen-Doty, president of Benay Enterprises, adds: Ask yourself, “What can I do today to be a better employer, service provider, or human being? Taking a few minutes to focus on the bigger picture can make everything come into focus.”

8. Look back — and ahead. At the end of each workday, reflect on the day, assess its outcomes, and self-correct the next day what needs to be done better or over. As Schuttler notes, “Failure to review the past often means it gets repeated, and in small businesses, small problems repeated over and over mean disaster.”

Meanwhile, take 30 seconds a day to reflect on where you’re going to be in three years, Bardsley advises. “It’s a good practice, and sometimes provides the inspiration you need to keep moving things forward.”

 

What to Do Every Day to Succeed in Business | Intuit Small Business Blog.

The One Thing Successful People Never Do | LinkedIn

Success comes in all shapes and colours. You can be successful in your job and career but you can equally be successful in your marriage, at sports or a hobby. Whatever success you are after there is one thing all radically successful people have in common: Their ferocious drive and hunger for success makes them never give up.

Successful people (or the people talking or writing about them) often paint a picture of the perfect ascent to success. In fact, some of the most successful people in business, entertainment and sport have failed. Many have failed numerous times but they have never given up. Successful people are able to pick themselves up, dust themselves off and carry on trying.

I have collected some examples that should be an inspiration to anyone who aspires to be successful. They show that if you want to succeed you should expect failure along the way. I actually believe that failure can spur you on and make you try even harder. You could argue that every experience of failure increases the hunger for success. The truly successful won’t be beaten, they take responsibility for failure, learn from it and start all over from a stronger position.

Let’s look at some examples, including some of my fellow LinkedIn influencers:

Henry Ford – the pioneer of modern business entrepreneurs and the founder of the Ford Motor Company failed a number of times on his route to success. His first venture to build a motor car got dissolved a year and a half after it was started because the stockholders lost confidence in Henry Ford. Ford was able to gather enough capital to start again but a year later pressure from the financiers forced him out of the company again. Despite the fact that the entire motor industry had lost faith in him he managed to find another investor to start the Ford Motor Company – and the rest is history.

Walt Disney – one of the greatest business leaders who created the global Disney empire of film studios, theme parks and consumer products didn’t start off successful. Before the great success came a number of failures. Believe it or not, Walt was fired from an early job at the Kansas City Star Newspaper because he was not creative enough! In 1922 he started his first company called Laugh-O-Gram. The Kansas based business would produce cartoons and short advertising films. In 1923, the business went bankrupt. Walt didn’t give up, he packed up, went to Hollywood and started The Walt Disney Company.

Richard Branson – He is undoubtedly a successful entrepreneur with many successful ventures to his name including Virgin Atlantic, Virgin Music and Virgin Active. However, when he was 16 he dropped out of school to start a student magazine that didn’t do as well as he hoped. He then set up a mail-order record business which did so well that he opened his own record shop called Virgin. Along the way to success came many other failed ventures including Virgin Cola, Virgin Vodka, Virgin Clothes, Virgin Vie, Virgin cards, etc.

Oprah Winfrey – who ranks No 1 in the Forbes celebrity list and is recognised as the queen of entertainment based on an amazing career as iconic talk show host, media proprietor, actress and producer. In her earlier career she had numerous set-backs, which included getting fired from her job as a reporter because she was ‘unfit for television’, getting fired as co-anchor for the 6 O’clock weekday news on WJZ-TV and being demoted to morning TV.

J.K. Rowling – who wrote the Harry Potter books selling over 400 million copies and making it one of the most successful and lucrative book and film series ever. However, like so many writers she received endless rejections from publishers. Many rejected her manuscript outright for reasons like ‘it was far too long for a children’s book’ or because ‘children books never make any money’. J.K. Rowling’s story is even more inspiring because when she started she was a divorced single mum on welfare.

Bill Gates -co-founder and chairman of Microsoft set up a business called Traf-O-Data. The partnership between him, Paul Allen and Paul Gilbert was based on a good idea (to read data from roadway traffic counters and create automated reports on traffic flows) but a flawed business model that left the company with few customers. The company ran up losses between 1974 and 1980 before it was closed. However, Bill Gates and Paul Allen took what they learned and avoided those mistakes when they created the Microsoft empire.

History is littered with many more similar examples:

  • Milton Hershey failed in his first two attempts to set up a confectionary business.
  • H.J. Heinz set up a company that produced horseradish, which went bankrupt shortly after.
  • Steve Jobs got fired from Apple, the company he founded. Only to return a few years later to turn it into one of the most successful companies ever.

So, the one thing successful people never do is: Give up! I hope that this is inspiration and motivation for everyone who aspires to be successful in whatever way they chose. Do you agree or disagree with me? Are there other things you would add to the list of things successful people never do? Please share your thoughts…

read more via The One Thing Successful People Never Do | LinkedIn.

Video: Does brainstorming really work? | Marketing Blog

For years, I have seen people use brainstorming as a way to generate ideas and solve challenges.

brainstorming

For years, I have found traditional brainstorming sessions to be of very little value.

It seems I am not alone…

Does brainstorming work?

In this RSA video (below), journalist and author, Jonah Lehrer, argues that traditional brainstorming just doesn’t work. It produces fewer original ideas than people achieve when working by themselves.

He recommends an alternative approach, which I hope you find useful.

(Click the link below to see the video…very fascinating and useful! –Deb)

read more via Video: Does brainstorming really work? | Marketing Blog.

Land Up For Sale (but watch for the bombs) – Forbes

Generally speaking, I recommend individuals and businesses correctly calculate their income tax liability and pay it on time.

That said, there are those who think otherwise. Fascinating article on property for sale where a couple once lived–a couple who decided not to pay.

–Debra

For Sale: 110 acre hilltop compound in bucolic Plainfield, New Hampshire, approximately 1-1/2 hours from Concord, to be auctioned off by the federal government. Eight inch walls. Generator and capacity to function without outside utilities. Minimum bid: $250,000. Potential bomb risk.

Yes, bomb risk.

While federal officials hope to unload the property, former home of Ed and Elaine Brown, in order to settle a number of debts, they’ve had to be clear that they can’t guarantee that explosives and other booby traps aren’t hidden on the property.

Even more interesting? Your bid doesn’t guarantee you access to the property: you won’t be able to check it out until you’ve been deemed the winning bidder and agreed that you absolve the government from any bad stuff that could happen after you enter the property.

You know, like losing a limb or dying.

Despite having bomb detection devices and dogs on the property, authorities can’t guarantee that the property is clear from bombs and other booby-traps.

Read the rest via Here Comes The Boom: Potential For Bombs, Booby Traps On Tax Protestor Land Up For Sale – Forbes.

Stress-Free Bookkeeping | Virtual Bookkeeping Company – Your Administrative Solutions

Stress Free Bookkeeping

laptop with numbersManaging your books is a cumbersome but critical task for any business. It can be very time-consuming, frustrating, and could mean working late hours. However, it has to be done to know the worth of your business and to satisfy the government for taxes. You also need to do this on a regular basis to get an accurate idea of your financial health.

 

How do you make this stress-free task work for you?

Some small and medium businesses either employ part-time bookkeepers or do the work themselves. No matter how it is done it is still a mundane task involving shuffling papers and working extra hours. Often there is a twinge of doubt that you are not doing something quite right or are missing important information.

Ask any entrepreneur why they went into business and you’ll get a hundred different answers. Odds are that “do bookkeeping” was not on the list even though bookkeeping is the core of any successful business. It is the way to measure growth, keep cash flow positive and track expenses.

Bookkeeping is like learning to play a musical instrument. The secret is to learn the fundamentals and create a system that works for the company.

Here are a few tips that could prove helpful to make the right decision for bookkeeping and accounting needs:

 

Don’t mix business and pleasure:

Get a business credit card to enable you to separate your business expenses from your personal. By this time you have already started your business checking account. So adding that business credit card will help you establish and build business credit and points. Co-mingling funds between personal and business is not a productive or efficient way of doing business and can prove to be a headache at tax time.

 

Keep it simple:

When creating your business in your accounting software doesn’t create too many categories in the chart of accounts. For example, office supplies will be a sufficient category rather than separate categories for paper, letterhead, printer supplies, etc. This complicates profit and loss and adds time to the day-to-day activities when items are being expensed.

 

Automate your invoicing:

There are many online invoicing services that allow you to schedule invoices for clients who are charged on a regular basis. You will find that most accounting software has the ability to memorize invoices that reoccur monthly. The day of the re-occurrence can even be set such as the first of the month.

 

Use the right accounting software:

There are many accounting software packages out there that you can use to assist you with your accounting and bookkeeping needs. Of course, I highly recommend QuickBooks but there is also a wide variety of Open Source software which is free to download. Additionally there are a wide variety of free manuals and tutorials online.

 

Outsource to a virtual bookkeeper:

Outsourcing to a virtual bookkeeper saves time, money, worry, and headaches. Many business owners take two common approaches to tackling the issue of bookkeeping. They try to do it themselves – which is time consuming and can lead to costly mistakes. They pay large firms to do it – which is unnecessarily expensive. A professional bookkeeper has the skills and experience to do the job right. There are many advantages to outsourcing your books. Save money, save time, and the need for extra help. The biggest benefit is your bottom line.

  • Books that are inaccurate do not reflect the true health of the business
  • Being clueless at any level about where the money is going is not being in control of your business.

Business people need to focus on the business:

There are many aspects to running a business and the most important is earning money. Some things just have to be delegated in order to maximize time and productivity. Bookkeeping can be a painful and time consuming process and many business owners do not have the expertise or knowledge to get the job done right. Time spent on bookkeeping activities is time away from making money.

If you liked this article by Fran McCully, you’ll want to hop on over to http://www.YourAdministrativeSolutions.com where you can find more articles, resources and strategies to help manage the finances of your business. We also create business plans (with full market analysis and competitor research), do cash flow analysis, and assist companies with budget set up and implementation.

How to Read a Cash Flow Statement | Intuit Small Business Blog

Business papers and red pencilHow much money does your company have available right now? That’s a question your cash flow statement can answer.

As its name suggests, a cash flow statement charts the flow of money into and out of your business. It’s all about gauging liquidity — or cash on hand — so that you can make smart decisions about paying bills and buying additional assets or inventory.

When viewed with your company’s income statement (a report of sales and expenses during a specific time period) and balance sheet (a summary of the net worth of your company on a given day), your cash flow statement gives you a complete view of your company’s financial profile. (Publicly traded companies are required to disclose all three statements to the SEC each quarter.)

Let’s break down a typical small-business cash flow statement and review each of its sections. Print or view this sample statement [PDF] to follow along.

Read more: http://blog.intuit.com/money/how-to-read-a-cash-flow-statement/#ixzz2Z9RQOjsO

How to Read a Cash Flow Statement | Intuit Small Business Blog.

Mid-Year Tax Planning: Do It Now to Save Later | SBA.gov

With just about half of the year already in the books, now is the ideal time to take stock of your business activities year-to-date. This will enable you to take wise tax actions that will pay off on your tax bill when you file your 2013 income tax return next year.

What to look for in your books

Determine whether you’ve been profitable so far, and whether your numbers meet, exceed, or fall short of your estimates at the start of the year. Also, face up to losses that you may have experienced to date. If your analysis shows:

Better than expected, you’re looking for ways to reduce your taxes, so explore traditional actions such as:

Setting up a qualified retirement plan, such as an SEP or 401(k) plan, to save for your retirement in a tax-advantaged way

Buying new equipment and machinery to better run your business while capturing tax write-offs (explained later)

Also, make sure that your remaining estimated tax payments for 2013 are increased to avoid underpayment penalties.

Lower than expected, tax savings can still be helpful but may not be the most important action now. If your profits aren’t what you expected, or you experienced losses, reduce your remaining estimated taxes to conserve your cash and avoid making an interest-free loan to the government. (You can%E

via Mid-Year Tax Planning: Do It Now to Save Later | SBA.gov.