That is if you are getting one.
A common question by many of my customers
is what they should do with their tax refund.
Well, I know many of us have learned the hard
way, myself included, that when you get a tax refund
the first instinct is to go on a vacation, or buy that
flat screen TV you have always wanted. Or other
garbage that isn’t going to give you any sort of return.
I take that back, we do get some short-term pleasure
before the newness wares out.
My advice to you, take it or leave it is to invest it back
into your business.
Not only will it allow you to use it as a deduction for
next year’s tax return, but also, if invested wisely, allow
you to grow and expand your business, and earn a
return from that investment.
A few things I am using my tax refund dollars with:
Bigger and better website
Outsourcing (Got tired of doing everything myself)
Product Creation
Membership Site
Some others may come to mind soon.
I thought I’d try something different.
I want to hear from you…
Many of you know me as the Accounting expert, and
in all honesty, I don’t have an Accounting degree. In fact,
my degree is in Business Management and I happened to
fall into accounting shortly after graduation.
What’s my point? My point is, being a business owner
and entrepreneur, I am able to relate to many online business
owners out there.
I know you don’t have time for accounting/bookkeeping.
I know you may not even know where to start. Or how to do it.
Send me an email directly and let me know what
accounting frustrations you currently have in your business.
Examples may include, “I don’t even know where to begin”, or
“I don’t even have any organized company books” or
“I am not even making money”
I have spoken with many business owners, and they have
expressed the frustration to me of not know where all their
revenue disappeared to. Many have a product, have made sales,
but literally have nothing to show for it.
This may or may not be you. I know it has been me before.
So, reply to this email, and voice your frustrations to me.
I would love to hear from you. I will help you where I can.
Email me: jtoddmcguire@gmail.com
Don’t be shy, just do it.
One of the best tips to implement in your business….
Thing #1: Never Drop Your Price
No matter how slow things may get, never ever, ever, ever,
give into the temptation of lowering your price
to stimulate sales.
Sure, you may see a slight increase
in sales volume, however; you margins are lower, so
often times it’s a wash.
If people want a discount on my
stuff, I tell them: the “discount” is what the
price is at now.  The price will be increasing.

People who run “24 hour discounts” are punishing
the early buyers, and rewarding the people who sit
around and wait.  Increase your price every now
and then, never bring it down, and now you’re
rewarding the fast action takers.

Have a GREAT day today.

I would say three-fourths of American

taxpayers are overpaying their taxes giving
the government an interest free loan. I don’t
have a source to back that up, but in talking
to many business owners, I have noticed that
to be the case.
That’s even a conservative estimate.
Do you get a tax refund every year? Well, if
that’s the case, you just loaned the government
your hard earned dollars. At least they give it
back right? Until they can’t anymore…..
Even my father-in-law to this day and
for over a year is battling the
IRS for over $800,000 of over-paid taxes,
which could have easily been avoided with a
little organization.
Did you ever see that Seinfeld episode where
Kramer is trying to describe a “write-off”?
Here is the dialogue:
Jerry : What happened to my stereo? It’s all smashed up.
Kramer : That’s right . Now it looks like it was broken during shipping and I insured it for $400.
Jerry : But you were supposed to get me a refund.
Kramer : You can’t get a refund. Your warranty expired two years ago.
Jerry : So were going to make the Post Office pay for my new stereo?
Kramer : It’s just a write-off for them.
Jerry : How is it a write-off ?
Kramer : They just write it off.
Jerry : Write it off what?
Kramer : Jerry, all these big companies, they write off everything.
Jerry : You don’t even know what a write-off is.
Kramer : Do you?
Jerry : No. I don’t.
Kramer : But they do and they are the ones writing it off.

If you know what a “write-off” is, I applaud you. You

just fell into the 5% category of those that do.
Today’s Tax Tip:

Businesses can deduct all “ordinary and necessary”

business expenses from their revenues to reduce
their taxable income. Some deductions are
obvious — expenditures in such areas as business travel,
equipment, salaries, or rent. But the rules governing
write-offs aren’t always simple.
Don’t overlook these potential deductions:
Did You Know?
Business losses. Business losses can be deducted
against a business owner’s personal income to
reduce taxes. If a business owner’s losses
exceed personal income for the year, some
of the year’s business losses can be used to
reduce taxable income in future years.
Trips that combine business and pleasure.
If more than half of a business trip is devoted to
business, deduct the traveling costs, as well as
other business-related expenses.
I created this system to help small business
owners like yourself keep from being blindsided
by the IRS. I just included an extra
bonus as well.
Just so you know…..
Have you recently purchased home-based,
off-the-shelf softare?
I have….let me think which ones:
Screenflow (Camtasia equivalent for Mac)
Quickbooks
Snow Leopard…
I’m sure there are a couple more I may have to
rack my brain for.
Point is, I get to deduct the depreciation the year
I purchased them.
Yep, that’s another $500 deduction for my
home-based business.
What do I know right? Why should you belive me?
Here’s my source (It’s a pretty good one):
If you still have no clue on what went on in your
business last year, it may be time to implement
this:
One of my favorite quotes,
“The two rules of procrastination:
1) Do it today.
2) Tomorrow will be today tomorrow.”
-Author Unknown-

Blog Coming Soon!

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