Five Reasons 8 Out Of 10 Businesses Fail – Forbes

According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn.

via Five Reasons 8 Out Of 10 Businesses Fail – Forbes.

In our 60 years of combined business experience, we have seen this all to often.  We have seen these statistics in real life and the effects they have on families here in Northwest Georgia.  Through our mentoring program, we are able to provide you that resource of knowledge to help you make the best decision for you, your business and your family!

Find out more by calling Madden Consulting today at 770-748-3485!

 

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RN-T.com – Northwest Georgia Career Expo set for Nov 14

You have to give back!  Please come out and join us!

RN-T.com – Northwest Georgia Career Expo set for Nov 14.

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Summertime Tax Tip 2013-23 — Record Keeping

In less than 4 months, 2013 will be over!  How is your year looking to-date?  Are you making your estimates to the IRS based on last year or do you need to be making them based on what you are really earning YTD.  Be ready!

Summertime Tax Tip 2013-23 — Record Keeping.

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Don’t file that extension until you read this!!!

Today is April 15th and that means that the IRS wants to hear from you by today about your taxes for 2012. Understand, your taxes are due today, just not maybe your tax return! If you believe you owe for 2012 but are not sure how much, estimate and send it in with your extension. When you file your return, be sure and post the payment as being sent in with the extension so if you overestimated how much you owed, you can get it back! Review these tips today before you send in that extension!!!

IRS Tax Tip 2013-52: Five Things to Know if You Need More Time to File.

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When you look at your stock holdings and see something foreign…

Over the last few years, there have been some great investment opportunities in mutual funds whose portfolios contains investments in foreign countries.  That is why on some of your 1099-Div statements you have a line that states foreign income tax paid.

The article below talks about what to do with income from another country.  Take a look below for more information.  As always, call or write if you have a question!

IRS Tax Tip 2013-42: Seven Tips for Taxpayers with Foreign Income.

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As we dig out from the storm, here is some information you might need!

Many people are digging out from the storms of yesterday here in Northwest Georgia.  While you work with your insurance adjuster, here are some great resources to review in case you suffered damage!

1.  Stay safe till weather clears.  Continue listening for news and weather announcements from news and government outlets.  Travel only if necessary so emergency responders have to not worry about additional emergencies caused by people who want to just “look and see”.

2.  Once safe, take an inventory of the condition of your home and business for damage.  Take pictures and take notes.  Attempt to keep further damage from occurring to your home if you are only knowledgeable to do so.  Tarps over roofs and other possible minor quick repairs.

3.  Immediately start a claim with your insurance carrier.  You can always call your agent, but here are a few numbers (of course, no endorsement for any):

  • Allstate – 1-800-255-7828
  • Travelers – 1.800.252.4633
  • Farm Bureau – (855) 432-2567
  • State Farm – 1-800-782-8332
  • Alfa – 1-800-964-2532
  • Geico – 1-800-861-8380

4.  Contact local utility companies about any loss of service.

5.  Keep any and all receipts regarding your damage.

6.  Verify off-site personal information is available to you in case of damages caused by storms.

Stay informed, safe and prepared.

Here are some great links!

Good what to do article – http://online.wsj.com/article/SB10001424052970203707604578092943938947524.html

Georgia Department of Homeland Security – http://www.gema.state.ga.us/#

IRS Information about Casualty Losses – Publication 547 (2012), Casualties, Disasters, and Thefts.

 

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IRS Tax Tip 2013-36: Home Office Deduction: a Tax Break for Those Who Work from Home

For those who were wondering how to take a home office deduction!

IRS Tax Tip 2013-36: Home Office Deduction: a Tax Break for Those Who Work from Home.

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The Cheshire Cat in Alice in Wonderland

The Cheshire cat in Alice in Wonderland gave Alice some advice. Alice came upon a fork in the road. Alice asked the Cheshire cat which road she should take. The cat asked Alice where she was going and Alice replied she did not know. The cat then replied then what difference does it make which road you take. Like Alice if one does not know where one is going the decision at the moment is not consequential. The problem is where one could wind up and at what cost.

One tends to forget who runs the business. All too often the business begins to run the owner. The questions one must ask what are our goals and objectives. It is easy to simply state make a profit. Painting goals with a broad brush is like having no goals at all. What are sales goals by product? What are my monthly sales goals? What are my daily goals? It is not as simple as saying I want to increase sales by ten- percent. Evaluation, introspection and research are important parts of the planning process in a small business. One you establish goals the “how to get there” becomes even more important. Goals are not all financial but might include quality product, customer service, improved working conditions and etc… The end product should be expressed in a budget that is monthly for every line item of income and expense. The budget must anticipate capital outlays, debt payment and sources of funds needed, before one day one finds no money in the bank. Banks are not the same bank one knew years ago. Money is tight; it is easy for a banker to say no.

Goals in an owner’s life must be considered. Otherwise one lets their business control our lives. The two goals business and personal cannot be in conflict for a sustained period of time. Free time for oneself, time for family and faith are very important. It is easy to work eighty hours a week; your business will love it.

I once was told that working hard is all right; if you are truly making money. Often small business owners do not make the minimum wage. It is never good to be tired and broke.

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To Report or Not to Report

In January 1994, I began as an accountant in my Father’s CPA practice. As a recent graduate from Berry College, I felt it was time to put to practice what I learned and was happy to begin a career in public accounting.

Since that time, I have worked in both public accounting, accounting for my own business and working with the public and one thing keeps surprising me every time I hear the phrase, “Do I have to report the money I made even if they didn’t send me a 1099, W-2?” The answer is yes! Usually, I get the same response, why? If they didn’t report it, why should I?

I could go into the Internal Revenue Code. By the way, do I think the IRC should be worked on or even replaced, yes, but it is what we have now so we have to work with it! Write your congressman or elect another one if you hate it so much! I could let you know that there are penalties for not reporting all of your income. There are even penalties for not reporting 1099s properly and timely (February 28 is fast approaching). My grandfather though had one saying, he was blessed to pay the taxes he owed because it meant he had the money to do it.

Did you know that last year, the IRS estimated that $250 billion dollars of taxes were lost last year to people who didn’t report. Pew Research Center reports a poll they did in 2006 that 79 percent of us believe that it is morally wrong to not reporting all income for taxes purpose. That means that 2 out of 10 of us, do not think it is wrong morally! Remember, these are the people who will come out and say that they don’t think it is wrong. Many know that polls reflect how we think, not always how they act.

Personally, I pay my taxes and am happy to do it. Now, I will attempt to deduct as much as the law allows, because that is my definition of fair share. Here is the big reason why I do it, and ask others to as well, it is because it is right.

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Top 10 Time Sucks at Work | Fox Small Business Center

Is this happening in your office?  If so, what is it costing you and your business in profitability?

Top 10 Time Sucks at Work | Fox Small Business Center.

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