Header Right

Tech and Software Investments Worth Making for Your Small Business

by

Photo credit: Pexels.com

Want more tips for leveraging technology and maximizing your business success in general? Take a look at Brent Eugenides’ blog for valuable content like the following article.

Cutting-edge innovations aren’t just for huge corporations. Small businesses can likewise benefit from technology, which can help make operations more efficient and save money. The key to success is picking the right technologies that offer a practical benefit to your everyday business life and will thus offer a good return on investment.

This guide highlights some of the most useful tech tools and software products that no small business should be without. Take a read through to see what might be useful for you.

A quality smartphone

Still clinging to your old phone? It’s time to upgrade. With the right aps, a great smartphone can become a multifunctional work tool, helping with everything from project management to appointment scheduling. Many of the tech tools and software discussed below have apps, allowing you to make the most of your technological investment even when you’re on the go.

Reliable video conferencing technology

Video conferencing is the way of the future. As the business world increasingly embraces remote working, it’s critical that you have a reliable tool you can use to connect with clients, vendors, workers, and more. RingCentral offers a roundup of the best video conferencing software, including Google Meet, Zoom, UberConference, Zoho Meeting, and Microsoft 365.

Cloud-based file storage

From invoices to contracts, digitize your paperwork. This will save you valuable space, eliminating the need for clunky files. Plus, it’s more secure, since your documents can be easily backed up. You won’t have to worry about papers getting wet or otherwise ruined. Opt for a cloud-based storage provider, which can enhance cooperation and improve security.

A digital project management app

Project management software allows you to keep control of project deliverables and schedules, minimizing the risk of delays. This can be especially useful when your business is juggling multiple projects simultaneously. When selecting a tool to use, look for essential project management functions, like resource allocation, budget costs, and time tracking.

Payroll automation software

If payroll is taking up too much of your time, try switching to a full-service payroll software platform. You’ll be able to automate processes like employee time tracking and payments (for example, with automated same-day direct deposits). Advanced technologies like QuickBooks can even provide options that include automatic calculations to streamline your business tax filing, full support to ensure accuracy and compliance, and protect you from tax penalties.

Website management tools

A user-friendly website can be a great way to attract customers to your business. Unfortunately, a website isn’t something you can create once and never think about again. Your digital platform requires constant upkeep. Luckily, there are tools available to help with managing everything from design to ecommerce, SEO, marketing, analytics, and more.

Social media automation technology

Social media is one of the most valuable marketing tools for small businesses, as it’s both cost-efficient and effective. That said, maintaining multiple channels can get tiring. HootSuite provides a primer to automation tools that can make it easier, like Zerofox and Chatfuel. By devoting less time to social media, you’ll have more time for your core business tasks.

Cybersecurity software

From your website to your email, you want to secure your online business activities. Data theft is a common issue for businesses. In the worst-case scenario, a data breach can compromise customer data and put you at risk of a lawsuit. Invest in cybersecurity software like malware protection.

You might think that you’re doing your small business a favor by avoiding spending money on technology. In fact, you are putting yourself at risk of falling behind. Technological innovations like those described above will ultimately benefit your business.

Get your business back on track after Covid Shutdown

by

Photo via Pexels

How to Get Your Business Back on Track After Coronavirus Shutdowns

While some businesses have been allowed to reopen, consumers are still hesitant to venture away from home to purchase nonessential products and services. You may have to make some adjustments to keep your business moving forward. Fortunately, we’ve assembled some great resources to help you and your business make it through this difficult time!

Brent Eugenides can help your business reach its financial goals by incorporating the most tax-advantaged methods possible. Call (860) 245-9525 or complete this form to explore your options!

Uncover New Growth Strategies

Despite the pandemic, you can continue growing your business and reaching customers in new ways.

● Adapt your business during COVID-19 by taking risks and trying innovative, new ideas.
● Boost your bottom line by reducing your customer acquisition costs.
● Expand your product line to offer items your customers really need right now.
● Migrate to cloud computing to improve technology access and help your business adapt to growth.
● Structuring your company as an LLC has tax advantages which can lead to long-term savings.

Improve Your Online Presence

With more consumers hunkering down at home and shopping online, it’s important that your business has a strong online presence.

● Optimize your website for mobile devices so consumers can browse and shop from their smartphones.
● Use social media to network with other business owners, professionals, and influencers in your niche.
● Selling your products on Amazon can dramatically boost profits, so work with an Amazon consultant to increase sales.
● Whether you do it yourself or work with an IT specialist, prioritize and improve your website’s security.

Make Upgrades to Your Store

Welcome customers back to your brick-and-mortar store with some attractive and inviting upgrades!

● Revamp your storefront with new window displays and signs.
● Paint an accent wall to add dimension to your retail space.
● Adjust the layout of your store to influence your customers’ buying decisions.
● Use strategic lighting to enhance the atmosphere and visual appeal of your store.

If your business is struggling under the coronavirus pandemic, you’re certainly not alone. Small businesses everywhere are fighting financial turmoil as they race to adapt to the new buying habits of their consumers. Take advantage of this temporary slowdown in business activity to make improvements to your business—both instore and online!

Bookkeeping , Tax and payroll, Packages – Flat fee approach

by

The way many business services work today is through a monthly or subscription model. It seems like many in the CPA accounting industry are catching on as well and we strongly believe it is the best way for small business clients and accounting firms to do business together. Bundling services into packages and applying a flat fee paid monthly through an auto pay system,both parties have clearer more defined expectations. The accounting firm knows exactly which services it will provide and the business owner knows what to expect. It reduces miscommunication and keeps both sides accountable for their respective deliverable and duties. This type of engagement is also an excellent way at annual review time to identify what needs to be adjusted and provides for a clear open dialogue. For example the business owner my initially decide to do the bookkeeping in house and have the accounting firm do a monthly reconciliation. At review this can be discussed to determine if it would be more efficient for the accounting firm to do the bookkeeping all the time relieving the business from this time consuming work. Not to mention the mistakes on entry that the business made!

Next time you are reviewing your payroll bookkeeping and tax work needs consider bundled pricing. For more details on this concept check out our accounting packages page which describes how we do it. https://www.culhanecpatax.com/accounting-packages.htm

5 Smart Ways

by

5 Smart Moves to Make The Most of a Limited Retirement Income

Are your retirement savings limited? That’s not uncommon because many older adults who are approaching retirement don’t have enough saved to match their pre-retirement income. While it may be too late to make adjustments to your retirement savings plan, you can tweak your retirement budget for more comfort during your golden years. Read on for simple budgeting tips that can provide a needed boost for your retirement income.

Check for Auto Insurance Discounts

Are you a safe driver? Do you drive less than 12,000 miles per year? Then you could be paying too much for your car insurance, if you’re not taking advantage of common insurance discounts. Using these tricks could save you hundreds of dollars on full coverage, which offers more financial protection than simply meeting state minimums. You can compare rates from different companies, searching for discounts or policy bundles that can lower your transportation expenses during retirement.

Look for Retirement Tax Savings

Another simple way to maximize your retirement income is by having tax know-how. How and when you access your retirement savings can impact your overall tax bill, and you may even be able to find ways to save with deductions and credits. For the latter, and to make sure you keep your finances on track, U.S. News notes it could be a good time to meet with a financial advisor. While this may be an upfront expense, a financial expert will have the knowledge to make sure your tax bill stays low in retirement, and that you can stretch your hard-earned dollars further.

Search for Easy Everyday Savings

If you want to trim your expenses with minimal hassle, you should start with your daily expenses. Your daily spending habits, like picking up a latte from your favorite cafe or subscribing to multiple newspapers, can strain your retirement budget more than you think. Just cutting a handful of these expenses could potentially put thousands of dollars back into your pocket each year, but you have to find alternative ways to feel like you’re not missing out on those simple pleasures. So instead of picking up a latte, consider enjoying some DIY lattes at home, or read up on the news using free online sources.

Hunt for Savings Within Your Home

Your home can be a major expense as well, especially when you include the costs of utilities and home maintenance. So if you want to maximize a tight retirement budget, you have to find ways to stretch pennies at home. That can be as simple as changing out the light bulbs inside and outside of your home, or unplugging electronics when you are not using them. All of these small tweaks can really add up and even increase the comfort of your home. If you want to invest a little more upfront, you can also add money-saving smart home features.

Think About Adding to Your Income

Spend some time online and you can find endless ways to save money and reduce costs in retirement. If you still want to enjoy your golden years though, and have some extra cash for things like hobbies and travel, you may want to look for ways to actually supplement your limited retirement income.

Forbes points out that doesn’t mean you need to find another full-time career, but you can look for a part-time job in the gig economy. Working a “gig” can mean opening your own online craft store or spending time walking dogs, and gigs can be perfect for seniors who may be looking to earn some extra income without sacrificing the flexibility of their golden years.

Finding ways to save and budget during retirement is becoming a more common need for seniors in America. Luckily, if you are a senior who is living on a fixed income, you don’t need to make painful sacrifices to live comfortably. With simple and doable adjustments, you’ll have enough leftover to preserve your quality of life.

Photo Credit: Pixabay

Home Equity Loan Interest is still in play 2018

by

Most of us will agree that our biggest investment is in our home. So, it shouldn’t surprise you that your house or condo is your first port-of-call whenever there’s a need to borrow money. And the easiest way to draw funds against the security of real estate is by arranging a Home Equity Loan.

Home Equity funding helps us in important ways:

  • Number one, the interest rates payable on this type of loan are arguably the lowest available.
  • Secondly, you can get the cash working for you quickly with the least bother, paperwork and tedious protocol.
  • Then there’s the third big reason: help from Uncle Sam.

Up to now all interest payments on a Home Equity Loan were tax-deductible. It made borrowing almost a no-brainer! Who wouldn’t opt for already-low interest rates to be pulled even lower? Benefits like this are rare in our modern world where it seems like everything, including financing fees, are only going up.

Well, it’s time for a retake on the “Uncle Sam thing”: the new taxation laws as per the Tax Cuts and Jobs Act of 2017, enacted in December of the same year, have removed some delectable treats from the traditional “Home Equity feast”.

Is it likely to change your borrowing behavior anytime soon? No, but it should give you pause. There’s a certain logic to it that really can’t be argued with. Here are the new Home Equity items to keep in mind:

  • The amount you can borrow is tied to the value of the residence, be it a primary or secondary home. The I.R.S. has decided that your total loan value cannot be more than the assessed value of the asset as a start.
  • And in combination with all other mortgages cannot exceed $750,000. So Home Equity lending is not the bottomless well some may believe it to be.
  • Tax breaks haven’t disappeared but at the same time, they simply are not what they used to be. Any Home Equity draws you make from now on have to be used to build, renovate or essentially improve your residence to qualify the interest payable on them for a tax deduction.

So on this last point, for example: if you use your new funds to pay off student loans, reduce your credit card debt or splurge it on a vacation, nobody is going to stop you. What they are going to stop is anyone claiming tax relief for this type of expenditure for the foreseeable future.

TD Bank in a survey points out that 32% of Home Equity Lending fits the new definition for deductibility. Looking at it from the other side, 68% of the tax deductions we took for granted for so long now fall away. That said, we all know that there’s no substitute for smart thinking to make the most of new terms and conditions.

So don’t hesitate to consult with our professional tax team when it comes to making your Home Equity decisions, or to clarify your thinking on any tax matter. We often see benefits buried under the “strict letter of the law” – we could make a difference.

Installment Sale to the Rescue!

by

You’ve finally found a buyer for the rental property, land, or business you’ve been trying to sell but the buyer doesn’t have enough cash to pay the full purchase price in a lump sum. So you agree to an installment sale. The buyer will make a partial payment now and pay you the balance over several years, with interest. The deal’s done, now what about your taxes?

Pay as You Go

Because you’ll receive the payments over more than one tax year, you can defer a portion of any taxable gain realized on the sale. You’ll report only a proportionate amount of your gain each year (plus interest received) until you are paid in full. This lets you pay your taxes over time as you collect from the buyer.

Reduce Surtax Exposure

The installment sale also might help limit your exposure to the 3.8% surtax on net investment income. Capital gains are potentially subject to this surtax (in addition to regular capital gains tax) but only in years when your modified adjusted gross income (AGI) exceeds a threshold amount: $200,000 if you file as a single or head of household taxpayer, $250,000 if you file a joint return with your spouse, and $125,000 if you are married and file a separate return.

If your AGI is typically under the threshold, recognizing a large capital gain all in one year could put you over the top, triggering the additional 3.8% tax. By reporting your gain on the installment method, you may be able to stay under the AGI threshold and minimize your tax burden.

Take Note

The installment sale method isn’t available for sales of publicly traded securities and certain other sales. And you have the option of electing out of installment sale treatment and reporting your entire gain in the year of sale. Electing out may be advantageous under certain circumstances: for example, if you have a large capital loss that can offset your entire capital gain in the year of sale. Contact your tax advisor for information that pertains to your particular situation.