Richard M. Colombik & Associates, PC

12/20/2022

If you're an entrepreneur, you're inherently a risk-taker.

But... are you holding back to the point where you're stunting your growth?

A few tips to help you get out of that funk:
1. Invest in your education. The wisest entrepreneurs read about the successes/failures of others, and plan accordingly.
2. Invest in a system. Find a way to make your business scalable. Not sure how to do that? Read Michael Gerber's books (The E-Myth series).
3. Invest in sales and marketing automation. Figure out a way to make sales online, or through other advertising media ... in a systematic, "hands-free" sort of way.

12/09/2022

If inflation's got your business struggling to meet the bottom line, why not reduce inventory?
What you sell is one of your biggest expenses.

Try grouping your inventory by value:
“A” group = biggest moneymakers
“B” group = middle ground
“C” items = make the least

Keep a close eye on the supply chain -- especially the A items.

If your suppliers are getting prone to longer or fluctuating lead times, stock up on their items when you can. And if you’re finding a lot of items in your “C” group, maybe consider ditching some.

12/08/2022

Bonus on your mind? Make sure you're thinking about the tax implications.

Understanding how bonuses are taxed can be confusing due to the withholding laws. Here we clear up the confusion so you can make the most of any bonus coming your way.

12/07/2022

Some of the most common red flags for tax fraud investigations:
1) Keeping two sets of books
2) Making false entries in books and records
3) Claiming personal expenses as business expenses
4) Claiming false deductions or credits against taxes owed
5) Hiding or transferring assets

12/06/2022

Those who reach their financial goals usually carry a willingness to live beneath their means for as long as it takes. While their peers are showing a tendency toward embracing the good life at the first sign of prosperity, the would-be wealthy take a pass on all of that.

A drive to save large amounts of money causes frugal spending habits, which then enable the ability to make purchases without using debt.

It's a domino effect.

12/05/2022

There are a few different approaches to getting debt reduced, but some come with some setbacks that you should consider ahead of time.

Here are two:

1) Debt Settlement -- Inviting a third party to negotiate outstanding debt in your name.
Setback: You often end up paying more out of pocket than if you had just taken on the debt yourself.

2) Debt Consolidation -- The consolidation method is used by companies that essentially roll all your debt into one lump sum, then charge you at a lower interest rate.
Setback: It (usually) just means you'll be in debt for a longer period of time.

12/02/2022

If you have years of unfiled tax returns weighing on you, don’t get paralyzed by the burden.

First of all, the IRS only requires filing for up to 6 years past.

Second, it really is possible to work out a doable plan for repayment.

12/01/2022

This is the time of year when we re-examine what success looks like.

In rethinking and re-examining, you'll soon discover that sometimes the "most successful" people can be the most impoverished ... and those without many zeroes in their accounts can be flat-out rich.

"Success" is a state-of-mind -- and it's tied to gratitude. Gratitude is the enemy of fear. It's like an opposite magnet for it. Walk in gratitude, and fear just melts away.

11/30/2022

One thing that should be on your radar: Year-end moves that will affect your 2022 tax positions. Whether it's spending, saving, asset structure, etc ... we only have one more month (or so) before the books close.

After 12/31/22 ... we're mostly confined to "historical" work on your tax files.

Reach out to talk about it.

11/29/2022

Ever thought about giving more than just money for Giving Tuesday?

Which of these giving ideas resonates the most with you?

There are many ways you can give back to your community this year that go beyond giving cash.

11/29/2022

Business owners, it's the little things that count with your employees this time of year.

Here's a way you can help them with their 2022 tax returns.

Invite them to take a quick look at their tax withholding *before year-end* and make last-minute adjustments up or down based on any income and other life changes that may have occurred this year.

This is one positive step they can take toward affecting their 2022 tax burden.

11/22/2022

What are the most important tasks in your business?
1. Taking care of customers
2. Growing revenue.

Add any trendy business philosophy you want on top of that, and it still gets down to the same thing.

EVERYONE on your business team should either be adding revenue or helping to control expenses. We suggest you (constantly) ask your staff -- and yourself -- what they can do to help.