Tax planning
By By Craig Koop as featured in Smart Business San Diego
How to take fair advantage of state and federal tax codes
All too often, when business owners begin discussing tax planning, what they really end up referring to is the process of tax compliance. Tax compliance is the process of reporting your income to the Internal Revenue Service and, hopefully, accurately ensuring that your tax preparer takes advantage of all the deductions and credits you are entitled to.
“The effects of good tax planning can obviously be foregone without proper reporting and compliance,” says Craig Koop, director of implementation …
Smooth Sailing
By Dan Schneider as featured in Construction Today
Many factors can make or break a construction business. Communication across the firm allows for the fast analysis and resolution of problems.
Most construction company owners strive to run a smooth and profitable operation, and yet they stumble along the way. Although a construction company can be one of the most difficult business models to manage by even the most seasoned entrepreneur, many of an owner’s struggles result not from the complexity of the model but from ignoring the details of the business. In virtually every construction company, the details relate to …
Six Tenets for Business Success
By Tyler Burgess as featured in Construction Executive
The success of a construction company is no longer dependent on the artisan or the professional craftsman turned construction company owner, running a profitable and efficient business may be an entirely new craft. By applying these six tenets–and a little bit of hard work and determination–construction company owners can master the craft of business management.
Tenet one: Produce profitable sales
Profitable sales begin with strategic bidding. The person who performs this task must be knowledgeable about the financial side of the business and understand the difference between variable and fixed costs. Variable …
Web approach
By Tom Ryan as featured in Smart Business Philadelphia
How to develop an online business strategy
While many business owners recognize the need for having a Web site, most don’t have a clear strategy. Instead, they see their site as a simple electronic brochure where prospective buyers can learn about their business, but a Web site should be much more — it should be designed as part of your business’s online strategy.
E-commerce has too often been viewed as a separate marketplace. It was that view that resulted in the wild run-up of stock prices for Internet based companies before …
Still Time to Reduce Year-End Taxes
By Craig Koop as featured in Home Business
Businesses and individuals, armed with an understanding of changes in the federal tax code, can still make decisions that may significantly impact their 2003 tax liability. There are generally three basic strategies that can be employed to decrease income tax liability: 1) deferring or accelerating income; 2) accelerating expenses; and 3) taking advantage of available tax credits.
Deferring or Accelerating Income
Individuals with relatively stable income, who experience no significant movement between tax brackets, most commonly postpone payment of taxes by deferring income and accelerating deductions. For example, delaying a year-end bonus …