Is it possible to run a successful business?

Thinking about ways to get your new business off the ground can seem daunting. There are a few tips that I think may help you on your journey. A few questions I would ask myself:

• Do I even believe in the service or product that I am offering? People can sense if you are truly passionate about your brand. It is so important to educate your clients on why your services standout and why you truly believe it will enrich their lives.
• Are you offering something that your client cannot live without? It is easy to come up with a business idea but it is entirely different to offer a service that will actually benefit someone. Being clear on why, how and when your role in someones life will equate to making their life easier and give them something they will not find anywhere else is vital to your success.
• Do I have the ability to follow through? Are you driven enough to work long hours, go the extra mile, answer mundane questions and requests? As someone who believes in offering an amazing customer experience, I understand that owning a business is not always convenient. There are random phone calls, emails with last minute changes and these are all part of the package.
• Do I have the drive to continually grow? When you come up with a genius idea and finally put all the pieces of the puzzle together, there will be someone waiting in the background ready to jump on the bandwagon. Do you have the ability to be innovative, to constantly challenge yourself and your product? If you want to continue to stay on top, change is necessary. 
• What if I fail? Oh, you will! Sorry to burst your bubble but you will fail and fail hard at that sometimes. A good planner will have invested a cushion - a small amount of 'mistake money' for those moments you're in a "what the hell was I thinking' sort of situation. But, you got this! The best companies have lost and won and lost again, its all part of the process. The companies that last are the ones with good planning and the will to survive.

My last two cents: Do not ever forget your key values and stick with them, yes, you can be flexible with the services and products you provide but who you are and the values you hold should never waiver.

Listen to your clients: If you are unwilling to listen to your clients needs, then why are you in the service industry? Listen, take note and make changes when necessary. People appreciate a company that listens to their feedback.

To meet our team and see why we are so passionate about what we do - please contact Ken Anaya at: (844) KAA-4TAX or (844) 522-4829

Dog Related Tax Deductions

Have you ever wondered if dogs were tax deductible? As much as we all believe that our pets are members of our family, the IRS sees things differently - so, you will not be able to claim your pet as a dependent; however, there are certain exceptions to the rule.

You can deduct the cost of shipping your car and your household pets (including dogs, cats, birds, fish, etc.) to your new home. There is a catch though:

• Your move is closely related to the start of work.
  
• You meet the distance test.
  
• You meet the time test.
  

For more information - Review Publication 521

 

If you own a guard dog (size and breed do matter here) to protect your business - keep your records and all work-related expenses. This would include dog food, any special training or veterinary bills.

If you open your home (or heart) to foster animals in need: Foster animals from a qualified nonprofit are deductible on Schedule A as a charitable donation. Keep in mind that expenses should go toward caring for these animals, such as buying them food, pet supplies and put towards any vet visits.

Service animals are considered to be part of your medical expenses, so they are also tax deductible if you itemize.
  
Claiming tax benefits could require some creativity, convincing the IRS that you have reason to deduct pet-related expenses and good old research. The information is out there, it just takes due diligence. To make things even easier, working with a knowledgeable consultant or accountant can take all the guess work out of the equation. If  you have any pet-related expense questions - contact us - we can help!

Got money to Pay the IRS on April 18th?

So, you don’t have the money to pay the IRS by the April 18 deadline? Don’t make the dumb and expensive mistake of not filing your tax return. Instead, you should apply for an extension. 

You can defer paying your tax bill until later. But, you will be charged penalties and interest until the tax is filed and paid-in-full. Do not just sit on the couch and do nothing. If you do nothing you will be penalized to the tune of 5% of the unpaid balance each month, up to a total of 25% (after five months). After that, you’ll be charged interest at the 0.83% per month. If an extension is filed it will give you until October 17, 2017 to file. If you are still short come October you can then try to arrange for an installment agreement to pay your tax debt.  

See IRS Form 9465 for more details on how to apply for an installment agreement or talk with your Tax preparer, Ken A. Anaya about this form.

Do you get the full credit as Boss of the House?

A very common mistake is for an unmarried individual taxpayer filing status as a “Single” taxpayer when they qualify for the much-more tax favorable “Head-of-Household” (HOH) filing status.

Your filing status is used to determine which standard deduction you are eligible for and what tax credits will be available. Discuss this topic with your tax preparer as they will need to evaluate the one that will result in the lowest amount of tax that is best for you. 

 

Talk with your Tax preparer Ken A Anaya about this deduction.