Would you go to a priest who didn’t believe in
God? To an
accountant who doesn’t do his own taxes? To a restaurant where the chef doesn’t eat his own food?
Whether you’re selling ice cream cones, ice sculptures, iced coffee or ice to the eskimos, you need to believe in your product in order to be successful. If you really believe in your product, your commitment will show through to your potential customers. Yet as a professional, no one can make you to believe in something against your will. You have to want to believe first.
The best way to become an effective advocate of your product is to know it yourself. Become familiar with it. Inside and out. Backwards and forwards. If it’s possible to use your product or service on a daily basis, then do it Become an expert at what you do by doing it every day. In the end, the more you know about your product, the easier it will be to persuade your prospects about its features and benefits.
And don’t underestimate the intelligence of your customers. They can tell whether your heart’s into it or not. They’ll sniff out your bs before you even do.
Take a simple step toward success today by using the product or service that you’re trying to sell.
Technorati Tags: ice_cream_cones, ice_to_the_eskimos, ice_sculptures, accountant, advocate, iced_coffee, god
This is the second part in a three-part series exploring tax-saving strategies for businesses and business owners
Did you start a new business in 2007? Or take over an existing company or franchise? If so, in the next few months, you are going to have to deal with your first-ever business tax return. For many new business owners, this process can be intimidating, stressful and fraught with peril. How can you avoid this potential headache come tax time? By being prepared. That’s how.
One of the best ways to prepare is by working with a CPA or tax professional. Aure, you can complete your business taxes on your own, but why risk making a critical mistake when you don’t have to. You may even be tempted to purchase one of the many tax preparation software packages available on a retail basis. But you wouldn’t perform surgery on yourself (even if you did stay at a Holiday Inn Express), would you? If you can afford it, leave the heavy lifting to a professional. Don’t let your ego get in the way of doing the absolute best that you can for yourself financially. Bite the bullet and find someone competent that you can trust. A good account should not be very hard to find. Check with your local Chamber of Commerce or CPA association for a referral. Or ask a friend or colleague to recommend a professional.
According to a recent Kiplinger’s article, you should try to keep the following items handy when preparing for your inaugural business tax return.
- The previous year’s business tax return — This would be especially helpful for those who may have purchased an existing business or participated in a change of ownership at their current company
- Articles of incorporation
- Partnership agreement
- Accounting records — This may seem self-evident, but these documents are the very basis of your tax return. Whether you are using a software package like Quickbooks or keeping an accounting ledger by hand, it is critical to keep these records organized and accessible
- Bank Statements — These are usually a good failsafe for any income/expense accounting that you may already be doing
- Credit Card Statements — These statements will usually catch all the day-to-day expenses that fall through your record-keeping cracks. Many credit card companies (like American Express and Visa) provide a complimentary year-end summary statement for this very purpose
- Payroll Reports
- Details of Assets Purchased — This will help you determine potential deductions and depreciable assets
- Depreciation Schedules
- Detail of Asset Dispositions — If you sold any equipment or business-owned property during the previous year, you’ll need to have accurate cost basis and sale information to calculate any capital gain or loss
- Vehicle information — Keep all your mileage and gas receipts
As the familiar adage goes, an ounce of prevention is worth a pound of cure. Get organized while you still have the time. Don’t give in to the temptation to procrastinate. Stay ahead of the game and always be prepared for what lies ahead. Your accountant — and your bottom line — will thank you.
