Showing posts with label advisor. Show all posts
Showing posts with label advisor. Show all posts

Sunday, 25 March 2012

Time to Give Back as a Successful Entrepreneur


March 25, 2012

Achieving SuccessAchieving Success

Achieving success as an entrepreneur can be interpreted a number of ways at a number of different levels.  No matter how you slice it, you most likely achieved success through your own efforts AND from the people, contacts and professionals that helped you get there.  At some point you should be willing to continue that good-will cycle and help other budding entrepreneurs.  Do your part to help the business environment thrive.

What You Received Along Your Way to Achieving Success

On your pathway to success you were educated and gained experience in operations and management.  Through mutually beneficial arrangements you gained most of your valuable on the ground experience from some employers who took the time to help you build capacities.  Not only did the employers enjoy the fruits of your labor but you also used this to your advantage, to be later applied to your ventures.
Early on in your entrepreneurial endeavors you may most likely had the benefit of being coached and mentored by a successful business person.  That successful entrepreneur was a willing participant to assist you in your own business pathway.  You probably noted that person was also benefiting, with sharpening his or her leadership skills or observing your business dynamics.
Your family and friends were most likely very supportive as you dedicated much time, money and resources to achieving your goals.  Many were patient, and many were willing to assist you to achieve those goals, lending moral and sometimes financial support.

What You Can Give Back as a Successful Entrepreneur

Looking at your pattern and pathway to successful entrepreneurship, you may be able to give back in the same manner to those who are building capacity to be a successful entrepreneur.  Here are some of the constructive things you could do to give back to the business community:
  • Volunteering to business organizations
  • Hosting workshops and presenting successful methods
  • Blogging on business topics
  • Mentoring and coaching
  • Assisting youth entrepreneurship groups
  • Taking an employee under your wings, under your guidance
  • Donating money and other resources if you don`t have the time
  • Encouraging and empowering your business teams to contribute to the same entrepreneur causes
  • Creating a network of professionals across multiple industries that help build capacities
  • Advocating for change and capacity initiatives to the local and Federal governments
If you had the benefit of achieving success and you know others assisted you on your pathway to achieving success, you should consider giving back.  This continuous cycle of good-will is essential in helping the current and future business generations thrive, and strive for success.
Business information, resources and tips for the entrepreneur
© 2012 Strategy Plan One

Monday, 19 March 2012

Fresh Start Initiatives Expanded and Other Tax Tips


March 19, 2012 

tax tips IRS Fresh Start Initiatives Expanded

In blogging about more tax tips we decided to highlight some key points to today’s Internal Revenue Service’s (IRS) latest bulletin.  For taxpayers who have a balance of taxes owing and are finding it difficult to keep up, today’s note expands on the IRS’ Fresh Start Program.  

Here are the 3 key areas:
  1. Penalty Relief – provides some relief for taxpayers from failure-to-pay penalties, essentially giving the taxpayer a six month extension to pay taxes
  2. Instalment payments – for taxpayers who cannot pay all the balance owing,IRS allows negotiated instalment payments, with new maximum limits of $50,000 and extended time frames to six years to pay off tax debt
  3. Offer in compromise – an agreement between a taxpayer and theIRS that settles the taxpayer’s tax liabilities for less than the full amount owed
For more detailed information on the above initiative, you should review the IRS link at http://www.irs.gov/newsroom/article/0,,id=255470,00.htm.  You will need to check in, contact and apply to the IRS for some of these initiatives.

Helpful Tax Tips

Here are some addition tax preparation and filing tips and information:
  • Get organized – ensure you have the proper documentation and forms for your tax return
  • Pay attention to deadlines; April 17th is an important date
  • Take advantage of tax deductions and incentives such as incentives around volunteering, donations, and charitable gifts
  • Take advantage of tax exemptions on dependents
  • Investigate and claim for the tax benefits for caring for parents
  • This is the last year to claim the American Opportunity Tax Credit – be sure to claim this
  • New form 1099-K – make sure you use this to report online income, payments received by credit cards, and other platforms such as PayPal.
  • If you will be receiving a tax refund, spend it wisely, starting with paying down the most expensive debt with the highest interest rate charges
Deadlines to file are approaching, with over 1 month to go.  Check out the IRS website for up to date information, forms and information on preparation and filing.
Business information, resources and tips for the entrepreneur
© 2012 Strategy Plan One