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Filing International Taxes

Thu, 26 May 2022 18:38:27 GMT

Filing International Taxes

The systems of taxation used by different governments will vary significantly. If you have been working abroad for a number of years then you need to pay income tax to your country even if you do not receive any income in that country. The IRS usually gives tax deductions to people who live and work abroad. This is done to ensure that they do not pay double tax. For instance, you may qualify for the foreign earned income exclusion. This will reduce your taxable income considerably.

If you want to file international taxes, the first step would be to visit the IRS website. You should download the forms 1040 and 2555 together with their instructions. These forms are the ones used when filing international taxes.

The second thing is to determine the kind of deductions which you qualify for. For instance, find out if you qualify for the foreign earned income exclusion. For you to qualify for this deductible, you must have been physically present at the foreign country for at least 330 days. This is known as the physical presence test. However, in case you do not meet this test, you can check whether you meet the bona fide residence test. This one requires you to be a residence of the foreign country for a specified duration. You can get more information on these tests on the IRS website.

It is also important to calculate your foreign housing deduction when filing international taxes. If your employer is giving you any housing, you need to deduct this value together with any related expenses from your taxable income. You might not be able to benefit from both deductions because of some limitations put in place by the IRS. You need to get the two deductions right because this is the value you are going to subtract from your taxable income. You will then get your total tax from the remaining value.

There are different methods you can use to calculate your international taxes. You need to choose the method that will give you a lower value. As soon as you fill the forms, you can submit them to the IRS treasury. There are cases whereby you might need to fill a simplified form like the form 2555-EZ in case you do not receive any housing from your employer. You can also file a tax return to help you determine whether you owe any taxes.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

Getting the Most Out of Your Tax Return

Mon, 04 Apr 2022 13:44:43 GMT

Getting the Most Out of Your Tax Return

When it comes time to file taxes there are many ways in which one can file to receive the most income possible out of their return. By not understanding certain aspects about taxes and certain deductions one could miss out on receiving a great amount of income from their tax return. There are common deductions which individuals, businesses, estates and trusts may qualify for in order to reduce their taxable income. Understanding what these are will help you avoid paying more than what you owe in your income taxes and help you get the most out of your tax return.

1. Deductions

The biggest thing to getting the most out of your tax return is being aware of tax deductions in which you qualify for. Most people are unaware of these taxes and are missing out on the benefits of filing for them. Individuals can receive tax deductions for certain things such as membership to a professional body or public service organization, time spent seeking employment and also time spent traveling due to work on a temporary basis. If one partakes in any of these actions throughout the year they become eligible for deductions in there tax return.

2. Credits

There are also different types of credits one is able to claim to help reduce the amount of income tax they are required to pay each year. These credits can vary but some of the main ones include earning under $9,078, expenses for education and child care. Each credit must be met by certain requirements but as long as one meets all of them can receive these credits on their tax return.

3. Itemizing

In order to get the most out of your tax return it is important to determine whether or not to choose to itemize your deductions or to stay with the standard deduction. This is all determined based on which filing is greater to reduce your amount of taxable income. There are a number of factors that are involved in determining which to choose and it’s important to have a good understanding of these factors. For this it is highly suggested to contact a licensed CPA to help determine which deductions you should and should not be itemizing .

To get the most out of your tax return it’s important to take into account each of these factors and determine what you qualify for and how you should go about filing. This is when contacting a professional accountant is very important. They will be able to help you throughout your whole process, make sure you are not paying more then you need and help you get the most out of your tax return.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

4 Things You Are Doing Wrong When it Comes to Bank Accounts

Fri, 04 Mar 2022 10:51:19 GMT

4 Things You Are Doing Wrong When it Comes to Bank Accounts

Whether you have a small or large company, there are so many ways you can make mistakes when it comes to handling your bank accounts and everything pertaining to them. Many businesses do not properly keep track of the transactions they make through their bank accounts until something goes wrong. By doing so, you will encounter inaccuracy on your bank statements and eventually inaccuracy on your accounting books. Below we listed 4 mistakes that you must avoid, including tips to help you get on the right track.

1. Separate your businesses’ bank accounts

First of all, do not make the mistake of having a single bank account for your different businesses. Each business should have its own bank account. It helps keep track of the financial health of each business separately. This will avoid a situation whereby one business’s failure is being overshadowed by another one performing well. Furthermore, if you are still using your personal bank account for your business, you are making a big mistake. Indeed, it is very important to keep these bank accounts separate because they have different purposes and you can’t clearly see how your business is doing if the transactions are mixed up with your own personal ones. Today, there are very many affordable bank accounts that you can open for each of your businesses.

2. Reconcile your bank account

Another mistake that you can make is failing to reconcile your bank accounts every month. Reconciliation can be done using accounting software like QuickBooks or PeachTree. They make it easier for you to reconcile your bank accounts so make sure you do this every month. After receiving your monthly bank statement, you should compare it to your accounting books and other records to make sure that each of your transaction is in accordance with your bank statement. By reconciling your bank accounts, you will be able to notice any data errors and make changes when there is still time. Reconciliation also allows you to confirm that all the details that were entered are accurate and that the financial statement is depicting a true figure. Additionally, reconciliation of bank accounts helps in accurate tax reporting, which could avoid you financial penalties.

3. Keep records of your deposits

Additionally, all your deposit records must be kept in a safe place. Having a written or online backup file for deposits receipts is essential for your business. In some cases, banks can make mistakes and have inaccurate statements; this is why it is important for you to have a proof of your deposits. Some of these errors may cost your business a lot of money. If you have the deposit slips to support your case, the process will be easier and it will avoid you money losses.

4. Details make the difference

Finally, all your receipts, invoices or any check that you write must have all the right details included. For instance, if you are writing checks, ensure they have adequate information, such as the date of the transaction, the name of the recipient and the amount. By doing so it will be easier to retrieve a check and not have to look for the information somewhere else. This will avoid problems which may cost your business a lot of money.

If you follow all these steps, your bank accounts will be properly handled and maintained. You will also minimize expenditure and maximize profits for your business.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

IRS 20-Point Checklist for Independent Contractors

Tue, 01 Feb 2022 19:10:42 GMT

IRS 20-Point Checklist for Independent Contractors

Mistakenly classifying an employee as an independent contractor can result in significant fines and penalties. There are 20 factors used by the IRS to determine whether you have enough control over a worker to be an employer. Though these rules are intended only as a guide-the IRS says the importance of each factor depends on the individual circumstances-they should be helpful in determining whether you wield enough control to show an employer-employee relationship. If you answer “Yes” to all of the first four questions, you’re probably dealing with an independent contractor; “Yes” to any of questions 5 through 20 means your worker is probably an employee.

1. Profit or Loss

Can the worker make a profit or suffer a loss as a result of the work, aside from the money earned from the project? (This should involve real economic risk-not just the risk of not getting paid.)

2. Investment

Does the worker have an investment in the equipment and facilities used to do the work? (The greater the investment, the more likely independent contractor status.)

3. Works for More Than One Firm

Does the person work for more than one company at a time? (This tends to indicate independent contractor status but isn’t conclusive since employees can also work for more than one employer.)

4. Services Offered to the General Public

Does the worker offer services to the general public?

5. Instructions

Do you have the right to give the worker instructions about when, where, and how to work? (This shows control over the worker.)

6. Training

Do you train the worker to do the job in a particular way? (Independent contractors are already trained.)

7. Integration

Are the worker’s services so important to your business that they have become a necessary part of the business? (This may show that the worker is subject to your control.)

8. Services Rendered Personally

Must the worker provide the services personally, as opposed to delegating tasks to someone else? (This indicates that you are interested in the methods employed, and not just the results.)

9. Hiring Assistants

Do you hire, supervise, and pay the worker’s assistants? (Independent contractors hire and pay their own staff.)

10. Continuing Relationship

Is there an ongoing relationship between the worker and yourself? (A relationship can be considered ongoing if services are performed frequently, but irregularly.)

11. Work Hours

Do you set the worker’s hours? (Independent contractors are masters of their own time.)

12. Full-Time Work

Must the worker spend all of his or her time on your job? (Independent contractors choose when and where they will work.)

13. Work Done on Premises

Must the individual work on your premises, or do you control the route or location where the work must be performed? (Answering no doesn’t by itself mean independent contractor status.)

14. Sequence

Do you have the right to determine the order in which services are performed? (This shows control over the worker.)

15. Reports

Must the worker give you reports accounting for his or her actions? (This may show lack of independence)

16. Pay Schedules

Do you pay the worker by hour, week, or month? (Independent contractors are generally paid by the job or commission, although by industry practice, some are paid by the hour.)

17. Expenses

Do you pay the worker’s business or travel costs? (This tends to show control.)

18. Tools & Materials

Do you provide the worker with equipment, tools, or materials? (Independent contractors generally supply the materials for the job and use their own tools and equipment.)

19. Right to Fire

Can you fire the worker? (An independent contractor can’t be fired without subjecting you to the risk of breach of contract lawsuit.)

20. Worker's Right to Quit

Can the worker quit at any time, without incurring liability? (An independent contractor has a legal obligation to complete the contract.)

Conclusion

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

4 Steps Towards Financial Independence

Fri, 23 Jul 2021 16:37:41 GMT

4 Steps Towards Financial Independence

Most American’s have been put to the test financially over the past 18 months. Whether it be having to rely on the unemployment insurance system, rental/housing assistance, or stimulus checks, many relied on receiving one of the above just to make ends meet. Those with financial freedom did not have to bear that burden.

Financial freedom is a journey. Here are a few tips to begin your discovering your freedom today.

1. It’s Not What You Make, It's What You Save

The first step in becoming financially free is taking a look at your finances. Determining your monthly income is a great start. Next, find out your fixed expenses (rent, mortgage, insurance, phone bill, etc.). Fixed expenses are constant and consistent. Rarely does the amount deviate from month to month. Deduct your fixed expenses from your monthly income and begin to save whatever extra you reasonably can. We recommend putting back at least 20% of the money you bring in after fixed expenses are deducted.

2. Invest, Invest, Invest

Traditionally, investing was only thought to be for the "wealthy". Times have changed and investing has become more mainstream across the board for all age groups. Starting an IRA or brokerage account can be done in a matter of minutes with a simple app, such as those offered by Charles Schwab, Fidelity, and even a cult favorite like Robinhood.

3. Retirement IS For The Young

One of the biggest misconceptions is that saving for retirement is an old man’s game. That someone in their 20s-30s doesn't need to start saving yet. Truth is, the younger you start planning for retirement the younger you CAN retire and enjoy a life of freedom. Whether you are self-employed or work for a Fortune 500, it is never too early to start weighing what options suit you best or what your employer may offer in terms of a retirement plan. Sit down with an advisor and see what is your best plan of action.

4. Don't Drown in Debt

One of the biggest factors in becoming financially free is erasing debt. Drowning in debt can be crippling and the ripples can be felt in all aspects of your life. Determine how much debt you are in and what is the source of the debt (credit cards, loans, etc.). If you feel you are unable to make the necessary payments, reach out to card issuers and loan providers in an effort to work out a payment plan. Doing so will ease the feeling of being overwhelmed and help get you on a schedule.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

15 Business Tips That You Need to Know

Fri, 23 Jul 2021 15:34:37 GMT

15 Business Tips That You Need to Know

Many small business owners are happy to share their business tips with other entrepreneurs. Check out our 15 top business tips from small business owners, which can help you run and grow your business effectively.

Business Tip 1: Build a Support Network

For Laura Kelly, being a business owner can be an isolating experience at times. “Especially if you’re a solo business owner, you can lose touch with other business owners,” says Kelly, who 15 years ago started The Handwork Studio, a Narberth, Pennsylvania-based company that runs needlework camps and classes for kids in 10 states along the East Coast.

The crucial solution for Kelly has been to stay networked in the larger business community. That means meeting with her personal business coach for an hour every four weeks. Kelly’s coach has provided business tips and helped Kelly her find solutions to problems and work through tough decisions with her business. She also networks on Facebook and LinkedIn from the comfort of her own home.

“[My coach] walked me through some visualization exercises,” Kelly recalls. “Just that sheer exercise of removing myself from the business and looking down on it really helped me see the problems that were bothering me. In an hour’s time, I walked away with clarity and a strategic plan to move forward.

And then there’s the mastermind group to which Kelly belongs. She and her fellow women service business owners get together on a conference line. “We discuss problems and solutions, and we talk each other off the ledge.”

As a busy business owner, it’s tough to find time to network, but getting better at networking and making new contacts—along with nurturing your existing ones—can pay dividends in the future.

Business Tip 2: Be Very Specific With Your Goals

Another business tip that Kelly has learned over the years: Break big goals into smaller ones. “I have 10-year goals, I have three-year goals and one-year goals, and I have quarterly goals for my business,” she says. “When it comes to revenues, I will break them into smaller numbers so they’re easier to obtain. If I know I need to make a couple hundred thousand in revenue in the first quarter, I say, ‘What does that mean in terms of camp sales? How many campers do I need to obtain?’ If I know I need 800 campers to reach the revenue goal, then it’s easier to figure out how to achieve it. These kinds of really specific goals can help drive your actions.”

Every employee at The Handwork Studio has a dashboard with their goals on it that shows their progress toward those goals. It helps keep everyone focused, Kelly adds: “I can tell you at any exact moment how much revenue we have, the traffic of our website, and how many Facebook likes we have.”

Building a performance-driven culture all starts with being very specific about goals—for yourself and for your employees.

Business Tip 3: Delegate Whenever Possible

When the Marks Group, a technology consultancy, started in 1994, it was just Gene Marks and his dad. “He was doing sales and I was doing service,” Marks recalls. Then his dad died. “When he passed away, I took it over and realized I couldn’t do it all, and hired my first employees. I’ve learned that you can make a lot more money when you have other people doing it for you.”

As he hired more people, it dawned on Marks that he had been doing work that he was bad at doing. The revenue of the business soared after he brought on new employees, because he was hiring people who were better than he was at certain jobs. “I just sort of learned the hard way: Focus on what you do best, and delegate the rest.”

Business Tip 4: Keep Your Overhead Low

Eight years ago, it occurred to Marks that he was sitting in an office costing nearly $30,000 a year in rent, while his employees were out working with clients. So Marks got rid of the office in suburban Philadelphia and made his workforce virtual. Along the way, he replaced the landline with an internet-based phone that cost about $10 a month, and he ditched computer servers for the cloud, too.

Lowering the overhead brought Marks some peace of mind through the Great Recession. “When things turn bad, you don’t have to panic, because you can take a cut in revenue,” Marks says. “Even in the brunt of the recession, we never lost money. Cutting down overhead really gives you that peace of mind. If your overhead is low, you can make pricing decisions that you otherwise wouldn’t be able to make.”

Business Tip 5: Find Your Best Niche—and Stick With It

Trying to do too much too soon? Feel like you need to be all things to all clients? A top business tip is that diversifying isn’t always the best strategy. Sometimes, it’s good to replicate the magic of something that already works well. That’s been the successful strategy for Ace Apparel, according to Marc Mathios, who along with his two brothers are the third generation to run the 78-year-old family business, based in the Bronx, N.Y.

“One of the industry silos that we’re really good in is parking garage operators,” Mathios says. “The reason that parking garage operators like to work with us is because we manufacture our own line of jackets that are suited for parking garage companies. We’ve duplicated that success with 30 different parking garage operators across North America.”

Finding your niche and continually innovating around that niche is a path to success.

Business Tip 6: Stick to One Goal at a Time

People who chase two rabbits end up with none. It’s difficult to prioritize your work when you’re a small business owner. You have 1 million things on your to-do list, and they are all top priority.

Multitasking is more of a myth than it is a productivity strategy. When you bounce between multiple tasks, you’re not multitasking. You’re task switching. Each time you move from one task to another, you lose productivity. This is because your brain needs to adjust to the changes in priorities and tasks.

Make it a point to focus on one task at a time. Allocate a certain amount of time to the task and keep yourself focused on that task—and that task only—while you’re working. Not as easy as it sounds? The next business tip can help.

Business Tip 7: Use the Pomodoro Technique and 80/20 Rule

The Pomodoro Technique works like this:

1. You work for 25 minutes.

2. Then you take a three- to five-minute break.

3. You then go back to work for 25 minutes.

4. After four 25-minute work intervals, it’s time for you to take a 30-minute break

Working in this way helps prevent procrastination. Almost anybody can work on something for 25 minutes straight without breaking concentration. However, after 25 minutes, it’s normal for people to need a break or they’ll get distracted. If you schedule a time for your distraction, then the downtime will be less significant. Also, you’ll be more dedicated to the task if you know you’re only working on it for 25 minutes.

Here’s another business tip to consider: The 80/20 rule, also known as the Pareto principle, states that 80% of results come from 20% of actions. And this isn’t just for good results. It also can apply to bad results. For example, 80% of your customer complaints may come from 20% of your clients. That’s a bad result. However, 20% of your clients may contribute 80% of your sales. That’s a good result.

Look for the 80/20s of your business. Often, you’ll find that a lot of your problems and successes are coming from just a few sources. This can help you become focused on what’s working and what isn’t so that you can take appropriate action.

Business Tip 8: Encourage and Embrace Feedback

Don’t just be open to customer feedback: Encourage it. Some of your best business ideas may be waiting to arrive from your own customer base. Besides, who knows your products and services better than the people who actively use them?

Services such as Delighted, Qualtrics, and Grade.us are designed to capture customer feedback. Simply asking your customers for feedback is a great way to show that you care about their experience and to gather valuable new information.

Business Tip 9: Let Your Employees Grow

Do your employees have a chance to grow with your company? They should, and this is one of our top business tips, because it can be difficult to run a long-term business if your turnover is high. One of the best ways to retain your employees is by giving them incentives to grow along with your company. Creating a career ladder is one of the best ways to do this.

A career ladder describes to your employees what they can achieve if they stick with your business. So, they may start out as an office manager, then move up to an administrator, then an assistant manager, then manager, and then a VP. This is just an example, but if you have a career path laid out for your employees, then they’ll be encouraged to stick with you and grow with your company.

Business Tip 10: Be Approachable, Committed, and Honest

All great business leaders have certain qualities in common, three of the most important of which are being approachable, committed, and honest.

When your office door is always open, your employees will experience you as being approachable. If you’re the first person to arrive to work and the last one to leave, this demonstrates your commitment. By following through on what you say will be done, you’re showing your employees that honesty is important to you.

Business Tip 11: Simplify Your Life

You start to realize how important your time is when you run a business. Tasks such as figuring out what to wear for the day, or what to cook and eat for dinner, very quickly cut into your business tasks. You may find yourself beginning to shirk these personal responsibilities. But that leaves you dressing like a bum and eating scrambled eggs every night for dinner in order to have as much time as possible for your business.

That’s why it’s important to simplify, automate, and outsource as many processes in your life as you can afford to. Steve Jobs was a good example of this business tip. He always wore jeans, a black turtleneck, and white New Balances. This way he never had to worry about what he was going to wear. You may want to pick something a bit more fashion-forward but simplifying things such as your wardrobe can free up mental bandwidth that can be dedicated to your business.

You also can investigate automating and outsourcing other personal tasks. Automatic bill pay options can further free up mental bandwidth. And paying for services such as wash and fold for your laundry, or landscaping for simple lawn maintenance, can get you up to eight more hours of your time back each week. That’s essentially an extra workday every week that your competition may not have.

Business Tip 12: Hire a Good Accountant and Keep in Touch

Here’s a business tip from an accountant: She doesn’t want to hear from you only at tax time. She wants to hear from you frequently throughout the year. Save yourself the trouble of being audited or leaving money on the table and meet regularly with your accountant.

Also, your nephew who is taking some accounting classes in college doesn’t count as an accountant. Make the effort to hire a good accountant, preferably a CPA who specializes in small businesses.

Business Tip 13: Always Use Contracts

It doesn’t matter how simple the job is. If you’re hiring someone to do the work for you, then you need to make sure you have a written contract. This business tip includes seasonal employees, regular employees, vendors, and contractors.

The basics of what you need in the contract should include:

· What is expected of the person doing the work

· What you are expected to provide to the person doing the work

· The cost and the payment schedule

· Who will do the work and if subcontractors are allowed

· What the time frame is for the work to be done

· The desired quality level for the work to be done

· How either party ends the agreement

Getting this ironed out and put in writing can save you a lot of time and frustration. Not only will it help you communicate with the people you’re hiring—so that both of you understand what is being requested—but also it can save you if you hire a dud.

Business Tip 14: Cut Your Losses With Bad Vendors

Working off the previous business tip, it’s important to know when to cut your losses with a bad vendor. The legal side of ending the agreement should be simple if you have a good contract. The difficult part is knowing when it’s time to cut a bad vendor loose.

There are a few singular, definitive reasons to fire a vendor. Obviously, reasons such as the vendor stealing from you stand out. But there are several subtle warning signs that can tip you off that a vendor isn’t going to work out. If your vendor has hit any of these, it may be time to consider ending your agreement:

· They miss deadlines and don’t give you a heads up about it. Vendors are going to miss deadlines. It’s no reason to fire a vendor—so long as they give you notice that they’re going to miss the deadline. If you’re on a six-week schedule for a project, then it’s reasonable for a vendor to let you know at week three if they think they can’t make the deadline. On the other hand, if they let you know the morning of the delivery date that it’s going to be two more weeks, then it may be time to look for someone new.

· They lose key employees. Sometimes one employee can really elevate an entire agency. If the agency you hired has a standout employee who always delivers results and then this standout employee leaves to go to another agency, there’s a good chance that the vendor’s performance and results are going to drop, at least in the near term. It may be worth looking into getting a new vendor. If a few more employees from the vendor end up leaving, the vendor may have a turnover problem that could be the sign of a sinking ship.

· They can’t walk you through the process. The vendor should provide an outline and timetable of how they’re going to accomplish their goals and what you are paying for. This outline should include regular milestones, check-ins, and communication points that both of you will adhere to. This way you can always feel like you’re making progress toward your goals and you know when you will achieve a finished result. If the vendor can’t outline their process, then there’s a good chance they can’t achieve what you’re paying them to do.

Business Tip 15: Know When to Outsource and When to Hire Consultants and Contractors

Even the most talented business leaders know there’s a time to call in reinforcements. There may be functions that are critical to your business—yet not within your direct area of expertise—that can be outsourced. The best tasks to outsource that tasks that support, rather than identify, your brand. Flexible staffing, via consultants or contractors, also may be appropriate, depending on your needs.

If your business is struggling and you don’t know what to do, you may want to consider hiring a consultant. They can offer valuable outside perspective on your business operations based on their experience with other businesses. For example, if your food shop now faces competition from a larger, franchise food shop that’s moved into the neighborhood, a consultant can help you adjust your strategy to stay competitive.

Contractors are an option for getting work done without adding permanent staff. For example, if you need an online presence but are not a developer, then you might engage a contractor to build or update your website. While the contractor is not your employee, your business owns what the contractor produces. Identifying the right contractors can add expertise to your business that you need only for a specific project or series of tasks.

Outsourcing is another good solution when the work to be done is outside of your business’s expertise. For example, if you own a bakery, outsourcing your IT support could make sense. For larger businesses, outsourcing an entire business function—such as using a call center for customer service—may be an efficient use of funds. Whenever you’re considering outsourcing, be sure to calculate the costs of outsourcing the work versus handling it in-house.

Plenty of Work to Go Around

From managing your own staff to engaging the assistance of consultants or contractors, your duties as a small business owner can really weigh on you. You can wear yourself out simply switching from the big picture to the daily details and back again…and again.

Any one of these 15 tips can help you and your business be more successful. Consider taking on at least two or three of these suggestions and see what happens. So many small business owners waste time reinventing the wheel when others who’ve gone before have the answers they need and are happy to share them.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

4 Ways to Achieve Financial Honesty in Marriage

Fri, 05 Feb 2021 17:17:16 GMT

4 Ways to Achieve Financial Honesty in Marriage

Valentine's Day is a time to express love for your significant other. What if this year you did something out-of-the-box? What if you and your partner decided to get intimate…about finances! One of the leading factors in successful relationships is communication. Learning to communicate affectively about money, planning, and the future could lead to a lifetime of happiness.

1. Involve Your Partner in Planning

Too often, one member of a couple tends to handle all the financial planning. While it can be efficient to divide tasks and duties, such as who pays the bills, who picks up the kids, and who feeds the dog, financial planning is a task that takes time and consistent effort. Sitting down and discussing where money is invested, when you can anticipate to retire, and how much you need to put away to retire at the anticipated date are subjects that should be openly discussed.

2. Include Them in Daily Money Management

It can be just as important for your partner to be involved in daily money management. If you are sacrificing and saving while your partner is spending, it can lead to resentment and tensions in the relationship. Make sure to line out due dates on bills, make a budget for entertainment, and plan your meals by making grocery lists. Little things like this can actually help you save money and put your relationship on a path towards happily ever after!

3. Make Sure Your Loved One is Taken Care of

Another way to achieve financial honesty is to purchase life insurance. Having life insurance these days is a no-brainer, but making sure you have adequate coverage is something that not everyone is aware of. Discuss the possibility of things going awry with your partner and design a life insurance plan to ensure they're taken care in case the worst of the worst happens.

4. Help Your Significant Other Educate Themselves on Finance

As in any great relationship, you help one another grow and learn through life experiences. Make a consistent effort to help your partner educate themselves on finances through sharing informative blogs, podcasts, videos, etc. Financial health is a long-term plan, so continue to look for ways to develop that part of your relationship!

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

How to Effectively Manage Remote Employees

Wed, 03 Feb 2021 19:46:57 GMT

How to Effectively Manage Remote Employees

COVID-19 has scattered employees far and wide across each employer’s respective area. People you were used to seeing on a daily basis are now seldom seen in person or if at all. There's an old saying that "seeing is believing". Many managers tend to believe that if an employee cannot be seen then they cannot be managed. That may have been the case then, but those thoughts are a thing of the past.

Read on to learn a few, impactful ways for you to manage your remote employees effectively.

Set Daily/Weekly Goals

Setting daily/weekly goals helps employees know what they’ve accomplished, where they’ve exceeded, and where there is room for improvement. Managers can establish metrics as a way to track employee successes and failures on a daily, weekly, and monthly basis.

Make Meetings Short and Informative

With Zoom, Microsoft Teams, and various video conferencing platforms for employers to use, collaboration efforts can be maximized and time spent spinning wheels should be minimized. As a manager, keeping meetings between 10-20 minutes can help outline work schedules and tasks for employees, and also leaves plenty of time for employers to provide a summary of work completed .

Resist Micromanaging

Whether it's in the office or remotely, you shouldn't have to constantly look over an employee's shoulder. Avoid micromanaging by placing a premium on communication. This will maximize your opportunities to ensure that goals are being met and employees are handling their jobs effectively.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

How Video Conferencing is Changing the Workplace

Wed, 03 Feb 2021 17:46:54 GMT

How Video Conferencing is Changing the Workplace

As we approach the one year anniversary of the emergency declaration for the COVID-19 virus we still have many questions about how and when our lives will get back to normal. Despite all the uncertainty, there is one certainty. We must continue to live and try to provide for ourselves through our trades and occupations. Since complications from the pandemic have made traditional face-to-face meetings nearly impossible, a new way to communicate with clients was desperately needed—insert video conferencing.

Video conferencing is becoming more important than ever among businesses and here are a few simple reasons why.

1. A Better Work-Life Balance and Increased Productivity

Now more than ever, employees are seeking companies that support and promote a healthy work-life balance. One way companies support a healthy work-life balance is by allowing employees to stay home and in a more relaxed, stress-free environment while still giving their employees the tools needed to succeed. These "tools" can come in the form of video conferencing software that connects entire teams, regardless of location, so their business doesn't miss a beat. Zoom, Google Meet, and Microsoft Teams are just a few of the video conferencing platforms being used to connect people all across the globe.

2. Cuts Down On Cost and Travel

Sending employees on business trips for meetings and training can be extremely costly. Meals, hotel accommodations, and transportation costs can tally into the thousands of dollars. Instead, video conferencing platforms can be implemented and used for webinars and training tools all while keeping the employee at your base office or in the comfort of their own home. Not only does it cut down on business travel, it cuts down on an employee's daily commute. Commutes to work can be dreadful and can easily add 2 to 3 hours to a work day when that precious time could be used in a more productive way.

3. Getting a Leg Up Over Competitors

One massive advantage for businesses that use video conferencing is that it provides a modern edge over competitors who simply aren’t using it yet. Your company can be better prepared for meetings, collaborate at the drop of a hat, and stay in constant contact with colleagues and clients in the click of a button.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

1099 Contractor Vs. W2 Employee: Know The Difference

Tue, 02 Feb 2021 21:56:40 GMT

1099 Contractor Vs. W2 Employee: Know The Difference

Choosing to hire a 1099 independent contractor or a full-time W2 employee is a big decision. Each choice has massive implications in regards to business taxes, payroll, and more. While there are many rules involved in this hiring decision, here's a basic overview of the difference you should know between the two.

Ways to identify if your worker is a W-2 employee or 1099 contractor

If the person you hired is an employee, as their employer you must:

1. Withhold payroll taxes

Payroll taxes include Income and Social Security taxes

2. Match the employee's Social Security and Medicare taxes

3. Pay federal and state unemployment taxes on employee earnings

4. Create and send a W-2 Form at the end of the fiscal year

If the person you hired is a 1099 independent contractor, you:

1. ARE NOT required to withhold payroll taxes

2. DO NOT match the employee's Social Security and Medicare taxes

3. DO NOT pay federal and state unemployment taxes on employee earnings

4. Send your independent contractor a Form 1099-MISC at the end of the fiscal year

Still need help identifying the difference between a W-2 employee or 1099 contractor?

We recommend you always refer to IRS guidelines to determine what classification your worker is. For more information on 1099 contractors vs. W2 employees, refer to the following IRS guidelines .

Please Note : The purpose of this content is purely informational. It should not be considered legal, accounting, or tax advice.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

4 Holiday Spending Mistakes to Avoid

Tue, 15 Dec 2020 16:00:12 GMT

4 Holiday Spending Mistakes to Avoid

Make your spending list and check it twice to avoid unnecessary debt this holiday season!

1. Maxing Out Your Credit Cards

Increasing your credit card debt to purchase holiday gifts is rarely a smart financial practice. Granted, there are benefits to credit card usage, such as racking up points or receiving 1.5% cash back on purchases, but the bad far outweighs the good without a payback plan. By going on a holiday spending spree with no money in the bank, you risk digging yourself a financial grave that could take months or years to crawl out of.

Avoid this mistake by setting a holiday spending budget. Before the season hits, take a realistic look at the gifts you anticipate purchasing and set that money aside. By the time the holidays roll around, you'll have cash in hand to make the purchase or to pay off your credit card immediately without going in debt!

2. Jumping on Every "Deal"

Not every deal in a store is an actual DEAL. Advertisements are designed to reel you in for a purchase, regardless if it's something you actually need or not.

Often times, deals and coupons come in the form of Buy-One-Get-Ones (BOGOs). You're enticed to purchase an item in order to get a separate item at a lesser price. While this is fine and dandy, the "extra" item you're receiving isn't always something you actually need. Always make sure that the BOGO you're purchasing is a necessity, saving you money in the long run.

3. Forgetting to Compare Prices

Make your shopping list and be sure to check it twice! Thanks to the internet, we have the ability to shop for the best pricing available from the comfort of our own home. Companies like RetailMeNot give holiday shoppers the ability to not only compare pricing, but they also give discount codes relevant to what you're searching for.

Remember to always shop pricing and search for discounts. It may take a little extra time, but the savings will add up in the long run!

4. Going on a Spending Spree

'Tis the season of giving, but don't put yourself in debt by giving too much. Purchasing high-priced gifts can be very tempting, especially in the age of social media where it can be difficult not to feel like you should keep up with everyone else.

Instead of focusing on gifts of high monetary value, set your sights on presents with high personal value. Stay on budget and think with your heart this holiday season. Your bank account will surely thank you back.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

Surviving Financially During a Pandemic

Sat, 05 Dec 2020 16:24:56 GMT

Surviving Financially During a Pandemic

COVID-19 has changed the lives of millions across the United States. After nearly one full year, it appears there is no certain timeline as to when the economy will fully reopen and for good. Many have lost their jobs or have had to shift their normal working experience. With all of the sudden changes taking place, financial resources to stay afloat have been slim for many americans. While making it out of this pandemic monetarily unscathed is no sure thing, here are a few tips to surviving financially during a pandemic.

1. Keep an Eye on Your Spending

Keep a close watch on your money. Eliminate unnecessary recurring expenses, such as unused streaming services, needless memberships, and monthly subscriptions you rarely use. Look at your monthly billing statements and review all automatic monthly payments.

2. Add to Your Emergency Fund

Traditionally, saving three to six months of living expenses in your emergency fund is the way to go. Because of the pandemic and all of the uncertainties surrounding us, building a year’s worth of emergency expenses should be one of your many financial goals. Start by finding your monthly budget, including all essential and nonessential expenses. Trim the nonessential expenses and direct all extra money to your emergency fund.

3. Work From Home Effectively

With many americans being asked to work from home, make sure you are as productive as possible. If you have still have your job, don't take the opportunity for granted. Dress to impress (even on Zoom meetings) and be as proactive as possible with your team or clients. Show your employer why YOU matter to their company.

4. Find Ways to Earn More Money

Whether you start a business or deliver groceries through Shipt, finding ways to earn more money will help you get through this pandemic. Setting up multiple streams of income will go a long way in keeping you financially safe and sound.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

Grow Your Business Through Bartering

Fri, 04 Dec 2020 23:21:37 GMT

Grow Your Business Through Bartering

People have exchanged goods and services off a barter system for centuries. For those unfamiliar, bartering is the exchange of goods and services for other goods and services. In today's world of business, bartering has become a modern way to grow your company. The growth of barter exchange networks, such as ITEX Houston , have given business owners a sophisticated way to generate new sales and penetrate untapped markets.

Bartering is a Modern Way to Do Business

Bartering is useful for businesses of all sizes, especially for small start-ups. These start-ups are looking to scale upwards, but may not be able to afford the goods or services needed to help them accomplish this. Often, this is when bartering comes into play. For example, say you're an experienced accountant and need back-end coding done for a website, but have no clue where to start. The cost of the coding services ranges anywhere from $1,000 - $5,000—this is where being a barterer/negotiator comes into play. You offer your expert accounting skills to a business in exchange for their ability to code your website.

Know Your Value Before Bartering

There are a few things entrepreneurs should have on their checklist when determining when to barter. As a business owner, knowing your value is key to making a truly impactful trade. You must be able to determine the cost of the services or goods provided by your counterpart and what amount of goods or services you are willing to provide in exchange. Once the value has been established, then move forward with the transaction.

Join a Barter Exchange Network

Individuals considering barter should start by joining a barter exchange network. At Douglas Business Solutions, we've experienced incredible success locally by joining the ITEX Housto n barter exchange network. ITEX Barter Exchange has helped our businesses generate new sales, conserve cash, and increase profits through their excellent trade system.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

4 Simple Ways to Motivate Your Staff

Sun, 22 Nov 2020 17:03:42 GMT

4 Simple Ways to Motivate Your Staff

A focused and engaged team is one of your company's strongest assets. Top managers know how to motivate employees and do so on a daily basis. So how exactly should YOU go about doing this? The bookkeeping experts at Douglas Business Solutions share 4 simple ways to motivate your staff starting today.

1. Keep a Positive Attitude

Focusing on the negative dampens the office. Who wants to walk around with a rain cloud over their head for 8 hours a day? Instead, focus on the positive and maintain an upbeat attitude. By doing so you will have a profound impact on your employees’ motivation to go that extra mile. A positive attitude is infectious and helps usher in a sense of belonging to the team.

2. Be Flexible With Scheduling

With countless ways to manage projects and communicate online, offering your employees a flexible scheduling package is a guaranteed way to keep your staff motivated. Some people simply work better during different times of the day. Finding ways to maximize their productivity during those time frames should be the goal of any company.

3. Find Ways to Have Fun

Projects can be frustrating and work days can drag on forever. When you feel your motivation to do anything productive is lacking, find a way to have fun. Take a break, grab a friend, and go out for coffee. Play a few games focused on team building to engage your staff. Get creative at finding several minutes of fun around the office and your employees’ motivation will skyrocket.

4. Celebrate Small Wins

As the saying goes, "Rome wasn't built in a day." Small victories are the stepping stones needed to reach life's biggest moments. Take the time to celebrate each small win with your team. Find opportunities to give credit where credit is due, and be sure to include a specific reason why they did a good job. Acknowledgement for a job well done will motivate your staff to continue to perform at a high level.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

What You Need To Know About Closing Your Books

Mon, 09 Nov 2020 00:06:12 GMT

What You Need To Know About Closing Your Books

Whether you're a small business or publicly traded company, having a month-end close process is crucial to your success. Many young business owners start their entrepreneurial careers wearing many hats, which can be overwhelming to say the least. Here are a few things you need to know about closing your books.

What it means to "close your books"

Closing your books is a monthly and year-end activity where businesses finalize and report all financial documentation. The term “Books” refers to your company's transactions, which are then used to generate financial statements like profit and loss reports. These transactions inform you about the money flowing in and out of your business.

Why closing your books is important

Closing your books indicates that your finances are up-to-date for that time period. Proper bookkeeping prevents inconsistencies in your data each month of every year. Closing out your transactions also allows you to generate financial reports, which inform you about your company's performance. This can be done through software, such as QuickBooks, which Douglas Business Solutions is a proud Certified ProAdvisor of.

Closing your books on time is crucial for the overall financial health of your business and it also helps you file your tax returns on time.

A few tips to close your books

1. Review accounts receivable

Verify that all customers receiving goods and services in the month have been invoiced.

2. Review accounts payable

Verify that you have received and posted vendor bills for all goods and services in the month you have been invoiced.

3. Reconcile bank and credit card accounts

Compare the balance on your bank and credit card statements to the balance in your accounting software system.

4. Review financial statements

Compare your financial results to your budget. If their are discrepancies, analyze your transactions and correct any mistakes.

Takeaways about closing your books

Depending on your business strategy, closing your books can be done at either month-end or year-end. We advise you to reconcile your accounts on a monthly basis. Generating reports every month can help you track your business performance efficiently while keeping your finances updated.

For any questions you may have, we encourage you to Contact Us !

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

How to Make the Most of a New Week

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Sat, 19 Sep 2020 00:04:48 GMT

How to Make the Most of a New Week

Sunday blues are real. Shake that irritable feel of Monday with a few tips to help you make the most of a new week.

1. Stick to a Daily Routine

Have you noticed how anxiety and stress levels skyrocket during disorganized days? Sticking to a daily routine helps minimize your stress by eliminating the guess work of everyday activities. Simplify your crazy week by adopting a daily routine.

2. Stay Positive

Cars get flats. Dogs need attention from vets. Promotions don't come. Things happen in life and it's important to always find silver linings. A few things you can do to stay positive include listening to that new funny podcast, talking with your mom, or enjoying lunch at your favorite place with friends. Little things like these can keep your spirits up and your mind in a positive place.

3. Treat Yourself

Congratulations! Friday is here and you've made it through 10 meetings that could've been emails. End your week on a high note by reflecting on all the good you've done and goals you've accomplished. Celebrate these small victories by treating yourself to an outing with friends, a bowl of your favorite ice cream, or a walk in the park with your favorite pooch. Rinse and repeat next week!

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

Simple Ways to Stash Extra Cash this October

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Fri, 18 Sep 2020 23:28:33 GMT

Simple Ways to Stash Extra Cash this October

October brings all of the scents, colors, and feels of Fall. Here are a few tips on how to turn a new leaf yourself this season and stash some extra cash!

1. Get Rid of the Old

One of the new non-traditional ways of stashing extra cash is to get rid of your unused items and unworn clothes. Apps like OfferUp , Poshmark , and Facebook Marketplace give you the ability to sale your items online with ease.

Another route would be to donate your items. Make sure they qualify as a deduction and always keep your receipts handy for tax season.

2. Get Some Help (From a Financial Planner)

Look at a Financial Planner as a long-term, money-saving strategist. They make sure your financial goals are mapped out and met, saving you money in the long-run. If you want to better manage your finances, but aren't sure where to start, Douglas Business Solutions can help you get on track and keep more money in your pocket.

3. Get Going with a Side-Gig

From photography to woodworking, everyone has a talent that can be turned into extra income. The world is full of ways to connect with people who are searching for services and products just like yours. Put your talents to use by starting a side-hustle that can easily help you stash extra cash.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

Why Online Business Reviews Matter

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Fri, 18 Sep 2020 22:49:20 GMT

Why Online Business Reviews Matter

In today's digital world, online business reviews matter more than ever. The feedback that customers leave across various platforms, including Facebook and Google, plays an important role in the decision making of new clients.

1. Increased Traffic and Revenue

Increased revenue and traffic are, by far, the biggest reason as to why online business reviews matter. Acquiring more 5 star reviews typically translates into higher customer confidence ratings and even improved search result rankings.

While online reviews could be overlooked in the past, they're absolutely essential in today's highly competitive world.

2. Build Credibility with Online Business Reviews

When someone is looking for a service such as bookkeeping, their first instinct is to ask a friend or search the internet. Googling "bookkeeping near me" will result in a multitude of businesses in your area who all do the same thing. What your customers say about you online can make or break your business.

3. They're Basically Word-of-Mouth

Word-of-mouth is a phenomenon like no other in business. The vast majority of a person's decisions are based on the information that is shared from friends and family. Today, word-of-mouth has gone digital in the form of online business reviews. Stand above your competition by requesting online business reviews for your business today.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

Tips on How to Attract New Clients

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Fri, 18 Sep 2020 22:07:42 GMT

Tips on How to Attract New Clients

In a world of competition, we always wonder what will set us apart from the other guys. It is often the little things a business does that helps attract new clients.

1. Attract New Clients with an Engaging, Beautiful Website

A professionally designed website can go a long way in whether a client chooses to give you a shot or not. Often a quick search engine look-up will give a potential client all they need to know about all of the similar business in your area.

Make sure website your site easy to navigate, uncluttered, and contains ample white space in order to keep their focus on your content. In 2020, it's estimated that you have 7 seconds to catch a new client's attention. Make it worth their while.

2. Solidify Yourself as the Local Industry Expert

In industries jam-packed with "gurus", what makes you better than your competition? What do you do different? Why should people entrust you with their hard-earned money?

It was once believed that being a Jack-of-All-Trades was the key to success. While you may have the ability to do it all, solidifying yourself as an industry expert in today's world will go a long way in attracting new clients.

3. Treat Clients Like People, Not a Number

We've all heard of The Golden Rule: "Do unto others as you would have them do unto you." It can be hard to be patient with clients when you are trying to focus on your own success and make sure your bills are paid. However, when attempting to attract new clients, you should always remember to be honest, personable, and wildly authentic.

B uild a respectful relationship with your clients, take care of their needs, and you're well on your way to earning not only their repeat business, but word-of-mouth referrals as well!

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

3 Ways to Keep Your Finances in Order During COVID-19

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Mon, 10 Aug 2020 20:09:44 GMT

3 Ways to Keep Your Finances in Order During COVID-19

With Fall just around the corner, many Americans are facing uncharted territory during the coronavirus pandemic. Loss of jobs, businesses, and loved ones have plagued the U.S. for several months with no end in sight. Although times may be tough, finding silver linings and preparing for a better tomorrow is wildly beneficial. Put yourself on a path to success during Covid-19 with our 4 ways to keep your finances in order.

1. Invest, Invest, Invest!

If we had to cherry-pick one silver lining in this current climate, it's the opportunity you have to truly invest in your own financial health and future. Take this time to learn about various financial services that are available through banks and trusted financial advisors, such as Douglas Business Solutions. Whether you'd like to learn about real estate investing or how to budget properly, DO IT and don't be afraid to ask questions. Look into your options, learn about them, and take control of your financial future by investing in the most powerful resource you have: Yourself.

2. Payment Deferral on Credit Cards and Auto Loans

Many credit card and auto loan companies are waiving interest and deferring payments during the ongoing pandemic. If you've experienced job loss, have been furloughed, or are encountering many other external factors outside of your control, contact your loan providers and credit card companies to explore options that can help you weather this storm.

3. Stay Home, Stay Safe

This may sound cliche, but one of THE very best options to keep your finances in order during the Covid-19 pandemic is to simply stay home. Work commutes and essential grocery store trips are A-okay, but staying home can help curb those impulse buys when finances should be a top priority.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

4 Takeaways from Trump’s Executive Actions on Coronavirus Aid

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Mon, 10 Aug 2020 19:05:24 GMT

4 Takeaways from Trump’s Executive Actions on Coronavirus Aid

Coronavirus has dominated headlines since early February, destroying businesses and workers along the way. With Federal Aid expiring on July 31, President Donald J. Trump signed four executive actions to help provide relief for businesses and individuals who've sustained damage. Here are 4 takea ways from Trump’s executive actions on coronavirus aid.

1. Extended Unemployment Benefits

President Trump has reached a middle ground with his order of $400 per week for those that are still unemployed due to the COVID-19 pandemic. He also plans on extending benefits into the new year for those affected. However, he has suggested that states will have to cover 25% of the proposed $400.

2. Payroll Tax "Holiday"

Another part of the Executive Order is the President’s take on payroll taxes: a Payroll Tax "Holiday". President Trump plans to defer the employee portion of payroll taxes, 6.2% for Social Security and 1.45% for Medicare, for workers making less than $100,000 a year through the rest of 2020.

3. Eviction Moratorium

30 - 40 million renters are at risk of eviction in the coming months, which is 10 times the amount of the normal 3 million evictions that are seen annually. President Trump has put an eviction moratorium in place to let renter’s breathe a sigh of relief during these tough times.

4. Student Loan Payments Deferred

President Trump has waived all student loan interest and payments until the new year. This deferment serves as a relief to individuals who carry student loan debt, especially when facing all of the challenges that have been brought along during the time of this coronavirus pandemic.

About the author

Dennis Sbrusch Jr.

Dennis Sbrusch Jr. is Founder and Owner of SureThing Media where he helps businesses of all sizes build successful brands. He is also a marketing enthusiast, dog dad, and lover of bbq.

Top 10 Accounting Mistakes

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Sun, 09 Aug 2020 15:46:04 GMT

Top 10 Accounting Mistakes

Date Published: August 6, 2020

When it comes to accounting, many business owners think they are able to cut costs by simply doing it themselves or having an in-house staff member take care of it. While in the short run this very might be true, you could be saving money by simply letting your assistant do it. But what happens when the accounting process becomes more difficult and time consuming to manage? This is when we see most mistakes erupt with businesses in regards to accounting. This is why we created the "Top 10 Accounting Mistakes”.

Our “Top 10 Accounting Mistakes” is a list of the most common accounting mistakes we see business owners make on a daily bases. These mistakes include commingling properties accounting, mishandling receipts, improper use of credit cards, and more. These mistakes can become quite costly to a business and can put you in a tight situation with financial entities. By utilizing this article you will not only know what these mistakes are, but will also know how to avoid them as well. Understand these mistakes and implement a proper accounting system for your business that will not only let it grow, but will allow you to profit from it as well.

1. NOT Hiring a Professional Accountant

In order for a business to grow, it demands attention and makes time a valuable resource in regards to running a business. This is why many business owners have found that if they focus their efforts on working in and around growing their business rather than spending time on bookkeeping, they can actually make more money. Keeping good accounting records becomes more important as a business grows, but the work that is required to maintain good records also becomes more time consuming. Furthermore, accounting is quite complex and acquiring professional assistance can go a long way in helping owners get the information they need to run their business. When outsourcing your accounting, you are receiving a higher quality of work in a quicker amount of time. This will then lead your business to better decision making, higher revenues, and increased business growth. By spending money and hiring a professional accountant, you are saving your business its two most important assets; time and money!

2. Mishandling Receipts

Mishandling business receipts is one of the more costly accounting mistakes business owners frequently make. To avoid losing critical information about their transactions, it is important for companies to keep every receipt they have. By keeping receipts organized, business owners are able to assess their spending more easily and accurately. This will also become very beneficial for tax season as there will be no rush to find various receipts, correct mistakes, or find the exact information pertaining to each transaction. Simply put, stay “organized”. Saving and properly recording receipts might take a little extra effort for each transaction will save you time in the end, as well as ensure that your business shows accurate balances at the end of each accounting year.

3. Careless Banking

Whether it is a small or large company, there are many ways in which business owners can make mistakes regarding banking. Mistakes such as:

• Not separating business bank accounts

• Failing to reconcile bank accounts

• Not keeping records of deposits

• Forgetting important details involving transactions

But to make matters worse, most business owners don’t become aware of their careless banking until a problem arises, such as an inaccurate accounting register. When carelessly handling your businesses banking you create costly problems that can become detrimental to your businesses operations. Don’t be a business owner that partakes in careless banking. Avoid these four banking mistakes and keep your business away from any costly incidents.

4. Incorrectly Accounting For Cash

Cash is one of the most important assets in running a business. It is the asset that allows you to pay for all of your expenses and invest in aspects that can help grow your business. This is what makes accounting for cash so important in today’s business world. You must be able to account for all of your cash, justify where it has come from and where it is going. By accounting for cash, you are preventing from any cash being mishandled and any issues with the IRS concerning your businesses cash flow. Follow these tips and learn to properly account for cash:

• Track your expenses that you pay in cash

• Keep your receipts

• Avoid paying with cash

• Use credit or debit cards or checks

• Create an expense report for your cash transactions

• Create a petty Cash Fund for your daily business expenses.

5. Misusing Business Credit Cards

As convenient as credit cards are for businesses; it is quite easy for business owners to fall in the trap of using them incorrectly and losing money. This is why it is very important for businesses owners to make sure their business credit cards are utilized in the correct manner. Business credit cards are meant to be used for legitimate business expenses. Avoid using your business credit cards for the reasons listed below and properly utilize your credit cards:

• Using your business credit card for personal expenses

• Using your business credit cards for more than one business

• Not paying your debts on time

• Failing to negotiate the credit card interest rates

• Forgetting to back up your receipts.

6. Commingling Properties Accounting

One of the biggest mistakes business owners who own multiple businesses make is commingling their various properties’ accounting. While running multiple businesses you want to be able to evaluate the success for each property individually. If each of your business properties were to be recorded under the same accounting journal with no distinction, you wouldn’t be able to see if one of them needs more attention than the other or could even possibly be failing. Begin by first stopping the mixing of transactions from different properties and keep them separate from one another. Then make sure you have distinguished the important deadlines for each of the properties, such as tax deadlines and important payment dates. Separate your expenses, costs of insurance, and mortgages into different accounts. By separating each of the properties in this fashion you give yourself a better indication of how each property is performing and allow yourself to make better managerial decisions in regard to each property.

7. Improper Charts of Accounts

When it comes to accounting, keeping your finances organized is the key to success. Yet, many business owners tend to lack in this organizational aspect of accounting. One of the reasons is that they do not keep a proper chart of accounts (COA) and, as a result, fail to properly track their finances throughout the year. The COA consists of all financial statements that are tailored to show the specific operations and transactions a business undertakes. This chart then allows you to have a better understanding of the financial position your organization currently is in, which allows you to make quick decisions when needed. Not keeping a proper COA will result in mistakes which eventually becomes quite costly to your business. Learn to get organized and implement a proper chart of accounts to your business.

8. Accounting Backwards

Everyone starting a business, no matter what kind, hopes to see it succeed as early as possible. However, it usually takes a while before a company can see profits and, unfortunately, not all businesses make it in this competitive world. Things move very quickly and can become quite overwhelming. This is why you must always be prepared and organized to keep up with the fast paced speed of running a business. Especially when it comes to accounting, where deadlines can be strict and penalties can be severe. In order to be able to catch up and stay on top of your accounting you should avoid procrastination. Procrastination can kill your business! Learn how to prioritize your tasks and don’t wait until the last minute! Keep track of everything going on in your business and never forget any necessary details. Implement aspects such as keeping a schedule and establishing a daily routine. By implementing simple aspects like this, you can help prevent your business from ever falling behind due to procrastination.

9. Neglecting Organization

Neglecting the organization of financial records for a business is a mistake made over and over again by business owners. For small businesses or even large ventures, maintaining organization of these records is an essential part of the accounting process. Keeping business records organized makes it easier to monitor a business’s progress, allows it be better prepared for tax season, and will ideally save time and money. This is why accountants suggest organizing your financial records into a proper filing cabinet system. By setting up your filing cabinet to these specifications you can keep organization within your business’s financial records:

• Separate all customer/vendor files by accounting years

• Clients should be separated into different files

• Tax forms and other tax related documents should be kept all in one place

• Business operating forms should be kept in the same place as well

• Most importantly, all records should be saved electronically to avoid losing crucial information.

10. Using the Wrong Accounting Software

When running a business, knowing where it stands financially is both important in understanding the overall company and how to make it successful. Being aware of the company’s financial health also allows business owners to make sound management decisions that could not be made correctly without knowing how much money can be spent or what can be afforded. This is where accounting software comes into play; many business owners do not utilize accounting software or just decide to cut cost and use products such as Microsoft Excel. While Microsoft Excel is a great tool, it really isn’t your best resource when it comes to keeping your accounting in order. Investing in minimal cost software such as QuickBooks or Peachtree for your business can be beneficial in the long run and allow your business to achieve its main objectives. By investing in accounting software you provide your business with accurate financial reporting, valuable information, quicker turnaround time and lower accounting costs.

In Conclusion

It’s quite easy to commit each of these accounting mistakes, but it is just as easy to correct or avoid them. Following the tips suggested is a great start to getting on track with your accounting. However, for more accurate results it is always a better solution to hire a professional accountant. They are able to help businesses every step of the way, and their expertise allows money to be saved and time to be better utilized. Help your business by getting help from a true accounting professional.

The Difference in State, Local, and Federal Taxes

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Sun, 09 Aug 2020 15:46:03 GMT

The Difference in State, Local, and Federal Taxes

Date Published: August 8, 2020

The federal government established a tax collection agency known as the International Revenue Service or IRS. This body is in charge of collecting all forms of taxes within the country. There are three types of taxes that the IRS collects; they are broken up into federal, state and local taxes. It’s important to know which of these you are required to file due to the difference from state to state. This blog will give you a bit of information on each of the taxes and what it takes to file them.

1. Federal Taxes

Federal taxes are the taxes collected by the federal government. This money is used to finance the services the federal government provides to the general public. This would include construction and maintenance of interstate highways, welfare programs and government agencies. Federal taxes are taxes that are required by everyone in the country to file.

2. State Taxes

On the other hand, state taxes are collected in order to cater to the needs of a particular state. They might help fund services being provided by the federal government as mentioned below but only for that particular state. That means these taxes could be used alongside the federal ones to construct interstate highways of that state but then could be used entirely on their own to help provide hospitals and schools as well.

3. Local Taxes

Local taxes cater for the financial needs of a city or local area. There are certain services which are enjoyed by the city that they must pay for. These local taxes will pay for things such as road repairs, traffic lights, police, fire and etc.

Understanding the Difference

It is important to understand the different taxes when it comes to filing due to the rules that apply for each of the different types. For the most part federal taxes will stay the same from person to person based on income level and are withheld every paycheck. Yet when it comes to state and local taxes this is where they begin to differ from where you live. Each state and local area has different taxes so one could see very different taxes needing to be filed or being withheld from their paycheck. An example of this could be when it comes to state income taxes; Texas does not make its citizens pay a state income tax unlike other states in the United States.

In order to understand more about the filing requirements of the various types of taxes, you can go to the IRS website. Get to know the forms you will need when filing taxes as well as the deadlines for when you are to file. Each state differs and it is important to understand how your state works when it comes to the filing of your taxes. If your still unsure about how to go about your filings contact a professional CPA firm and let them help you understand everything you need to know.

How To File Taxes Internationally

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Sun, 09 Aug 2020 15:46:02 GMT

How To File Taxes Internationally

Date Published: August 8, 2020

1. Visit the IRS Website

2. Determine What Deductions You Qualify For

3. Calculate Your Foreign Housing Deduction

Get the Most Out of Your Tax Return

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Sun, 09 Aug 2020 00:23:06 GMT

Get the Most Out of Your Tax Return

Date Published: August 8, 2020

1. Deductions

2. Credits

3. Itemizing

Benefits of Outsourced Financial and Accounting Services

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Sun, 09 Aug 2020 00:23:05 GMT

Benefits of Outsourced Financial and Accounting Services

Date Published: August 6, 2020

Amongst all the services that business owners outsource in regards to their business, accounting and financial services are amongst the top of the list. This is because by outsourcing they are able to give themselves the option of having consistent results, increased efficiency and increased profitability. Yet many business owners still find it difficult when it comes to deciding whether or not to outsource their accounting processes. This is due to most companies wanting to seek the most cost effective solution while still ensuring the quality in their accounting. This is when it begins to get challenging for businesses in their decision of whether to outsource the task or if to perform it in house. However many small to medium size businesses do not have the accounting expertise or the time in house to perform the task properly. This is why outsourcing has gain so much popularity in the past couple of years. By outsourcing, business owners and staff members are able to focus more of their attention on the business’s core objectives rather than the accounting process. By focusing their attention on these objectives instead of accounting, businesses are seeing increases in both growth as well as profitability. This is why outsourcing to accounting professionals has become such a popular aspect for business owners to invest in today.

By outsourcing these services, business owners are able to simplify their accounting cycle and make overall better business decisions. The first three services that we will address are payroll, accounts payable and accounts receivable. This is because these three are the most popular of the accounting services to be outsourced by business owners.

1. Payroll

Because payroll involves more than simply writing a check, outsourcing it to an accounting professional provides a business with multiple advantages such as accurate payroll documents, correct processing of payments and correct handling of payroll taxes. But more importantly, from outsourcing you are helping your business in saving its two most important assets; time and money! By outsourcing your accounting you’re allowing your business to save money that in return can be reinvested in further developing your business. Then by saving your business the time of conducting the accounting process you are benefiting in two ways. First, you are allowing your managerial staff more time to focus on correctly running the business and making sound business decisions. Secondly you are avoiding any costly issues that could occur from late payroll.

According to the IRS, “40 % of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments”.

This might not seem like a lot but over the course of a couple of years could really start to add up. So instead of losing close to $1000 dollars a year and missing out on tax deductions, you can hire a professional accountant that will take care of your accounting correctly and allow you to focus your time in developing your business.

2. Accounts Payable

Every company faces the daily challenge of trying to reduce their costs. By paying your company’s accounts payable on time, you are able to avoid late fees which can in return help you reduce your costs.

Researchers have determined that, when outsourcing their accounts payable, businesses are able to reduce both labor and the associated costs by 80%.

This means that due to contrary belief hiring an outsourced accountant not only saves money but also cuts your business overall costs. This is also from only outsourcing one aspect of your businesses accounting process. By only outsourcing your accounts payable you are avoiding the one concern most business owners have in regards to outsourcing, increased costs. But like what we have shown you are doing the exact opposite, you are actually decreasing your businesses overall costs.

3. Accounts Receivable

From outsourcing account receivables bills are no longer unsettled and mistakes are inevitably avoided. Additionally account receivables are a significant influencer of your business’s cash flow. By outsourcing the accounts receivable portion of your business you are increasing the collection of payments in a timely manner. This in return can increase the amount of cash obtained by your business, which is known by all businesses as one of its best assets. By having a positive inflow of cash and reduced costs you are not only creating an efficient business model but a profitable one as well. Some of the services that can be provided by accountants in regards to account receivables include:

• Electronic bills/invoices

• Archive, collection and processing of payments

• Balance sheet management

Businesses have found out that by outsourcing account receivables they are able to reduce their labor costs by at least 20%.

4. Budgeting

With the growing need to focus on the core of their businesses, owners have begun to start outsourcing even more of their accounting related services such as budgeting, forecasting and internal auditing. This is particularly true for businesses that have had their main focus shifted to revolving around expansion and have had an increase in obligations in regards to business growth.

Budgeting is a crucial aspect for companies when it comes to accounting because it allows them to plan their finances in regards to operations and expansion. Budgeting serves as a representation of how companies spend their money while considering the needs for each aspect concerning their business. When it comes to setting a budget a few things are needed. First an assessment of costs is needed to be created in order to establish a valid budget. Then in accordance to this budget a strategy is to be developed that allows a company to limit their spending, plan for expansion and enhance the their overall financial performance. Now these tasks are quite long and ask for a good amount of skill that most business owners most likely do not have. This is why the outsourcing of budgeting has increased over the years. With outsourcing to a professional accountant you are getting an unbiased view of your businesses financial position and are gaining the skills to properly perform these complex tasks. This will then lead you into setting a proper budget that can allow your business to expand in grow over the course of the long run.

5. Forecasting

Forecasting refers to how businesses plan for their future needs. This includes making predictions regarding the impact of future business decisions, how the market might change and the threat of any new competitors. All of these and more need to be evaluated and anticipated by businesses in order to accurately plan for the future of their business. But like the other aspects of accounting there is a lack of in-house knowledge or time to present quality forecasting. This is why by outsourcing businesses are able to gain a knowledgeable professional that can develop a precise forecast model that will increase the growth of the company.

6. Internal Audits

Internal audits aim to enhance and improve a business’ internal operations. Because its purpose is to make companies more efficient, it is important that it stays independent and objective. This helps a business by giving them an unbiased view of the company’s internal controls and financial position. Outsourcing this process of internal auditing provides companies with an accurate analysis of everything pertaining to the business, while also providing recommendations as how to improve the overall effectiveness of the business. Then lastly the experts will help the business in complying with all local and federal laws pertaining to all transaction performed within the company. This provides an assurance of integrity to all parties involved in funding and regulation of the business. So by outsourcing your internal auditing you are not only getting an accurate view of your business, you are receiving recommendations for improvement and assurance to provide to any necessary third party.

Benefit From Outsource Accounting

Bu outsourcing your accounting your company is receiving multiple benefits that are both small and large. These benefits include:

• Cut Costs

• Time Saving

• Reduce Paper Usage

• Better Employment Benefits

• Proper Use of Management Time

• Improved Financial Control

This is why we have seen such an increase in the number of accounting services being outsourced over the years. They are able to save more money, spend more time on the actual business and improve their overall business model. From all that is beneficial from outsourcing a business’s accounting there is no reason not to outsource. This becomes even more apparent when businesses begin to expand and bookkeeping becomes more time consuming and complex. Overall the benefits outweigh the costs in regards to outsourcing or not.

Hire Your Outsource Professional Today

Business owners find it extremely challenging to avoid mistakes when it comes to handling books and the solution to this is outsourcing accounting and financial professionals. Businesses increase their chances of success by hiring experts that allow them to save money and make the right decisions. Douglas Business Solutions has the right professionals your business needs to outsource your accounting and financial services. Contact Douglas Business Solutions today , our experts will be able to guide you and help answer all your questions pertaining to outsourcing of your accounting and financial services.

4 Things You Are Doing Wrong with Business Bank Accounts

dennis@surethingmedia.com (Dennis Sbrusch Jr.) — Sun, 09 Aug 2020 00:23:04 GMT

4 Things You Are Doing Wrong With Business Bank Accounts

Date Published: August 6, 2020

1. Separate Your Business Bank Accounts

First of all, do not make the mistake of having a single bank account for your different businesses. Each business should have its own bank account. It helps keep track of the financial health of each business separately. This will avoid a situation where one business’s failure is being overshadowed by another one performing well. Furthermore, if you are still using your personal bank account for your business, you are making a big mistake. Indeed, it is very important to keep these bank accounts separate because they have different purposes and you can’t clearly see how your business is doing if the transactions are mixed up with your own personal ones. Today, there are very many affordable bank accounts that you can open for each of your businesses.

2. Reconcile Your Bank Account

3. Keep Records of Your Deposits

4. Details Make the Difference

If you follow all these steps, your bank accounts will be properly handled and maintained. You will also minimize expenditure and maximize profits for your business.

For more information on how to use accounting software or how to handle your bank account, please contact Douglas Business Solutions today. Our team of experts will help answer your accounting questions.