How You Can Prepare For Tax Season: Now!
Tax season is stressful for many people. Luck for you, Hoods has four tips on how you can begin preparing now!
Find your Forms!
One of the most daunting aspects of tax season is figuring out what forms you need and where they are. If you begin preparing those forms and learning which you will need for your taxes now, it will be easier when you go to fill them out during tax season. If you are unsure of the forms you should use, consult a Hoods staff member!
Storing all the information you will need come tax season is an element you can control now! Organizing receipts, tax returns, and charitable donations can help relieve stress when you need to gather information during tax season. Have a filing system in place for each so you can easily grab the documents you need!
In order to ensure your taxes are filed correctly, you may want to consider having someone do them for you. If this is the case, putting some money aside in order to pay for those services is a good tip.
Check how much you are putting in your 401(k)!
Making sure you are utilizing your retirement account to the fullest extent is important. While the deposit cap for a year is $18,000, if you are over the age of 50 you can add up to an additional $6,000. Summer marks the halfway point of the year. Check your 401(k) amount and see if you have deposited half of the overall yearly cap. If you have, you are on the right track. If not, it may be beneficial for you to get it to the halfway point. Then, set a steady goal for the second half of the year. This will save you from having to deposit a large sum during tax season in order to take advantage of the amount cap.
If you have any questions or concerns regarding your taxes or how to prepare for them, Hoods is always here to help! Contact us for assistance!
What is Small Business Consulting?
In the world of small businesses, consulting is a necessity. You may be asking, "What is consulting?" or more specifically, "What is small business consulting?".
Consulting is a means of gaining expert advice from a consultant on various themes, such as financial matters. Small business consulting is very similar, yet is focused on how a small business should run.
The following are examples of what you can expect a small business consultant to do for your business.
Business Strategy: Mainly a set of goals that you will strive to achieve. When you have accomplished these expectations you have set for your business, your status among customers will be greater. A well-thought-out business strategy will keep you competitive in the marketplace among similar businesses.
Planning: Planning can be similar to having a business strategy for your company. It is critical to keep in mind that planning ahead can bring more value to your company. Planning will bring you comfort if a situation arises that you were not expecting.
Problem Solving: If a situation does arise that you were not expecting, a small business consultant can help you solve the problem. Problem-solving is beneficial in many situations, especially amongst business owners. Having a consultant will assist you in evaluating the problem, looking at alternative paths, prioritize, and effectively make a decision.
Business Model: Designed for the successful operation of a business, the business model is a great starting point. It includes revenue sources, customer base, products, and details of finance. All of which are very important to any business.
Marketing Plan: Much like the business model, a marketing plan outlines important factors for business. Specifically, advertising and marketing efforts for the coming year. Further, it goes into how to accomplish these objectives within the set timeframe.
Everything that a small business consultant does is to better your company. It is a smart move to have a small business consultant on your team when you begin preparing for the coming year of your growing business.
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