Let's Talk Business

Managing Your Time

"I can tell how much money you make by looking at how you respect your time."

Mike Litman

____________________

 

Time is truly the great equalizer.  We all have the exact same 24 hours in a day.

 

We all feel that 24 hours isn’t enough arguing that “If I just had an extra 3 hours each day – “I’d accomplish everything!”

 

No you wouldn’t – you’d just come up with more excuses why things don’t get done.

 

The key to achieving your goals (whether they be daily, weekly or monthly) is to make better decisions with your time.

 

This week, be conscious about your time.  Treat every hour as a gift and make certain that you do the most with that gift.  In other words, make sure that your activity is purposeful and helps you achieve your goals.  (By the way – sitting on the floor with your kids and playing a game is VERY purposeful and will help you to achieve a very important goal – building amazing kids.)

 

Have a blessed week and a prosperous New Year!

 

PS - Check out our new website - www.goreachmore.com.

'Tis Better to Give Than to Receive - What You Need to Know.

As you prepare your homes and businesses for the holidays and the beginning of a new year, many will include charitable contributions as a part of your seasonal activities.  We hope you will find the following Contribution Guidelines a useful resource during this time. 

Contributions of Cash

Gifts of less than $250

                        A record of the contribution is required

·         Written receipt or bank record, such as a canceled check or credit card statement

·         Must show name of charity, date, and amount of contribution

            Gifts of $250 or more

                        A statement from the charity is required

·         Amount of money contributed

·         Whether anything was received in return, and, if so, an estimate of its value

·         If by payroll deduction, a pay stub or W-2 showing amount and pledge card or other statement saying nothing recieved is sufficient

Contributions of Property

            Gifts of less than $250

                        A receipt from the charity is required

                        Records must be kept showing charity’s name and describing gift

Gifts of $250 or more 

            A statement from the charity is required

·         Must include a description of the property contributed

·         Whether anything was received in return, and, if so, an estimate of its value

·         Must be received before due date of return or date filed if earlier      

Gifts of $500 or more

            Form 8283 required, additional information required

·         The date the item was acquired

·         How it was acquired

·         Its cost or adjusted basis

·         Its fair market value

           If for a vehicle, boat, or airplane, a statement from charity is required Form 1098-C

            (Not required for C corporations)

            If over $5,000, an appraisal is probably required

Determining Fair Market Value

            The value for which items would sell in thrift store is a good guideline

            Merely using standard values on lists provided by charities is not sufficient.

Aggregating Gifts

            Do not combine separate donations in determining whether a gift is $250 or more.

                        Ex. $25 per week for a year is not a gift of $250 or more under rules

Gifts of household goods must be in good used or better condition unless for a single item over $500 and a qualified appraisal is attached.

CIRCULAR 230 DISCLOSURE: To ensure compliance with U.S. Treasury Department Regulations, we are required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including any attachments, is not intended or written by us to be used, and cannot be used, by anyone for the purpose of avoiding federal tax penalties that may be imposed by the federal government or for promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

Happy Holidays From Simons Bitzer & Associates, PC

Since 1995, Simons Bitzer & Associates has provided innovative and practical solutions to even the most complex business challenges.  Our consultant teams work hand-in-hand with customers to improve business performance, drive shareholder value and create a competitive advantage.  We assist our customers with meeting their dreams and goals and help them increase their business value. For additional information or to schedule a complimentary consultation, please contact rpotter@simonsbitzer.com or visit our website at www.simonsbitzer.com.

The Christmas Season

“We're so busy watching out for what's just ahead of us that we don't take time to enjoy where we are.”

Calvin and Hobbes

_____________________

The Christmas season is here and before you know it – it will be gone.

For most of us it will be a little hectic – filled with shopping, baking, wrapping and parties.

Unfortunately, we all have a tendency to look at this season as one big “to-do” list.  As soon as we check one thing off the list, we hurry to the next item convincing ourselves that the key to happiness is getting to the bottom of our list with nothing left undone.

Here’s the problem with that approach.  If all we are trying to do is to “get through” the next few weeks, we will miss the most important gifts the season has to offer. 

It might be the sheer joy of a child waiting for Santa to come down the chimney, the appreciation of a elderly relative whom you traveled to visit or a kind note from a close friend.

At the end of the day – it’s these gifts that fill your life with joy and meaning.

This week I challenge you to live in the moment and appreciate your gifts.

Outsourcing

I want to talk today about the value of using a consultant and outsourcing some of the functions of your business. We all are good at what we do in our business, that’s why we went in to business in the first place (well that and all the glamour and fun). But we can’t be good at everything. So is it really a good use of our time to do things outside our skill set, ineffectively and in more time than it would take a professional? For example I am not an accountant (I can barely add 2 + 2 without a calculator) so to handle the financial end of my business, as it pertains to entering receipts and bills into Quickbooks, would take me five times as long as it takes the team from Prostar accounting. Not to mention I often forget to invoice people and then wonder why I don’t have any money. So even though you might think you can’t afford to outsource you can’t afford not to. My time is much more valuable spent on what I am good at. Isn’t yours?

For a free analysis of your financial needs call Prostar at 317 984 4141 or check them out at www.consultwithprostar.com

Unemployment Claims - Are They Worth Fighting?

A client asked me the other day if it really mattered if he fought an unemployment claim a terminated employee brought against him. When I asked why he would entertain the thought of not fighting it when he was in the right, he replied that it wasn’t worth the effort. Besides wasn’t that why he paid his unemployment insurance. I then stepped up my soapbox I reserve for discussing unemployment (or At Will employment but that is a topic for another day). After our conversation he decided it was worth his time to fight the claim and it got me thinking about all the other business owners out there who have similar thoughts.

As a business owner you have so many different things that pull at your time and I understand that. However on principle, take a stand on unemployment claims you feel are not legitimate. Should past employees who have not put the time and effort in to a job they said they would, be able to reap the rewards for a job poorly done? Of course not. So why wouldn’t you take the time to prove they were a poor employee and therefore so not deserve unemployment? If each of us business owners took a stand and did our best to fight for what’s right maybe we could make a difference.

This is a very brief post on what is a very complex topic so please contact me if you wish to hear more of my thoughts on the subject. Or I may just give them to you anyway in a future post.