“Never argue with a stupid person, they’ll drag you down to their level and beat you with experience.” Mark Twain
Lots to talk about this month, let’s get started.
Your tax guy is off to the IRS Nationwide Tax Forum this month. The Tax Forum allows me to mingle with fellow tax geeks, find out the latest tax software changes, and most importantly learn from mother IRS what her focus will be for the upcoming year. Looking at the schedule I couldn’t help but notice that several key seminars were canceled for some unknown reason or maybe not. For example, the tax transcript session was canceled. This cancellation was more than likely the result of the recent revelations of the IRS data security breach hack of the transcript system that caused identities of 200,000 taxpayers to be stolen. I can only speculate of course, but there has not been an implementation of additional security systems in place in the transcript system to tell us. Therefore no seminar to attend. Next month I will pass on what I have learned.
Surprisingly the failure to have any type of record keeping system for their business is the number one mistake that our smart clients do to mess us their taxes. I have to tell you how amazed I was to find people just starting to organize the previous years’ figures, some that were incurred more than 19 months ago, when they file their corporate tax returns in September. I don’t think I can remember what I spent last week let alone more than a whole year and and half ago. In the old days we built our business on bookkeeping....an era before desktop computers and the internet. Nowadays the computer has revolutionized your small business recordkeeping. Don’t struggle. Don’t miss out valuable deductions. Make record keeping part of your daily routine. We are still compiling our list so stay tuned.
Speaking of record keeping systems we are still looking at new cloud based base accounting systems that integrate with your existing accounting system and eliminate the need for additional data entry. Our reaction so far is that it is not worth the hassle.
As we endure yet another state budget crisis, I couldn’t help but notice these comments from Chief Executive.net’s ranking of the best and worst states to do business in. Illinois is ranked 48th. No change from 2014. Only California and New York rank worst than Illinois.
“The Democratic politicians have been bullsh****ing the voters in Chicago for close to 40 years. The state fiscal situation is a mess and Bruce Rauner may be the last, best chance to save the state.”
“Illinois politicians are elected and controlled by the public service unions. All focus is on keeping them happy and funded. All else takes a second or third seat. Business is only viewed as a source for taxation revenue.”
“Illinois would be better if our state-elected officials knew how to work together and for the people instead of only working for their own best interests.”
Illinois does not rate as poorly in the just published CNBC 2015 top states to do business in listing. Illinois ranks overall 19th, but ranks 45th in business friendliness. Anyone who endures the wait at the Illinois Liquor Control Commission office to obtain or renew a state liquor license like I did today would concur. By my count I watched in astonishment as 12 small business owners saw their liquor applications rejected by possibly the most rude, deleterious, employees I have encountered in state government for the most petty reasons. They were not alone. My poor client had their license rejected because of the fact that the assumed name listed on their local liquor license ended with the number 2 and not the roman numeral II. I kid you not.
I want to share with your the attached email from I receieved from the new entreprenurial support site tapp.com: “Attract Local Customers Online in Under 60 Seconds.
Want to attract local customers without tapping into your marketing budget?
Make sure you’ve got the No. 1 online base covered:
Enter your business into local online directories.
It may sound obvious, but this step is often overlooked. Making sure your business is listed locally lends credibility and helps nearby customers find you. Start with directories like Yahoo Local, Superpages, Google Places, and Citysearch. First, check to see if you’re already listed. If not, add your business and load up your entry with all relevant info, including address, phone number, hours of operation, and photos. It’s worth checking out each site’s paid options in order to up your listing views.
If an online directory allows users to review businesses, make sure you reach out to your customers and encourage them to comment on your service or product. Earning great reviews should help your listing earn a more prominent spot and look more credible to potential customers. If a directory allows for the addition of a unique ad, go for it. Stay short and sweet, and highlight what makes your business unique. Make sure the link that you add to the directory takes the potential customer to a page where they’ll get all the info they need.”
The great thing about these local directories is the listing is free. I wrote in September 2014 “you absolutely need an Internet web presence. No exceptions. Your customers are searching for you on the Internet. BE THERE for them to find you. Your business needs to be listed in the new yellow pages....Google local is now incorporated in something called Google+. The best part is that Google+ is free. The Internet is the new yellow pages. You're under 40 customers are not picking up the yellow pages to find you, they are searching Google.”
