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Is Outsourcing the New Way to Go? A Look at Outsourcing Trends

In the past, as your company grew, it was somewhat expected that more tasks would be taken care of in-house rather than by outside interests. However, today's trends towards digitization is rapidly increasing the number of businesses that outsource these tasks, whether it's marketing, accounting, business strategy or similar areas of concern. But is outsourcing right for your company? Here's a quick look at why this trend is so hot in today's business world. The business economy is going global, and part of that process is spreading out the areas of your business that don't directly contribute to your company's revenues. Though you could learn how to use an accounting package, content market

Small Business and Social Causes: Should You or Shouldn't You?

In today's very competitive world, one way that some businesses choose to stand out is by supporting social causes. After all, most customers will happily support businesses that are helping out those in need around the world. But many businesses today are taking this trend a step further by supporting social causes that have a strong political lean, whether it's banning legally-carried concealed firearms, allowing trans-gender use of bathrooms, supporting pro-choice or pro-life organizations or similar hot topics. How do these stances impact the company's bottom line and should you follow this trend? Though the common stance in the past was for business owners to keep their support of socia

Did Your Tax Return Get Caught in the Crash? Here's What to Do

When federal tax returns were due on Tuesday, April 17, many individuals and business owners ran into a sticky situation. The IRS hardware that was connected to the agency's master file crashed early that morning, which caused serious problems as the agency could not accept returns or payments that day from a number of digital sources. Taking nearly 11 hours to fix, the crash impacted many tax returns. Was yours one of them? Here's what to do if it was. If your return was caught up in the crash, there are two different approaches that can be taken. This strongly depends on whether you owed money on your return or if you were owed a refund from the IRS. In either case, you can choose to file

With tax season winding down, here's how to prepare for next year

As we head into the hot summer months, the tax season has finally begun to wind down. But with all the changes that have happened in the tax code for the 2018 tax year, do you know how to prepare for next year's tax season? Here's a few quick tips to help you get prepared now to save a lot of stress later on. Are you a pass-through entity, such as a partnership, S-corp or LLC? If so, certain legal organization structures can allow you to deduct up to 20% of your business income. Considering restructuring? Investigate this part of the tax code first to take advantage of the changes. What's up with depreciation? There have been significant changes to how depreciation works, including changes t

When should you outsource for better business services?

Today's workforce is changing. Rather than focusing on doing everything under a single roof, many companies are beginning to outsource a significant portion of their business operations. But when is it a good idea for you to outsource your services rather than keeping them all in house? Here's a quick review of points where you may want to consider outsourcing. When you're first starting out. How do you write a business plan? What should be included in your budget? Starting a business is stressful, and you want to make sure that everything is done correctly. Outsourcing the process ensures it's being handled by somebody who has been through the process and knows what's needed. When the task

Standing Out From the Crowd: Differentiating Your Business

In today's interconnected, social media focused digital world, it's becoming harder and harder to make your business stand out from the crowd. Fortunately, it's not difficult to create a strategy that helps your company shine and stand above the competition. Here are a few options to try that can help you keep your company looking unique and standing out from everyone else. Be uniquely you. Take a few minutes to figure out how your company is different than the competition. As an example, one company that is popular with glass artists regularly features test pieces with each new type of glass they offer and include a handful of candy in each box that's shipped out. Create a unified vision. I

Depreciation Details: How the New Tax Law Changes Things

In the past, your business could depreciate the value of assets over a particular period of time. This was used to help your company determine how much of a loss those assets were taking over their lifespan. Much like a used car, your business assets depreciate in value over time and use. But the new tax laws have created changes in depreciation. Here's a quick look at what to consider when planning your company's new tax strategy. It used to be that your company's bookkeeper or accountant would look up how long an asset would need to be reduced in value on depreciation tables that had been standardized by the IRS. However, the new tax law has changed that approach. Here are some of the top

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