Do Not Make These Mistakes on Your Taxes Next Year

 

Tax day is always April 15th – besides this previous year, of course! Even though that date seems far away, it is never too early to be ready for the time of the year that everyone dreads. 

 

Prepare yourself and your small business for next year’s tax season so it runs smoothly. Do not make these mistakes on your taxes next year.

 

dont make these mistakes

Income Reports

Inaccurate income reports are a big mistake that is often made in small businesses. Do not fail to report income or accidentally over-report your income. The IRS has access to the information that you are trying to withhold. Throughout the rest of 2020, make sure that all income reports are correct by double-checking them. 

 

Small Business Tax Deductions

Small businesses have the opportunity to claim tax deductions. By writing off certain expenses, your small business should owe less in taxes. 

 

The IRS says that business expenses must be ordinary (common in your industry or trade) and necessary (needed to run the business). Expenses must be for business, not for personal use. Below are a few tax deductions that small business owners should keep track of.

 

  • Car and truck expenses
  • Salaries, wages, and contract labor
  • Supplies
  • Depreciation
  • Business rent
  • Utilities
  • Insurance
  • Repairs

 

This article goes in-depth about expenses that can be considered a tax deduction

 

Personal vs. Business Finances

Small business owners commonly mix up their personal and business expenses. Although it may seem easier to keep everything in your personal account, it causes problems during tax time. This might cause you to overlook a small business deduction. Avoid mixing these expenses by opening up separate accounts.

 

File On Time

This might seem like an easy decision, but make sure to file your taxes on time. Steer clear of problems caused by late taxes by asking for a filing extension. 

 

PL Consulting Will Prepare You For Tax Season

We want to help small businesses in any way that we can. We hope that you can take these suggestions and implement them in your business as soon as possible. 

 

We are experienced in all facets of tax preparation. We ensure that you consider all of your legal deductions so you realize your full tax benefit. Our comprehensive interview techniques and computerized return preparation process assure that your return is complete, correct, and presented to you promptly.

 

We help structure transactions to minimize the legitimate amount of tax you pay. Through careful evaluation, we help plan your tax obligations for the entire year so there are not any surprises at tax time. We can explain the tax structure so you know where your money is going. 

 

Along with tax return preparation services, we offer a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. Our services are customized to each of our clients and their business plans. 

 

If you have questions about tax preparation, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.

 

 

Why is Customer Feedback So Important to Your Small Business?

Small businesses should focus heavily on customer feedback. Small businesses do not have as much brand awareness compared to large corporations and chains. Customer feedback brings new customers to your business. Customers are the most valuable source of information when planning customer experience, products, and services. 

 

Customer Feedback

 

Helps Customers Find You

Potential customers are constantly researching before making a purchase. Customer feedback is a huge part of their research. For example, when looking for a new restaurant, people check out Yelp and Google reviews. E-commerce websites should have an option to leave feedback about purchased products so that new customers have something to help make their decision. 

 

A person is more apt to buy from a business with many reviews over somewhere that barely has any. People typically search through reviews and determine which ones are the most useful. Never delete bad reviews or leave fake reviews. It is easy to spot if your business has done that and the person will be less likely to purchase from your small business. 

 

Aids in Product and Service Changes

Customer feedback is a sizable factor in changing how your business runs. Sometimes a new idea does not work out as planned, and the only way to know this is through feedback. If your construction business gets customer feedback about the quality of work, you can make changes or level up what you are already doing. 

 

How to Get Customer Feedback

High-quality feedback is not always easy to collect. Emails are a great way to follow up with customers. You can send an e-mail shortly after they purchased to see how satisfied they were with the purchasing process and their initial thoughts. Send another follow-up e-mail as more time passes asking if they still enjoy their purchase.

 

Social media is an inexpensive way to gather customer feedback. First, build a following that trusts your small business enough to interact with its account. Then ask questions or post surveys that your audience would like to respond to. If customers comment on posts or leave a review saying that they had an issue with your business, message them or encourage them to call you so you can fix it. 

 

Give customers an incentive to respond to surveys. This could be a percentage off or the opportunity to enter into a drawing. Sometimes these surveys take too long, so encourage the customers with something valuable to them. Send the survey links through e-mail or print them on receipts.

 

PL Consulting is Here for Your Small Business

PL Consulting offers a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. Our services are customized to each of our clients and their business plans. 

 

If you have questions about receiving customer feedback, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.

 

 

How to Attract New Customers to Your Family-Owned Business

Determining how to attract new customers to your business is a challenging task that changes frequently. Increasing your customer base should be a top priority. These simple tips will help you attract new customers to your family-owned business

 

New Customers

Focus on Current Customers

Your current customers bring in new customers. A customer’s positive experience with your business encourages them to leave reviews online. Potential new customers can see these. If you build a relationship with your current customers, they will be more inclined to talk about your business with friends and family. Set up a process that incentivizes current customers to leave referrals. These referrals are important and beneficial, but an effort still needs to be put in to attract these new customers to your business. 

 

Research, Research, Research

Attracting new customers requires time and research. Secondary research has already been done, so use that to your advantage. If your business has enough budget, develop primary research. Surveys and focus groups will help see what your ideal audience has an interest in. You can also determine their buying behaviors, what types of media they prefer, and information on their demographics. 

 

Run Social Media Campaigns 

Social media campaigns can help your business attract new customers. You can engage and target new audiences with marketing tactics. Use your research to target audiences that use each platform the most. 

 

Another successful way to attract new customers is by running social media giveaways. Have each person tag a few friends to enter, which encourages new people to check out your page. Do not be afraid to get creative with these giveaways, but make sure they align with your ideal customer base.

 

Utilize Your Website

Keep your website updated so that new visitors have all the right information. Show any promotions on the website that will incentivize them to make a purchase or schedule your services. Answer questions with an FAQ page, chatbot, or provide contact information for them to call. 

 

Get Involved in the Community

Find any local events or fairs that are happening soon. Consider setting up a table, passing out promotional products, or sponsoring the event. This will get your name out to people surrounding your business. Another way to get involved with your community is to support local schools and charities. 

 

Grow Your Customer Base

Growing your business and customer base takes time. Find what works best to attract new people to your business. Show new customers that your family-owned business will be important in their lives. Attracting new customers may take trial and error, but you will eventually find the right process. 

 

PL Consulting offers a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. Our services are customized to each of our clients and their business plans. 

 

If you have questions about attracting new clients, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.

 

 

4 Ways to Promote Accessibility in Your Small Business

 

The Americans with Disabilities Act (ADA) was signed into law 30 years ago. It protects anyone with a physical or mental impairment. This includes more than just people that are deaf, blind, and in a wheelchair. Physical conditions like diabetes and mental conditions like bipolar disorder are also covered by the ADA. 

4 Ways to Promote Accessibility in Your Small Business

There have been huge steps towards change in accessibility and inclusivity in businesses, but there is still more work to be done. Your business must be ADA compliant if it has 15 or more employees. If your business has fewer employees, still consider creating an accessible business structure. Here are four ways that your small business can promote accessibility. 

Website

Web accessibility is typically one of the biggest issues for small businesses. If a customer cannot complete their purchase on your website because of their disability, your website is not ADA compliant. Web accessibility includes screen readers, text that is clear and easy to read, hierarchy, and keyboard navigation. This ADA compliance checklist breaks down many ways to have a compliant and accessible website. 

Signage

If your business creates its signage, it must be accessible. If your business outsources signage design, double-check that they comply with ADA standards. This includes text that is big enough to read and easy to understand. The colors that are chosen need to have enough contrast for people that have low visibility or color blindness. 

Business Accessibility

Provide accessible parking at your business. Make sure there is a wide ramp to get into your business if there is a step up. If there are tables or isles in your business, check to see if there is enough maneuverability space for people to get through. Businesses that have an up or downstairs need to have another way for people that are physically impaired to get around. This could be a ramp, elevator, or lift. 

Employees

Ensuring that your business is accessible to your employees is just as important as your customers. The ADA covers employees with disabilities that are qualified for their position. Keep your employees’ medical information confidential. Ask employees if there are any reasonable accommodations that they will need to be successful in their position.

Accessibility in Your Small Business

Making accessibility changes in your small business might cost money and take time, but it comes with added value to your small business. PL Consulting strives for accessibility for everyone, and we encourage your small business to do the same. Do not forget to check the ADA Compliance Guide for Small Businesses for further information.

 

PL Consulting offers a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. Our services are customized to each of our clients and their business plans. 

 

If you have questions about managing a successful small business, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.