1) Rarely do we make endorsements or recommendations from this forum, simply because you want sound financial and tax news that you can use to build up your bottom line.
Just this once, we’re going to make an exception simply because these people are that amazing. The folks at Crestmark Bank, and especially my friend Sherri Myles are proud to go to the mat to beat your current financing arrangements.
Sherri can work with a wide range of needs, but especially trucking and logistics companies with $5-25 million in annual sales and strong receivables that may not qualify for “traditional” financing.
What makes Sherri and Crestmark different? Simple: the relationship! It’s one thing when a bank refers to its customers as its best assets. But when those customers refer to their relationships with Sherri at Crestmark as a huge asset and a strong resource, now that’s saying something.
Why not give Sherri a call at (248) 267-1626, even if you’re undecided right now. Then you decide. You’ll come for the rates, but you’ll stay for the service!
2) One of the most-overlooked areas of deductions on individual income tax returns is business or employment-related expenses. If you are a business owner or paid on a 1099 as an Independent Contractor, these deductions would be reported on Schedule C as deductions from your gross income. If you are an employee, paid on a Form W-2, then unreimbursed work-related deductions would be reported on Form 2106.
Of this area of deductions, one of the most overlooked is probably right in your pocket: your cell phone.
- Business furnishings
- Supplies and postage
- Reference materials
- Non-commuting vehicle use
- Meals and entertainment
- Possible home office
This is just scratching the surface. If you overlooked a sizeable amount of these expenses, call Kristin at 770-984-8008. Or better yet, if you haven’t filed yet, still call Kristin, 770-984-8008.
3) So here we are in the 2nd Quarter of 2014, with the first four months of the year in the can.
How are you doing against your goals and expectations? OK, you’re among friends here – do you really have specific goals, objections and expectations for yourself and your company? Are they written in a place that you can easily access?
And what is your “dream” goal? Up 30 percent from last year? 50 percent? How about double last year?
What would it take to get you there?
Have you heard of the 80/20 Rule, also known as the Pareto Principle? Basically, the idea that 80 percent of your income comes from 20 percent of your customers. And likewise, 80 percent of your problems are caused by 20 percent of the customers. And so on.
If we also say that 80 percent of your results come from 20 percent of your efforts, what would we do? We’d concentrate almost totally on that 20 percent, would we not?
So what is the other 80 percent of your time and efforts that can either be left undone or delegated, what then is the 20 percent that you can focus on like a laser to give you that fat 80 percent of all your income (or other result)?
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Dennis Bridges is a CPA and recognized leader in tax and financial issues for logistics professionals and logistics-based enterprises. He is the author of The Truckers Tax Relief Toolkit, and co-author of Amazon best-seller, Breaking the Tax Code, 2nd Ed.
In honor of the sacrificial work effort expended by drivers and other logistics professionals, he has created the “Truckers Million Dollars Tax Cut”, a nationwide initiative to save over $1 million in income taxes for at least 2,014 truck drivers and others. He welcomes inquiries from individual drivers and others for tax preparation.
Dennis strives to bring the maximum value to every client relationship, whether income is measured in six figures or nine figures. He is best known for reaching innovative solutions to tax and business problems.
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- Address a tax or financial question for consideration by Dennis Bridges or another member of his Logistics Finance Panel.
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