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Is Your Best Skill Aligned with Your Business Model?

When starting a business, most entrepreneurs excel at the specific technical skill set they need in order to deliver their services and products to clients.  For example, if you own a bike shop, you are pretty great at all things related to bikes. If you own a law firm, you are probably good at practicing law. This skill is your core skill. As your business grows, you need different skills beyond your core skill in order to thrive. That skill depends on the type of business model you want to Read more [...]
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Where’s My IRS Refund?

Did you know the IRS provides a tool on their website that allows taxpayers to check their refund status? The good news is you don’t have to rely on your tax professional to access this information; you can access it directly yourself. Here’s the direct link: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp How do I get started?  The “Where’s My Refund” tool can provide refund information for the three most current tax years. You’ll need the following information in Read more [...]
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Learning About S Corporation Shareholder Basis

General Definition If you have ownership in an S corporation, it is important to have a general understanding of basis. This number called “basis” increases and decreases with the activity of the company. The IRS defines it as the amount of a shareholder’s investment in the business for tax purposes. When the S corporation files a tax return (Form 1120S), all shareholders receive a K-1 form to show profits, losses and deductions allocated to the shareholder. The K-1 does not state the Read more [...]
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Unravel Your Competitors’ Secrets with Mystery Shopping

Every business has competitors of one sort or another, and in many industries, it’s crucial to know what your competition is offering their customers. The good news is you can often find out what your competition is up to, and this is where mystery shoppers come into play. A mystery shopper is a person who is hired to visit and shop your competitors for the purposes of sharing information about their experience. Mystery shopping is one way to collect input so you can complete a Competitive Analysis Read more [...]
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How to Make Accountability Work

Almost every successful business owner craves accountability. We’re wired to respond to crises and to help others, sometimes before we help ourselves. Entrepreneurs are excellent in running their day-to-day businesses, but some need more accountability to meet internal deadlines and long-term goals. Let’s take a look at how we can increase our accountability. Setting Goals and Deadlines The first step to being accountable is to have something you want to achieve, and this means setting Read more [...]