Focus CPA

Change has been a constant the last few months. Being forced to stay home, forced to wear a mask and forced to limit contact are not my choices. It only creates frustration and anger.

As life is changing. There is a lot of negative, scarcity thinking is out there in the media. How we see our life is a matter of perspective. It reminded me of a story I heard many years ago.

Being a small business owner is a constant challenge. We always have too much or too little of something – money, time, staff, customers, space, product, etc.

My life has definitely been shaken! Over the last few weeks, we have been avoiding a deadly virus, ordered to stay home, practicing social distancing and experiencing a total disruption of work.

Whether you are starting a business or working to become financially sound, the fastest way to improve your bottom line is focusing on your top line. Here are five areas to look at;

I booked my ticket to Africa last month! Business class from New York to Nairobi for this fall. The 14-hour flight with two boys who can’t sit still is torture. We are off to another African safari and a taste of another culture.

The fact that you as a business owner have a receipt or can prove that you incurred an expense does not by itself make it tax deductible. Only business expenses that are ordinary, necessary and reasonable in amount are tax deductible

Life zooms by. Decisions are made, acted upon and forgotten – like the seasons spring, summer, fall and winter.

I remember my Mom telling me “If you have nothing nice to say, don’t say anything at all”. I struggle with the words being tossed around in the news today. Majority of what I hear is “he said, she said”.

Many businesses are closing their financial statements for last year to file the taxes. This is the perfect time for business owners to take a deep dive into their financial results and learn more about the business.