J.H. Johnson & Associates, CPA - Tax, Accounting, Payroll and Business Solutions

Last Thursday was another great meeting of learning and breakthrough.

 

We all learned about how employees are motivated by their paycheck for sure, but once basic needs are met, there are lots of other motivators for great performance and loyalty.  For most businesses, controlling and leveraging payroll costs is a major bottom line issue.

 

We also looked at how to identify and attract your ideal customer.  One of the keys was learning to be more direct and clear with people about who you really want as a customer.

We had a great first meeting! One business has already found a way to cover the expense of their fees to the meeting.

There are some changes as discussed by the group. We will now be meeting every other Thursday. The next date for the meeting will be May 17th. We will be meeting at 3:00 and it is expected to last until 4:30.

Here are some key initiatives for the group which was discussed at the last meeting:

1.      Better communication skills and employee management

2.      Increase our business (more customers and profit)

3.      Create new business relationships

4.      Creative business development ideas

5.      Simplify life and business

6.      Clarify business direction

7.      Share success stories and celebrate success

 

The purpose of this group is to create business opportunities, help create solutions to business challenges, and accelerate personal and professional growth in the areas of leadership, communication, and relationships.

 

Dave Beam, Action Business Coach, will lead and facilitate a weekly group conversation.  Dave has been coaching business owners and teams for over 9 years, and has over twenty-five years of business and counseling experience.  One meeting every month will be face-to-face, and the other meetings will be via teleconference.  The meetings are scheduled for 3:00 PM EDT.

 

This is an opportunity to give and receive business help from each member of the group.  Dave will also be coaching of personal and business development principles which will provide a basis for the mastermind discussions.  He will also facilitate group coaching of members through challenges and stimulate brainstorming and the creation of innovative solutions and opportunities for each group member.

 

The cost will be $200 per participant per month paid in advance.  Downloadable Podcasts of the meetings will be provided, as well as a member’s forum to facilitate further exchange of ideas, information, networking, and solutions to problems.

 

An organizational/informational meeting will be Thursday May 3 at 3:00 PM EDT at J.H. Johnson & Associates, CPA in Russell, Kentucky.  If you are interested in participating, but cannot attend the meeting on May 3, please e-mail davidbeam@actioncoach.com to express your interest and make arrangements to register for May’s meetings/calls.  You will be provided a teleconference number so that you can participate in the meeting from another location.

 

If you have an interest, there will likely be advantages to being charter members of this exciting new group.  You can try this for one month risk free.  If you attend all of the meetings the first month, and then decide not to continue to participate, you will receive a full refund.       

Are you satisfied with your tax planning strategy? Probably not, because most of us neglect this aspect of our personal finances. We may shop for the best rates in auto loans, or spend hours trying to find the cheapest cell phone rates, but one area which Americans could save tons of money is overlooked. That area is having a good tax strategy that makes sense.

The main reason people cite when asked why they have not been more proactive in tax planning is that they simply don't understand taxation. They understand why they have to pay taxes, but they don't really understand the detail of the calculations or why they have to pay so much in, or get so much back. That's OK, in your life there are a million things which should take precedence over learning tax code (job, wife, kids, faith, Saturday Golf, Etc).

However, that's why you need someone on which you can depend to provide accurate information that will structure your life in a way that can save you thousands when it comes to tax time. Doing things like turning your hobby into a home business, or taking advantage of the tax benefits of a retirement plan may save you thousands.

This is the difference in having a tax preparer and an experienced tax planner. 

It's an exciting time at our office. (If you can believe that) Tax season is coming into full swing. This is one time of the year that our organization isn't confined as much to helping businesses. We are so excited each time we hear the door open.

Although we have a heart for business, we also have a passion for people. We are looking forward to helping our personal clients getting the most out of their tax returns. We really take pride in servicing every customer. Sometimes there are pleasant surprises and it's not uncommon for us to find out someone has been missing a deduction for the last few years and we are able to file amendments to reclaim those lost refunds.

One of the hardest things for me to do as a professional is admitting that not everyone who can fog a mirror and write a check makes a good client. However, it's true. Many times I see my clients take on customers of their own who create problems. They damage their reputation, drain them of resources, and prevent them from finding the customer base which they can best serve.

Some time ago J.H. Johnson & Associates, CPA developed a criteria for which we decide on new clients. We simply administer these three easy tests.

1. Impact - What impact is this business having on the community? Is it building up the customers they serve, or is it taking advantage of their customers. If that organization seems like a lion out on the hunt for prey of which they can bill, our CPA firm wants nothing to do with that.

2. Growth - We're young, new, and innovative. There are CPA firms better situated to handle businesses who are not interested in growth and would prefer to maintain their current position. We're not really good at that. We are best at analysis and forming business plans which drive growth.

3. Adaptability - If a client is unwilling to adapt to changes in the environment, then we can't do much to help them. By taking these clients on we are creating a toxic situation for both parties. Change can come in the form of changes in tax obligations, business legislation at any level of government, changes in available technology, and more. If a company isn't willing to adapt, we can't help.

With new technology, geographical differences are no longer an issue. We can service anyone in the U.S., and that makes choosing clients by the aforementioned criteria even more important.

Feel free to browse the site of contact us at info@jhjohnsoncpa.com for more info.

It's that season again! It's time to get your documents together and square things away with uncle same. Every year the deadlines vary just a bit because of new legislation, holidays, and weekends. So we figured we'd make it easy for you. Here are some of the days you'll need to remember.

January 17 -  Earliest day to file a return

January 31 -  Employers must have W-2 forms submitted

February 28 - Companies must have their 1099 forms submitted

March 1- Fishermen and Farmers must file income tax unless estimated tax is paid, or non is due.

March 15 - Corporation and Partnership returns are due

March 15 - Form K1 is due to be sent out to tall partners and owners or those required to file to the IRS on this day.

April 17 - This is the big one, this is the day all individual tax returns are due.

If there is anything we can do for you, please don't hesitate to give us a ring at 606-388-4168.

Thanks!

James

 

People will make the effort to maintain their house, their car, and even their pets. One thing many people neglect to maintain is their finances. Just like having a clean house, it's important to make sure you have a clean personal balance sheet. There is a ton of information as to how this can be done and it's just a click away.

Most people check their credit score when they are applying for a loan or they manage their debt enough to keep them from experiencing a net cash loss every month, but few actively manage their net worth. For the most part, the main reason we have is because of our busy schedule. That's just an excuse. The truth is that we are like an ostrich sticking our head in the sand at the sight of financial woe, or even the possibility of it.

No one is going to grab you by the neck and pull your head out of the sand, but at least one excuse is diminished.  With the advent of mobile technology being married with cloud computing, it's getting harder every day to say we don't have time. Do you have an iPhone, iPad, Android, or Blackberry? If so, this applies to you.

You've probably been managing your bank accounts online for quite some time. Now it's time to make that leap and start using your mobile devices. Go ahead, download those app. Places like www.mint.com will actually combine all your accounts into one easy place to know your net worth at any given point. Beyond that, check out your app store. See what's available to give you up to date information on your net worth. Use these apps to shop for the best rates on the financial instruments you use.

Here's the best part of the cloud computing revolution, if you're a business owner and really need some extra help, you can enter the cloud and save time and money. It's simple, just contact us, or your CPA, and ask them about their apps for businesses. We can situate your iPad/iPod with an app that links directly into our software. No making backups of your bookkeeping files, no bringing in  messy ledgers. We already have your info right there. Just come in and review your financial outcome for the month with us and watch your business grow!

Read, discuss, and email info@jhjohnsoncpa.com with any questions.

James H. Johnson, CPA, MBA

www.jhjohnsoncpa.com 

Because of rising fuel costs, IRS is changing the standard milage rate for business use of an automobile from $0.51 to $0.555 (55 and 1/2 cents). Since there is a mid-year change in IRS allowable rate, this means taxpayers will need to pay special attention as to log when the miles are driven. Ideally, everyone claiming standard deduction milage should be keeping a log of where they are driving, what date(s) they were driving on, and how many business miles they drove for that day.