Jeff Haywood, CPA

Archive for the ‘Life’ Category

Challenges/Obstacles to Starting a Business

An entrepreneur faces many challenges/obstacles when starting a new business. Many of these challenges take place in your mind. In this post we will look at unmet expectations and your response. The bigger challenge really is dealing with your emotions and not so much the unmet expectations. In the new venture my wife and I undertook, my wife had the expectation, set by someone else, that she needed to have full detailed inventory list before she began. As a CPA Superhero Bean Counter I fully understand the need for an inventory. However, success is contingent on STARTING and sometimes you have to say 1-2-3 go even without a full inventory list. When unmet expectations keep you from starting to sell your product and generating revenue that is a bigger problem than not having an inventory. (excuse me…what did the bean counter just say?)

Do You Need to be Perfect?

The other expectation my wife had was having a perfect display for her product. Expecting perfection is always an emotional killer/obstacle at the start of a business. Expecting to get to perfection eventually is the way to go. The thing is, the sooner you get started and sell product…and learn the better. Yes, you want to plan and prepare but you also have to START to make money.

Jason Motte

Being a baseball fan I liken this to the players and the coaches decisions. When a coach has a relief pitcher that has only one pitch, a fastball, and he is working on a slider the coach does not wait to put him in a game as long as he throws that fastball over 90 mph and with some control and with a little movement on it. What happens with the one pitch pitcher? He has to get into a game to learn how to pitch with his one pitch and learn from mistakes quickly. Typically a coach has several of these not fully developed relief pitchers and he puts them in games and sees who learns, adapts, and succeeds quickly without getting emotionally crippled. It was not the end of the world when Jason Motte struggled for the St. Louis Cardinals nor when others with more potential failed. But then Jason Motte figured out how to win with one pitch and he gained confidence while others could not handle occasionally failing.  So you see you do not need to be perfect.  You just need to get out there and START and learn and develop into a successful businessman.

Guess what. Not only do even the best baseball players fail, but businessmen fail also. How many restauranteurs fail trying to make the best food and at low prices. Meanwhile McDonald’s and Domino’s succeeded with inferior food at higher prices. They learned how to succeed with what they had and they went for it even though it was not perfect.

My wife learned to start without an inventory and without a perfect display and to charge more than she was comfortable with. What happened? She started selling jewelry and generated some cash. She had many shows with a variety of success and a couple of flops but all in all in the end she sold more then she expected to. In addition, she learned what sells well and quickly and what does not. Now she is equipped with experience and knowledge to do a better job of buying inventory that will move. But none of that would have been possible had she not STARTED.

By the way we now have an inventory list of everything that remains and its cost.  It is not perfect but it is close enough and we can move ahead.

You and Lebron James

You can get your business started, just do not expect to be perfect and say 1-2-3 Go.  Like Lebron James you will not make all of your shots but you will be a winner.

To talk to an experienced CPA about starting a business and the challenges that go with it, contact me using the information below.  See my other posts about success and business entities and taxes for further help.

Jeff Haywood, CPA
CPA Tax Superhero
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Tweet

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Follow Up on a One-On-One Meeting

In a previous post I wrote about 2 Steps to Make Networking Work For You.  What is the strategy after a one-on-one meeting with a potential contributor to your network?  Well depending on the first meeting you may follow up with the person to offer your services or product or that of someone else.  So you continue to think about what the person told you and when you have an idea that may help them you contact them to let them know.  It may be too that you thought of someone that may benefit from their or one of their contact’s product or service and you want to connect them.

Connecting With a Contact’s Contacts

Finally, you may be interested in meeting one of your contact’s contacts.  This is where networking gets very interesting and dynamic.  When you find they know someone that is very good at something that interests you or others that you know then you will likely want to get to know that person and start working together.  When you do this kind of follow-up and start branching out then your network really grows and your life becomes much more interesting.  As your network grows you are more enabled to help others find what they need/are interested in.   Another result is a growing network that has knowledge of you and what you have to offer.  As I mentioned in the previous post, this growth has the affect of causing your world to get smaller as you get closer to many valuable and interesting people.

This kind of follow-up takes two forms.  One is having a contact of a contact call you to meet and talk.  The other is when a contact tells you: hey I would like to meet that guy that you know that is “setting the world on fire.”  I have in my calendar an event to setup a meeting between a contact and one of my clients.  My friend and contact wants to meet my client not because he thinks my client may be a fit for his service but because he feels that it is likely my client knows people that will benefit from his service.  Both my friend/contact and my client get what networking is about and in fact have taught me quite a bit about being successful.  That meeting will prove to be very dynamic and interesting and so naturally I want to be there for the meeting.

So if you want to “set the world on fire” or want to continue to do so and would like to tap into my network then please contact me.  I would love to network with you.  By the way, if your CPA is not connecting you with people that “set the world on fire” perhaps you want a new CPA.  See my contact information below and use it.  Also, don’t keep me a secret.  Let others know about me and where to find me.

Jeff Haywood, CPA
CPA Tax Superhero
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Tweet

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

What do successful people do? What is it that people do that creates in you a desire to do business with them or spend time with them? Every year I spend time with many business people who range from getting by to really successful. One thing I notice that the really successful do that is different is inside of how they talk to others.

Mining for treasure

A friend of mine, like a magnet, drew people to him and people found him so interesting, me included.  So I wondered what he did that caused this result.  What did he do differently from other people?  What he did was really outstanding.  He kept asking people questions, and eventually I figured out he was mining for treasure.  He was trying to find out what or who they knew that was of interest to him.  Here is the really interesting quality in my friend, he was sure that everyone he met had something interesting to offer and he was determined to find it.  So by asking questions, much like a talk show host asks questions, aka Johnny Carson, he found some interesting/entertaining information. In addition the people he talked to loved it because he was truly interested in them and valued what they had to offer…often he saw more value in them than the person saw in them-self.

Successful people do not just speak with people they get to know them and mine for the treasures that are inside each person. My most successful clients always quiz me about taxes and business to find out what I know and what I have learned since we last met.  Mining for treasure distinguishes really successful people from those that just get by. Really successful people are successful not just in business but also in developing friendships/relationships. They do this simply by asking questions, taking an interest in others and what they have to offer and in being open to benefiting themselves from the conversation…in fact they insist on benefiting or being entertained by a conversation.  After all what are we after inside of conversation.  Really successful people take upon themselves to find something interesting to talk about.  They are not victims of boring uneventful conversations.

New Goal

Are you excited to talk to others?  Try talking to others with a goal.  Start with a goal of finding out something interesting about the person or what or who they know. It is there inside of each person.  You can be really successful as well and find conversations to be very interesting by mining for treasure.

This ends the lesson. If you have observed other things that successful people do please send me an email using my contact information below. You can also feel free to contact me with questions.

Ready…Set…Go…Find the Treasures

Jeff Haywood, CPA
CPA Tax Superhero
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Tweet

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

The Gifter (Generous Aunt)

If your aunt is gifting you and your brother some land there should be no immediate tax consequences other than the requirement that your aunt file a gift tax return. She should not owe any taxes as a result of making the gift as long as she has not made gifts totaling over $5 million (the current unified credit amount = current value of estate that is not taxable). The way it works is if the property gifted is worth say $350,000 and your aunt gifts it to you and your brother she gets an annual exclusion of $13,000 (this year) for each of you. So she would report the $350,000 less the $26,000 in annual exclusions which would be subtracted from her unified credit of $5 million. The difference would be the remaining amount of her estate that would not be subject to estate tax given the current exclusion amount of $5 million. Anything over the $5 million less the used unified credit used would be subject to the estate tax when she passes away.

The Giftee (You)

Now for you the gift recipients, you and your brother, you would receive the gifted property with a basis equal to your aunt’s basis, either her cost less expenses or the value when she inherited the property. When you sell the property the amount it sells for less your basis and cost of the sale would be subject to capital gains tax. When you inherit a property you get a basis equal to the current market value at the time of death. So if the value of the property was much less when your aunt obtained the property than it is now you would be better off waiting until she dies to inherit the property.

Capital Gains Tax Rates

The other thing to consider are the capital gains tax rates. The capital gains tax rates are due to increase in 2013. If your plans are to sell the property you should take the capital gains rates into consideration/tax planning.

By the way, when your aunt makes the gift, I can prepare the gift tax return for you.

Jeff Haywood, CPA
CPA Tax Superhero
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Tweet

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Step One:

The Introduction

How do you turn those networking contacts into clients or valuable resources? Here are a two steps to make that happen. First, after meeting someone at a networking function or elsewhere immediately contact them and let them know how pleased you are to have had the opportunity to meet them.  Also make sure they have your contact information and start on a meaningful relationship by asking them if they would like to meet for a cup of coffee to explore networking opportunities.  You may need to spell out for them that you are interested in finding out more about them, what they do well, who they know and what they do well and you are willing to share the same about yourself.

A side note: It does not have to be over coffee.  I often do these meetings with people in other countries via the phone/Skype.

Step Two:

The Meeting

What is the point of this? What are you networking for? Do you need business, ideas, resources, other? What opportunities can the person you met bring to you and your business and how can you help them? When you meet with them find out what they are good at and what they need and what their friends are good at and what they need. That is the definition of networking. It is turning one contact into potentially an unlimited number of useful contacts.

When you meet should you ask them for their business? Maybe but probably not. Remember this is networking. You are developing a network of people that know, trust and value each other. That really takes time to develop. So invest in yourself and others by really networking. I like to set goals such as number of new contacts made and number of one on one meetings.  I need to add to those goals the number of follow up contacts as well.

The results have been good but not perfect. While a percentage of people will have a one on one meeting some times it does not yield much. A percentage are “live ones” that get what networking is and will work it. They talk about themselves and who they know. From showing interest in them, whether they are a potential client or not, and actually trying to help them yields dividends. They may not become a client but they likely know someone who would be a good match for your business. Real success in networking is when people start contacting you for referrals for something they or a friend need. Typically I will get an email from someone asking if I know a good attorney or plumbing guy. One of my newest clients met someone that I had met and they referred the new client to me to do help them with their business and do their income tax returns. It is a small world right? Not really, but you can make your world smaller and draw people and business to you by really networking.

Become a Connector:

Who are you?  To create a network you have to become “the guy” that makes it happen.

Often you will benefit by sharing with others what it means and how you develop a network.  Many people have the mind-set that just exchanging business cards will magically make it happen.  Others think it means trading, I refer people to you and you refer people to me.  Actually, for you to really be a source that helps people you refer people who you think are a good fit.  I am not a good fit for everyone that needs accounting and tax work.  That is why you need to get to know each other and what you do well.  This even works with your competitors.  What you are after is knowledge of people and what they do well so you can connect people who need help with those who are a good fit for them.  For further help with this concept read “The Go-Giver”. In “The Go-Giver” you will learn that 50-50 is a losing proposition.  Don’t look for a referral in return for one you give.  Be “the guy” that helps people with their needs and help people understand what a real network is and how it works.

What will result from really working a network? You will end up with a group of people who help others and look out for each others interests. Of course for that to happen you have be “that guy” for others.  Just connect and help others and you will benefit by becoming known as “that guy”, the CONNECTOR.  It works.

If you would like to network with me feel free to use my information below to contact me.

Jeff Haywood, CPA
CPA Tax Superhero
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Tweet

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Plan Year End Moves

A recent meeting with one of my clients uncovered an opportunity to save them at least $12,000 in taxes on their 2012 income tax returns.  The opportunities to save on your taxes are greatest this time of year.  So if you really want to make the most of your CPA a conversation this time of year can save you much money.  In the case of my client it was identifying the time to make an organizational change.  For many however there are opportunities to reduce taxes at year-end by delaying income or by accelerating expenses or both. 

You may have the ability to reduce the taxable income from your business by delaying billing or receiving of payments until next year.  If you are a cash basis taxpayer you can bill customers/clients at the end of the of the year so they pay you next year.  In addition you can make purchases that are expenses to your business before year-end.  Now here is one that is quite nice…you can put an expense on your credit card before year-end and deduct it this year even if you do not pay the bill until next year.  Just remember to pay the bill in a timely manner to avoid any interest charges and penalties.  You may be able to significantly reduce your income for the year by purchasing major assets before year-end.  When making these moves you want to be careful not to spend money just to save pennies on the dollar in taxes.  After all it is about how much money you have in your pocket at the end right?  I repeat DO NOT SPEND DOLLARS ONLY TO SAVE PENNIES ON YOUR TAXES.  While you want to pay as little tax as possible, even more important should be maximizing your wealth which should lead to you paying some taxes.  Paying taxes are a good thing, you just want to keep it to a minimum and this is a great time to make some moves to accomplish that end.

Prepare for 2013 Tax Changes

In addition to tax moves you also need to be actively looking at changing your budget for tax changes for 2013.  Income tax rates are due to increase and payroll taxes are due to increase by 2% starting January 1, 2013.  Take a look at how this will affect your budget for 2013 and be prepared for this potential reduction in income.

There are other moves that you can make now like contributions to retirement or HMA accounts.  What will work for you depends and a conversation with your CPA now can result in a huge savings for you and prepare you for changes starting January 1, 2013.  What is the best in your situation depends on your situation.  So now is the time to give me a call to discuss your situation and to see what opportunities you have now to minimize your taxes for 2012 and prepare for 2013.  Please feel free to contact me using my contact information below.

Jeff Haywood, CPA
CPA Tax Superhero
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

Tweet

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Is success defined by money?  It is just paper and metal.  Right.  The scriptures say money is for a protection and it is needed but apparently it does not bring happiness.  Just look at the lives of the richest most successful people?  Broken marriages, relationships, rehab for addictions and sometimes attempted suicide or overdoses.   For many money and wealth is the measurement that defines success.  How about you?  What defines success for you?

I still remember my uncle coming home from work around 1 PM and going to the beach, out on his motorcycle, or to take some pictures (his true passion).  What was up with that?  My uncle worked only a few days a week and even then not full days.  He pointed out to me that he worked himself into a position that he could make his own schedule and work as much or as little as he wanted.  So he had found a niche that worked for him and his lifestyle and I began to question the accepted definitions of success.

So what are you striving for.  I know it is more than pieces of paper and metal.  From time to time we do well to ask ourselves why I am doing this and what is it giving me and others.  Evaluate, plan, execute, reevaluate, adjust and move toward real success.

Do you want a CPA that does not accept conventional thinking?  Then contact me using the information below.

Jeff Haywood, CPA
CPA Tax Superhero
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in Texas
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

I prepare the following types of tax returns:

Personal
Business
Estate/Gift
Trusts
Federal and State Returns

I especially value discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

Tweet

Mr. CPA, You have worked with executives and business owners for almost 30 years. Based on that experience tell what me what I need to know to succeed in business.

Bring Energy

Well, there are many things but let’s talk about service.  It is not about what you need to know, but who you need to be.  Who do you like to do business with?  Imitate what they do.  Successful businessmen are personable and they make you feel good and they bring energy that makes you feel energized.  OK, thanks for reading, end of story.

Really though, if you smile, bring energy and really take an interest in people you will make more money.  When you go to the store do you want the cashier who is lively and happy or the one who clearly would rather be home playing video games and resents your presence at their register?  It is really easy.  I have seen it so many times.  Even with my clients who are not trying to sell me anything but want me to give them good service, they are energetic, personable and they smile.  Every successful person I have met is like this. And by the way they get better service because of the way they are.

Check this out. Search the internet for pictures of smiles.  All the good ones are of celebrities.  Why?  Not because they have good smiles but because they get it that is why they are successful.

Create Energy in Others

Now get this.  When you bring energy and enthusiasm along with an interest in people, watch what happens.  Even the most dead from the neck up TV overdosed kid will come alive and change right before your eyes.  Create in others happiness and energy.  Don’t accept boring and uninterested.  If you go into a place where the people are not lively then learn their names and give them some of your energy.  Next time you go into the same store greet them with: “Hey Bob, how’s it going my friend?”  Watch how they come alive before your eyes.  Eventually you will get a lively greeting of “Hey Jeff good to see you my friend.”  I have seen it many times.  And when you take an interest in them after just a couple of visits they will show an interest in you and ask “hey, what do you do.”  You do not have to sell your product or service you just need to give of yourself and your energy and people will ask you if they can do business with you. In addition by doing this you will help them become successful too.  The kid at the convenience store will soon be snatched up by another business and you will have planted the seed that will lead to him becoming a successful businessman.

It works.  Try it out.

For a good book to read that elaborates on this more get “The Go-Giver”.  You will thank me later.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

 
Tweet

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

You can “save” yourself to death.  How can that happen and how can you avoid it and achieve success?

Difference Between Saving and Investing

Saving is good right?  Most of the time the answer is yes but not always.  Make sure you understand the difference between saving and investing.  It is easy to confuse the two and something to always be mindful of.  Saving is getting a product for less money than you could elsewhere.  Saving can often be not purchasing something.  This is where confusion can set in.  We could view not purchasing something as saving but we could be harming our financial position by doing so.  How?  If we choose not to spend money on something that will help us earn more money.  A purchase of something that may help earn more money can be an investment.  An investment can be a product or a service but it could help us generate more income.  It is easy to look at a potential investment and decide I will save money by not purchasing it.  In doing so we could be limiting our opportunities to generate income and cash flow.  Do not view investments in terms of saving money.  Instead look at what the investment could do for you and decide if it is a good investment.

Analyzing an Investment

To analyze an investment you need to consider such things as what is the risk involved and what is the potential payout.   Also, you need to consider if it fits with your plan and who you are and working to become.  So for example would you pay someone $1,000 for a service that could lead to your business earning an additional $200 per month net of costs?  The answer should be maybe.  Your decision will depend on if you have the cash now or if you would need to borrow the money.  It will also depend on if it is consistent with your plan.  Other opportunities will also compete for your investing dollars.

Investment Example: Sharpening the Sword

Do you get that?  In your plan you should budget money that you can spend on consumables and have a separate budget or plan for investments.  I do not recommend particular investments, but I recommend investing.  Please realize that paying for and taking a course that will improve your knowledge and ability to serve your market is an investment in yourself.  Many refer to this as “sharpening the sword”, your ability to earn money.  If you view this as a cost that you can avoid and thus “save” money eventually your “sword” gets dull and you will be unable to “do battle” or earn money.  So simply realize what the difference is between spending and investing and have a plan for both.  If you are not in a position to invest today have a plan to get there as soon as possible.  In today’s world you could say you can not afford not to invest.  The Reality is we must grow or die.  The scene of this world is changing so quickly we can not stay stagnant, we must all keep up or get and stay ahead.

Conquer Your Fear

If fear keeps you from investing read “How to Stop Worrying and Start Living” by Dale Carnegie.

The reality today is nothing is a sure thing.  So some investments will fail to produce the desired results but that does not make you a failure.  Successful people like successful athletes fail often but they overall are successful.  Be successful in overcoming fear and invest especially in yourself and your business.  Focus on the opportunity at hand and not the recent failure.  The best baseball hitters fail to hit 70% of the time.  When they make an out they see their odds of getting a hit next time are better.  They do not take the last out they made into the batters box with them.  They take the knowledge they gained from that last at bat and use it to their advantage.  So we need to work at how we view things.  Don’t view not investing as saving money.  Take charge of your life and charge forward to a successful today.

I specialize in helping business owners and investors prepare tax returns but I also help my clients by acting as a sounding board and bringing this type of thinking into conversation.  So if you want a CPA who does more than prepare tax returns, one that will help you achieve success, then contact me today  using the contact information below to make an appointment to discuss your situation.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Also, Click Here to Follow My Twitter Account: Taxesforxpats

In addition here are links to a few of my articles about income taxes for expatriates:

Income Tax Returns for Expatriates
US Income Tax Help for Expatriates
Foreign Earned Income Exclusion
Are You Required to Report Foreign Bank and Financial Accounts?

Click Here to Follow My Twitter Account: Taxesforxpats

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

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Is Money Your Friend?

You have heard the line from the movie “SHOW ME THE MONEY” but what has seeing the money done for you?  How does money or the thought of money affect you?  An honest look may surprise you.  Is money your friend or does it cause you to become something you do not like.  How you view money may be healthy or it may be costing you and/or will cost you big time.  Everything does have a price even money and like other things sometimes money costs too much.

Try this on.  What do you do to make money?  Maybe a better question for you is what do you do to save money?  I meet with many people each year preparing tax returns and wow, the things I have seen and heard are just incredible ranging for what appears to be not much concern about money to outright obsessions about money.  Realize that how you act about money affects your relationships with others.  Now ask yourself what is more important to you having money or having real friends?  Another question for you is what are you willing to spend/risk to save a dollar?

The Government and Taxes:

What shows up about how you behave when it comes to saving money on the taxes you pay?  I help people pay as little as legally possible but even then there is usually a trade-off between paying now and paying later.  Sometimes with good planning and communication there are large sums of money to be saved in taxes legally.  However, at times some want to cross the line and be dishonest to “stick it to” “the no good government” (actual terminology is not suitable for my blog).  So what shows up here?  People at times choose to be dishonest to pay less taxes.  If you can choose to be dishonest with the government on your taxes who else do you choose to be dishonest with?  Do you have any friends?  Do your family members even like you?  Now why are you choosing to be dishonest and risk jail time?  For money?  Really!  What really is money but paper and coins.  Have you been programmed to overvalue money and be afraid of not having enough?  Really it is shocking to me that people will choose to be dishonest to save some paper and metal.  Really!  By being dishonest you are becoming a liar and a thief and that affects who you are in all your relationships.  I am just saying…why again would you do this?  Try this on > integrity, honesty and friendships > what are they worth?  Believe me they are worth much more than paper and coins.  In addition people are interesting while money, paper, and coins are not even living.

OK then there is the business owner who wants to spend like crazy at the end of the year so he does not owe any taxes.  OK that is fine if you would buy those things anyway but what is the point.  I have seen men choose to spend many dollars to save pennies on the dollar.  Why?  Because he does not want the government to have any of his money.  So he spends money that he otherwise would not spend to save say 30% on each dollar spent.  Hello, do you not want to maximize the money you have?  Somewhere along the line there was training or programming that caused him to be irrational.  Take a look at what you have been programmed to think about money.

Save Save Save:

I am all for saving money but at what cost?  You realize that if you save $.04 a gallon on a 20 gallon tank of gas then you saved $.80, that is 80 cents?  How far did you drive and how much time did you spend to save 80 cents.  Do you realize if it took you 15 minutes to get to the station with the gas at $.04 less then you made the equivalent of $3.20 an hour?  Would you take a job at that pay rate?  Some even spend time researching where to save their $.04 a gallon while drinking an awful bitter tasting cup of something they have the nerve to call coffee for like $4.00 while you can get actual good coffee for around a dollar.  Hello, why the madness to save $.04 a gallon but the willingness to pay all that money for coffee, cable tv, the latest tv set, cellphone, cigarettes, booze, lottery tickets, etc.?????

Now the time spent to save practically nothing does not even compare to the insanity of negotiating someone out of most all and sometimes all of their profit.  Now it is one thing to negotiate a loaf of bread for as little as you can get for it from a stranger but what about getting the best deal on renting a house for a year from a friend?  The purchase of a loaf of bread is momentary exchange (maybe) while you will have at least or at most a one year relationship with your landlord/friend.  (This is just an example).  So now you have this tense relationship for a year with your landlord/former friend and then he is going to stiff you out of your security deposit.  Ask yourself what do you value more your relationships with people or money?  I have news for you, people will provide much more spice to your life than money will.  In addition, the poor guy who sold you his loaf of bread at cost probably will not lift a finger for you when he sees you get in trouble when a flash mob over takes you.  Try on generosity.  Not only will people like you but you will probably end up with more money and better opportunities than if you try to get the best of every negotiation.  I am just saying…think about what you are choosing to be for some pieces of paper and some coins.

So you saved some money.  Good for you.  Did you save more than you spent and the value of your time?  Did you sell your soul to save the paper and coins?  Some genuine opportunities to save money exist and you should consider them.  Other opportunities are like the gas versus coffee example.  Think about what your relationship with money is getting you to do.  In Wall Street, Money Never Sleeps money is referred to as a whore who watches you while you sleep and one day she will just be gone.  There may or may not be some truth in that.  Money does not make you behave a certain way.  Rather you choose to behave how you want to behave.  Take charge of your relationship with money and look at what you have heard or are hearing about money.  You may need some different friends.

Although the product I produce are tax returns for you, what I really do that is of value is talk to you about things like money and what you really want to be and how to be it.  If you want a CPA who will help you to succeed in meaningful ways then use the contact information below to contact me and let’s accomplish great things together and enjoy good friends.

Jeff Haywood, CPA
972-439-1955
jeff.jhtaxes@gmail.com

Also, take a look at these related posts:

Let’s Accomplish Great Things Together
How to Profit From Your CPA
A Most Valuable Resource For Entrepreneurs
Forming a New Business – Please Consult With Your CPA First

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

I especially enjoy discussions about you, your business, your dreams and goals.

Click Here to Follow Jeff Haywood, CPA on Twitter
Click Here to Follow My Taxes For Expats Twitter Account

For recent US income tax content see the following links:

Can I Use My Loss To Get Money Back From Prior Year Taxes Paid?
IRS Top Ten: Tax Tips for Individuals Who Are Moving This Summer
IRS Top Ten: Tax Tips for Individuals Selling Their Home
IRS Tax Tips: Do You Owe the IRS Money? What You Need to Know.
IRS Tax Tips: Do You Owe the IRS Money? What You Need to Know.
Does the IRS Have Money Waiting For You
Ideas: How Young People Can Become Entrepreneurs and Find a Home
IRS Top Ten: Facts about Amending Your Tax Return
Are You Ready To Get Your First Apartment/Home?
How to Succeed in Business: Pricing
Credit for Education Expenses: American Opportunity Credit – Extended Through 2012
How to Prepare Before a Disaster Strikes
IRS: Summer Day Camp Expenses May Qualify for a Tax Credit
IRS Tax Tips for Students Starting a Summer Job
IRS Tax Tips for Deducting Charitable Contributions
Tax Planning Tips
Tax Tips – Tip Income
Stratospheric Success
Are You Ready to Purchase a Home? Factors to Consider.
Foreign Earned Income Exclusion
A Most Valuable Resource for Entrepreneurs
How to Profit From Your CPA
Begin With The End In Mind
If the band you are in starts playing different tunes
Where Is It? Tax Refund
Deadline for 2010 Personal Tax Returns Moved
Now is the time to file those late tax returns for previous years
IRS: 8 Things to Know if You Receive an IRS Notice
IRS: Nine Fact on Filing an Amended Return
IRS: Eight Facts on Penalties
IRS Top Ten: Making Federal Tax Payments
Forming a New Business – Please Consult With Your CPA First
Questions After I Have Filed My Return

For a full list of prior posts see the CPA Tax Blog.

Standard Disclaimer:

As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.

Comments:

If you have a comment to share about this post or for me, please email me at jeff.jhtaxes@gmail.com.

This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.

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