Jeff Haywood, CPA

Posts Tagged ‘procrastinate’

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.

Personal/Business Planning and Success:

A successful person knows where they are, where they are going, and what the plan is to get there.  My mother had a friend in high school that planned to go into the grocery business.  He showed her his plans.  He knew how much the store and the land would cost and his plan to get his start up money.  He knew all about the profit margins and turnover and how many trucks he would need.  He knew exactly where he was and where he wanted to go and how to get there.  No doubt things changed along the way but he could plan a new strategy to account for those changes.  Planning was a big part of who he was and why he was successful.

Now, where are you?  Where are you going?  How are you going to get there?  We are now half way through 2011 and it is time to make sure you know the answers to all three of those questions.  First, where you are typically involves how much have you made so far this year and what type of income it is and what are the tax implications.  It could also involve other projects and measuring your progress against your expectations at the start of the year.  It could also be what completed in the first half of the year and what is left that you wanted to do.  Perhaps you still have not filed your 2010 tax returns.  These are important things to consider because procrastinating can cause you undue anxiety and adversely affect your ability to perform whatever you need or want to accomplish.

(Sidenote: Of course if you ask me where I am I will tell you on earth.  But that is just the way I am.  I actually stole that from a Seinfeld episode but I use it as often as I can.)

Where you are going involves your plans for the rest of the year and on into the future.  A key to success is to begin with the end in mind so your actions have a purpose and direction.  See my previous post “Begin With The End in Mind.” How you are going to get there is your plan.  In the world we live in today you need to be ready to constantly adjust or change your plans as conditions change.

Profiting From Your Relationship With Your CPA:

Measuring where you are and estimating where you will be by year end is an area where your CPA can help you.  He can help you anticipate your tax situation and take advantage of opportunities available to you.  While many wait until the end of the year, often better decisions are made as you analyze your situation at various time during the year.  In addition your CPA, because of his exposure to many other clients, should have some ideas for you that you have not thought of.  He is especially useful as you plan to make changes.  Often I have seen clients save large sums of money and time by consulting with me prior to executing a plan especially a business plan.  Unfortunately I have also seen clients surprised because there was no prior consultation and they were not aware of a tax consequence when they made a decision.  I like happy clients so I like to talk to my clients during the year about what is going on and especially before they make big decisions.  The end of a quarter is a good time to chat to see what is happening.  As I mentioned in a previous post you stand to profit from regular conversations with your CPA.

Especially if you are looking to start a new business should you talk to your CPA to make sure you structure the business and get the financing in a manner that provides you the best tax situation.  See my previous post about forming a new business.

Tax Planning:

Tax planning is a means for estimating what your tax consequences will be at year end and making sure you meet IRS’ requirements and pay the least amount possible within their regulations.  We will take a look at how much you have made so far this and what type of income it is.  Do you have income from a job, a business or from investments or the sale of assets?  Then we need to look at what you expect to make the remainder of the year.  What we are looking for is the unexpected.  Are you making more than you expected?  If so what do you need to do?  You may need to pay more to the IRS or you may want to take advantage of deductions in the last half of the year to reduce your income for the year.  In addition you will want to start considering retirement savings contributions.  If you are making less than expected you may be able to reduce what you are paying the IRS to help you with your cash flow situation.

This is also a good time to review your retirement accounts with your financial planner after you receive your June statements.  He can help you with your distribution of investment classes and also participate in long term tax planning.  What are you going to do when you retire?  Where will your income come from to support the life style you desire?  How much of that income will be taxable and how much will be yours to spend?  Just as you should regularly review your business and your taxes, you should also regularly review your investments and retirement accounts with your goals in mind.

It is always exciting to look at new opportunities.  Every day, month, quarter and year presents new opportunities.  Call me today to talk about where you are, where you are going, and how to get there.

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

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

For recent US income tax content see the following links:

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.

Tweet

Deadline for personal tax returns moved…

procrastinate – postpone or delay needlessly;

Now you can procrastinate if want but why.  Let’s get that return done so the idea that it has yet to be completed is not banging around in your brain like a Centaurian slug.  If you owe let’s find out and make a plan to pay it and move on.  Some think that leaving things incomplete has a negative impact on your ability to be produce and or create.   So we are talking about your health and ability to make a contribution and feel a sense of accomplishment.  In addition it is strange if you are needlessly delaying because you are afraid you might owe money when if you submit your information to your tax professional at the last minute you have to know he will charge you more money.  So let’s save you some money and free you of emotional baggage created by procrastination and get that return done now.  Call me at 972-439-1955 to discuss your situation and how you can get your tax information to me.  Don’t worry you have some nice options about how to get your information to me as long as you have a computer, fax, or access to a post office.

Mr. CPA,

Before you conclude why were you so snarky in this post?  Well I do not know if snarky is the correct word but I have wanted to use it since I heard it used on the TV show Psych.  In additional after the adrenaline from a long tax season wears off a little snarkiness and a bunch of creativity or insanity sets in.  I will let you judge which applies in this case.  In either case I may have just coined a new word – something else I wanted to do.  Oh and try this Psychism – “I’ve heard it both ways.”  Either way let’s move on and be productive.

Now, stop changing the subject and call or email me today about getting your return done.

Click Here to Follow Jeff Haywood, CPA on Twitter

Jeff Haywood, CPA

972-439-1955

jeff.jhtaxes@gmail.com

I prepare the following types of tax returns:

Personal
Business
Estates
Trusts
Federal and State Returns

Also, I am available for tax planning and discussions about business, retirement planning and life goals.

For recent US income tax content see the following links:

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.

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