Keep Growing

 

2020 has been a lonnnnnnnng year, and while there’s a lot of “doom and gloom” in the news today (and seemingly every day), the men and women who are truly prospering in 2020 aren’t, as a lot, special. 

They’re overweight, underweight, tall, short, female, male, black, white, brown.

Their businesses are building products, services, continuing education, digital offerings, local, national, and international sales.

In other words, they are in everything and everywhere. 

There’s no reason you and your business cannot do it, either. 

So what are smart entrepreneurs doing to make 2020 so profitable?  Not “pivoting” – that’s an overused analogy for this year.  On the other hand, they are thinking critically about how to deliver their promise to their customers and bring aboard new customers. 

How can you do that? 

It all starts with understanding the company you already have built.  When you do that, the next step is asking, “what’s missing in this picture?”

How do you determine that?  Simple!  Ask your clients.  What else do they need from you?  What else are they worried about?  Do they feel they need alternate ways for you and your business to deliver your promise to them? 

Don’t just start inquiring random people – ask the people that have already given you money. 

In our own practice, we see this reflected nearly everyday – heck, you’re reading it now.  I have an incredible Rolodex of names and resources at my disposal, and I offer them to you when we meet and in these emails every month.  Now, truth be told, I’m limited in how I can personally profit from that – I have certain requirements and responsibilities as a CPA. 

In many industries, though, you don’t have those.  Partnering and affiliate sales can offer a great value to your clients and not only become a powerful tool for new sales, but also for lead generation and referrals. 

At the same time, you MUST think how you can insert a new line of products into your business if the majority of your sales are “one to one.” 

Could you create a “one to many” product that still helps your customers and allows you to automate the entire sale and end result of those clients joining you? 

I’ll bet you could – but do you want to?

Do you believe in yourself enough to buck the trends that have always slowed down and stymied small business?  More importantly, are you willing to put in the work to grow and to see the ideas you’ve dreamed up come to life? 

To make sure that the growing pains of new products, and new clients, and territories are all being overcome through your leadership and hard work? 

It all really comes down to that, doesn’t it?  Hard work.  Vision.  Purpose.  Mission. 

If you’re willing to do it, I’m willing to do everything my team and I can do to help you and your company grow. 

Just let us know how we can help you do it. 

IMPORTANT: Our firm specializes in tax resolution. We also serve clients virtually so don’t hesitate to reach out.  If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem. Make an appointment here!  Or, call Toll-free 1-855-254-1892.

Getting Cash Quickly

It’s been a truly challenging proposition this year for people – economies shut down or slowed, jobs and layoffs constantly impacting income, and children forced to stay home for virtual schools.  

In all the struggle, though, some useful ways to create income have been exposed by some truly smart people, and I wanted to share that here.  This isn’t the same old, “take money out of your house” plan that so many people are forced to use.

It’s about properly using the assets and accounts you have – and might not have considered – to keep you and your business afloat.  

First of all, if you’ve been following my suggestions, you know how “bullish” I am on Roth IRAs, and that’s one of the first places you should be looking.   Because the monies in your Roth IRA have already been taxed, you don’t have the penalties that impact borrowing from a 401(k).

The way Roth’s are designed, the contributions you’ve put in for this year can be withdrawn before incurring any penalty.  Remember, that could be over $6,000 to tide you over for at least a few weeks.  Once you’ve depleted those, of course, there are taxes and penalties, but there’s a strong argument for contributing to your Roth FIRST every year and then, deciding on your other investments and contributions.  

Again, critical thinking is imperative when it comes to generating or “finding” money in a pinch, and that extends to your other “dedicated” accounts, too.  Your HSa, for example, has many “extra” uses – such as paying for COBRA if you’ve lost your job, nearly any medical or health-related challenge that you cannot pass along to your healthcare provider, and quite a few more.  Yes, even something as seemingly insignificant as copays fall into acceptable expenditures.  

The same can be said for college savings accounts like your 529.  Yes, it’s a last resort, but desperate times call for desperate measures.  In some states like California, they will impose extra taxes on withdrawals from 529s, but the “primary” penalties are still in line with similar accounts (401(k)s, for example).  

Of course, the best way to generate income as a business owner is to simply sell more and serve more.  We know of one savvy entrepreneur who – worried about their cashflow in the downturn – launched a new training product and generated over 3,000 new leads and an extra $12,000 in monthly recurring income.  

That’s real – and that’s exactly the mindset you need in today’s market!

IMPORTANT: Our firm specializes in tax resolution. We also serve clients virtually so don’t hesitate to reach out.  If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem. Make an appointment here!  Or, call Toll-free 1-855-254-1892.

Keeping Your Retirement On Track

 

Let’s face it, one of the single biggest stressors we face is watching the balances on our retirement accounts.  A few dollars up, a few dollars down each week (or each day) and each of these collectively tiny swings feels like it’s taking years off our lives. 

So what can you do if your retirement has taken a hit this year?  First of all, take a deep breath.  Retirement savings is a long trek, not a short one, so it is CRITICAL you keep that in mind. 

At the same time, here are some other things to remember…

• ·       If you’re over 50, remember, you can make “Catch-up” contributions of up to $6,500 more than your younger coworkers.  IRAs have a similar benefit, but of course, the maximum contribution for the entire year is only $6,000 and the catch-up is limited to $1,000. 
• ·       Have a conversation about a conversion of your traditional retirement assets to Roth-based assets.  ALL OF THEM!  You can use the Roth guidelines in everything, from IRAs to 401(k)s, to Coverdells, to HSAs.  Of course, this is not the cheapest option in the short term, but structured properly and documented correctly, this could allow you to own assets within the Roth entity that receive contributions outside of your own.  Imagine a rental property in your kid’s college fund?  Yes, it can be done with the right documentation and organization.
• ·       Make sure that any loans you’ve taken from your 401(k) are paid off as soon as possible.  Since these take priority, they can stimy your contributions.  Ideally, you would redesign your 401(k) to a Roth/Self Directed entity and be able to take loans out, split any profits from those loans, and keep the contributions tax-free as they allowed you to buy and hold assets within the structure … but that’s the “Big Leagues…”  Right now?  Get those loans paid off!
• ·       Don’t be scared to change jobs, either.  More and more entrepreneurs and contractors are in the workforce and there is no reason to continue to work for the wrong company.  This doesn’t mean you have no loyalty, but benefits, even as a 1099, are more and more common within certain fields and industries.  Your research might reveal businesses that are looking to partner with yours and can also extend some “buying power” to you with healthcare, retirement, and other benefits traditionally not offered to contractors or small businesses.
• ·       The last one – and surely the least favorite – is the most obvious one:  Work longer than you have planned.  Seriously, your Social Security benefits decrease dramatically (about 30%) if you take them at age 62 versus age 66 or beyond.  Here’s where some of the advantages really lie – that’s four extra years of earning power and analysis added to your Social Security PLUS your retirement accounts.  If various things have knocked you off track, then this might be the most logical way to really capitalize on retirement savings.  Remember, too, that at this age, you’re knowledge often is far more critical than your physical ability to do the job, so your brain is what is making you the money.  With remote and telecommuting jobs, you might find its easier than you ever believed to keep working AND living the lifestyle you envisioned, anyway. 

In all these points, one key is to secure the right counsel and clearly understand your wants.  That’s where my team and I can come in.  With a Rolodex filled with experts, I know we can get you on the path you want. 

But we can’t do it until YOU ask us.  Quit worrying, call, and schedule a time to discuss how retirement can be everything you ever wanted!

IMPORTANT: Our firm specializes in tax resolution. We also serve clients virtually so don’t hesitate to reach out.  If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem. Make an appointment here!  Or, call Toll-free 1-855-254-1892.

Reinventing Your Resume

Let’s be honest – most of us change jobs at a far greater pace than our parents.  As our global economy centers more and more on “gigs” and contractors, and companies like Uber and Upwork focus on outsourced labor (even CFOs are now becoming part-time jobs, so don’t think the “corner office” is exempt from this), older employees often find they are in the job market – even if they didn’t want to be.

With that in mind, and with the ever-present software now scanning resumes before a human being ever sees it, how can older workers compete with younger, more technologically savvy applicants? 

First things first?  

Don’t let your resume date you.  If your potential employer can’t determine your age, they can’t discriminate against you.  That may seem like a harsh way to look at it – and it is – but it can also land you the job you want. 

How do you do this?  First of all, look to your resume.  Many of us follow the old standard, bulletizing job by job from the time we left school until the present day.  As a general rule, there’s no need to discuss any job history  more than 10-15 years old.  Think instead of creating a summary of previous careers or skills, and really bearing down on the most recent accomplishments.  That could be continuing educational courses and certifications as well as your present job (or career). 

Another key thing to accept is the role social media will play.  Sites like LinkedIn are critical for business networking and using your contacts to land your next job might not be as easy for older workers as for Millennials, but rest assured, it IS necessary. 

Spend the time – or hire the experts – to ensure you can use LinkedIn properly in a job search. 

Another hard thing for seasoned employees is the sheer volume of experience they have.  In this case, you need to “cherry pick” the skills and jobs you might list for a given job and not worry about others.  Where once the rule was one page for a resume, now, with computers doing much of the work, limit your resume to two pages, but keep the copy focused on the job description AND the keywords an employer uses in the job posting. 

For example, if they are looking for a “Sales manager” and your previous job called you a “Business Development Manager” although the jobs were basically the same, guess what? 

Yep.  Your resume should reflect “Sales manager!”

Now, this is NOT about lying – that’s wrong.  But it is about uncovering what a prospective employer is looking for and acknowledging that many companies are screening resumes based on keywords. 

In other words, no human being is looking at it until the computer has already run it through. 

Make sure you can get to the human part of the hiring process!

With just a little forethought, you can easily get your resume optimized and “timeless” and make sure you’re a part of every hiring process you choose to be.