Browsing articles tagged with " profits"

7 Steps to Start Your Own Corporation ….

Sep 19, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

How do I open a corporation? Do I need to have a corporation? How do I even begin ??…….

Here are a few steps to follow:

7 Steps to Start Your Own Corporation

 

1: Choose a Corporate Name & Address: Have a corporate name search performed to ensure you are unique and have no trade mark problems in the future.

2: Select A State to Incorporate:Setting up a corporation will be easier and cheaper in your home state than out of state.

3: Select A Corporation Type: Determine the best type of corporation for your business–LLC, S corporation or C corporation.

4: Determine Company Directors: Directors of the company and positions will have to be filed within the Articles of Incorporation and By-laws.

5: Choose Your Share Type: Corporations can issue common and preferred stock. Select the best for your situation.

6: Obtain Certificate of Incorporation: Available from local State office or business retailer.

7: Process & File Incorporation: Your incorporation can be completed by a lawyer or a do-it-yourself kit. Finally, file your incorporation with a Registered Agent.

 

The decision to start your own corporation an important one. Work with us to determine if the time is right for you and which kind of corporation is best for your business venture. Don’t wait until it’s too late and you have lost money!

Why Start A Business?

Sep 11, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

Benefits of Starting Your Own Corporation …

  • Liability:A corporation exists as a separate legal entity from your personal life. Any debts or lawsuits are incurred by the company, not the owner. Any business with potential for lawsuits should consult with a lawyer and consider incorporation. Incorporating will offer an added layer of protection but it is still adviseable to obtain business liability insurance.

    The bad debts will often be the responsibility of the corporation. In the case of bank financing, more and more banks require business owners to sign a personal guarantee; making your personal assets collectible on a defaulted loan. Consider your options before signing.

  • Taxation:Another main benefit to incorporating is the taxation of a company. Corporations are often taxed at a lower rate and have better taxable benefits. Talk to your accountant about the tax advantages.
     
  • Raising Money:Financing a small business as a sole proprietorship or partnership can be difficult. A corporation can sell shares of the company and raise money easier than other business structure types.
     
  • Selling the Business: A non-corporate business is hard to valuate properly. A business corporation value will be based on the business, not the owner, therefore making it easy to sell the company.

Still asking “Why start a business?” …didn’t think so 🙂

If you are considering starting a business give us a call and let us open your corporation and guide you through the steps to make your business financially successful! 

Creative Types Go Broke….

Jul 2, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

I work with a lot of  creative types… given my interests in movies, music, and art I can relate to them.

But one thing I’ve learned over the years as I’ve grown in my understanding of what “really matters”
in Marketing and Business is that long term success depends on developing a serious affection for numbers.

As my father Fernando Jimeno reminds me everyday, you need to know your numbers… your average sale
amount, how much a customer is worth over their lifetime of experience with your business, 
response percentages for specific marketing campaigns, and so much more.

But a number that hits home for every business owner is PROFIT – how much is left to put in
your pocket after paying all the bills and costs of doing business?

Let me tell you, it’s critical to understand that REVENUES do NOT equal PROFITS. 

You can make a ton of $$$$ and still end up with zero in your pocket at the end of the day.
Now this could be according to plan, indeed, sometimes your business just has to 
focus on investing big-short-term to lay the foundation for long-term returns.

But even if that is the case, wouldn’t it be great if you could pick up the pace on
the path to payday?

Who wouldn’t like to see profits rise by two times… even three times… in the
next year?

If that sounds good to you, then We have exactly what you’re looking for!

Our Profit Wealth System -Silver Start-Up program was created to make your business life easier and profitable! 

Are you worth $50 an hour?

Apr 1, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

Did you know you are worth $50 an hour if you want to make $100k a year working 40 hours a week with a 2 week vacation per year? 

Did you also know it takes on average an entrepreneur 9.5 hours a month to do your business accounting? (at $50 an hour  it’s costing you $475 bucks to do your own accounting per month)

If you want to make more than $100k a year then I suggest you start to consider where your time should be invested. (We actually go over a very effect formula to figure out exactly how much your hour is worth in our business classes)

Sometimes when the quote “I couldn’t have said it better myself…” applies you really shouldn’t.

This time the wizard himself Seth Godin wrote a perfect post for this example so I will just let him show you: 

“SwissMiss points to a great infographic about how professional photographers actually spend their time.

 photographers charge per hour

 

 

 

 

 

 

 

 

 

 

 

Part of the magic (and the risk) of the Internet is that if you want to, you can use your access to tools, markets and media to go even further in the direction of the chart on the right. You can become your own booker, accountant, publicist and more. Hey, it’s free! You get to keep all the money!

Of course, it also means you don’t get to spend very much time at all doing what you set out to do in the first place, which is shoot pictures, or write music or coach or whatever it was.

The other thing you can do is find the guts and resources to move even more to the left. Hire other people (at huge expense) to do all those things you certainly could do on your own, so you can actually do the work you were born to do.”
 

However we would like to interject and provide a solution at a not so “Huge Expense” …..

In fact how about we relieve the accounting, bookkeeping, and payroll from your list of to-do’s for less than $100 bucks a month?

I thought that would get your attention…who wouldn’t right? 

Contact me right now at Jimeno@AGtaxes.com or (305) 826-1711 and mention the “Photography Post” , this offer is only good for the next 30 days so I suggest you hurry and see if you qualify!

 

 

4 Steps to Attract and Track Revenue

Mar 1, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

To receive the first 2 steps to attracting and tracking revenue you first need to read Business Accounting to understand the profit & wealth strategy.

There should be a new kind of tenacity about measuring revenue that results from marketing, and viewing all marketing, operation, accounting and sales activity as equal parts of a greater revenue cycle. This is a new way of thinking that will transform your company in an incredible way.

3. Form a revenue team. A “revenue cycle” means more than just tacking marketing onto the front of an existing sales process with a few new metrics and calling it a day. Rather, it requires sales, operations, accounting and marketing to work together and collaborate around important activities from one point to the next.

For example, start by establishing common definitions for critical terminology, terms that marketing and sales might be using completely differently to the detriment of their own revenue performance. Even terms like “lead,” “suspect,” and “sales-ready” can mean one thing for a high-energy marketer and another for a stressed-out sales rep just trying to reach quota.

Reporting together is equally as important. Work with your sales peers and accounting to decide on dashboards and metrics that will matter most when you’re in front of your Financial Report Card. While “feel-good” metrics like number of leads collected at trade shows, Twitter followers, or webinar attendees are important for marketers to track, they lack impact at the executive level. You should be thinking “opportunities” rather than “leads” and “investment and return” instead of “cost and spend.” Above all, you should frame all activity, even from marketing, in terms of revenue, cash, profit, and growth. Deciding together on performance terms and metrics that clearly show each team’s impact on the top-line numbers is a huge step forward.

Finally, have at least a monthly check in with accounting to review the finanical reports card and weekly check-in with your sales process to see how your own demand generation efforts are going. Are leads being passed to sales actually ready for outreach, or is sales frustrated and instead spending time searching out names to add to their databases? Is there any feedback from prospective buyers? Viewing these “little things” as important as the big agenda items will go a long way in creating mutual respect, collaboration, and a sense that everyone is part of “The Revenue Team” in your business.

4. Streamline your revenue toolbelt. With so many activity demands for marketing, the number of tools competing for use has exploded. From multi-client social media platforms to Google Analytics, email-marketing systems, targeted direct mailing, search-engine marketing (SEM/SEO) and more, the solutions available for marketers are as fragmented in nature as the audience types themselves. But for marketers today, getting a clean read on how much demand is being generated at a high level, knowing which leads are most ready to purchase, and associating this data with actual sales that have closed are the big-picture metrics that matter most.

And thankfully, a new set of broader solutions that help support better revenue performance management are becoming available, in addition to innovative developments from Accounting leaders on the best way to measure the success of your revenue cylce.

While it’s not quite completely “set it and forget it,” these systems enable companies to communicate with their accounting team and answer those key revenue-impact questions.

We know this stuff works because we’ve seen it in our own networks. In fact, we’ve seen companies grow by more than 400% in the last three years buy aligning sales and marketing, and measuring the revenue impact to make changes that helped growth.

Intelligent and revenue-minded systems is more important than ever for any company looking to grow in 2012. Our research and experience show 80% of your business should be touched by marketing in some way (that’s compared to a norm of 20%) and that half of closed booked business is from so-called “slow leads,” the kind that take time and nourishment, which supports the new type of buyer laid out above.

Now more then ever presents a massive opportunity for companies to reinvent themselves as a core part of a revenue cycle machine. It’s time for owners to step up to the plate and make their organizations key contributors (Accounting, Marketing, Operations, and Sales) to your growth.

We know we can be a part of your companies Revenue cycle to generate the return on investment you need.

Contact us no for a free wealth strategy session customized to your business.

Discover How Hiring Your Child Pays For College and Saves You Taxes….

Feb 23, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

A parent who owns a family business can hire his or her child to work for the business and shift income from the parent over to the child at a lower tax rate.  If the child makes deductible IRA contributions with wages earned, the parent and child can convert contributions to a college savings plan into a current tax deduction.  Future withdrawals from the IRA used for college avoid the 10% early withdrawal penalty and are generally subject to the child’s lower tax rate. Tax on the IRA withdrawals may also be offset by an education tax credit or deduction. 

Example #1:  John owns a lawn care service and employs his 16 year old daughter Mary to help.  She operates lawn mowing equipment and other legitimate services as an employee.  During her summer vacation in 2011, she earned $10,800 helping her dad in his business. Assume John is in a combined 30% federal and state income tax bracket.  The $10,800 in wages reduces his income tax liability by $3,240 and his self employment tax by $1,327, for a tax savings of $4,567.  Mary’s wages are not subject  to FICA of FUTA.  If Mary contributes $5,000 to an IRA, she pays zero income tax. 

      Mary’s wages………………………………………….……..$  10,800

      IRA contribution……………………………………………..$ ( 5,000)

      Standard deduction………………………………………….$ (5,800)

      Taxable income………………………………………………$       0 

Do you see the beauty of it,.  John saves $4,567 in taxes and  Mary already has a savings of $5,000 to pay for college education.

3 Simple Answers to go from Good to Great

Feb 14, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

I will keep this post short and sweet because these 3 simple business questions speak for themselves.

 

1. What are you the best at? (It should almost feel like you were born to do it)

2. What drives your economic engine, your profit, your cash flow? (“WOW, I get paid to do this?)

3. What are you passionate about? (You must love doing it)

 

Each of these are in it’s own circle and intertwine with each other.

You can not have 1 out of 3 or even 2 out of 3 and expect to be great.

Post your answer’s in our comment section, I would love to hear your point of view…

If you need help defining these then you need to take action right away and join us
in our master mind workshops —> http://entrepreneurmastermind.eventbrite.com

9 Small Business Tax Trends for 2012

Dec 8, 2011   //   by Kevin Jimeno   //   Blog  //  No Comments

Small Businesses are looking to make extra money anyway they can. Saving on taxes in 2012 is the best way an entrepreneur can put money back in to the bottom line of the small business. Here are the tax trends for 2012:

  1. Taxes will remain a political football.
    Taxes will be one of the main issues during next year’s presidential race.

  2. Tax audits are on the rise.
    The IRS is getting real strict and are cracking down with no mercy.
    We advised a client repeatedly who was avoiding paying his payroll taxes to pay them ASAP. After the third time we called him to get him compliant with Uncle Sam, he called me back 3 hours later telling me “the boys ” had just come to pay him a little visit.

  3. Some favorable business tax rules will be extended.
    Some of the key provisions include:
    • 100 percent bonus depreciation and up to $500,000 of first-year expensing (the Section 179 deduction).
    • 100 percent exclusion for gain from the sale of qualified small business stock (stock in certain C corporations held more than five years).
    • Research credit.
    • Work opportunity credit for hiring individuals from certain targeted groups (only certain veteran groups are set to apply after 2011).

  4. State and local governments scrounge for new sources of revenue.
    Have you noticed the police setting up more peed traps in your neighborhood lately? jk…not really
    However there are many states right now looking to even include gambling in their state to increase revenue.

  5. Unemployment taxes will go up for some employers.
    Employers in 20 states will be paying higher federal unemployment (FUTA) taxes. The reason: Their states borrowed from the federal government to pay for unemployment benefits and have not yet repaid the borrowed sums. Yes, Florida is one of them.

  6. Estate planning for business owners remains challenging.
    Expect to see renewed interest in abolishing the estate tax entirely (a platform of some Republican presidential candidates) or at least maintaining the current exemption level.

  7. Filings will be almost exclusively online.
    Starting with the 2012 tax season, paid tax return preparers are required to e-file client returns if they expect to file more than 10 forms in the 1040 series and/or 1041 (the income tax form for trusts and estates). Thus, almost all individuals who use paid preparers will have their returns filed electronically. Yes, We do E-file!

  8. Low interest rates will have an impact.
    Caution: Be sure to have sufficient funds available when it’s time to pay the balance of the taxes due. Failure to pay by the April filing due date triggers both penalties and interest.

  9. The U.S. tax system will continue to become more and more complex.
    These guys in politics are to busy fighting with each other that a simple system is the last thing on their mind.

We are in some challenging times but our job is to help you take on the challenge and keep money in your pocket without breaking Uncle Sam’s rules!

If you want to break his rules then we are not the perfect match, but if saving money by cutting a big percentage of taxes from your bottom line through all the major exemptions and rules that exist out there. Call me now at 305 826-1711 or email me for a tax saving strategy session.

Have you been Knocked Down by the Recession?

Dec 1, 2011   //   by Kevin Jimeno   //   Blog  //  No Comments

Yes, it is true that many small businesses have been hit hard by the recession.

Since 2008 we experienced over 30% of our small business network close down, just so happens those were the ones that would never read the reports we give them, attend a meeting and didn’t take advantage of the full service they paid for.

However, rather than panic we only see it as a clear sign that never has it been so important to full run your business by the numbers.  Accounting is the health of your business!

With the right accountant on your team you too can bring home the championship gold.

Just like in sports now is the time to focus on the basics and knowing when to make the right move.

Here in South Florida we train our entrepreneurs for long term success and not just get rich quick strategies.

Not only do we keep you organized with all the confusing forms and taxes the IRS makes you have but we make sure your numbers are in order so you can see very clear opportunities to bring in more profits and cut back expenses that don’t.

If you are not breaking down your return on investment by client’s yearly value, lifetime value, product, employee, department, traffic sources, and ….well the list goes on and on, then you are no where near maximizing profits.

How else can you pinpoint where your business is making money and loosing money?
How do you know when it makes sense to higher someone or cut back on poor performing aspects of the business?

If this is missing in your business model then you need us on your team now!

The economy is not going to explode anytime soon by some kind of government miracle, so the only chance of making some real profits is running things the right way.

Whether your a one man entrepreneur, sales professional, or a small business we have the accounting services and entrepreneur bootcamp classes to show you the way to success.

Or you can get in line with the rest of the people protesting “occupy wall street, occupy whatever, occupy nothing”  and hope for that miracle.

Let’s occupy our own fate together and ride it down the road to success…

Call me at 305-826-177 or email South Florida’s Accountant

How to Clean up your Businesses Mess!!

Nov 29, 2011   //   by Kevin Jimeno   //   Blog  //  No Comments

Business mess picOne thing that all of us entrepreneurs fall victim of is creating one big mess in our businesses.

Sometimes it is temporary mess and sometimes it is long term fatal disaster.

The most important point is to STOP!!

Yes, realize that you are going to go insane if you continue to ignore it, so just stop and deal with the mess.

First point:
Here at Accounting Guide & Taxes we hold entrepreneur mastermind workshops where we go over working in “The Zone”. One of the key points of “The Zone” is to know when it is time to delegate.

That old cliche “if you want something done right you have to do it yourself” is part of the 90% who do not make it past the 5 year survival mark.  Finding quality help is juts as important as finding new clients for your business.

If what you have to do is not something your great at, have a passion for, and doesn’t give you a substantial ROI (return on investment) then DELEGATE it to someone who does have a talent for the task.

You will end up better off sticking to the money making activities you enjoy and that you excel at.

If your thinking to yourself you can’t afford good help, the truth is you can’t afford not to.
Find a joint venture partner if you can’t bring someone full time to free yourself from being the jack of all trades.

Second point:
Clean up that desk!

If your desk looks like someone is buried under it, how do you think your brain feels?

Every Monday before you even turn on your computer make sure your desk is in order and all the “to-do” piles are taken care of.  Oh, yea and you know those drawers you haven’t opened in months….do the same thing! 

If you really want to transform your business and you have the freedom to work remotely, get rid of the desk all together.

Work a couple weeks at your local coffeehouse and you will realize how much space you actually need to be effective!

Final point:
Stick to what you do best.

There will always be a chance to make money by doing something outside your area of expertise, but the successful 10% never chase fool’s gold.  Resist the temptation to take on something outside your niche without already having the business model in place to do it right.

That means if you do not have a system for production, marketing, sales, and post follow up then this is not something you should take on.

If you can stick to these simple points within your business plan, you will see your stress levels start to become productive profit levels for your business.

Share any points that have cleaned up messes in your business in the comments below…thanks!

 

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Accounting Guide & Taxes, Inc.
6135 Northwest 167th Street
Miami, FL 33015, USA
305-826-1711
info@Agtaxes.com

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