Keeping Your Data Secure in a Dangerous World

It’s no surprise tax preparers have increasingly become targets of criminal data breaches in recent years, given the amount of personal and sensitive data stored in their office. Because of these security concerns, we understand that your choice for a tax preparer warrants scrutiny. Here at Padgett, our network of affiliates and advisors stay informed with the latest security measures. We thank you for your trust in our ability to safely maintain your information and to keep your identity secure.

Delegation is Crucial for Small Business Owners

Last month we focused on the concept of delegation, why it is so important to delegate, and why it can be so difficult to delegate. This article continues the discussion of Delegation, an important management tactic. How should you use delegation? You should delegate tasks that: Are repeated Are non-essential Don’t have short deadlines Can be better accomplished by someone else Remember not to delegate tasks that are a mismatch for your employees’ skill sets and to always handle work that is confidential to the company. Continue reading →

Tax Tips for Uber Drivers

Ridesharing has become a popular way to make some extra money, but before you commit to driving for a ride-share company like Uber, Lift or Sidecar, you need to know the tax implications of this type of work! Generally, you’re treated as an independent contractor, not as an employee, which means you’ll receive a Form 1099-MISC, not a Form W-2. The income you earn will be subject to self-employment tax and reported on Sch. C of your income return. Since there’ll be no withholdings from Continue reading →

Why should you delegate?

Many small business owners start out their business doing everything themselves. However, as a company grows, it becomes vitally important to delegate tasks in order to keep it growing, while also allowing you to have a life outside of your business. What is delegation? Delegation is the handing off of a responsibility and authority. In order to effectively delegate, business owners and managers must pair the right task with the right, properly trained person. They should set performance expectations, give the person authority to make Continue reading →

Common Business Management Mistakes

As a small business owner, managing the day-to-day operations of a company can be challenging. Below are a few common business mistakes that are often overlooked but can be easily avoided: Thinking “I can do it all myself” – You should use your skills to manage and grow the business, not to perform daily tasks that can be delegated. Ignoring your professionals – Stay in contact with each of them throughout the year. The best time to solve or prevent problems is before they become Continue reading →

Are Vacations Tax Deductible?

Although technology has revolutionized the way we do business, there are still situations where it’s necessary for a face-to-face meeting with staff, management, or customers. With a little planning for the current vacation season, you can mix some leisure time in with your business travel and still get a make part of that vacation tax deductible. Deductible Travel Expenses – If your trip within the U.S. was primarily for business and, while at your business destination, you extended your stay for a vacation, made a side trip, Continue reading →