Layoffs and loss of commercial spaces quickly ensued and many businesses and families are still trying to recover. Creating a rainy-day fund of 6-9 months would be a good use of business profits and tax refunds. Instead of that annual cruise or red bottom shoes, building up a fund to cover unexpected expenses would be a sound strategy.

Strategies for Reducing Debt 

Like 60 is the new 30, the new status symbol is a high credit score and low debt. Today it is easier than ever to create strategies to reduce debt and liabilities and increase ways to improve credit and build assets.

There are online tools and apps that make tracking and reducing debt easier than ever before. Rocket Money is an online app that will cancel unwanted subscriptions, announce large transactions, provide credit score updates, manage online payments and suggest ways to help you reduce your credit all at your fingertips. There are apps that help you save money automatically, like Divvy, and Digit and apps to help you invest extra money, pennies at a time. The mystery debt management has found its match with these free and inexpensive tools that help you track your spending and savings to the penny. Debt sometimes feels like death, it’s time for a resurrection!

Some things never change, respecting the employee and honoring their value with the company, allowing them to grow and contribute, creating a Team natured company, when one goes up all go up, and understanding the family units of employees are as important as the employee themselves. Access to the backend and the infrastructure of a company is also key to retaining employees, people want to be able to know who and what it takes to make an enterprise successful. And making sure that people feel valued, when the company is profitable, everyone should be recipients of the resources they have helped to bring in.

Investing in the education of employees and acknowledging their work in a positive way also creates a work environment people want to remain in as long as possible.

The Power of Positive Beings 

Remaining passionate and positive during tough times – GMEN went through two years of the roughest work we have experienced in our 25-year history. Watching businesses close, families in economic trauma, evictions and foreclosures across the state. We pulled together teams of contractors to help us mitigate all the damages but weekly we also “checked in” to see how we were doing while continuing to help others. It gave us the opportunity to also share our fears that we weren’t doing enough, tell the stories of people who had treated us badly that week while we were trying to help them, encourage one another when we also experienced our own personal crises. How do you stay positive when the world is falling apart for so many people? Norman

Vincent Peale wrote the seminal book “The Power of Positive Thinking” which focuses on the mind taking control of bad situations and reframing them to see the positive aspects. There is even more power though in connecting to other positive beings, people who can ride the waves, the storms of life and pull out and hold up their umbrella when yours turns inside out. Thinking positive is great but nothing can supersede the power of positive beings doing life together.

6 Tips for Staying Compliant With the IRS  and other Taxing Authorities 

Staying compliant with the IRS and other taxing authorities can be daunting, but it is essential to avoid  costly fines and penalties. Here are six tips to help you stay compliant with your tax obligations: 

1. File your tax returns on time: Filing your tax returns on time is one of the most important  aspects of compliance. The IRS sets specific deadlines for filing tax returns, and failure to file on  time can result in penalties and interest. 
2. Keep accurate records: Accurate record-keeping is essential for compliance with tax laws. Make  sure to keep detailed records of all income, expenses, and any documentation that supports the  information reported on your tax returns. This includes receipts, invoices, bank statements, and  other relevant documents. 
3. Pay taxes on time: Paying taxes on time is another important aspect of compliance. This includes  making estimated tax payments if you are self-employed or have other income types that are not subject to withholding. Failure to make timely payments can result in interest and penalties. 
4. Stay informed of tax laws: The tax code is constantly changing, and it can be difficult to keep up  with the new rules and regulations. Stay informed of any changes to the tax laws that may affect  your compliance obligations. Consult with a tax professional if you are unsure how a new law  applies. 
5. Seek help when needed: If you are unsure of your compliance obligations or have any questions,  seek help from a tax professional. They can provide guidance and advice on how to stay  compliant with the IRS and other tax authorities. 
6. Understand your tax treaty benefits: If you are a non-resident and your country has a tax treaty  with the US, you may be eligible for reduced withholding rates or exemptions on certain types  of income. Ensure you understand the treaty’s provisions and how they apply to your situation. 

By following these tips, you can help ensure that you comply with all relevant tax laws and avoid costly  mistakes. Remember, compliance is an ongoing process, and staying informed and seeking help when  needed is essential. 

ALW Tax & Financial Services 

www.alwtaxandfinancialsvcs.com 

Office Number: (706)744-6711