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Maximize Tax Savings Using This One Simple Trick

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StrategyDriven Managing Your Finances Management Article | Tax Savings| Maximize Tax Savings Using This One Simple TrickThe San Francisco-based tax law firm of Moskowitz LLP explains how to save big using the new aggregation rules of Section 199A

The Tax Cuts and Jobs Act (TCJA) instituted last year could mean substantial tax savings for many American businesses. This year, savvy entrepreneurs, business owners and certain investors in real estate can maximize deductions and save big on taxes by putting one of the best features of the new tax law to work the “aggregation rules.”

These updated rules allow taxpayers to combine their trades or businesses, rather than calculating deductions separately for each entity. By treating them as a single unit, owners can maximize deductions of up to 20% and reap potentially huge tax savings – but not all businesses or trades qualify and careful considereation must be made to determine if this will decrease or increase taxes in each particular case.

Moskowitz LLP offers three crucial questions to help determine eligibility:

  1. Do the entities share ownership? In order to qualify for aggregation, the same person or group of persons must own 50% or more of each trade or business, or (in the case of a partnership), must own 50% or more of the capital or profits.
  2. Does ownership change from year to year? Aggregation applies only to those entities where the ownership remains the same for the majority of the taxable year – including the last day of the taxable year.
  3. Are the entities interdependent? Taxpayers can aggregate businesses or trades which abide by at least one of the following:
    • They provide products, property, or services that are the same or customarily offered together;
    • They share facilities or significant centralized business elements (like personnel, accounting, legal and/ or information technology resources);
    • They operate in coordination with, or reliance upon, one or more of the businesses in the aggregated group (like supply chain interdependencies).

If the answer is “yes” to any of the above questions, the businesses or trades may be eligible for aggregation. Seeking help from a qualified tax attorney is an essential next step, as aggregation may not be the best solution for every unique situation, and many investments don’t qualify for benefits under these new rules. Qualifying taxpayers must also follow certain guidelines annually in order to qualify for (and maintain) aggregate status, and a seasoned tax attorney can help clarify these.

About the Author

Tax attorney, Steve Moskowitz, founded what would become Moskowitz LLP over 30 years ago, offering clients a full variety of services that include domestic, international, and criminal tax law representation, tax planning, and tax preparation of current and delinquent filings. Having practiced as a CPA for a “Big 8” (now “Big 4”) firm, as well as teaching tax, law and accounting in law school, graduate school and university, Steve has served as a legal analyst for top media outlets, where he appears daily on the radio. Steve knows his profession inside and out, and his message is simple: Don’t go it alone against the IRS. Passionate about helping clients navigate the complex intricacies of tax law, Steve practices as the founding partner of Moskowitz LLP in San Francisco, overseeing a growing team of accomplished tax attorneys and accountants. Visit www.MoskowitzLLP.com or call 415-394-7200 for more information about legal services, valuable tax resources, and to request a consultation.

3 Legal Pitfalls You Should Avoid on Social Media

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StrategyDriven Online Marketing and Website Development Article, 3 Legal Pitfalls You Should Avoid on Social MediaMany people use social media for private and business communications without knowing that what they post online can have serious legal ramifications. John Branca, an attorney who has represented pop superstars like Michael Jackson and Justin Timberlake, warns that even people who don’t have a media empire at stake should be aware of the pitfalls.

Revealing Others’ Personal Information

Be careful not to reveal personal information without permission, especially if you’re using your social media platforms for a business venture. For example, if you’re trying to promote your cosmetic dentistry practice, you shouldn’t post before and after photos of one of your patients without his or her consent. Be aware that the same privacy laws apply for your patients even when you’re trying to advertise your work on a satisfied client.

Committing Defamation

What you post on social media about others can be considered defamation if it is untrue and causes harm to their reputation. By sharing something negative about another person, you may be opening yourself up to legal action, even if you think it’s true but have no evidence.

Every entertainment lawyer can attest to times that major publications have paid dearly for posting rumors and falsehoods about famous clients. However, regular folks are at even greater risk for legal action because private citizens enjoy stricter protections against public calumny. Therefore, the best course of action is simply to keep any harmful information about others to yourself.

Using Copyrighted Material

Whenever you use a photo from someone else’s website or play music you don’t own the rights for in a post, the law considers it theft. Although you may not think about as you blare your favorite song in your latest dance video, it is illegal unless you have the artist’s consent. This can be a costly mistake if you’re forced to pay the artist.

Social media is a relatively new way to communicate, but the platforms require the same responsibility and knowledge of the law to shield you or your business from legal action.

How To Start Your Own Online Business?

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StrategyDriven Starting Your Business Article | How To Start Your Own Online Business?Either being adhered to a 9 to 5 job that you detest or maybe being worried about job security are valid justifications for intuition on how to begin your own online business for nothing. It truly is conceivable to make it go and beneficial without contributing any of your own wells deserved money.

So what’s halting you? The appropriate response generally is you. I realize it is difficult however the initial step is in every case simply choosing and beginning. With a conventional business that choice consistently conveyed an incredible danger since you needed to “invest” your own money before you could get something fully operational. Regularly it took, at any rate, a year prior to you could hope to perceive any benefits.

Thank heavens for the internet. One of the best business models that exist is that of affiliate marketing and the best news is that you can start hazard free since you don’t need to go through any cash to begin. Not just does it cost nothing to get your online business ready for action, on the off chance that you are committed and buckle down you can win a lot of cash.

Billions of dollars are gone through consistently online and as an affiliate advertiser, you can get a commission on deals you create for a great many organizations that depend on affiliates to drive business to them. It’s a straightforward enough standard however there is a considerable amount to learn so as to be effective.

Fortunately, this ability, albeit essential, isn’t hard to the point that the normal individual can’t ace it. It just requires some exertion and a brief period. The prizes are incredible to the point that it unquestionably merits your time.

On the off chance that you need to begin your own online business, here is a portion of the things you have to learn on the most proficient method to begin your own online business.

Choose a business thought

This initial step probably seems like an easy decision. Yet, you’d be shocked how regularly potential business visionaries hop ahead to marking or web improvement before having a firm thought set up.

Master everything about the internet

On the off chance that you need to figure out how to begin your own online business, you ought to learn not just the nuts and bolts about how you utilize the internet yet in addition figure out how most online businesses work online. You might need to find out about how web sites get into the head of the search engines, how you can get more online visitors to your website, and what the basic highlights of well-known websites are.

Approve your business thought

After you’ve discovered that you should begin a business and have thought as a top priority, you have to approve it. This cycle can be as straightforward as talking with likely clients, posing inquiries about their needs, and in the event that they’d think about your answer. In any case, when beginning an online business there are extra techniques you can utilize to test the market.

Start your business plan

When you’ve decided expected enthusiasm for your business, it’s an ideal opportunity to begin building up your business plan. Fortunately, as you’ve experienced the way toward characterizing and approving your thought, you’ve really spread out the underlying bits of your business plan. In any case, presently you have to put it in a configuration that you can use to seek after subsidizing, gauge financials, and routinely revisit as your business develops.

Get your own domain

Despite the fact that it is conceivable to make a website liberated from the different web facilitating sites, getting your own domain and your own URL address that best portrays your business can assist you with making your online business look set up and proficient also. It will likewise assist you with getting great traffic from the search engines and can be effectively recalled by your target customers.

Make an expert looking website

Contingent likewise upon the sort of business that you are planning to set up, you need to ensure that your website is expertly made and is satisfying to the eyes of your online visitors. On the off chance that you are not capable of making a website, you can enlist freelance website creators and programmers who can furnish you with such administrations.

Compose great contents

One of the primary things that you have to consider in figuring out how to begin your own online business is to figure out how to compose powerful advertisement duplicates. Copywriting is undoubtedly a significant factor that can help acquaint your business with the online populace. It is significant that you become familiar with the rudiments, stay away from the most well-known missteps and on the off chance that you don’t have the advantage of the time to compose, you can generally enlist freelance publicists who are skilled recorded as a hard copy viable advertisement duplicates.

Distinguish your target market

Particularly on the off chance that you are simply beginning with your business, it is critical to decide the gatherings of individuals that you need to showcase your items. Remember that the individuals online are of various ages, various preferences, and inclinations, and they originate from anyplace on the planet, so ensure that you obviously characterize whom you will sell your items.

Get online visitors to your website

In the online world, this is called traffic. Obviously, you don’t simply discover online visitors from anyplace else. You need to remember that these online visitors can be changed over to benefit and you can possibly do that if your online visitors are those keen on your business or your items. To assist you with finding these online visitors, there is a great deal of internet marketing strategies you can utilize. From pay per click marketing to search motor enhancement, you can get expected customers to visit your site. You can get these administrations from internet marketing organizations who are happy to assist you with setting up your business online.

Keeping up your online business

Eventually, beginning an online business is like beginning a business with a physical customer facing facade. You’ll actually need to approve your thought, work together planning and you’ll profit by ensuring you comprehend your assessment commitments from the beginning. Simply don’t think little of the significance of assembling a useful website and getting it before your target market.

Conclusion

We have all envisioned or needed to begin our own online business, however the central issue is the place and how to begin your own online business. The initial step is to choose what kind of business to begin online. It could be an expansion of a business you as of now disconnected or it could like a large number of others be a business simply dependent on line.

The one serious mix-up numerous individuals make is that they think they have discovered an extraordinary item and they need to offer it to however many individuals as would be prudent, and there isn’t anything amiss with this. The main issue is that it doesn’t make a difference how incredible the item is, on the off chance that there isn’t a business opportunity for that item, at that point, it won’t sell.

About the Author

I Rahul Raghuwanshi is an SEO specialist and SEO Content Writer at Special Oilfield Services. Special Oilfield Services is one of the best oilfield companies in Oman and UAE. We provide optimal drilling and completion, instrumentation, mechanical and reliability asset management, chemical solutions, and drilling and completion services along with reliability and asset integrity services, to oil and gas in all over the globe. With our latest and most advanced techniques we deliver best results to our customers. For more information visit our official website speciloilfield.com.

Strategies for Overcoming Crisis in The Hospitality Industry

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StrategyDriven Risk Management Article | Strategies for Overcoming Crisis in The Hospitality IndustryEvery organisation is likely to face a crisis now and again. Significant problems may arise once or twice a year, with smaller issues appearing sporadically in the time in between. Predicting what a crisis will entail is impossible in many situations – but it’s how a team prepares and responds that can dictate whether and to what degree a business recovers.

The Covid-19 pandemic is one obvious example of an uncontrollable crisis affecting almost every industry in one way or another. While many wise businesses will have a crisis management strategy in place, it’s a situation few could have directly planned for.

The hospitality sector has been among the hardest hit. Unfortunately, it’s also likely to feel the situation’s impacts the longest due to ongoing social distancing rules and a consequential reduction in demand and revenue.

Sales slumped by 87% in the second quarter of 2020, and despite tentative signs of recovery, over half of small business owners in the sector fear the pandemic will force them to permanently close. The situation has forced many to pivot their approach in order to survive – but effective crisis management could allow some to emerge stronger.

Below we discuss other uncontrollable factors the hospitality industry faces, as well as the strategies businesses can implement to overcome them.

What uncontrollable factors affect the hospitality industry?

The aforementioned Covid-19 pandemic has severely impacted what is perhaps the primary uncontrollable variant for the hospitality industry – flow of tourism.

Accommodation providers, food and drink establishments and other leisure facilities all rely on visitor numbers, but tourism can be fragile even in the best of times. Weather, political events, area decline and the arrival of competitors can all lead to unpredictable cashflow and a variety of other challenges from one season to the next.

Another variant looming large over the sector is Brexit. The hospitality industry is a large employer of migrant workers, but new regulations are likely to lead to problems with labour availability. It remains to be seen whether abolishing freedom of movement will also turn international tourists away.

Strategies for overcoming uncontrollable crises

Periodically reviewing plans is one important strategy for managing crisis. By building in trigger points to assess factors such as operational and market performance as well as basic financial metrics, a company can assess whether a long-term plan is still fit for purpose. In light of some of the events discussed above, this process can be vital in adjusting to new parameters to keep a company on track.

There are other practical steps that can be taken to prepare for the eventuality of a crisis. Taking out hospitality insurance with Gallagher for example can protect against damages to a commercial property or other unforeseen disruptions.

When such a situation does arise, establishing an effective solutions team allows a business to focus the right people on the task in hand. Members should have a clear understanding of their roles and ideally some of their typical responsibilities will be delegated. Electing forward-thinking individuals will help generate the most positive and proactive response.

With a crisis management team in place, wider communication is essential in keeping everyone working towards the same goal. Creating a clear ‘change story’ that all workers can understand and get behind – from front of house staff to board members – can be an important step in establishing a collective sense of urgency.

The hospitality industry is undoubtably facing a crisis right now – but with the right team and strategies in place, many will already be on the road to recovery. If you have any additional insights, please feel free to share best practices in the comments section below.

6 Ways To Write A Professional Development Plan

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StrategyDriven Professional Development Article | 6 Ways To Write A Professional Development PlanWhen writing a professional development plan (PDP) ask yourself two questions: Where are you now? And where do you want to be? Once you get a good idea on these things, you’ll create an effective PDP, can help you on your way to achieving success, both for the short term and the long term.

In layman’s terms, a PDP is like a roadmap: It guides you from where you are now in your career or education to where you want to be; and it comes with a list of actions that you must do to achieve each goal and acquire the right skills.

Regardless if your PDP is for personal reasons, grow a business or expand on your career, it’s a must-have for your endeavors. Here are 6 ways that you can write an effective PDP:

1. Have A Self-Assessment

“It’s important to have a self-assessment before creating a professional development plan,” says Beau Lhotsky, a career adviser at Australian help and Paper fellows. “A self-assessment evaluates your professional interests, knowledge and skills; and it lets you examine your current position as it relates to your career goals. In this way, you can identify the areas in which you can improve them and reach your goals.”

2. Create Goals

When creating goals in your PDP, they should be SMART:

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Timely

SMART goals are trackable, which makes it easier to update your PDP whenever you complete important milestones. And, they help you determine which are short-term, mid-term, and long-term. Keep in mind:

  • Short-term is within the next year.
  • Mid-term is within the next 1-2 years.
  • Long-term is within the next 3-5 years.

3. Have Strategies

Your PDP strategies define how you achieve goals; and, they involve the following approaches:

  • Experiential learning (learning through doing)
  • Exposure (learning from others)
  • Education
  • Reflection

Just keep in mind: the majority of your strategies should be experiential, so that you get a hands-on experience and develop new skills.

Follow these objectives when developing your strategy:

  • For career changes, research possible education and certification courses you can take to work toward this goal.
  • Always seek advice from professionals (i.e. experienced coworkers, a previous employer, etc.), and be welcoming to mentorship.
  • Seek opportunities that can help you build your skillset.

4. Utilize Resources

Resources are essential, especially when it comes to finding professional growth in your career and or life (in general). Whether it’s through networking opportunities or workshops, such resources can help enhance your career path.

Some professional resources include:

  • Graduate schools (and continuing education institutions) offer programs, conferences and courses that help you learn more about specific topics, which can ultimately lead to a certification or degree in a desired field.
  • Professional associations (local and national) offer memberships that help you connect with like-minded individuals and build your professional network, thus helping you advance in your career.
  • Webinars are normally hosted by professionals and businesses that strive to educate people on specific topics (i.e. industry trends, skills, etc.).

While some resources may require tuition, fees, or time requirements, it’s important that you determine which ones are available to you.

5. Create Timelines

“Your professional development plan will always be a work in progress,” says Brayden Georgina, a business writer at State of writing and Boom essays. “Therefore, the purpose of having a timeline is to show how you’re growing and changing over time. You can sprinkle in milestones, and make necessary changes when needed.”

6. Allow Changes

It’s possible that things can change, even as you have an established PDP. Therefore, it’s important to keep yourself accountable, and revisit your milestones often (preferably every quarter) to make sure that you’re on the right track, or even make adjustments as priorities shift.

Should any changes occur, don’t be afraid to implement them in your PDP. This can mean allowing reassessments and setbacks into your plan. For example, if a short-term goal isn’t met by the deadline, take time to reflect on why, and then do something about it so that you can do better next time.

Conclusion

Having a professional development plan is essential in guiding you toward the right path in life, and even help you reach goals by implementing structured steps. As you keep in mind these 6 tips, you’ll be able to create an effective PDP that will act as a roadmap on how you can succeed career-wise and lifetime-wise.

About the Author

StrategyDriven Expert Contributor | Kristin HermanKristin Herman writes and edits at Ukwritings.com and Academized.com. She also freelances for online magazine and blogs, such as Essayroo.com. As a tech enthusiast, she blogs about the latest trends in technology. And as a project manager, she has overseen many writing projects nationwide.