A new year is approaching. I, like many people, enjoy starting new and seeking to grow, learn, and help others. Here is a plan that will help improve those dreaded F word areas – Finance, Federal Funds for You and Forecasting for you and your business moving into 2011.
Finance - Seek out the advice of a tax accountant this year.
In less than 2 months, taxes for many Americans are going up. Tax cuts originally signed into law by former President Bush are set to expire at the end of 2010. If the law stays the same, on January 1, 2011, you can expect that the highest federal income tax rate for individuals will increase to 39.6% from 35%; capital gains tax rates will raise to 20% and dividends will lose their tax favorable status and retreat back to ordinary income status. Talk with a tax accountant about preparing for 2011.
Federal Funds – Small Business Jobs Act
Historic and sweeping Federal Funds legislation was passed. On September 27, 2010, President Obama signed the Small Business Jobs Act which offers small business owners to receive tax breaks and better access to credit. Small businesses produce most of the new jobs in this country. The Small Business Jobs Act bill includes an array of small business proposals that small businesses will start benefiting from immediately. Here are a few benefits small business owners can look forward to in 2011:
A New Deduction of Health Insurance Costs for Self-Employed – The bill allows 2 million self-employed to get a deduction for the cost of health insurance for themselves and their family members in calculating their self-employment taxes.
A New $30 Billion Small Business Lending Fund -The bill will establish a new $30 billion Small Business Lending Fund which – by providing capital to small banks with incentives to increase small business lending – could support several multiples of that amount in new credit.
Eight New Small Business Tax Cuts – Providing Immediate Incentives to Invest: President Obama has already signed into law eight small business tax cuts and is signing into law another eight new tax cuts that go into effect immediately.
Forecasting - Forecasting is essential for the successful functioning of a company.
Sales forecasting enables business owners to predict the forthcoming stages of sales in any company or organization. It is done through detailed analysis of all the available information regarding the different aspects of sales.
Customer Relationship Management (CRM) solutions perform sales forecasting by studying the detailed information on complex and low-volume sales cycles. The forecasting process requires the historical data of various transactions and interaction of the customer, and the average time for finalizing an order. Another important factor required while preparing a forecasting is the detail of all the current enquires the company holds. Sales forecasting without the above information is not reliable. Proper forecasting will make the task of monitoring the sales targets much easier.