Best-selling author Malcolm Gladwell once wrote that only those who are willing to invest 10,000 hours into their work will achieve success in their chosen field. And while it’s relevant to real estate law practices, Gladwell certainly wasn’t talking about billable hours.

No, you probably won’t be paid for these hours immediately or even in cash. The hours that go into business development are an investment in sustainable growth, generating returns over the life of your practice.

Your business development plan should focus on three things:your network, your practice, and the specific things you can do to improve and expand both.

When conducting business, it’s been said that every penny counts. One could argue that this holds especially true for those who operate nonprofit businesses. Competition for federal funding and contributions by private donors have hit nonprofits hard over the previous few years, leaving them scrambling for ways to cut costs and improve efficiency. Outsourced accounting services in Bellingham, MA help your company achieve its goals with minimal disruption and expense. Ann Irons, CPA highlights important questions to ask as you decide whether to pursue outsourcing.

“What level of expertise can our current staff provide?”

A limited budget compels many smaller nonprofits to hire generalists, employees who are expected to perform several functions across multiple departments. While this reduces expenses for wages, it also means that not all of these functions are afforded the same expertise and attention. Accounting is one area in which no business should shortchange itself, yet we see it happen often. Anyone working in accounting should have more than a basic understanding of GAAP and financial reports. Equally important is an awareness of current regulations and reporting requirements, which often change from one year to the next.

Once you’ve made the decision to establish a start-up company, it’s easy to get caught up in the excitement and optimism that comes with the idea of offering a quality product. Even so, it takes more than enthusiasm to succeed in a new venture. Citing a recent report from the U.S. Census, Ann Irons, a CPA in Bellingham, MA, points out that nearly half of all start-ups survive past the five-year mark. The most successful start-ups span diverse industries and thrive with all types of entrepreneurs at the helm, yet all share one common characteristic: a solid financial foundation. Who better to guide you through the startup process than a Certified Public Accountant?

Choosing the Right Structure

The structure you choose for your new company has major legal, financial, and tax implications. Before committing to a structure, speak with your CPA to discuss the advantages of disadvantages of each option. You may determine that while one offers significant tax advantages, another is more conducive to meeting your long-term goals in other areas. Upon finalizing your decision, you must apply for tax identification numbers, often with several different agencies. Even the most seasoned entrepreneurs find that a CPA’s assistance is invaluable in sorting through tax matters, which can include everything from liquor and excise taxes to sales and payroll taxes.

If you’ve ever agreed to an informal bet with a friend, and asked a third party to hold the tangibles until the bet has run its course, you’ve already completed something similar to opening an escrow account. When you decide to take out a mortgage to purchase a home, you may consider opening an escrow account, which serves as a “middle man” for your property tax, fire and hazard insurance premiums, mortgage insurance premiums and other item payments. The office of Ann Irons, CPA explains the basics to understanding an escrow account in the following article. 

What Is An Escrow Account?

Escrow accounts provide a guarantee that your property taxes, associated premiums, and associated insurances are paid on time. The account also guarantees that there is always enough money to pay for these obligations, avoiding the risk of lapsed insurance coverage, or errant taxes. Also, an escrow account allows for the homeowner to live in comfort, not having to worry about producing several lump sum payments with inconsistent due dates throughout the year. Your obligatory payments are punctual and recurrent. 

They may not sit down at the dinner table with us or send letters from summer camp, but most pet owners consider their animals to be part of the family. This raises an interesting question. If we can claim expenses for raising children and providing care to other eligible dependents, can we also deduct expenses related to the care and maintenance of our pets? Absolutely, under certain circumstances, says Ann Irons, CPA. Irons, who provides financial planning and preparation of income taxes in Bellingham, MA.

Across the United States, brokers report higher numbers of property sales to non-US buyers. The strength of various foreign currencies relative to the USD has attracted the attention of investors who find their purchasing power greatly increased. Even so, a foreign investor must understand the tax implications that come with an investment in land, residential, and commercial properties. Certified public accountant Ann Irons, who works closely with foreign investors, real estate lawyers, and resident aliens, discusses questions to ask when considering foreign investment in US properties.

Pursue your passion. Set your own hours. Come and go (mostly) as you please. What’s not to love about working as an independent contractor?

Despite its advantages, freelancing also comes with a unique set of challenges. In exchange for the flexibility and autonomy of contracting,

Starting a family-owned company is a dream for many, a way to support one’s family financially while capitalizing on their unique skills and insights. Because members of the family are so vested in the success of the business, they also happen to make some of the best employees. Ann Irons, a certified public accountant who provides small business payroll, accounting, and bookkeeping services, discusses considerations for the modern mom-and-pop business model.

Employee, Partner, or Joint Venture?

How do you determine whether your spouse qualifies as an employee? First, there must be an employer-employee relationship in which one spouse exerts substantially more control over management and operations. For example, suppose Mr. Smith owns a lawn care business and employees 10 landscapers and gardeners. He oversees all aspects of business development, hiring, and marketing for the company. He pays Mrs. Smith to answer phones and dispatch workers to clients’ locations. In this case, Mrs. Smith is considered an employee. As an employee of Mr. Smith’s company, she is subject to withholding for income tax, Medicare, and Social Security. If Mr. and Mrs. Smith share equal control over business matters, contribute equally, and make comparable investments in the business, then Mrs. Smith is considered a partner, not an employee. As a partnership, the company will report its income on the U.S. Return of Partnership Income, Form 1065.

What if Mr. and Mrs. Smith are the only two employees on the payroll—no landscapers, no gardeners—and each has control over the business? In this case, they would defer to the Small Business and Work Opportunity Act passed in 2007. For purposes of filing federal taxes, Mr. and Mrs. Smith can now be considered a qualified joint venture, not a partnership. Three requirements must be met:

• Mr. and Mrs. Smith elect to apply the provision
• Mr. and Mrs. Smith are the only two members of the venture, and
• Mr. and Mrs. Smith both participate in their business or trade

To most small business owners, the concept of payroll seems simple enough. Your employees work, you cut a check. Right?

Managing your finances requires you to strike the perfect balance of earning, spending and saving. It’s not an easy task, as evidenced by the fact that only half of Americans’ have savings that exceed their income for one month. For those whose savings are less than or equal to one month’s income, it would take only one month to deplete their savings entirely. Then what? Ann Irons, a certified public accountant in Bellingham, MA, explains that saving money is critical to your long-term financial stability, but that sometimes you must spend money to make money, and ultimately to save money. She goes on to discuss the benefits of using a CPA and the best way to get more for your money.

A Little Preparation Goes a Long Way