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Five Tips for New Side Business Owners

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You have made the first step to enhancing your financial health by starting a new side business, congrats! The work is now just beginning for you though. You are going to have to balance your home life and career life. However, you will find that while you continue to work your main job, your side business will have time to grow since it is not your main income.

This means you can one day turn your side business into a full time business yet you are ahead of other business owners because you can fund your own startup costs. Today, we are discussing five tips that you need to know to get even further ahead of the game.

Create a Business Entity

When you first create your side business, you will probably start operating as a sole proprietor. Many new business starts like this because it is the easiest way to get started. There are other options available with the second most common type being Limited Liability Company, LLC.

This is something that can be done easily online within your state however; you will have to pay from $20 to a couple of hundred dollars to do so. Keep in mind though when you go with a business entity such as an LLC it is beneficial if you keep your personal and business finances separate, especially for tax filing purposes.

Even though starting as a sole proprietor may be tempting, you will find that starting, as an LLC can be beneficial to you as your business grows. You will still be taxed the same way as a sole proprietor, so there is no extra headache there. An LLC makes it easy to bring on a partner or employees. If you start out this way transitioning down the line will be easy.

Furthermore, you can treat your LLC like a corporation when it comes time to do taxes. This means you may save money by utilizing the corporate tax rate. Lastly, an LLC provides you with financial protection. Usually, your personal assets are protected from company debts. This means that your losses will be kept within your company as long as you have not attached a personal guarantee to it.

Security

Finding job security with the way the world is now is not very likely. All industries are like this regardless of how talented you may be. You can keep your resume and skills up-to-date yet still not have job security. When you have a side business, it is your “Plan B”. It will take your business some time to start bringing in profits yet when it does, you will have some income to fall back on. The extra cash you have sitting will allow you to take risks that are more professional at your full time job or even turn your side business into your main income earner.

No matter what type of business you decide upon, TurboTax can help you with all of your tax needs. From filing your taxes to providing w2 forms for employees its all taken care of when you use TurboTax.

W-2: It’s on Its Way

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This year, the IRS has announced that the deadline for a company to send out W-2 documents is January 31st. The document always arrives in the January after the income was earned, although you may get it sooner because your total annual compensation can be calculated ahead of this deadline.

Apart from tax that has been withheld, this crucial document also shows your used (and unused) vacation, severance package details, and any bonuses that might be headed your way.

Make it quick

If your W2 hasn’t arrived by Valentine’s Day on February 14th, then contact the IRS at 800-829-1040. Note that you will need to provide your name and phone number, as well as Social Security number and an address for yourself, and the same details about the employer in question, along with your dates of employment.

Provided you have the correct information, receiving your W-2 should be completely painless.

Waiting on Your W-2

The W-2 is a Wage and Tax Statement document that is essential for you to include when filing your tax return.

It outlines how much tax was automatically deducted from your monthly pay, and each annual return needs a W-2 for each employer you’ve worked with before to ensure you get what’s owed to you.

Tax timing

Even though tax season starts on January 19th, the IRS has given all employers until January 31st to mail your W2 to you.

Because the document is sent via traditional post it might take a week or two to reach you, but if it doesn’t, you need to start taking steps to check that it was sent. Employers can be, unfortunately, uncooperative when it comes to sending out these documents.

Make a formal request

Before you jump to any conclusions, reach out to the employer in question and confirm your postal address with them. If they’ve emailed you the W-2, check your junk folder and comb your inbox to make sure you haven’t missed it.

You can also request that the document is resent.

Escalate the problem

If you aren’t getting the answers you need, contact the IRS directly at 800-829-1040.

You will need:

-          Your personal details, as well as your Social Security number

-          Employers details and phone number

-          Employment dates

-          An estimate of the amount withheld.

A missing W-2 shouldn’t stop you from filing your taxes. You can apply for an extension, or fill out Form 4852, which requests similar information. There may be a delay, but at least you can get your refund.

Just remember that when it arrives, you will need to amend all documents with the correct, W-2 information.

File your return online

Filing online is becoming more popular, and with good reason. The IRS says that they received 5% more returns via the web last year, as more people realize it’s easier and quicker than manual filing.

TurboTax makes it even simpler – you don’t need to have any expert knowledge to navigate the filing process. By asking easy questions about your circumstances, like marriage and new children who may have arrived, the process becomes more personalized.

This means that you’re filing your return based on the key information you need to see instead of trying to make your way through a sea of confusing, irrelevant documents. Plus, you can file from the comfort of your own home – there’s no need to stand in line when you can file online!

Update your status

You probably won’t forget major life events like marriage or the birth of a child, but you might not remember every qualifying tax transaction that you made in 2017.

Keep proof of any donations you made to charity, doctor’s bills, or other qualifying payments made in the last fiscal and calendar year to increase your chances of a healthy tax refund.

Because Key Customers Matter the Most

Near the end of the year is kind of hectic time for those working in sales or marketing field. Some are still busy with campaigns and strategies for holiday season hoping it would be good enough to cover the target sales. It is also time to review and do evaluation the performance throughout the year. Don’t forget that there will be new challenges for next year and what you need may be changing the perspective.

For many years, sales and marketing field has been driven by sales leads. Marketing department focuses on the right strategies to create sales leads and the sales department are doing whatever it takes to turn leads into sales. Lead-based approach has become a dogma in business world for as long as we know. But the world is changing and so is the business world. Account-based marketing would be much better approach to meet today’s and future’s business environment. Rather than focusing on individual leads, this new approach focusing to compile all leads from one company in a single account. Kapta brings this approach into a higher level through its Account-Based Customer Success. This is a new platform combining two powerful approaches: Account-based Marketing and Customer Success.

Kapta as the leading enterprise key account management platform is built based on the idea that trusted relationship between account managers and customers is the key of optimum sales. This platform comes with powerful features to combine account-based leads management with customer relationship management. This platform allows account managers and key customers to create joint success plan. Account manager will get real time update to track and review how the commitments are delivered to key customers. In this highly competitive business environment, maintaining key customers’ loyalty is highly crucial and this platform, will help you do the work efficiently.

The Right Ways to Use Social Media to Promote Your Business

It is a common knowledge now that social media is one of the most effective ways to put your business on the map. Unfortunately, since everybody else is currently doing the same thing, you are going to be left behind if you use social media in the wrong way. Thankfully, you don’t have to manage your social media alone since there are many digital marketing services that offer excellent social media packages. They will help you utilize social media in the best ways possible so that you can earn the benefits.

Use a Platform Where Your Targeted Customers Are

People are basically living in the internet nowadays. So, it is no wonder if there are so many social media available nowadays. The good news is, you don’t have to use all of them because it is just going to be a waste of time. Do some researches first to find where your target customer and those are where you should promote your business.

Make Sure the Message Is Heard by the Right Person

Posting in social media is very easy. But if the content is wrong, it won’t be enough to convince the public to choose you over other businesses. Besides, even though you have chosen platforms that are used by your target customers, it is still not a guarantee that they will read what you post.

This is where social media packages will play its role. Every platform will have different ways to reach your target customers and this is the challenging part. You need to make sure that your posts and advertisements will be read by people who are willing to take action about it. This way, you will not waste your money for social media advertisement that doesn’t work. Besides, since it is highly possible that you will need to manage more than one account to reach more customers, don’t be afraid to get help from professionals who really know what they are doing.

Which IP Phone is Right For Me?

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The VoIP industry in Dubai is growing rapidly and users now have so many choices with so many brands that provide quality VoIP hardware, not to mention hundreds of varieties in IP Phones. For someone new to VoIP world, the question is – Which phone IP is right for me?

If you are planning to buy an IP phone, ask yourself the following questions to find the right option for you.

How many lines do you need on the phone? The number of lines on the phone usually determines the price of the phone. More lines, higher price. Most users do not need phones with more than 1 to 3 lines. Some special models like Yealink VoIP Phones. This multi-line phone is used in places such as office and hotel reception counters.

What type of features do you need? Most IP phones come with standard features like speaker phone, speed dial button, headphone connection, built-in web interface and so on. Some brands have advanced features such as G729 support, auto-provisioning, HD voice. The price of this phone with advanced features is quite high compared to the usual.

What kind of headphone jack do you need? Although ordinary users may not need a headphone jack, many applications such as call center require headphone jack. Before buying a phone, you need to make sure it has the right standards to support your headset selection.

Do you need video support? Most brands now come with video phones that support full color, even HD sound and video. IP Video Phones come with high resolution camera and LCD panel. This phone is quite expensive than its peers. Before you decide to buy an IP phone with video support, make sure your IP PBX System supports it.