By Mark Johnson
Do you ever worry that if the credit card you’re using to make business purchases isn’t in your business name that you won’t be allowed to take the deductions?
The good news is, that’s not the case—even if you have a separate entity!
This doesn’t mean you should mix personal and business expenses.
When you take a personal credit card and use it entirely for business expenses, you are essentially contributing this debt to your business.
You can use the card the same as if it was in the company’s name and deduct every business expense you purchase on it.
This can be a great strategy, just like with auto loans, when the company is new because it’s harder for new companies to get lines of credit without an established credit history.
So if you’ve got a personal credit card available for business expenses, feel free to use that card and benefit from all of the rewards!
To learn more please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
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By Joe Marconi
What’s wrong with my employees? Why don’t they do what I ask of them? It’s the same thing every day. I say one thing, they do another. It seems as if I am the only person who knows what to do around here.
Does any of this sound familiar? Have you said these words, or a variation of these words, from time to time? If so, you’re not alone. Getting people to follow policy or a new marketing strategy sometimes feels as if you are trying to move the earth off its axis.
People in high levels of authority are well-aware of the need to get things done. Each member of their team plays an integral part in the success or failure of the organization. In your shop, you are the authority: you are the shop owner. You know that the responsibility of attaining success directly rests on your shoulders. This is a weight you carry around with you each day.
Eventually, if your efforts don't attain the results you need to run a successful business, you begin to look around to find out what’s causing the problem. And the tendency is to assign blame. All too often, you find that your employees are not all pulling in the same direction. And you determine that this is the cause of your problems. The following may not sit well with you, but if most of your employees are not engaged and not performing up to your expectations, it’s probably not their fault. You need to take a long hard look in the mirror. The fault may lie with management, and that means you.
Assigning blame is destructive. It keeps our focus directed in the wrong areas. This is not to say we can never have a bad employee. But, if we focus on seeking blame, we are directing our attention from where our focus should be; and that’s accepting the responsibility to correct what’s happening and make the necessary changes.
In order to really get things done and achieve personal success and the personal success of your employees, it takes the cooperation of each team member. Getting people to work as a unified team involves commitment, not compliance. Compliance is demanding people to do something. And they will—but only up to a certain point and only for a certain period of time. What you need from your employees is not compliance; you need commitment.
Surveys have shown that the majority of employees in most businesses are not engaged at work and the primary reason is that most employees don’t know the overall goals and vision of the company. And they also don’t know what’s expected of them. Employees are largely left to react to their situations during the day; never really having a clear understanding of how their role contributes to their success and the success of the company.
A business team is no different than a sports team. Every member needs to know the objective and goals. Imagine the coach of a football team who does not let the quarterback—or the other players— know what the play is? He simply tells the players to get out on the field and perform. After all, the players are well-trained, highly capable and all professionals. Shouldn’t they know what to do to win? And when they fail to win, the coach ends up blaming the players. Is this a ridiculous analogy? It may be, but this is what happens every day in shops across the country.
Your best employees don’t want to fail. They don’t intentionally ignore what you want from them. It’s more likely that they really may not know what you expect from them. Employees need to know exactly what is expected of them and they need to be motivated and inspired to perform their best. However, the only way your employees can perform at their best is for each of them to know what the company goals are. In other words, what is our overall objective and how we, as a team, are going to achieve it.
Each employee also needs to know that when the business wins, they do, too. When employees realize that achieving the company goals is also aligned with achieving their personal goals, you have commitment. And commitment equates to success.
Communicate the goals of the company often. Communicate what success looks like and how we are going to attain it. Create a workplace where the goals of the individual are aligned with the goals of the company. If things get off track, just look in the mirror. If you want to blame someone, you might want to start with yourself.
This story was originally published by Joe Marconi in Ratchet+Wrench on December 3rd, 2019
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Hey everyone. I'm planning on opening in about 3 weeks and am looking for a credit card processing company. Are there any geared for our type of business? Does anyone recommend Intuit for it's ease of integration with Quickbooks? I'll be doing around $10,000 a month in CC payments averaging $200.00 per RO. Payments are predominately Visa or Mastercard swiped. A very small percentage of Amex, Discover or over the phone. If there is a company name that a lot of you experienced members would recommend, I would like to hear it.
Iv noticed over the years there are times when business/car count drops off by a huge amount all at once. Last year it was brutal in January and got worse in February. It got busier the 2nd week of March and was pretty steady the rest of the year with my best month ever in November then even topped that in December. But this year its back to the same. January came leads completely dropped out, February came and it got worse, just like last year. Now I know its just a waiting game and business will pick back up. Its not just me every shop in the area is completely empty. --- What triggers these pattern down turns? Has anyone ever figured that out? Thought?
Who likes tax deductible food? 🙋♂🙋♂ If you want to make sure you are deducting all of your business meals. Please read the entire article.