"It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something." - Franklin D Roosevelt

If you measure your key metrics you can manage the performance of your business, AND you can see problems well in advance of when they might show up in revenue or profit figures.

Each and every business has key performance metrics [Key Performance Indicators (KPI's)], some of which are common to other businesses, some are industry-specific, and some companies create their own KPI's.

These sort of things are our bread and butter, when working with small businesses tax pro.

Do you need help?

Financial metrics are often common to all businesses. Some examples include:<
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"A man should always consider how much he has more than he wants." -Joseph Addison 

The financial picture for the various states in our nation is a mishmash of various revenue sources (and expenses). 

Unlike, say, the federal government, the states cannot print money. So, they are forced to go hunting for it. And they get it from a few primary sources: sales tax (based on purchases/consumption), income tax (individual and business taxes based on income), property tax and "other" taxes like the tax on fishing licenses, driver's licenses and a lot of other smaller items.  

And the most volatile -- and COVID-affected -- of these sources is ye olde income tax. Sales tax has obviously tak
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"Oh, my friend, it's not what they take away from you that counts. It's what you do with what you have left." - Hubert Humphrey

As difficult as it might be right now, let's project forward to next year.

Let's cross our fingers and believe that we all get through this donkey of a year that is 2020.

Maybe you have a business that clung to life, and you're headed towards recovery in 2021. You took the PPP, or perhaps the EIDL (or both). Or perhaps you had to take unemployment for a period of time, but are slowly (but surely) getting back on your feet. The economic stimulus checks helped.

But then ... taxes are due.

Uh oh.

W
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It feels to me that we're all in need of some good news.

I have some great news for the young (ish) and the old (ish), but before I get there, I'd like to encourage EVERY person who is reading this:

Keep your head in the game.

Yes -- we can so easily get caught up in seemingly nefarious schemes on every side. Whether you are Team ReOpen or Team StayLockedDown ... there are data points and new stories plentifully available to bolster your case.

But what are you doing about what YOU can control?

That's the game right now.

Many people receive these emails that I send out. But of all of them, in point of fact, there might be only a small handful that have actual power to enact change by influencing minds or implementing action.<
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Anytime (like now) that there is a rollout of government assistance, you can count on two things:

1)    Bumps in the road (it's hard to manage many millions of people needing help)

2)    SCAMS

I haven't yet heard of any of my clients or friends being taken in by this stuff, but I did want to alert you to this dynamic.

How to make sure your check is the right check.

Most of the Economic Impact Payments (i.e. stimulus checks) have been direct deposited by now. So if you have NOT received it, you might want to check the status using the tool the IRS has set up here:

https://www.irs.gov/coronavirus/economic-impact-payments

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I'd like to simplify things for you today.

There is so. much. noise. right now about how to survive (even thrive) in the midst of this very difficult season.

"Pivot" they say.

And yes, if you are running a business, these times call for a bit of a shift. Only a very small amount of businesses haven't been affected in some serious way by this ongoing crisis, and if you need somebody else to tell you to pivot at this point, chances are good that you are already in trouble.

I've already been writing to my clients a great deal about this dynamic, and I hope you have been finding these messages helpful. We will continue to be out in front on these matters, simply because things are constantly changing, and we are uncovering new information and new benefits (and how to receive them).

It's all getting very complicated.

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