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Schick and Associates
NEWSLETTER

 
WINTER 2009/2010 
 
ARTICLE I 

 TAX TIME IS COMING -

 

ARE YOU READY?

 

As 2009 quickly draws to a close it reminds us that we will soon be spending a lot of time sorting and completing paperwork for Uncle Sam.  That's right - it's tax time again.  Actually its tax time all year round but we will soon have to file all those forms that remind us just what it costs us to have Federal, State, and Local Governments protecting and serving us in an ever growing presence.  So let's get ready now so it won't be quite as painful this year.

 

Hopefully you've been keeping all your tax documents in some form of order all year.  If not it would be a good idea to organize now and be prepared for your annual visit to your tax preparer.  Small business owners should have their financials in order so that they will be able to complete the "Schedule C" as well as the information needed to complete their personal income tax forms and schedules.  Below is a checklist to help you gather and organize your financial and personal data in order to complete your required taxes:

 

General:

·        Names, addresses, dates of birth, and social security numbers for everyone to be included on your return

·        Copy of last years return

 

Income:

·        Wages - make sure you have all your W-2's for each job you had in 2009

·        Interest and Dividends - gather your 1099-INT's and 1099-DIV's

·        State Income Tax Refunds or Unemployment - 1099-G's

·        Self employment - small business - items for Schedule C, 1099-misc

·        Rental Property Income - items (rents/royalties vs. expenses) for Schedule E

·        Farm Income

·        Investments - sale of stocks or home, capital loss carryover

·        Retirement Income - 1099-R's, SSA-1099 (Social Security)

·        Other Income - alimony, gambling, unreported tips, any other type of income

 

Deductions:

·        Mortgage (home) Interest/Points (Form 1098)

·        Donations - cash or items

·        Property Taxes

·        Medical Expenses (Subject to % of AGI)

·        Estimated Tax Payments - already paid

·        Student Loan Interest

·        IRA Contributions

·        Miscellaneous Job Related Expenses - un-reimbursed (Subject to % of AGI)

·        Tax Preparation Fees (Subject to % of AGI)

 

This is just a partial list and yours will be determined by your personal situation.  If you have any questions please contact the IRS, or your professional tax preparer.

 

Article II

WHAT IS A VIRTUAL ASSISANT?

 

According to the International Virtual Assistants Association –



 

A Virtual Assistant (VA) is an independent entrepreneur providing administrative, creative and/or technical services. Utilizing advanced technological modes of communication and data delivery, a professional VA assists clients in his/her area of expertise from his/her own office on a contractual basis."

 

Virtual Assistants are professional people who have years of training and the expertise to succeed and to make a positive impact on the bottom line of your business.  They provide business support and administrative services to entrepreneurs, consultants, business owners, and busy people to give you the freedom to focus on growing their core business. They deliver services virtually, so you don't incur the expense of having to hire additional permanent staff, nor do you need additional equipment or space. Whether you have a one-time project, or ongoing support, virtual assistants can work with you to accomplish your needs. 

 

In the traditional office, you would have an Administrative Assistant who would work from 9 to 5 Monday through Friday.  You have to supply furniture, office space, office supplies, and training.  You would be paying a weekly salary, fringe benefits, payroll taxes, vacation and sick time, etc.  If your onsite employee was being paid $12 an hour, by the time you included all the overhead costs, you are actually paying that employee $22.20 an hour!

 

With the current technology available, you can now partner with a Virtual Assistant to do these same tasks and only pay for the actual hours worked!  You don't have to worry about furniture, equipment, office supplies, vacation or sick time.  The Virtual Assistant works from home using the Internet, fax, email, and telephone to complete the same tasks "virtually," reliably, and only when you need them.  A Virtual Assistant is highly trained, experienced, and provides all of their own equipment.  This enables them to complete the projects on time and requires less "supervision" from you.

 

Maybe you're doing a lot of these tasks yourself as part of being a small business owner.  If so, you're actually spending more time working IN your business than ON your business.  By partnering with a Virtual Assistant not only do you get these tasks completed when you need them to be, but you also give yourself a raise.  You will also give your family what they’re asking for, more time with you!  Spend time with your family rather than burying your face in a brief case full of paperwork that just keeps getting larger.

 

By partnering with a Virtual Assistant on these time-consuming tasks for even 4 hours a week, you can save yourself up to 10% of your time.  Over the course of a year, you would actually save hundreds of dollars and many hours of your precious time.  This would allow you to concentrate on marketing, sales and networking to make your business grow.

 

After all you’re in business to make a profit.  You don’t have to try to do it all yourself.  Utilize your partnership with a Virtual Assistant until you’ve grown your business to the point that you need a full time staff person and can easily afford the added cost of office space, equipment, hiring, training, payroll, and benefits.  It’s your business and your future.  Your efforts should be on growing your business.  Consider using a Virtual Assistant.

 



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