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Pay Your Children to Work for You with the Blessing of the IRS by:  Chris Bird Save on Taxes by Hiring Your Children You've heard that you can't have your cake and eat it, too. But hiring your own family is one case when you can. Pay your minor or adult children to work for your business, then write it off as an expense. Many people are confused about whether it's legal to hire their children and grandchildren. Follow my advice to satisfy both the IRS and employment laws - while saving on your own taxes. Assuming it's a true payment for services performed (and the paperwork is handled properly) it's totally legal and acceptable to pay family members. Minor Children Save the Most Taxes Child labor restrictions don't apply to a parent (unless it's in manufacturing, mining, or any hazardous occupation defined by the Department of Labor) - even under 16. I hired my own daughters from the ages of 7 and 9 without a hitch. You need not pay withholding incom...

FOUR SIMPLE STEPS TO BETTER RESULTS WITH YOUR RESUME by:  Jeff Altman Is every job description you read the same? No. Is every job you submit your resume to the same? Of course they aren’t. If all these job descriptions are different, why do you submit the same resume? Every day, people send the same generic resume out as though each position was identical and each employer was attempting to hire identical skills and attributes. Too often, the results they receive are like the broken watch that is right twice a day—hit or miss success. They list their name, address, phone numbers and email address, list an objective, education, and chronology of experience with dates of employment. The resume includes some successes or accomplishments. This is their resume. In the days prior to computers when changing a resume required you to re-type different versions, this made sense. Today, when computers allow you to customize, spell and grammar check documents so easily, you are missin...

Is Incorporating Your Small Business Best For You? by:  Jeff Schuman There comes a point in time when every small business person contemplates on whether to incorporate their business or not. A lot of times small businesses start out sole proprietorships, and then become incorporated as the business expands and develops. Small business incorporating can be a difficult decision, and with this article you’ll gain a little bit of knowledge on the advantages and disadvantages. There are many advantages to incorporating your small business, but limited liability is one of the biggest advantages. When you have sole proprietorship to the company all the liability of the company is on the owner. When incorporating the business, your only liability is to however much you invest in the company. With sole proprietorship, all of your personal belongings, such as car and home, can be turned over to help pay the debt of the business. As a shareholder in the business, you have no responsi...

MORAL ARMOR'S Economic Warning for Americans by:  Ronald E Springer Copyright 2005 Ronald E Springer For years we’ve suffered under recession, prompting us to ask, When will it end? My answer is, “It’s only the beginning.” Historically, recessions are the result of high interest rates, pushed up as the result of loose money policies. Recovery comes when citizens begin to spend more wisely, save money and pay off their debts, but not this time. Never before have credit policies been so loose for so long, and there has been no decrease in consumer debt. It’s still on the rise, but Americans are NOT fundamentally to blame; immoral monetary policy is. Banks used to consider a safe loan applicant to have a 36% or less Debt to Income Ratio (debt divided by gross income). This percentage is a time-proven figure indicating the financial health of an individual. Now, during the worst economy in twenty years and with no signs of recovery, our banks gladly loan to applicants with a 56...

Childcare Management & Daycare Software by:  Jasmine Ong ProCare Running a childcare facility can be an exhausting, 24/7 job. There are always kids to keep track of, records to update, fees to collect, bills to pay, reports to write, and so on. Often, your To-Do List seems both frighteningly endless and drearily cyclical. If you're not careful, trying to keep up with all your duties could wear you ragged. You also run the risk of spreading yourself too thin. And that could spell the difference between delivering quality and substandard childcare. Fortunately, Professional Solutions' ProCare software provides a way to streamline your operations. With this line of childcare management and daycare programs, you can quickly automate your facilities for maximum efficiency and minimum headaches. This means you can now instantly accomplish tasks that would otherwise take you minutes, hours or even days to complete. This also means that investing in the ProCare system can s...

Accounting Police: Do They Exist?  by:  John Day Who created accounting principles? Who sets and revises accounting standards? What if you don’t follow all the rules, do you go to jail? Is there an accounting police force that investigates and arrests violators? It would seem that there must be some regulatory force to make sure that providers of financial statements conform to the rules. There is, up to a point, and here is how it works: Mainly, it’s all voluntary and it works pretty well. First, double-entry accounting originated in Italy in the 1400’s, so its been around awhile. Accounting principles have evolved over the years just as have accounting standards. The reason why the system works is that the business community could not function if there was not commonality and consistency in financial statement reporting. It would be chaos, much like if there were no driving rules of the road. Therefore, in the United States, a body of experts known as the Financial Accou...

Five Leadership Secrets for Challenging Times by:  Ed Sykes We consistently face new and ever growing challenges in the workplace such as reorganizing, downsizing, and “left out sizing.” We are faced with the question, “How do we lead in this storm of change?” It may seem difficult at times and the decisions we make define our short-term and long-term outcomes. I will share with you five leadership techniques guaranteed to keep you on track during these difficult times. 1 Integrity. I put this first because the lack of integrity will make or break you as a professional, as a leader, as a person in the long run. The lack of this will turn yesterday’s heroes in today’s villains. For example, “MCI was the apple of the business community’s eye. High revenues, high profits, and high growth; MCI was beating the competition hands down. Then it was discovered that there were gross accounting irregularities that accounted for the astounding profits. You see, management made a decisio...