The Dalby, Wendland Newswire

Business or Hobby? Know the Implications

kdoose@dalbycpa.com — Tue, 15 May 2012 17:04:00 GMT

Taxpayers must follow guidelines when determining whether an activity is a business or a hobby.

There are rules for determining if an activity qualifies as a business and what limitations apply if the activity is not a business.

According to the IRS, in general, taxpayers may deduct ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is conducted in a business-like manner with a reasonable expectation of earning a profit.

There are some other factors to consider as well, so please consult your DWC tax advisor for more information.

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How to Squeeze Extra Profit From Your Commercial Lease

kdoose@dalbycpa.com — Fri, 11 May 2012 18:12:00 GMT

Did you know that you can renegotiate your lease and boost your company's bottom line in the process? Dalby, Wendland offers some quick ideas on how to generate extra income from your lease. Dalby, Wendland has accountants who are experienced in commercial real estate.

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Ten Tips on Technology for Business Owners

kdoose@dalbycpa.com — Wed, 09 May 2012 17:53:00 GMT

Ten Tips on Technology for Business Owners

What would you do if all of your data and essential information were gone or in the hands of someone who could do harm to you or your company?

Most companies do not answer this questions until it’s too late and they have had a security breach.

Think of the role technology plays in our personal and professional lives: it helps us engage with clients and colleagues; it can give businesses an edge on competition; it often provides new tools to run a business in an effective and efficient manner, and it allows us to create new ways of selling products and services.

Although technology is a prime concern for both small and large businesses, typically, small businesses have fewer defenses than big companies even though cyber criminals target smaller businesses just as often as they target larger companies.

Because one security breach could shut down your entire network and compromise important data, it is important to provide safeguards that will help protect you, your business information, and your sensitive client information.

And, as companies will continue to release new technology, it is wise to beef up your internal security procedures before deploying new devices, software, and systems.

Here are some practical tips that are easy to implement:

#1: BE ALERT:

As they say, yesterday’s hackers are today’s cyber criminals. As technology opportunities increase; so do threats. Typically in slow economies there are more security issues and more opportunists looking for any vulnerability in your security to exploit.

#2: BE INVOLVED:

To avoid disruption in your business, owners should be involved in all aspects of the operations, including technology.

#3: STAY AHEAD OF THE CURVE:

Map out a good internal disaster plan and be ready to respond to any disruption immediately. The best way to keep your information safe is to protect against the possibility of a breach in the first place.

#4: ENFORCE STRONG PASSWORDS:

Passwords should include upper and lower case letters along with numbers and symbols and should be at least 10 or more characters. Don’t use the same password for multiple accounts. Passwords should be changed on a regular schedule and the accounts of terminated employees should be deactivated immediately.

#5: EDUCATE EMPLOYEES:

Cultivate a teachable culture within your organization. Technology will continue to improve so train your employees to embrace an ever-changing environment. It’s helpful if management can get everyone comfortable with asking questions and coming forward if they see something that doesn’t seem right.

#6: BE PROACTIVE:

Upgrade your system every few years and it could help jumpstart aspects of your business, but be careful buying software as soon as it comes out; sometimes it’s best to give the manufacturer some time to get the bugs worked out.

#7: IMPLEMENT POLICY:

Implement internal security precautions before you need them. Develop strong guidelines internally and keep everyone accountable.

#8: USE RELIABLE SECURITY SOLUTIONS:

Keep your network updated so it can detect new threats, which include viruses and malware. “Have an experienced internal IT team, or outsource to a trusted contractor, who can help you stay on top of the latest trends.”

#9: BACK UP DATA:

Think about what could happen: theft, natural disasters. Confidential data should be kept in encrypted form, and should be kept offsite.

#10: INVEST IN TECHNOLOGY:

Although it costs time, resources, and money to keep your technology updated, it is a good investment. In the long run, a security breach costs much more.

Having a thoughtful and conscious attitude towards technology can help you move your business to a more profitable future, but having a careless attitude towards technology could mean that you will be reacting to the future instead of shaping it.

In an increasingly fast-paced and tech-savvy business environment, there is one thing that is certain: an investment in technology is an investment in your business.

Greg A. Keller, CPA, CFF, PFS, CITP, is a principal and Chief Technology Officer at Dalby, Wendland & Co., P.C. He has been with the firm for 27 years and has special designation from the American Institute of Certified Public Accountants as a Certified Information Technology Professional (CITP) for his experience and expertise in technology.Go to www.dalbycpa.com to receive tech tips and tax alerts via the DWC newsletter.

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Ten Tips on Technology for Business Owners

kdoose@dalbycpa.com — Wed, 09 May 2012 17:04:00 GMT

What would you do if all of your data and essential information were gone or in the hands of someone who could do harm to you or your company?

Most companies do not answer this questions until it’s too late and they have had a security breach.

And, as companies will continue to release new technology, it is wise to beef up your internal security procedures before deploying new devices, software, and systems.

Here are some practical tips that are easy to implement:

#1: BE ALERT:

#2: BE INVOLVED:

To avoid disruption in your business, owners should be involved in all aspects of the operations, including technology.

#3: STAY AHEAD OF THE CURVE:

#4: ENFORCE STRONG PASSWORDS:

#5: EDUCATE EMPLOYEES:

#6: BE PROACTIVE:

#7: IMPLEMENT POLICY:

Implement internal security precautions before you need them. Develop strong guidelines internally and keep everyone accountable.

#8: USE RELIABLE SECURITY SOLUTIONS:

#9: BACK UP DATA:

Think about what could happen: theft, natural disasters. Confidential data should be kept in encrypted form, and should be kept offsite.

#10: INVEST IN TECHNOLOGY:

Although it costs time, resources, and money to keep your technology updated, it is a good investment. In the long run, a security breach costs much more.

In an increasingly fast-paced and tech-savvy business environment, there is one thing that is certain: an investment in technology is an investment in your business.

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Be Aware of these Financial Strategies

kdoose@dalbycpa.com — Mon, 30 Apr 2012 21:38:00 GMT

Be Aware of these Financial Strategies
This article from our Dalby, Wendland newsletter talks about four financial strategies that seem to make good financial sense, but have the potential for trouble.

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Job Opening: Data Entry Specialist

kdoose@dalbycpa.com — Fri, 27 Apr 2012 23:36:00 GMT

Dalby, Wendland is hiring an Administrative Assistant/Data Entry Specialist to manage data in a MS Access database.

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Ready for Retirement?

kdoose@dalbycpa.com — Wed, 18 Apr 2012 17:16:00 GMT

Do you have all the facts about retirement in regard to tax issues?

Retirement can raise a lot of questions about income, tax filing requirements, and Social Security Benefits.

In this article that appeared recently in the Business Times, Donna Hardy, a principal with Dalby, Wendland, offers some valuable tips and advice on planning for retirement.

Donna has worked for Dalby Wendland for 27 years and offers experience and expertise in tax and business planning as well as accounting systems and procedures and payroll consulting.

To receive our biweekly newsletter that includes tax tips and reminders, sign up here.

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8 Tax Tips to Save Time and Money

kdoose@dalbycpa.com — Fri, 13 Apr 2012 14:25:00 GMT

There are just five says left until the April 17^th deadline.

Here is an article from the Dalby, Wendland newsletter that covers a variety of situations - whether you already filed your tax return, are waiting until the last minute, or planning to file an extension.

To receive tax tips and other timely information related to your niche industry, sign up here for our biweekly newsletter.

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How to Reduce Your Taxable Estate

kdoose@dalbycpa.com — Mon, 09 Apr 2012 14:49:00 GMT

Although “giving away” money to reduce your taxable estate is a common strategy to reduce estate taxes, in order to be valid, the gifts must be "complete" by the time the donor dies, which means that checks must have already been written and paid by the bank.

When is a Gift “Complete?”

Click here to receive the DWC biweekly newsletter straight to your email in box.

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Divorce and Tax Implications: When to Sell the Home

kdoose@dalbycpa.com — Wed, 04 Apr 2012 16:26:00 GMT

If you are getting divorced and plan to sell a home, it is wise to think ahead to take advantage of the tax breaks.

You can receive articles on topics like this by signing up for our biweekly newsletter which delivers timely content directly to your email in box.

Call one of our tax professionals for more information.

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