Author: David J Hoare MSA
-
What is a Living Trust?
A tool in estate planning used to minimize probate costs upon the death of the grantor is the living trust. A Living Trust is created while the grantor is alive and typically is revocable in nature. It is designed to manage assets for the best interest of a beneficiary, usually the grantor.
-
How is a Sole Proprietorship Taxed? Understanding Schedule C
The sole proprietorship is taxed at the individual tax level. Basically, the income earned during the calendar year is calculated on Schedule C of Form 1040. The final number is transferred to the front page of Form 1040 to line 12. Schedule C is divided into three major sections.
-
Controlling Food Costs in the Restaurant Industry
The top two costs associated with owning a restaurant is labor and food. Controlling these prime costs in effect is the bottom line in your business.
-
Develop a Position Profile
The primary goal of the Human Resources Department is to match the best person to the job in the company. This maximizes both effectiveness and efficiency for the company. In order to achieve the best matching of resources to the positions in the company, the human resources director should develop a position profile. This profile…
-
Find the Bottleneck
In every business no matter production or service, there exists a bottleneck. Your job as the owner or manager is to find it and fix the problem. Once this one is found and resolved; move onto the next one. There is always a bottleneck to find and fix. What is important is to find the problem,…
-
Fundraising with Golf – Does it Work?
I have played in about eight of those fundraising golf tournaments and personally ran two more. I found them to be very low in the return on the investment. Furthermore, the risk associated with weather hampers the real bottom line. Overall, I don’t endorse this type of fundraising for your charity. Allow me to walk through…
-
What are Trusts?
A trust is an agreement for one party to care for the assets of another party for the benefit of a third party. In essence, it is a business agreement. The person creating or the original owner of the assets is referred to as the Grantor. The party that will take care of the assets is known…
-
The Difference between Marketing and Advertising
The simplest definition for these two misunderstood terms is that marketing involves customer interaction i.e. human contact, whereas advertising is a non-contact form of information transfer. You can read a multitude of professional definitions, academia literature and talk to just about any marketing graduate and you’ll get a lot of different definitions of these two terms.
-
Time for Those W-2’s
For us accountants January brings the greatest payroll function of the year; printing the year end payroll reports. These include the W-2’s, W-3 and Form 940. They all must tie to the combined total of the quarterly 941 reports and the deposits made to the Internal Revenue Service.
-
The True Cost of Labor
Labor costs are more than just gross wages and benefits. It should include the costs of insurance, employer taxation, human resources management and incentives.