News & Tech Tips

The Value of Social Media

Sign up to download our social media whitepaper![email-download download_id=”1″ contact_form_id=”209″]As a business, the thought of approaching social media can be daunting.  The amount of information available on the subject is overwhelming, and you probably have many questions.  Although the needs of businesses vary greatly, there are a few key principles that apply to everyone.

Here are a few common questions to start with.

Does my company need social media?
First things first – social media is no longer an option.  If you don’t have an online presence, you run the risk of becoming obsolete.  Today’s consumers regularly go online to research companies and products that they are interested in.  If you’re not there, and your competition is, you’re not going to be found.

Should there be a social media policy?
Before implementing social media, be sure to have some sort of policy in place.  You want to make sure that anything put out there in connection with your company reflects your business in a positive manner.  Make sure that anyone delegated to use social media in your company’s name knows the level of professionalism that is expected.

What are we trying to accomplish?
Remember that social media is social.  Interact with others.  Share ideas and information.  Be personable.  People don’t want to do business with a company.  They want to do business with another person who is available to interact with them.  Try engaging your clients, or those you would like to become your clients.  Offer them valuable information and resources that distinguish you as an expert in your field.

If used properly, social media can be a powerful tool to develop and enhance your business relationships.  Make the most of it!

Congress Recesses Until After the Election; Tax Law Uncertainty Remains

After being in session for only two weeks in September, Congress has now adjourned until after the November 6 elections — without reducing any tax law uncertainty. The “lame duck” session is the next possibility for legislative activity. The Senate will return for the week of Nov. 15, break for the week of Thanksgiving and return again on Nov. 29 for a period of time yet to be determined. The House’s schedule likely will be similar.

Congress has a full plate awaiting them in the lame duck session. This includes addressing tax breaks that expired at the end of 2011 as well as the rates and breaks that are scheduled to expire at the end of this year.

The results of the election should shed some light on what Congress will try to accomplish in the lame duck session — and what they’ll punt to next year. (In terms of the latter, tax law changes could be made retroactive.)

According to popular wisdom, the Republican leadership may be more likely to strike an agreement with Democrats on the substance of extending tax cuts if President Obama is re-elected. If Gov. Romney is elected, Republicans would have less reason to compromise.

Other election results that will affect legislative action are which party will control the Senate and by what margin. The Republicans are expected to retain control of the House, but also significant will be how many of the Tea Party members elected two years ago retain their House seats.

As tax law uncertainty continues, year-end tax planning remains a challenge. It’s a good idea to perform a year-to-date review of your income, deductions and potential tax now. That way you can be ready to take quick action once it’s clear what, if any, tax law changes Congress will make before year-end.

Image courtesy of www.freedigitalphotos.net.

 

 

Why You May Want to Incur Medical Expenses Before Year End

freedigitalphotos.netCurrently, if your eligible medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct the excess amount. But in 2013, the 2010 health care act increases this “floor” to 10% for taxpayers under age 65.

Eligible expenses can include health insurance premiums, medical and dental services and prescription drugs. Expenses that are reimbursed (or reimbursable) by insurance or paid through a tax-advantaged health care account (such as a Flexible Spending Account or a Health Savings Account) aren’t eligible.

To potentially be able to deduct more health care costs, consider “bunching” nonurgent medical procedures and other controllable expenses into alternating years. For example, if your year-to-date medical expenses already exceed 7.5% of your projected 2012 AGI and you’re anticipating elective surgery or major dental work in early 2013, you could instead schedule it for this year. Or you could stock up on prescription meds (to the extent allowed) and buy new contact lenses or glasses before year end.

Bunching expenses into 2012 may be especially beneficial because of the scheduled floor increase. But keep in mind that, for alternative minimum tax purposes, the 10% floor already applies. Also, if tax rates go up in 2013 as scheduled, your deductions might be more powerful then. Finally, be aware that the floor increase could be repealed by Congress.

Need to Hire? Consider Veterans

Veterans provide a valuable labor pool, full of highly trained, hard-working team players with strong leadership skills. There’s also a tax incentive: The VOW to Hire Heroes Act of 2011 extended the Work Opportunity credit through 2012 for employers that hire qualified veterans. It also expanded the credit by:

  • Doubling the maximum credit — to $9,600 — for disabled veterans who’ve been unemployed for six months or more in the preceding year,
  • Adding a credit of up to $5,600 for hiring nondisabled veterans who’ve been unemployed for six months or more in the preceding year, and
  • Adding a credit of up to $2,400 for hiring nondisabled veterans who’ve been unemployed for four weeks or more, but less than six months, in the preceding year.

To be eligible for the credit, you must take certain actions before and shortly after you hire a qualified veteran. We can help you determine what you need to do.

2012 Women Empowering Women Luncheon

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The partners of Whalen & Company – Laura Wojciechowski (WPO Chapter I) and Lisa Shuneson (WPO Chapter II) – are looking forward to attending this year’s Women Empowering Women Luncheon on September 21st at the Hilton Hotel in Easton.  The event will be hosted by the Women Presidents’ Organization (WPO) and 450-500 women entrepreneurs are expected to attend.

This year’s luncheon will be honoring professor Linda Meeks as the empowered woman.  Linda actively supports other women business owners and entrepreneurship.  The charities being honored will be the Children’s Hunger Alliance and Simple Suppers.

The WPO is a non-profit membership organization for women presidents of multi-million dollar companies.  Through global, confidential and collaborative peer learning groups, the WPO facilitates business growth, enhances competitiveness, and promotes economic security. It is the ultimate destination for successful women entrepreneurs.