TTIN’s, or Truncated taxpayer identification numbers on W-2 forms have finally been permitted by the IRS in an effort to reduce identity theft. Employers are now permitted to use TTIN’s for their employees instead of their social security numbers on forms as long as the guidelines are followed. What are the guidelines and how does this protect us from identity theft? Check out this article posted by thetaxadviser.com on truncated TIN’s on W-2s.
Starting, running and maintaining a business can be very challenging, especially if you’re just starting out. Do you have the next big thing that will surely sell? Awesome. But do you have a plan on HOW to sell your product? With so many channels and so many choices out there, how do you know which ones will work and which ones wont? Here are 5 tips that will help any start up business.
1. Focus on solutions and not excuses.
One quotation that I am very fond of is “if you’re not part of the solution, you’re part of the problem”. Everyone wants to be an entrepreneur but majority of us never do. We’re burdened with fear. Fear of failing, fear of losing money, fear of disappointing loved ones and fear of humiliation. Those are considerable reasons, but if you have a plan and are willing to invest time, money and follow a well structured procedure, success is inevitable. Instead of making excuses to appease your fears, try to create solutions for them. Once you’ve got that down, you’re ready for the second step, how to market your product or idea.
2. Less is more.
We get it, you have a great business idea and you can’t wait to get it off the ground. This is a very exciting part of an entrepreneur’s life. Just make sure you don’t get overly excited and start to make your product or idea too complicated. A lot of entrepreneurs start with a simple idea that they know people will love, get too excited and jack up their product. They’re then left with an expensive, over complicated product that no one will buy. Keep in mind, stick with a simple product or service, focus on pleasing your customers and surpass their expectations.
3. Market, Market, Market.
With so many sales vehicles out there, choosing the right one can be a major pain – both for you and your wallet. It’s key to have a marketing strategy before you start spending on things that won’t help sell your product. One very powerful strategy you can use is online marketing. The internet surpassed television in 2017. That means more people are tuned in to the net than to their tv’s. Whether it’s shopping online, educational purposes, selling products, keeping up with the news or simply chatting with your friends. People are addicted to the net. That’s why so many people want to own their own website. That in my opinion is a great idea. There are several free platforms that can help your business soar, and many marketing companies that will make sure you’re on the right path. One company that has proven to be efficient, sufficient and trustworthy is inifinitech solutions ph. They’re easy to talk to, affordable but maintain optimum quality in their services. Check them out and see what they can offer.
The first part of marketing is being able to identify your target market. Once you have identified that, conduct a market research on how you can get your brand across to your target market. There are many ways in doing this. A very powerful tool is social media. Need help on this? Click here for a free consultation about your online marketing need. Also, reach out to professionals and experts for their advice, and don’t forget to consult those closest to you. Your family and friends want you to succeed as well, and seeing their point of view may shed light to your plan. Entrepreneurs are very passionate about what their selling, and sometimes they let their passion influence their business decisions. That’s when we need someone to remind us of the purpose of our business. Don’t let emotions take over rational decisions in business.
5. Measure and optimize
Once your business starts, it’s very important to factor in every expense both in your personal life and in business. Add up everything, measure the expenses and the income. When I say everything, I mean everything. From your rent, electricity, water, payroll, manufacturing costs, to your personal expenses like food, gas, mortgage etc. If you want your business to succeed for the long run, you have to balance out your personal expenses and compare it with how well your business is doing. Many businesses will fail. If this happens to you, are you ready for it? It’s advisable to always have a back up plan. Compare your needs to your wants and make adjustments. If you want your business to succeed, you may want to cut your leisurely expenses. Get out of your comfort zone for a while, up until your business is stable and your ROI has been reached. If you have a business idea and it’s about to take off, don’t quit your day job just yet. Running a business is a process that may take time. You will need other sources of income to live off of, just incase your business idea goes south.
Electronic filing of your tax returns is awesome! It’s so convenient that 9 out of 10 Americans E-filed their federal income tax returns in 2019. But did you know that electronic filing has been around since 2007? It didn’t take off that year though due to a number of concerns. Two major concerns were breach of security and identity theft. The ETAAC was formed to investigate and report to congress on issues encountered with electronic filing. Through their efforts, identity theft incidences have dropped by 71% between 2015 and 2018. That’s quite a huge leap in terms of security. A total of $24 Billion dollars of fraudulent refunds for those years have been protected. Bravo IRS and ETAAC! Here’s an in depth article on this subject, posted by Forbes. Be sure to check out their article by clicking here.