It can be very difficult to put aside your earnings for the years to come, especially when you might want to go to a football game, or buy a nice car, or travel the world. But at the same time, you really don’t want to be retired and living penny to penny. What’s one of the easiest ways to prevent this? Open a 401(k)! What is a 401(k)? 401(k)’s started out as the alternative to pension funds. Pension funds had become too expensive for companies to give to their employees, so instead they offered 401(k)’s. These retirement savings plans allow employees to set aside a portion of their paycheck before taxes are taken out and invest that money into mutual funds of their choice. Some … [Read more...]
Archives for January 2014
Mileage Logs: A Must for Tax Time
Come tax season, people are always asking me about mileage logs. A recent Tax Court case highlights the importance of keeping a log. In the case, a Mr. Keith Dunford lost $93,656 in business deductions for his business motorhome and two business cars due to lack of a business mileage log. Receipts are Not Enough Even though he had receipts for the expenses of his vehicles, his failure to keep mileage logs left the courts unable to determine the extent of the business use of his vehicles. The issues considered by the court included the ability of the Dunfords to deduct the depreciation and other expense of the motorhome and their business vehicles, whether the interest expense on the loan … [Read more...]
Managing Your Pregnancy and Your Business
Having a child should be one of the happiest moments in your life; however, for women entrepreneurs it can be very stressful. Many of my clients have come to me to figure out the balance between having a child and running a business. I’m a hands-on dad myself, but pregnancy is not something I’ve experienced, so I talked to Aileen McDonough, mom of two and owner of 3am Writers, a home-based communications company, to find out her top tips on building your business while you’re building a family. Here’s what she had to say: DON’T be afraid to tell your clients. Having a baby is a happy event, and the people you want to work with will be happy for you. (Follow up quickly with #3, so … [Read more...]
How to Begin a Financial Plan
The big 3-0 is looming. You’re heading into the years of marriage, home ownership, and kids. Are you prepared to shed your twenties or are you holding on to your last few days? For those of you who have already started your family life, have you planned ahead? Financial planning is important at all ages. All of us have goals, and how do we accomplish those goals? Planning. Short- and long-term financial goals can guide you through many of your decisions in life from the small choices like whether to go out for dinner on Friday night, to the large debates about whether to send your child to a private university or a state college. Here are my tips on how to get started: 1) Develop a … [Read more...]
The Balancing Act of Success for Millennial Entrepreneurs
Every day new businesses are growing from garage startups to massive million-dollar corporations, but have you ever stopped to think about how many of those companies make it past their 15 minutes of fame? According to Blaine Vess, co-founder and CEO of StudyMode, bringing your company to the top and keeping it there takes a certain balance. Check out his article to find out his 7 Steps to Finding Success as a Millennial Entrepreneur. … [Read more...]
6 Tips for Innovative Startup Funding
"Venture capitalist have the attention span of a four-year-old." This quote sums up one opinion on why the traditional business plan may have gone the way of the archives in favor of new media. The article below offers an interesting take on looking for capital for your business. You may not be ready to “ditch the business plan,” but there are many more options for securing funding now. Take a look at this link to find the new suggested way to look for capital from investors. http://www.entrepreneur.com/article/228571 … [Read more...]
Welcome to Nakata Consulting’s Blog!
My goal is to provide my clients with good, useful information and resources. I work to create and share articles that will truly help you run your business. For quick “bites” of up-to-the-moment information, be sure to like our Facebook page! … [Read more...]