These are just some tax tips you should consider when thinking about your year end tax planning for your business. If you have a specific question about your particular situation, e-mail me at dianne@dgoodmancpa.com and I will help you muddle through tax planning issues you may have.

This article was intended to provide general information about year end tax planning. It does not contain all rules and exceptions that may apply to your situation. If you have further questions regarding year end tax planning, I can be reached at www.dgoodmancpa.com.

Coming Soon - E-mail me at dianne@dgoodmancpa.com and tell me what you would like to know more about. It just might be my next article!

About Author

Dianne Goodman, CPA –Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-866-531-3035.

CONTACT INFORMATION:

Dianne Goodman, CPA Comprehensive Small Business Solutions, PC 505 323-2307 1 866-531-3035 toll free http://www.dgoodmancpa.com

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The Power of Delegating It is quite liberating once you really do let go and put your trust in other people. So don't ruin it by being a control freak! Remember - before delegating job, you decided that this was not your area of expertise. You know what I mean - feeling that nobody else could do it as well as you - even though you don't know how to. If you know that you have controlling tendencies , you must learn to be a good client and give your partner all information they need to do job in line with your expectations.

For example, your accountant needs certain facts to achieve task of budgeting and forecasting cash flow for your business. You need to supply him/her with necessary information to get job done. You must understand process and know what you need outcome to be. You must also communicate these objectives clearly and monitor their progress (but not so often that they wish they never met you). Set meeting times for updates and a time line for completion.

The key is to identify good people, enlist them in your cause or business, give them ball, and then allow them to run with it.

Do not over-delegate. Excessive delegating can lead to disaster. A complete hands-off approach is abdicating your business responsibility. Let's take example of your relationship with your accountant. Not being a CPA is no excuse for not understanding budget of your company. You must understand how budget works and be accountable for it. You must also be able to communicate this information to relevant people in your business.

Most important, you must understand how critical pieces of your business fit together to form whole so you can make sound and effective business decisions. Should you not understand these processes, you run risk of losing control.

One last note: It is nice to want to do all work yourself. For one thing, on surface, it appears that it will save you money. However, time is also money and your time has a value. In today's world, being a "Jack of all Trades" is more likely to mean that you do a lot of things averagely.

If you understand your individual strengths and establish strong trusting partnerships to complement these, then your business has experts working for it in all areas. And that knowledge is comforting.