Prepare to see many changes in the tax code in 2010 and 2011, partly due to the costs of providing economic stimulus during 2009. You may be concerned about the possibility of an audit, so here is some information that may help you prepare for this possibility.
Targets and compliance READ MORE
Nineteenth-century British Prime Minister Benjamin Disraeli is often credited with the statement, “There are three kinds of lies: lies, damned lies, and statistics.” This column has discussed the lies and the damn lies. READ MORE
Last month, we reviewed the lies in financial statements, which are both legal and ethical; this month, we move up to illegal and unethical actions. Electrical contractors must be vigilant to avoid the steps that can lead to lies and avoid being victimized. READ MORE
When pundits offer statistics in support of their opinions, it is hard to know whether to trust the numbers; economics and finance are difficult enough to navigate without suspecting that someone with an agenda is deliberately misleading you. Even the numbers on your own financial statements are not a true reflection of your business operations. READ MORE
The year-end holiday season prompts decisions about giving to charitable organizations, customers and employees. It may seem cold-hearted to evaluate gifts in terms of the potential return on your investment, but it is simply a bad business practice to distribute wealth out of habit. Plan your giving as you do any other budget item, and use your best financial judgement to scrutinize purchases. READ MORE
What is your most valuable asset? Don’t look at your last balance sheet because it has limitations. It fails to show a value for the people in your company, and it does not measure intangibles, such as goodwill. Goodwill underlies everything else you do to build a successful operation. READ MORE
In the first column of this three-part series, I discussed the relative value of money. Last month, we looked at the effects of changes in value, such as inflation and deflation. Now, let’s look at how the government attempts to manipulate the economy. READ MORE
Last month, we defined money and its relative value in the marketplace. This month, we’ll analyze who benefits when the value of money changes. Keep in mind that the laws of physics also apply to the value of money: what goes up must come down.
Inflation READ MORE