Futrli Forecasting and Reporting

business

When the Second Office in the Home Is a Principal Place of Business

When possible, you want to claim that your office in your home qualifies as a principal place of business because this classification

  • gives you the home-office deduction, and

  • eliminates commuting from your home to your regular office.

Current law gives you two ways to claim your office in the home as a principal office:

  • First, as a principal office under the rules that the Supreme Court finalized in Soliman

  • Second, as a principal office under the alternative after-Soliman rules, wherein lawmakers added this alternative: “... the term principal place of business includes a place of business which is used by the taxpayer for the administrative or management activities of any trade or business of the taxpayer if there is no other fixed location of such trade or business where the taxpayer conducts substantial administrative or management activities of such trade or business”

Question for you: If you have an office downtown where you spend 40 hours a week, can you claim that you have an office in your home that qualifies as a principal office if you spend only 12 hours a week working in the home office? If you said no, you are not alone. But you would also be wrong.

With the administrative or management rule, you can have your principal office in your home with 12 hours of work a week, even when you work at your other office for 40 hours!

If you are ready to implement tactics like this in your business model, contact our team by clicking the button below.

Mastering Work Life Balance

Having a better work/life balance brings benefits to every part of your life. A reduction in stress allows you to improve yourself, your relationships and your experiences, not to mention your health. This increases your efficiency, contentedness and productivity - breathing new life into your job or taking your outside world to new heights.

So, what’s the golden formula for succeeding in every area of your life? Truth be told, it’s not one size fits all but, we have a few pointers that will get you started.

Plan to succeed

Having a plan means you can set your intention for the day and focus on what needs to be prioritized - increasing productivity. It’s said that unfinished and unaccounted for projects and tasks plant themselves deeper into our subconscious than completed tasks. Unticked to-do lists jump out to bother us whether we’re meant to be in work mode or not. With a good plan, tasks aren’t unfinished, they are ‘in progress’.

We’ll set you up with tools that help you to prioritize your tasks, with a clear outcome to your actions. The best plan for your business can then be created, incorporating the projects, paths and growth moves that you know will have the best outcomes for your business.

This gives you guaranteed time away from work. Friday nights will be revolutionized, as you’ll have a firm action plan to tie up any loose ends. Therefore, you won’t find yourself checking your phone for emails all night. Double win.

Don’t be a martyr

‘I need to do everything and I need to complete it all myself.’ Does this sound like you? The martyr is a common workplace character, much to the detriment of the individual - and sometimes the business.

Sharing your vision, intentions and past journey with your team is a great form of motivation and can be a great source of ideas and questions for you. Collaboration inside of and between teams provides a pool of ideas, fresh perspectives and knowledge.

This is the recipe for the best end result. Of course, you’ll need to be wary of having too many cooks in the kitchen but, a good balance should be found to avoid having a solo cook one sandwich away from burnout.

Create boundaries

Should you be checking your emails at 9PM? Probably not. Volkswagen, back in the golden days of the Blackberry, led the revolt against communications outside of working hours back in 2012, pausing email servers between 18:15 - 07:00

Constant access to work might feel like we’re getting ahead of the game but, in reality, it means we never quite switch off. Instead of staying up all night worrying about your finances, hand it over to us.

Schedule do not disturb times or bedtime modes and get to your messages when you’re refreshed and enjoying your morning coffee. Our alerting tools mean we can let you know when you’re reaching an agreed threshold in your bank account, preventing any overspends. And, of course, we’ll let you know when things are going well too!

Work for you

Whether you feel it’s your home or work life that’s sitting on the back burner, take some time to invest in limiting and optimizing your time spent on one, in order to leave enough time and energy to be invested into the other. Make the most of all areas of your life - for yourself and for everyone around you.

How To Nail The Next Steps In Your Business Journey

It’s easy to find yourself constantly working in your business, rather than on your business. In an ever-changing environment, it’s hard to keep up with what’s happening today.

A chance to sit down and carefully plan out where you’d like to be in 12 months becomes a ‘would like to have time to do’, rather than something you actually have time to do.

That’s where we come in. Our purpose is to increase the growth and success of your business. Tell us where you’d like to go and we’ll tell you where you are, warn you of any roadblocks and make sure you’re always taking the best route.

Before taking your first steps

Taking your next steps requires you to always be up to date with your current position. Knowing what’s wrong today helps you build your plan going forward around fixing those issues.

But, how do you keep up in an ever-changing business with so much already on your plate? We receive live data on your business so can set up bespoke alerts to show you as soon as your business is, or isn’t, hitting certain criteria. Financial or not.

Where are you heading?

What does your ultimate destination look like? Creating your ‘perfect business’ may be an impossible feat, but having that destination in mind ensures that you’re moving in the right direction. Despite deviations and unexpected turns, your ultimate aim is likely to remain constant.

Whether it’s to provide a service that helps excel other businesses or provide quality products for your customers, you need to know what the purpose of your business is.

So you know where you want to go. But how do you get there?

An important yet often overlooked factor of this is how you’re moving. Sprinting in a general direction is little improvement on having no direction at all.

We continually receive data on your business and closely monitor key elements to keep us up to date on where you’re moving, which factors are slowing you down and which are leading you astray.

Where do you want to grow?

The important factor to consider is whether expenses outweigh benefits. Is it the best time to take on that extra member of staff, or should you wait a few months? We can tell you that. How much Christmas stock will you need this year? We can tell you that, too.

We can model your business’ possible futures and mould your growth plan to optimize both the best and worst case scenarios.

As your advisors, we’ll be keeping your business under continual surveillance, with insights into the past, present and future, to grow your business to the best it can be.

If you are looking to take advantage & act on the knowledge you accumulate in these blogs, schedule an appointment with me to learn more about the implementation of these strategies in your business model.