Federal Tax Reform Proposals: DAS Legal Can Help

The controversial tax-reform proposals have been sweeping the internet the last couple of months. The federal government has a plan to address the use of some common tax-management tools for private corporations. But how much will these changes cost small businesses?

 

In the federal proposals, there are 3 main changes being discussed:

  1. To limit the spreading of income and capital gains among family members associated with the corporation.
  2. To prevent a corporation from investing in passive assets using corporate after-tax earnings.
  3. To ensure that capital-gain tax treatment cannot be used in taking out corporate earnings in lieu of taxable dividends.

 

If you are concerned at all with whether or not your small business will be impacted by these changes to the federal tax laws, DAS Legal is here to help. They offer an Elite Package that has coverage for Tax Protection. After you have filed your taxes, if you happen to get audited and informed by the CRA that you owe any additional taxes because they did not comply properly with the new tax laws. DAS Legal will assign you a tax lawyer to work with you and your accountant (if applicable) to represent you with the CRA.

 

There is a $500 tax protection deductible, but DAS Legal will cover all of the reasonable and necessary costs incurred by the appointed representative, this includes any of the additional expenses and disbursements such as experts’ fees, court fees, and reports. If you are audited DAS Legal will cover you.

 

Still have questions? As a DAS policyholder, feel free to call their helpline with any general legal questions before filing a claim – 1-877-255-4269. Policies start at $175+ tax per year, for more information click here.

 

Be sure to visit the Bullfrog Blog often for more tips on marketing, productivity and risk mitigation!

Reduce Financial Risk

Reducing Financial Risk As An Entrepreneur

There’s no doubt that starting a new business has risks. If you’re an entrepreneur considering starting a new business, you’re probably already thinking what can be done to make sure you survive the first few years? Specifically, how can you reduce any potential financial risks? Here are some things to consider:

 

Develop a Solid Business Plan

This must be the first step to help entrepreneurs reduce financial risks. Before jumping in with both feet, you should know how much time and capital you are going to be investing in your new business. Market research must be done; this gives you an idea of whether your business has a chance at success or if it may fail.

 

Keep Good Records

Establish an organized record keeping system that works from the very beginning. This can save you both time and money when it comes time to pay your bills or file taxes.

 

Limit Your Loan Amount

If you must start out with a business loan, try to make it as low as you can comfortably manage. If it is possible to fund your business without loans, that would be ideal to reduce your financial risk as much as possible.

 

Buy Insurance

Be sure to purchase insurance against the unforeseen.  Disaster, accidents, lawsuits, and any other thing you can think of that could potentially jeopardize your business. The peace of mind of knowing that you have protected your business from such risks, is well worth the money spent.

 

Save Money

When you can, save as much as you can. Build up some cushion as a “safety net” in case of a turn in the economy or other circumstances beyond your control. To do this, you may have to focus on improving your personal finances and having your own personal emergency fund before starting a business.

 

You can’t 100% guarantee that your own success will succeed, however, you can take the proper steps ahead of time to help reduce the financial risks of starting your new business, giving it a greater chance of being a success!

 

Be sure to visit the Bullfrog Blog often for more tips on marketing, productivity and risk mitigation.

 

When Business Is Slow

 

Anyone who runs a business knows that there will inevitably be slowdowns that occur from time to time.  Whether it’s a seasonal slowdown or an overall economic decline: sometimes customers disappear, sales go down, and overall business drops. Don’t panic, it may be a blessing in disguise. It’s the perfect time to evaluate what’s working for your business and what isn’t. There are 3 key areas business owners should focus on when business slows down:

 

Networking

These events are often a great source for sales opportunities and you just never know what kind of relationships you can form with other like-minded people. While networking may not be what you want to do when you’re already stressed over business being slow, these events may be a great opportunity.  It’s not difficult, it’s just a matter of putting yourself out there, you never know who you might meet.

 

Marketing

This should always be high up on your priority list. Marketing doesn’t only keep your business visible to your consumers, but it forces you to constantly think about the benefits and positives associated with your business; something that can help any business owner through tough times!  It may not be possible at the time to allocate large funds to marketing, but there are always inexpensive and creative ways to stay in touch with your audience.

 

Social Media

This is the most inexpensive way to connect with a much larger audience than would normally be available through traditional media. Just like marketing and networking, social media is an excellent area to focus your attention. It’s all about engagement and content. Customers today want an interactive experience with the brands they’re supporting, by giving them unique and informative content; you can turn shoppers into loyal customers.

 

There are multiple things that you can do when business is slow to help raise brand awareness and keep your consumers engaged. These will ensure that when consumers are once again ready to part with their hard earned dollars, your business will be first in mind.

 

Be sure to visit the Bullfrog Blog often for more tips on marketing, productivity and risk mitigation.

 

Tax Refund Opportunities

 

Tax Season Opportunities

Tax season is upon us and if your business played its cards right throughout the year you may have a big refund coming your way. Rather than waste it on short-term fun, think about how you can invest back into your business for a long-term gain. Here are a few ideas on how to use the money to benefit your business:

 

Improve Your Website

This is generally your first impression to consumers, if you’re trying to run a successful business, you need a website that looks the part. Think about your number one goal when someone lands on your website, then design your site’s user experience around that goal.

 

Attend a Conference

Conferences are a huge opportunity.  They can be pivotal to any business — especially entrepreneurs.  Hanging out with people in the same industry can be a big boon to your mental state, plus you can learn a lot to improve your business at the same time.

 

Upgrade Your Branding

Make your brand stand out.  First impressions mean a lot and research shows people derive an impression of you in as little as 1/10th of a second!  If you have never put thought into your branding, consider investing in a new logo design or branding package that you can use on your website, social media, business cards, and anywhere else you are working to get the word out.

 

Outsource Bottleneck Tasks

Are you a bottleneck?  If so, you’re probably causing inefficiencies and costing your business money.  It is important to recognize this and alleviate it. Create processes to improve your productivity, and outsource the where possible. There are many sites that can quickly send projects to remote workers, like UpWork and Freelancer.com.

 

You may be tempted to spend that refund on new shoes, a vacation, or something else but take a moment to consider how you can leverage those dollars to earn even more down the road. You only get a tax refund once a year so be sure to use it wisely!

 

Be sure to visit the Bullfrog Blog often for more tips on marketing, productivity and risk mitigation.