How to Fix the iPhone Autocorrect

What is the most frustrating thing about the iPhone?? By far, it's the Autocorrect feature where the iPhone decides to step in and say "I'm smarter than you, this must be what you were trying to type."

Everytime I type "me" the iPhone Autocorrects to "mr."
Everytime I type "so" the iPhone Autocorrects to "SP."
One time I typed "check" and the iPhone Autocorrected to "Checkov."

So I did a little research and here is how you "program" the iPhone Autocorrect feature:

1) Open up a New Window from within Safari
2) In the Google search box, start typing the words that the iPhone Autocorrect has a tendency to mistakenly autocorrect.
3) When the iPhone attempts to Autocorrect you, tap the little "x" in their suggestion box

For some reason, this is the only way to currently overwrite the iPhone’s Autocorrect dictionary. Hopefully, Apple will recognize this problem and create a simpler solution (a way to access the dictionary, a way to overwrite the dictionary from other programs/apps/etc, or an App to overwrite the dictionary).

It frustrates mr SP much that there is no other way to Checkov the dictionary. So, until then...this will have to do.


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Senator Flanagan Calls for Repeal of MTA Tax

The newest in a long line of taxes nagging small business owners is the New York State MTA Commuter Tax. With the intention of having small businesses supplement the always-running-at-a-deficit MTA (Metropolitan Transportation Authority...the organization in charge of running the LIRR, NYC Mass Transit, NYC Subways, Metro-North, Bridges & Tunnels, etc.), this tax has proven to be nothing short of a mess since it was first introduced...

It started off as a huge battles as various state politicians weighed (aka argued) the benefits of supplementing the MTA system with the downside of adding yet another tax on small businesses in an already weakened economy.

It ended up being one of the most poorly administered taxes in the history of NYS (and possibly the country). Had the tax been formally imposed back when it was introduced, the first filing would have been due on April 30th, 2009 and it would have only covered the month of March. It would have been a nice, simple one-month introduction to the tax that would have had the average small business with $100,000 of annual payroll paying approximately $28. Instead, the April 30th filing deadline came and went without the state making a decision of how they would implement the tax (as a separate line item on the NYS-45 quarterly payroll tax return or via a separate filing)...then the second filing deadline of July 31st also came and went with still no decision on how to implement the tax.

What we ended up with was a November 2nd filing deadline that now covers 7 months worth of payroll and that same company that would have only had to pay $28 the first time around is now stuck paying $198. Talk about bad first impressions...

This tax has been a mess from concept to implementation and it is the last thing that a small business owner needs at a time when every last dollar counts.

In a press release on October 15th, NYS Senator John Flanagan (R-2nd Second Senate District), who represents Smithtown, Huntington, Northport, E. Northport, Stony Brook, Centereach, Commack, and Hauppauge, among others, called for a repeal of the MTA Tax.


You can read a copy of the press release by clicking on this link: http://www.nysenate.gov/press-release/senator-flanagan-joins-small-businesses-and-non-profits-call-repeal-mta-payroll-tax


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Don't Be Greedy

Last year, when I was looking for an office building to purchase, I had a verbal agreement with the owners of a building here in Smithtown to purchase their building for $950,000. The best part of the deal for them was that I had found them before they had hired a realtor, which meant that they were going to save approx $45,000 in broker fees.

They were selling the building because they had gone out of business...tying up some loose ends due to their business closing lead to a two week delay from the time we reached a verbal agreement to the time we were putting everything in writing.

Using the strong-arm tactic of "we have someone else bidding higher, if you still want the building, you're going to have to pay more," they now told me that the purchase price was $1,050,000 ($100,000 higher than we agreed upon), plus they were now throwing in several other clauses/stipulations that were never discussed prior and were all obviously detrimental to me.

Frustrated with their desperate attempt at negotiating, I decided to take the weekend to look at some other buildings. Luckily I did and I found a building just a few blocks away that was a much better fit for my offices (more office space, better parking, great location, etc.) for a lower purchase price.

When I informed the owners that I would be walking away from their deal, they started to bring their purchase price back down to the $950,000, but it was too late.

It is now 17 months later and I drive past their building at least twice a day (on the way to my office and on the way home from my office)...the "For Sale" signs have been up ever since...they are now on their second realtor and there are "Price Reduced" signs now up on the lawn as well. As of today, the asking price is $925,000.

So, to take a step back and analyze this scenario, by being greedy, these owners have so far lost $142,000 between 17 months worth of mortgage interest, real estate taxes, maintenance, utilities, and the fact that they will now have to pay a broker fee if & when they do sell their building. This $142,000 loss assumes that they sell their building tomorrow for full asking price, which in this economy, I don't think will happen. I forsee this building selling for somewhere in the low to mid $800,000s sometime at the beginning of 2010.

Moral of the story: Don't be greedy, especially in an economy like this. Know when a good deal is staring you in the face and make it easy for your customer/client/buyer to do business with you.

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MicroBusinesses are Growing - Don't Ignore Them!!

Microbusinesses are one of the largest and fastest growing segments of the US Economy, yet far to many service providers ignore them.

For example, I recently wrote a book, Effective Tax Planning for the MicroBusiness. It was not until after I finished the book and started to market it that I discovered that I had written the first (and so far, only) tax planning book that talks to the specific needs of the MicroBusiness. Why are so many people ignoring this market??

Some facts about MicroBusinesses & Small Businesses:

• The Small Business Association's Office of Advocacy reports that firms with 500 or fewer employees have generated between 60 and 80% of new jobs each year over the past decade.
• 90% of all businesses in the US employ 5 or fewer employees
• 63% of all businesses in the US have $50,000 or less in annual revenue
• New York, California, and Texas have the largest percentage of MicroBusinesses in the US
• There are 22.5 Million MicroBusinesses in the US
• 94.7% of all businesses in the US have 10 or fewer employees
• .07% of all businesses in the US have 500 or more employees
• 75% of all small businesses have no employees other than the owner(s)

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The #1 Thing Your Tax Preparer Won't Tell You

The #1 "Thing Your Tax Preparer Won't Tell You" From Smart Money's Top 10 Things Your Tax Preparer Won't Tell You

"A big name doesn't always mean better service."Roughly 135 million Americans file tax returns, and of those, two-thirds pay for help. While solo acts like CPAs and so-called enrolled agents have plenty of clients, almost 20% of taxpayers go through a big franchise like H&R Block, Jackson Hewitt or Liberty Tax Service to get their refund — last year an average $2,255 per return. Problem is, tax preparation and advice depend on the preparer, and in a system of franchises, that means thousands of seasonal employees and limited quality control.

The results can be dangerous. When staffers from the Government Accountability Office went undercover to get returns done by the big chains, they found "nearly all of the returns prepared for us were incorrect to some degree," according to the report. Worse yet, recently filed lawsuits allege that the owners of 125 Jackson Hewitt franchises cost the government $70 million in tax fraud and created an environment "in which fraudulent tax-return preparation is encouraged and flourishes," according to the Department of Justice. Jackson Hewitt says it stands behind its compliance procedures as well as its nationally standardized educational curriculum.


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Accrual Basis vs. Cash Basis

Q: I own a small business. How do I know if the Accrual Basis or the Cash Basis is right for me?

A: The simplest rule of thumb in determining which accounting method is better for your business (assuming minimizing taxes is your primary goal), is:

• If at the end of the year, your A/R (Accounts Receivable) is typically higher than your A/P (Accounts Payable), the Cash-Basis method would be your best bet in order to minimize taxes.
  
• If at the end of the year, your A/P is typically higher than your A/R, the Accrual-Basis method would be your best bet in order to minimize taxes.

Of course, this is just a generalization. Other factors such as Inventory may play a role in the final decision. Consult with your CPA before making a final decision, but just keep the above facts in mind as your general guideline.


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Worried that your employees are stealing time playing around on Facebook or Twitter?

Worried that your employees are stealing time playing around on Facebook or Twitter?

With so much new web-based technology out there, it becomes easier-and-easier to "play" at work. While larger companies combat this by blocking certain websites or by monitoring employee keystrokes, it is difficult for the smaller businesses to avoid this lost time. Here's an interesting approach...

...certain things are bound to happen. Employees taking some "me time" during work is one of those things. If you have the right employee, I would empower them to create social networking profiles & groups for you and your business and encourage them to spend 30-45 minutes each day updating these sites. This may satisfy their social networking cravings while giving your small business a boost as well.

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Tax Returns vs. Tax Refunds

Two of the most commonly mixed-up terms I come across when speaking with clients are the terms "tax return" and "tax refund." The most common mistake people make is using the term "tax return" when speaking about their "tax refund."

To clarify the difference between the two, here is an exerpt from the glossary of my upcoming book, Choosing the Right Structure for Your Business, due out in the fall of 2009. You can receive 40% off plus free shipping if you preorder this book at http://www.30minutebooks.com/choosing-structure.html:


Tax Refund: The amount of money that a business or individual receives as a result of overpaying their taxes throughout the year.

Tax Return: The actual document that is filed to report income/expenses of a business or individual.



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Tax Liens vs. Tax Levies

Hopefully, you will never have firsthand experience with either tax liens or tax levies. However, if you do, here is a quick explanation so that you know the main differences between the two:

Tax Lien
A tax lien is a claim that is filed against your property. Typically, a tax lien is filed against your bank account. This instructs your bank to "freeze" your money so that you do not have access to it until the lien is cleared.

Tax Levy
A tax levy occurs when your property is actually taken from you. Again, this is typically done through your bank account whereby your funds are removed from your bank account to pay the taxing authority.

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