The Great Shock of April 15th

 

There are a few common questions I keep hearing.

#1 – How Did I End Up Owing Money?

There are four key areas that contributed this year to so many companies owing:

1. Surprise Profitability
2. The last several years have been decent if you’re lucky but dismal for most. This caused most companies to pull back on quarterly tax prepayments, or often eliminate them altogether.
3. 
   
4. 2021 Was Better Than Expected
   There is no question that 2021 started an upswing that is continuing to get stronger with each passing quarter (even for those companies have yet to feel the impact of that upswing). Once income began to flow again, many businesses were forced to make capital investments that were years overdue. This means that although 2021 was in fact more profitable, it wasn’t “felt” by many Owners. Not all investments may be written off in the current year. Even if the bank account hasn’t recovered, the P&L sheets have and additionally the IRS considers many to be profitable and out of AMT. Even if the bank accounts don’t reflect the same.
5. 
   
6. Tax Breaks Disappeared
   Without many major tax breaks that companies have not only come to enjoy, but have come to count on, many are finding themselves with unexpected increases to their tax liabilities.
7. 
   
8. Tax Rates Increasing
   Tax rates have increased, for example; the recent Personal Limit increase to 40% and Capital Gains increasing from 15% – 25%.

#2 – Why Didn’t My CPA Warn Me?

Many owners are left wondering:

• Did my CPA let me down?
• Why didn’t they prepare me for this?

The reality is, your CPA only knows the information you provide to them And for most of us business Owners we don’t do our CPAs any favors. As Owners we know this, and if we are honest we’ll admit that we just don’t take the time necessary to discuss an overall tax strategy with our CPA.

Yesterday I spoke with one CPA that was completely unaware that their Client had purchased an additional building (over $2M in cost), and another CPA that upon delivery of our Cost Segregation report didn’t understand where we got our figures from only to find out the Client spent over $300K in renovations last year that they failed to tell the CPA about.

Most business Owners are guilty of … running their business. As business Owners, we make decisions today that are good for our company and good for our bottom line, with little to no regard of how it affects our tax strategy (and it usually wouldn’t cross our minds to call our CPA in the middle of summer to review something for next April).

#3 – What Can I Do About It?

Step #1 for most business Owners I’ve talked to is:

• Pound their fist on the desk angrily while complaining about the government
• When that ceases to provide relief move on to the below Step 2

Step #2 (True Step #1)

For some business Owners, you bit the bullet and made a payment yesterday, for others you either filed extensions or simply filed without making a payment and are going to wait for the dreaded IRS bills to arrive.

In either instance, the good news is that just because tax day has come and gone doesn’t mean your numbers are written in stone. There is over $200B in Federal Tax Incentives allocated to small and mid sized businesses to help offset your liability.

We’ve developed a simple online tool for business owners to check in 30 seconds if you qualify for any Federal Programs.

Tick Tock

The Employee Retention Tax Credit was initiated in March 2020 to encourage business owners to retain staff during the COVID-19 pandemic. Two years later, we find ourselves in a time of economic instability with increasingly lower profit margins for small businesses. Adding to this burden, the Employee Retention Tax Credit will begin slowly slipping away.

​
​​We encourage you to know what your business is entitled to, as it does mean the difference between surviving and thriving in the year to come!

Hey!! Did you guys take the ERC credit?

 

Elevator Pitch, Your First Step to Success

An Elevator Pitch is a 30-60 second, well-crafted speech designed to sell a product, a service, or yourself.  

Well known business author Seth Godin says, "The purpose of an elevator pitch is to describe a situation or solution so compelling that the person you're with wants to hear more even after the elevator ride is over."

A good elevator pitch consists of 5 parts:

1.  Introduction

Before jumping in, you need to introduce yourself.  Who you are, perhaps including your role with the company. Remember to keep personal information about yourself to a minimum at this point as you have not earned the prospect's interest or attention yet.

2.  What You Do

Have a clear and simple understanding of what your company does.  Know the company's mission and goals for the product or service.  Briefly introduce this.

3.  What's The Value / What Makes You Different

What does your company do exceptionally well that sets itself, product or service apart from others.  1-2 sentence statement about the value of the product or service to your clients.

4.  Grab Their Attention

Now is your chance to pull the prospect in with an exciting story about a client, company founders or offer a fascinating fact or statistic about the service or product.

5.  What's Next

At this point you're going to have piqued interest and you can show them an example via the app on your phone and setup a time to walk through presentation pro.

Write down your pitch word-for-word.  Start with the 5 part formula, and then tweak it so that it flows naturally.  Keep it short!  The tendency is to ramble ... which guarantees that people will stop listening.  After writing it out, read your elevator pitch over and over, like an actor preparing their lines.  Remember to work in adjustments according to the potential client you are speaking to.  When it flows off your tongue, you'll sound confident and conversational.

Larry Potter at BusiunessRefund.com

Strategic Partnership Program

We have a Strategic Partnership Program you may wish to examine. We average 32 new strategic alliances every single business day.

How is your client base?

Note: We do not contact your clients, you worked hard to get them and we know you wish to protect those relationships.

Stryde offers differentiation among your industry to increase Client acquisition, Client retention, promote growth and a more comprehensive revenue.

Stryde has realized over $500M in savings for Clients like yours.

Our aim is to revitalize, explode and distinguish your business and pay you in the process. What we do is highly unique.

Our structure opens doors, initiates opportunities and develops long term relationships. We work with firms nationally to drastically enhance differentiation and create a realized financial benefit to the Client.

Program Benefits

• Market Awareness

• Client Acquisition

• Competitive Edge in Bidding

• Specialized Tax Quarterly SWAT Training

• NFL Retired Players Association Alignment

• Field Rep Access

Stryde's Focus Industries Match Your Ideal Clients

While Stryde can provide substantial benefit to all business types, we focus aggressively on those Industries that realize the greatest benefits.

Our team of legal, tax and engineering professionals work with you to enhance your brand through the provision of the most proven and comprehensive series of reviews in the industry. Our efforts have resulted in 100's of millions of dollars in benefit to tax professional Clients.

We specialize in cost recapture, refinement and tax mitigation services. These platforms have allowed both promising and established firms to experience explosive growth, enhanced Client retention and more comprehensive revenue.

Tax practices that we work with have used these platforms to benefit and acquire new Clients of all sizes, ranging from small businesses up to and including, many fortune 500 companies across every market sector.

Our Process

Discovery Call- Learn about the Client and outline the opportunity.

Data Gathering- Client provides appropriate documentation which is used to generate a proposal identifying savings. Average benefit per Client is $240,000.

Present Findings- Results Call to outline the benefit to the Client and cover fees associated with benefit. Client can move forward understanding the cost of the structure.

No Savings = No Fee to the Client. 

You may learn more by going here: http://bit.ly/2cv3i8O

Best Regards,

Larry Potter

Lgpotter33@gmail.com

Find The Workers You Need

 7.5 million Americans lost their extended unemployment benefits in September. The question remains, how will this impact the labor shortage plaguing the majority of small businesses? Fortunately, we don't have to wait to find out. Twenty-two states have ended their employment benefits early, and the numbers are in. 

Let's start with the bad news, in these twenty-two states, consumer spending dropped. This is bad for local businesses and couldn't come at a worse time. A new research paper from Harvard University found that these twenty-two states experienced an average of 20% decrease in week-over-week consumer spending, compared to states that kept benefits in place. 

Eliminated Benefits will mean millions of Americans will finally be available to work. Right?

You wouldn't be alone in this thought process. Although, the data from this study shows that only 4.4% more workers in those early-out states gained employment compared to their colleagues in states that kept benefits in place. For every eight workers that lost benefits in the early out states, only one went on to gain employment. 

What does this mean for my business?

Well, for starters, it means weathering the storm a little longer. Even though 7.5 million Americans lose a significant portion of income, we shouldn't expect a flood of applicants after September 6th. Potential employees re-entering the workforce are demanding more than ever before, and small businesses often find themselves unable to keep up.  

It also means being prepared to weather a potential decrease in income due to consumer spending declines (approximately 20%). 

What can be done?

Fortunately, Congress has released and/or renewed many programs to offset the catastrophic effects Covid-19 is having on small businesses. 

All employers qualify for up to $26,000 per employee of emergency relief even if their business took advantage of the PPP program or other emergency relief programs.

In partnership with Larry G Potter, Growth Management Group has developed software to help businesses find out precisely what emergency relief they qualify for and quickly get the money into their hands, helping businesses all across America.

 

Get the help your business needs! Up to $5,000 for Every Employee You had 2017-2020 Up to $21,000 for Every Employee You have in 2021 Up to $2,400 for Every Employee You hire Up to $150,000 for Every Commercial Building You Own See What Your Business Qualifies For Now

Corporate Loans

 

A recent article by OEDC pointed out that 90% of small businesses have and continue to struggle as a result of COVID-19 and ongoing associated impacts – and that those businesses have entertained or sought economic relief via financing of some type.  

However, that financing simply hasn’t materialized.  More and more banks and non bank lending facilities have and continue to leave the corporate loan market, while those that remain have heightened their criteria to such a level that virtually no struggling business (the ones that actually need it) can qualify.

Not only have we not fallen victim to this trend within the market – our lending capacity, options and success rate keeps exploding. Simply put, we can do what NOBODY else can.  The people you’re talking to want this and need this and we have NO competition.

Critical topics to be discussed on the call:

• Largest lending network in existence
• Proprietary loan types
• Proprietary loan rates
• Traditional loan types
• Traditional loan rates that average 80% better than traditional banks
• Creative and unique terms
• Expansive and unique loan types / products
• MUCH MUCH MORE !!!

BusinessRefund.com