The Entrepreneur’s Corner

Taxes! Accounting! These words often don’t inspire excitement. In fact, they generally inspire angst and frustration. For a small business, they can have quite an impact. Many business owners generally try to handle these responsibilities on their own as a cost savings measure. Let’s examine this common misconception.

The reason these words inspire such angst is because they involve complex and confusing rules that are constantly changing. How can you stay on top of these rules and run a small business at the same time? Does it really matter? Yes! You could be missing out on valuable tax deductions for your business, such as the Sec. 179 depreciation deduction.

I’ve found that lots of small businesses will spend hours each month trying to get through the monthly accounting or worse yet, wait until year end. A good accountant will be able to give you an estimate of how much time they will spend each month so that you can spend that valuable time serving your clients and generating revenue for your business. Often you will find that you can make more money focusing on your core strengths and outsourcing the tasks that consume too much of your valuable time.

You can also gain valuable insight into your business on a monthly basis by having a profit and loss statement generated. Use your accountant’s expertise to help you understand the numbers and what picture they are painting of your success or how they can identify opportunities for improvement.

By focusing on your core business and outsourcing your accounting work, you will spend less time and money overall. When your tax professional is the same person who does your accounting, that person won’t have to spend as much time reviewing and correcting what’s been done because he or she already knows and understands your business. That time can be spent on helping you save money by applying the tax laws to your business monthly.

How do you select accounting and tax professionals? There are several factors you should consider as you go through the selection process. What qualifications do they have? Do they have other clients in your line of work? How long have they been accountants? Do they have any certifications? Are they members of any professional organizations that require continuing education in their fields of expertise? Are they keeping up with the technology (i.e. software, electronic document storage, etc.) in their fields? Do they complement your personality and goals?

Once you select a professional who meets your requirements, you can rest easy and focus on what you do best. No longer will angst and frustration be associated with taxes and accounting, because now you know how to relieve this stress from your business!

Eric Moore is an enrolled agent and president of Earl W Moore & Co., Accounting &Tax Service, specializing in accounting services for small businesses and taxation for individuals and businesses. Contact him by calling (804) 266-8846, visiting http://www.ewmooreaccounting.com or e-mailing .(JavaScript must be enabled to view this email address).
Bail Bonds Chesterfield VA

‘Hello Kitty Truck’ rolls into Short Pump Saturday


MAR. 23, 12 P.M. – Hello Kitty fans, rejoice. On Saturday, the Hello Kitty Cafe Truck, described as “a mobile vehicle of cuteness,” will make its first visit to the region.

The truck will be at Short Pump Town Center, 11800 W. Broad St., from 10 a.m. until 8 p.m. The vehicle will be near the mall’s main entrance by Crate & Barrel and Pottery Barn.

The Hello Kitty Cafe Truck has been traveling nationwide since its debut at the 2014 Hello Kitty Con, a convention for fans of the iconic character produced by the Japanese company Sanrio. > Read more.

Governor vetoes Republicans’ ‘educational choice’ legislation


Gov. Terry McAuliffe on Thursday vetoed several bills that Republicans say would have increased school choice but McAuliffe said would have undermined public schools.

Two bills, House Bill 1400 and Senate Bill 1240, would have established the Board of Virginia Virtual School as an agency in the executive branch of state government to oversee online education in kindergarten through high school. Currently, online courses fall under the Virginia Board of Education. > Read more.

School supply drive, emergency fund to help Baker E.S. students and faculty


Individuals and organizations wanting to help George F. Baker Elementary School students and staff recover from a March 19 fire at the school now have two ways to help: make a monetary donation or donate items of school supplies.

The weekend fire caused significant smoke-and-water damage to classroom supplies and student materials at the school at 6651 Willson Road in Eastern Henrico.

For tax-deductible monetary donations, the Henrico Education Foundation has created the Baker Elementary School Emergency School Supply Fund. > Read more.

Nominations open for 2017 IMPACT Award


ChamberRVA is seeking nominees for the annual IMPACT Award, which honors the ways in which businesses are making an impact in the RVA Region economy and community and on their employees.

Nominees must be a for-profit, privately-held business located within ChamberRVA's regional footprint: the counties of Charles City, Chesterfield, Goochland, Hanover, Henrico, New Kent and Powhatan; the City of Richmond; and the Town of Ashland. > Read more.

Business in brief


Cushman & Wakefield | Thalhimer announces the sale of the former Friendly’s restaurant property located at 5220 Brook Road in Henrico County. Brook Road V, LLC purchased the 3,521-square-foot former restaurant property situated on 0.92 acres from O Ice, LLC for $775,000 as an investment. Bruce Bigger of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller. > Read more.
Community

Villa’s Flagler Housing wins national NAEH award


St. Joseph's Villa’s Flagler Housing & Homeless Services was one of three entities to earn the National Alliance to End Homelessness' Champion of Change Award. The awards were presented Nov. 17 during a ceremony at the Newseum in Washington, D.C.

NAEH annually recognizes proven programs and significant achievements in ending child and family homelessness.

Flagler completed its transition from an on-campus shelter to the community-based model of rapid rehousing in 2013, and it was one of the nation's first rapid re-housing service providers to be certified by NAEH. > Read more.

RIR’s Christmas tree lighting rescheduled for Dec. 12


Richmond International Raceway's 13th annual Community Christmas tree lighting has been rescheduled from Dec. 6 to Monday, Dec. 12, at 6:30 p.m., due to inclement weather expected on the original date.

Entertainment Dec. 12 will be provided by the Laburnum Elementary School choir and the Henrico High School Mighty Marching Warriors band. Tree decorations crafted by students from Laburnum Elementary School and L. Douglas Wilder Middle School will be on display. Hot chocolate and cookies will be supplied by the Henrico High School football boosters. > Read more.
Entertainment

CAT Theatre to present ‘When There’s A Will’


CAT Theatre and When There’s A Will director Ann Davis recently announced the cast for the dark comedy which will be performed May 26 through June 3.

The play centers around a family gathering commanded by the matriarch, Dolores, to address their unhappiness with Grandmother’s hold on the clan’s inheritance and her unreasonable demands on her family.

Pat Walker will play the part of Dolores Whitmore, with Graham and Florine Whitmore played by Brent Deekens and Brandy Samberg, respectively. > Read more.

 

March 2017
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Joey DeFrancesco + The People will perform at 8 p.m. at The Tin Pan, 8982 Quioccasin Rd. Touring in support of his new release on Mack Avenue Records, “Project Freedom,” DeFrancesco’s new quartet features him on the Hammond B-3 – plus contributions on keyboards, trumpet and as a vocalist. Accompanying DeFrancesco are drummer Jason Brown, guitarist Dan Wilson and saxophonist Troy Roberts – collectively billed as the People. Doors open at 6 p.m. Tickets are $35 in advance and $40 at the door. For details, call 447-8189 or visit http://www.tinpanrva.com. Full text

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