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).
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Henrico Doctors’ Hospitals named to nation’s top 100


HCA Virginia's Henrico Doctors' Hospitals recently was named one of the nation’s 100 top hospitals by Truven Health Analytics, a provider of information and solutions that support healthcare cost and quality improvement.

Henrico Doctors’ Hospitals consists of three community hospitals – Henrico (Forest), Parham, and Retreat Doctors’ Hospitals – and two freestanding emergency departments, West Creek Emergency Center and Hanover Emergency Center. Henrico Doctors’ Hospitals specializes in heart and stroke care, women’s health, oncology, orthopedics, urology, and behavioral health. > Read more.

Henrico residents invited to share design ideas for new Fairfield Area Library


Henrico County Public Library is planning community meetings March 28-29 and April 1 to receive input from county residents on the design of a new Fairfield Area Library. Meetings will be held at the Fairfield Area Library, 1001 N. Laburnum Ave., and at the Eastern Henrico Recreation Center, 1440 N. Laburnum Ave.

Architects from BCWH, Inc. will join library staff for the meetings, which will feature discussions and seek ideas on spaces and services for specific age groups as well as designs for the entire facility. > Read more.

Virginia529 enrollment period closes March 31


Time is running out to enroll in a program to prepay tuition at Virginia public colleges and universities. The current enrollment window for Virginia529's Prepaid529 ends March 31. Nearly 50,000 Virginia students have funded college costs through this program since it began 20 years ago.

Prepaid529 allows families to purchase semesters of tuition and mandatory fees for newborn children through ninth graders. Semester prices vary based on the age of the beneficiary. > Read more.

Henrico Police seek Northside robbery suspect


MAR. 21, 9:30 A.M. – Henrico Police are seeking the man who robbed a Wells Fargo Bank on Brook Road Monday evening.

At approximately 5 p.m. March 20, police responded to the bank, in the 8100 block of Brook Road, after reports that a white male had entered the business and presented a note demanding money. > Read more.

Baker students to be shifted to other schools temporarily

MAR. 20, 5:31 P.M. – Students at Varina's Baker Elementary – which is closed following a fire Sunday – will be moved to other schools temporarily while repair work is completed at Baker, school system officials announced today.

The school was closed today and will be closed Tuesday, but beginning Wednesday pre-K students and those in the Early Childhood Special Education Program will temporarily attend school at the New Bridge Learning Center, 5915 Nine Mile Road.

Baker students in grades K-2 will temporarily attend Mehfoud Elementary School, 8320 Buffin Road in Varina. And students in grades 3-5 will temporarily attend Varina Elementary School, 2551 New Market Road.
> 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.
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Weekend Top 10


Happy St. Patrick’s Day! To celebrate, check out Innsbrook’s 8th annual St. Paddy’s Palooza – there will be music and dancing, a hot air balloon, kid’s activities, festive green beverages and volunteers shaving their heads to raise money for the St. Baldrick’s Foundation. For more Irish fun, visit Walkerton Tavern for stories of Irish immigrants during the 19th century, traditional Irish foods, songs and an Irish craft. Concert opportunities this weekend include Leland Grant tonight at the Henrico Theatre, Sandston Baptist Church, Sandston Moose Lodge, the Shady Grove Coffeehouse and the Richmond Philharmonic at The Steward School. For all our top picks this weekend, click here! > Read more.

 

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Nineteen of the Richmond region’s most renowned historic sites will offer visitors a “passport” to travel back in time during the weekend of March 11-12. Visitors are invited to discover the area’s treasures, spanning 400 years of fascinating history. This is a special opportunity as some of these sites are not usually open on a regular basis. For a Time Travelers Passport, visit http://tinyurl.com/TTpassport. The following sites are located in Henrico County:

•Clarke-Palmore House – March 11 from 10 a.m. to 2 p.m.
•Courtney Road Service Station – March 11-12 from 12 p.m. to 4 p.m.
•Dabbs House Museum – March 11-12 from 9 a.m. to 5 p.m.
•Historic Deep Run School – March 11-12 from 12 p.m. to 4 p.m.
•Meadow Farm Museum – March 11-12 from 12 p.m. to 4 p.m.
•Virginia Randolph Museum – March 11 from 1 p.m. to 5 p.m. and March 12 from 1 p.m. to 4 p.m.
•Walkerton Tavern – March 11 from 1 p.m. to 5 p.m.
•Wilton House Museum – March 11 from 10 a.m. to 4:30 p.m. and March 12 from 1 p.m. to 4:30 p.m. Full text

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