LEK Management, Inc

With so much election buzz in your ear (specifically around tax policy), here's the straight answer on how each candidate's tax plans could impact your wallet. With a Trump administration... 🍁 Extended TCJA provisions = lowered income tax brackets, maintaining the higher standard deduction, reduced taxes for business owners (think QBI) and corporations 🍁 Taxes on Social Security benefits would end entirely. 🍁 Overtime hours worked would not be taxed. 🍁 A 10-20% tariff would be imposed on most imported goods -- a 60% tariff on goods specifically from China. With a Harris-led administration... 🍁 Increased child tax credit (from $2,000 to $3,600 for younger children; up to $6000 for a baby’s first year) 🍁 First-time homebuyer down payment assistance (aka $25,000 tax credit) 🍁 The deduction for small business startup costs would jump from $5,000 to $50,000 🍁 Medicare taxes bumped up to 5% for those who make more than $400,000 annually 🍁 Raised corporate income tax rate (from 21 to 28%) 🍁 Raised capital gains tax (from 20 to 28%) for those who make 1 million or more annually. We're here in your corner to help guide you through, no matter the outcome.

Election season just took a new (possibly controversial) twist... Apparently, betting on who will be the next president is legal now. And it’s happening on Robinhood: https://lnkd.in/eYheJVF4 Users can trade candidate contracts with the race between Donald Trump and Kamala Harris down to the wire. Just a tip from your friendly tax professional: Any winnings are considered taxable income and should be accounted for when you file your 2024 taxes. Will this add a fresh perspective to the election…or blur the lines between finance and politics?

Are you leaving money on the table with your tax filing? Even the best software and most seasoned preparers can make mistakes on your tax return or miss taking advantage of deductions and credits you can and should claim. But we can take a second look -- we'll review your tax returns, even if someone besides us prepared them. A double-check here could save you from a disappointing return. If you want fresh eyes on tax filing where you feel like you overpaid or something was missed, give us a call. We'll make sure your return gets filed error-free and as in your favor as tax laws allow.

Employees have to spend $61 a day on this one thing… A recent survey from Owl Labs revealed that the migration back to the office from remote work is costing employees $61 on average every day (from gas, parking, and food expenses). Amazon and Dell are pioneering this shift, but they’re being met with resistance because of the burden it’s placing on employees. What are some ways an employer could make the pivot from remote work to in-office work more palatable for employees?

Your next paycheck could shrink as badly as your favorite t-shirt did in the washer if you’ve got tax debt on your hands. But you have options. Let me share one with you… If you're facing tax debt, The IRS can legally take up to 25 percent of your paycheck to settle it (yikes). What can you do to minimize the damage? You can file a Collection Due Process Appeal. As a taxpayer, you have the right to appeal the IRS's decision and attempt to negotiate a payment schedule with them. Talk to us about how you can get this process rolling.

Do you really need to follow up with customers after a 🤑sale? Following up is 🔑 key to effective sales, and here’s why… A follow-up doesn’t often yield immediate results (or offer that sweet pleasure of instant gratification). But, it’s crucial because it shows customers that they ❤️ matter to you even beyond the sale. 🙌🏻 Thank them for their business, 🤝 make sure their needs are met, and ❓ask open-ended questions about their experience. A quick ☎️ phone call or thank you email can go a lot further than you might think. What customer follow-up strategies have worked for you?

"...When “success” is a sprint, givers will often finish last. But when success is a marathon, givers often finish first." – Organizational Psychologist Adam Grant’s take on real intelligence. Everyone thinks it’s the smart people that can afford to be generous. But science says we’ve got it backward – it’s the generous that are truly smart. Why? Because people want to follow those who are kind. Effective leadership is selfless. And all business is built on relationships. Agree or disagree? Let’s hear your take.

What financial tasks are top of mind for you as the year wraps up? Two months (and some change) is all that’s left of 2024 – it’s time to double down on those year-end priorities. Grab a cup of coffee, reassess your annual financial goals, and figure out what steps you need to take to reach them. We’d love to hear how you’re prioritizing for EOY in the comments.

If you want to forge strong connections with your employees, you need to develop this skill… You need to listen to them. And no, this is not the kind of listening where you’re nodding your head and simultaneously thinking about your next business meeting. We mean asking questions and paying attention, AKA – active listening, which looks like: 👁️ Eye contact. 👂🏽 Paraphrasing what you hear. "What I hear you saying is…" ❓ Asking clarifying questions. Remember the 5 W's? 😀 Be present. Phone away, minimize mental traffic. 👍🏾 Affirming their thought process. Find the good. 🙌🏻 A simple thank you. "I'm glad you shared this." This is just a starting checklist for becoming an active listener. When you’re in conversations, what makes you feel heard?

How can you prepare for disaster in your business? Here's a good place to start... 💰 Keep at least three months of operating cash or liquid assets on hand to help your business survive emergencies. 📑 Understand your insurance coverage, store important documents safely, and learn about government resources like grants and emergency loans available after disasters. 👱🏽♀️👨🏼🦰 Know your customers well and be prepared to adjust your business operations to meet their needs during a crisis, just like businesses did in 2020. ⬱ Don’t rely on a single supplier. Build relationships with multiple suppliers and ensure they have their own crisis plans in place to protect your business. 📝 Start planning for potential disasters by asking “What if?” Write down your plan, share it with others, and keep refining it to ensure your business can survive tough situations.