E-ssentials Bulletin

E-ssentials Bulletin

General Business, Management & HR Issues

Is your focus on revenues or profits?
Some salespeople can't tell you what the margins are on the products they're selling. They're more focused on revenues than profits. Be sure your employees are tuned in to the difference between the two. Manage your bottom line by teaching them to focus on profits, not revenues.

Why exit interviews are important
Are your policies, procedures and performance of supervisors everything they should be? If you are not conducting exit interviews with employees who leave your company, you are ignoring one of the most valuable sources of information about those internal strengths and weaknesses.

Make eye contact - and donít bring your dog to the interview
Nearly 2,200 hiring managers were interviewed for CareerBuilder - and did they have some stories to tell! Here are some of the most outlandish mistakes applicants made during interviews, as well as body language problems managers notice.

Wealth Advice, Retirement & Estate Planning

Financially wounded Millennial generation invests conservatively
The Millennial generation may have suffered more than any other during the recent financial crisis. It's not surprising that this financially wounded generation has developed a highly conservative mindset when it comes to money Ė not unlike those of the World War II generation who grew up during the Depression.

What rewards do wealthy credit card holders prefer?
Free hotels rooms. Frequent flyer miles. Lavish perks. Or cold hard cash? What is the preferred cash-back program of the nationís wealthiest when it comes to credit card rewards? Age, gender and amount of wealth weigh in on the choice.

Part-time work in most retirement plans
While some aging Baby Boomers and other Americans have pleasant daydreams of retirement, a larger percentage are worried whether they will have enough money saved to live comfortably. Recent studies show just how nervous many are about retirement - and how many will have to continue working longer than they had hoped.

Washington Tax Update

When can you deduct your elderly parent as a dependent?

To deduct your elderly parent as a dependent on your income tax return, you must first meet four tests. The tests are (1) "Not a qualifying child" test; (2) member-of-household or relationship test; (3) gross income test; and (4) support test.

New York couple hit by tax benefit rule

A New York couple who had received an enterprise zone credit for property taxes were required to pay taxes on the amount because of the tax benefit rule. Learn how the tax benefit rule applied to them.

Lack of rollover documentation costs Lockheed Martin employee

A Lockheed Martin employee who participated in the company's retirement plan was ordered to pay tax on distributions because he couldn't provide documentation that he had rolled over the account within 60 days of the distributions.

Driving expenses or commuting? The Tax Court rules

It might seem like driving expenses to some, but to the IRS, it's commuting. A construction supervisor in California, was denied a deduction for nearly $25,000 in business expenses because the Tax Court said they were actually nondeductible commuting expenses.

The technical information here is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation.

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