Worcester Business Journal

www.wbjournal.com September 28, 2015 • Worcester Business Journal 21 T hat's not a football question. It's one many small business owners are asking as we head into the fourth quarter of 2015. With information from the first three quarters, SMBs can develop a game plan for the rest of year. Your business earnings from the first three quarters should give you an idea of how much you will make for the entire year. With that information, you may be able to adjust your estimated taxes accordingly — paying more if you anticipate a better final quarter and vice versa. Or, you could go in another direction and determine whether projections for the fourth quarter warrant buying or leasing a new vehicle or equipment for your business. But don't chase deductions for equipment you don't really need. Conversely, you may want to sell off some of those assets if your bottom line dictates that. Some of your fourth quarter could go into planning for 2016. For example, based on your end-of-year projections and the needs of your business, is now the time to add staff or budget contractors for next year? Tax planning also means looking to see if you are structured in the most tax efficient manner possible and ensure you have made all the proper elections before the clock strikes midnight on Dec. 31. Of course, much of your tax preparation considers things beyond business that do impact how much you might pay. Typically, we ask clients to fill out a survey where they check off boxes for things that occurred during the tax year, such as: • Marry or divorce • Have a baby (or adopt) • Earn income from stock options or employer stock • Buy or sell your home • Make gifts of more than $14,000 to any one person • Start or invest in a new business • Close or sell a business • Hire contractors or employees for your business • Start using your home for business • Start using your car for business (other than driving to or from work) • Increase or decrease your business income • Start receiving IRA or retirement plan distributions • Reach age 70½ • Buy or sell stocks, bonds or mutual funds • Buy, sell, or exchange investment real estate Checking off any of these boxes as "yes" typically means you would benefit from a tax planning session or two to optimize your tax benefits. These planning sessions typically begin the conversation ab out deductions and how many SMBs leave viable deductions on the table. For example, your business has an office on Main Street. Yet you work from your home about 50 percent of the time. In some cases like this, the business owner won't deduct anything for their home office. That's why it's so important to strategize and plan now so you can "go for it" in the most effective way possible over the rest of 2015. n Paul Dion CPA is the owner of Paul Dion, CPA (www. PaulDionCPA.com), based in Millbury. For a free copy of his book, "The Ten Most Expensive Tax Mistakes … That Cost Real Estate Agents Thousands," contact Paul Dion CPA, via Info@PaulDionCPA. com or (508) 853-3292. By Matt LaBarre E. Thomas Willett, DPT, is Director/Owner of Worcester Physical Therapy Services. Contact him at tom.willett@worcpt.com 10 Things I Know About... Should you go for it in the 4th quarter? KNOW HOW 1. Extremes are bad. This means sitting too much as well as standing too much. We need a balanced middle ground to prevent office environment injuries and body strains. 2. Proper ergonomics are important. This applies both inside and outside the office. Technology has turned us into slumped over, less than supple human beings. 3. We are hunched over. Hunched over the phone texting, over the steering wheel while commuting, and over our desktop keyboards fervently typing away. 4. Walk, don't email. Instead of emailing a co-worker across the office, take the opportunity to stretch your legs as you walk over and interact with this individual face-to-face. 5. Vary your communication method. Take a break from writing, in order to speak. Your body will thank you for the change of position, and your brain might even gain some extra power because of the switch. 6. Move! Our bodies were not originally built for such confined cramped conditions. We were active, we moved. Therefore we didn't tire so quickly, pain did not emerge so abruptly, or as frequently. 7. We have physically regressed. Intellect and technology aside, we have inadvertently gone backward in the state of physical wellness. 8. Give your muscles enough movement to stabilize muscle build. When you underutilize your muscles, they become smaller. We have unwittingly made ourselves weaker by neglecting our physical health and muscular bodies. 9. Proper ergonomics boost vitality. The benefit promotes overall office tenacity and vitality. 10. Active employees are productive employees. If all your employees, co-workers, and peers practice proper ergonomics, the workplace can become more energetic, happier and more productive. n C ompanies merge all the time, and the reasons vary. Some may "have their eggs all in one basket," or too much of its business in one area, and seek to diversify to reduce risk. Companies may seek a solid company to acquire it as an alternative to bankruptcy or closure. Other firms — especially in the manufacturing space — could need a merger to cut the cost of doing business. Here are some things to keep in mind during a merger upheaval: Carefully evaluate both company cultures. You must evaluate both cultures before you can just expect them to mesh, says global merger management consulting firm McKinsey & Company. The first step in syncing company cultures is to evaluate each on their own merits. Culture — "the way we do things around here" — can be a real obstacle to successful integration," the firm states on its website. Look at every dimension of both company practices to gauge compatibility "even before deal announcement," the firm states. Be patient, and ready for surprises from clients and competitors, says Billy Hennessey in an article at Forbes.com. The merger will take longer than you expect, he says. "You can't put former competitors together and expect them to get along from day one. They're used to thinking of each other as the enemy," he says. He also warns that merging companies are vulnerable to competitors trying to gain a better foothold in your market and customers more aggressively looking for deals. Know that workflow will suffer. F. John Reh, in an article at Management. About.com, says managers need to realize that some people will leave the company during a merger, and others will be less productive. "Give yourself and your department time to work through the changes," he says. n 101: MANAGING A MERGER >> BY SUSAN SHALHOUB Special to the Worcester Business Journal BY PAUL DION Special to the Worcester Business Journal Planning your 2015 tax strategy will pay off in 2016 Workplace ergonomics

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