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Dec 07


Posted to City of Miramar Blog by Regina Roberts

Financial Blog for Small Businesses Page Banner

Most small businesses worry about their financial records when it’s time to prepare their taxes and many would scrabble to find their records to present them to the tax preparer.  This 2020, with everything that is affecting your business from closing your doors, to re-opening with precautions and providing only take out services, many expenses were incurred to keep both your employees and customers safe.

Let’s end 2020 differently this year!  Prepare your records early to be able to claim everything you are entitled to, especially with the possible reduction of your revenues.  If this holiday time is slow for you, spend some time putting your records in order, with a proper filing system.  Please understand that this information may not apply to all businesses, as each is different in their own way and each year is also different from the prior year.  Running a business is no small feat, just know there is assistance at every turn to make your journey a little smoother.  This is our token of appreciation for all you have done for the “City of Beauty and Progress.”  Let’s do this!

Review everything you spent for 2020, it will make the process easier when you meet with your tax preparer. Accounting for all your losses will become important as you are to carry forward those losses to future years.  Keeping proper record will ensure that your business is prepared for IRS scrutiny.  Documentation, documentation, documentation! 

1. Income information (i.e. receipts, bank statements, ledger records, etc.)

2. Inventory – beginning inventory dollar amount, purchases during the year, and ending inventory dollar amount (remember to remove all items used for personal purposes), materials and supplies on December 31, 2020 or the day you close your books and;

3. Expense information – this list will be exhaustive (advertising, traveling, insurance expenses, wages, office supplies, professional fees, rent expense, repair and maintenance costs, interest expense on loans, medical expense, depreciation and other business-related expenses. Also remember to keep any Information about 2020 COVID-19 related grants, economic injury disaster loans (EIDLs), or paycheck protection program (PPP) loans. See CARES Act Tax Information for Small Businesses.

Tax Preparation Checklist for Small Business.

  • Know which tax forms you’ll need to fill out.
  • Meet with your bookkeeper/accountant.
  • Update your mileage log.
  • Gather your financial records.
  • Capture all expenses you have paid for out of pocket.
  • Record all personal expenses paid for from your business accounts.
  • Gather any 1099s you have received.
  • Make sure you have issued 1099s as appropriate.
  • Pull receipts for asset purchases.
  • Ensure your loan balances match your balance sheet.

If you do not have a business plan, consider it a priority for 2021 to sit down with a professional or someone that can help you put a plan together.  December is the best time to reflect on what happened, what worked, and what needs to be re-assessed and get realigned to your business.  This pandemic has caused many small businesses to pivot, so let’s pivot right into a business plan if you don’t have one.  I wish you much success with your businesses.  Our hope is that 2021 be the year of endless prosperity as you continue to serve our community.
Dec 03


Posted to Financial Blog from Your Chief Financial Officer (CFO) by Regina Roberts

Financial Blog Banner - Budgeting for the Holidays

It’s that time of the year again.  The Holidays, yeah!  COVID-19 quarantine has made us anxious to get out and shop but wait a moment!  Take a deep breath. You will want to budget your holiday spending to maximize all your dollars$$. 

Set yourself up to start the New Year off right by planning appropriately for your holiday expenses.  First you need to have a plan and your plan should have started months ago, nonetheless, here we are with one month before Christmas.  Alright, if you have $1,000 to spend then you need to create a list with the amount you are willing to spend next to each name on the list.

Shoppers who make a list to purchase are more likely to not exceed their budget.  This means making a complete list and staying with the plan.  Don’t wait for the last moment to do your shopping. Start early as it is more ideal to do your holiday shopping all throughout the year to capitalize on the best deals. Use cash during the holiday times, it will be harder to fork over large amounts of cash for your purchases.  One tends to be less free when spending cash. If you are one of the fortunate ones that saved all year long to now spend during the holiday time, then cash is the way to go.

This holiday season will be especially tough for many people.  Keep your credit card usage to a minimum especially this holiday season since we are still watching to see how well we will bounce back from this economy downturn.  Being stressed out during COVID-19 does not give you the opportunity to go crazy during the holiday time. If anything, put those credit cards in the freezer.  Many retailers will try to entice you to open credit cards during this time, however, refrain from doing so.  Credit may be easier to get, but it will be harder when the time comes to pay that bill and you don’t have the money, or a job.

Borrowing money to please your families and friends during the holiday season is not a good idea, as it is too hefty a price to pay especially when interest is being added.

I would suggest the following five things;

  1. Start saving early in the new year for your spending on holiday gifts.
  2. Set automatic deduction from your paycheck or automate an amount into a Holiday Savings Account, by doing weekly, bi-weekly or monthly deposit to that account.
  3. Create a budget and stay with it!
  4. Start your naughty or nice list for the families and friends you want to buy for.
  5. Re-evaluate your list as you go.

Something different:

Maybe this is the year you rethink your gift giving.  A few years ago, I informed my family that I will not be giving gifts that year and I will be gifting investing education. Let me tell you it did not go over well with them.  I opened a few online trading accounts with STASH, ACORN and TD Ameritrade for them with a few hundred dollars$$ and the education began.  So, think outside the box and come up with different gift giving ideas for 2020.  Remember, “It’s the thought that counts, not the amount you spend.”

Happy holidays and happy budgeting.  Please stay healthy and safe!

Feb 13

The Intersection of Arts and Athletics: Ernie Barnes x MCC

Posted to MCC by Alexis Fox

Miramar welcomed a weekend of fun and frenzy with Superbowl 2020 and the start of Black History Month  

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