“Hitting it Big Time” Success of Zanybandz

Written by Kevin Jacobs on February 22, 2011 in broken arrow, Broken Arrow Business Conference, Oklahoma, Tulsa - No Comments

On March 3rd at the “Finishing the Race” Business Conference at NSU/BA Lori Montag and Jim Howard will share their success story of their newest business Big Time Brands, located in Broken Arrow,  which provides the world famous ZanyBandz. 

Those colorful silicone wristbands that have taken over preschools, Kindergartens and elementary schools across America have found their way onto the LPGA Tour. Never heard of Zanybandz? They’re the Beanie Babies of 2010, only easier to find and a lot cheaper to buy. They’re glow-in-the-dark “bracelets” that come in an array of colors and shapes, from animals to sports paraphernalia.

Big Time Brands have placed their silicone bracelet products in over 25,000 stores nationwide.  They have also developed the silicone rubber band bracelets for more than 10 international retail accounts.  They have launched ZandBandz, UndergroundBandz, Splash Watches, and Slap Watch.

Learn how these entrepreneurs came up with this trendy concept from the animal Zanybandz to tie-dye and underground specialty bracelets.  Listen as they talk about market tactics, distribution and staying on the cusp of technology and latest fashions. 

For more information about the “Finishing the Race” Business Conference, other speakers, and the program, go to the website www.babusinessconference.com

Open Letter Regarding BA Business Conference on March 3rd-4th, 2011

Written by Kevin Jacobs on February 16, 2011 in Uncategorized - 3 Comments

We are planning on a great conference and we want you there.  Last year’s conference was well received by all who attended and it was only our first year.  We have learned from our mistakes and improved this year!  We are hosting incredible speakers who will inspire you to grow both personally and professionally.

The planning committee desires nothing other than your success and that is the mission behind this event.  We believe this event serves the membership of the Broken Arrow Chamber of Commerce and the surrounding communities well.

I can speak from personal experience my tax and financial planning business improved from attending last year’s conference.  The Monday after last year’s conference I set out a game plan to reach a certain level of success in 2010.  On December 15th, 2010, I hit that level and I did not think it was possible until I attend the BA Business Conference last spring.

I encourage you to take a risk and come to this conference.  We want to see you, your business and the local communities succeed in 2011.  Be part of the solution and “finish the race!”

Sincerely,

Kevin Jacobs, CFP®, EA

Owner of Step By Step Tax and Financial Planning, LLC

Chairman-BA Business Conference 2010 and 2011

918-806-6596

Press Release for Broken Arrow Business Conference

Written by Kevin Jacobs on February 14, 2011 in Uncategorized - 1 Comment

For Immediate Release

February 3, 2011

www.babusinessconference.com

 

 

Broken Arrow Area Chamber of Commerce Presents the 2nd Annual Business Conference

Businesses Learn How to Succeed and Finish Strong

BROKEN ARROW, OKLAHOMA – The Broken Arrow Area Chamber of Commerce will host its 2nd annual business conference designed to help business owners beat the odds and improve their chances of succeeding.  The theme for this year’s conference is “Finishing the Race” and will be held on Thursday, March 3rd and Friday, March 4th at the Northeastern State University – Broken Arrow Campus. In addition to the dynamic speakers, attendees can visit local businesses at the Conference Expo and attend the Business After Hours networking reception. 

Speakers at this year’s conference are the following:  Scott Klososky – Former CEO of three successful startup companies who applies his skills to help organizations thrive, Heather Rumley – Founder of ClearWater Performance Group who works with senior level executives to improve their organizational performance, Dr. Brian Epperson – Founder and CEO of Human Performance Advisors who works one-on-one with business leaders to help them navigate critical issues that impact them professionally, Kelly Riggs – Founder and President of Vmax Performance Group, who is a powerful speaker and dynamic trainer in the fields of leadership, sales development, and strategic planning, and Jack Nation – Running coach who has participated in numerous 5Ks, 10Ks, half marathons, full marathons, Duathlons, and Triathlons. 

Business owners who want to increase their bottom line, need innovative ideas on successful small business practices, are looking for ways to “get out of the box”, and want to be challenged to step their business up to the next level should make plans to attend this information packed conference. 

Registration and additional information about the conference can be found at www.babusinessconference.com or by contacting the Broken Arrow Area Chamber of Commerce at (918) 251-1518.

Contact:  Vanessa Komara (918) 729-2616

                  Brenda Senter (918) 251-1518

Claiming Homebuyer’s Credit on your 2010 Tax Return

Written by Kevin Jacobs on February 8, 2011 in Uncategorized - No Comments

Question:   I was wondering what documentation you are suggesting your clients submit to claim the $6,500 home-buyer’s tax credit.

Answer:  Here is what I would do for a client

  • Paper file return
  • Properly complete Form 5405
  • Copy of HUD Settlement Statement showing signature of buyer and seller
  • Copy of mortgage statements from the last 5 years you lived in your previous home

If you follow this guideline and your claim is legitimate, you should not have a problem receiving your refund.  Keep in min you will probably need to wait 6- 8 weeks to get your refund, so please be patient.  For more information, please visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html.

Services Offered By Step By Step Tax and Financial Planning

Written by Kevin Jacobs on February 8, 2011 in Uncategorized - No Comments

I often get asked to give a brief summary of the services I offer here at SBS.  With that in mind, I have written the following blog post.  Enjoy and please comment!

At this time, we have three predominant services we offer to individuals and businesses:

1.  Fee-Only Financial Planning Retainer Service for Pre-Retired Married Couples and Entrepreneurs

Step By Step Tax and Financial Planning is a fee-only financial planning firm in the metro-Tulsa, OK area. What makes us different from many financial firms is that we offer professional, objective tax and financial planning services on a one-to-one personal level. We are an independent firm whose complete focus is on the client.

We work with a small number of individuals in order to best serve each one, remaining focused on the needs of our clients. The only compensation we receive is directly from our clients. We do not receive commissions, referral fees or third-part incentives. 

2.  Individual and Business Tax Planning and Preparation

Along with the holistic financial planning services we offer to our clients, Step By Step Tax and Financial Planning, LLC also services the tax preparation needs of many individuals and businesses. Kevin Jacobs, CFP®, EA is enrolled to practice before the IRS.

The fees for tax preparation are very straightforward. We serve the needs of our tax preparation clients on an hourly basis. For individual clients, the hourly rate is $75/ hour for the first four hours and $37.50 for each additional hour after the initial four. For business returns, the hourly rate is $75/ hour. There is a minimum fee of $75 for all returns.  If you are looking for a second opinion on your individual or business return, we also offer that service at our standard business tax preparation rate.  There are no additional charges for e-filing or document preparation.

3.  401k Retirement Plan for Small (as few as one participant) to Medium-Sized Companies

If you are looking to start a 401k plan for your company or if you are not happy with your current provider, please contact me so we can discuss the benefits of a multiple employer plan.  Most small businesses do not know the liability they take on in offering a plan to their employees.  On top of that, the fees charged by most providers are astronomical for the small to medium-sized businesses.  You have nothing to lose by setting up an initial consultation for us to discuss your company’s retirement plan.

Common “Do-It-Yourself” Tax Preparation Mistakes

Written by Kevin Jacobs on February 6, 2011 in broken arrow, Enrolled Agent, fee only, financial adviser, Financial Planning, Tax Planning - 1 Comment

I find three of the most common “do-it-yourself” tax preparation mistakes include capital gains, business asset depreciation and  rental home cost basis.

 Many people do not know the  difference between short-term (1 year or less) and long-term (1 year and 1 day+) capital gains tax treatment.  I have met individuals who had to pay more in tax then necessary because they sold their asset within a day or two of it becoming a long-term asset.  Knowing the difference between short-term and long-term capital gains can save you up to 20% or more on your federal return.  If you receive an inherited asset, it is deemed to be a long-term capital gain and it receives a step-up in basis.  This means your basis is what it was worth on the day the grantor died.  If you have capital gains on your return and/ or your received an inherited asset, I strongly encourage you to seek out a professional and competent tax professional.

Moreover, another area worth significant tax savings on your return is calculating and planning your business asset deprecation correctly.  I have had to amend many returns to correct their depreciation schedules.  It is important you keep your purchase documentation for business assets and allow your tax professional to determine the best course of action in preparing your depreciation schedules.  Many times, if I have a start-up business, it is more advantageous to depreciate business assets rather than taking a Section 179 expense deduction.  If your business is showing a loss even before you have calculated depreciation, it is probably not in your best interest to expense the asset.

Finally, cost basis tracking on rental properties is another area where I see common mistakes.  This is especially evident with converted personal to rental property.  If you convert your home from a personal residence to a rental, your basis for depreciation is either the FMV (Fair Market Value) or adjusted basis at the time the property was converted.  The adjusted basis is the original purchase price of the home in addition to many improvements and purchasing expenses.  The basis for your rental property is the lower of these numbers (current FMV or adjusted cost basis). 

Unless you have a very simple tax return, I strongly encourage you to seek out the advice of a competent professional.  Tax preparation work is very tricky and can cost you in the long run if it is not done correctly.  If you have capital gains, business depreciation or rental property on your return, I would consult with either a CPA or Enrolled Agent before filing your own return.  The value of a good professional should far outweigh any fee they may charge.