Blog

  • The Most Important Lesson I Learned in Business School

    When I was in business school we studied a lot of things.  We studied price elasticity of demand, capital markets, marketing, managing employees, strategy, and financial statements.  We even had a class on how to be a CEO. The most important lesson I learned in business school was taught by Dr. Lynda Aiman-Smith.  She told us, “All business is built on personal relationships.” That’s so important that I’m going to repeat it again. “All business is built on personal relationships.” You see there are a number of phases that people go through when they are learning about your business. First they have to learn about your business.  They have to see it.  Shake the tree.  They have to see what you are all about Next they move on to getting to like your business and your brand. Finally they will trust your brand. Until your customers trust your brand, trust you, and what your company is all about, you will always be a commodity. I’ve worked with a lot of companies.  The ones that I trust, I know that they are going to do me right.  They are going to charge me a fair price.  I’m going to get a…

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  • 5 Tips for Retaining Your Best Employees

    Every business owner has at least one employee that they wish they could clone. You know, the one that always clocks in on time, goes the extra mile, and is loved by your customers. Retaining your best employees is simply a smart business move. Turnover is costly on many levels, so it’s worth the extra effort to ensure employee satisfaction. The following 5 tips will help you. Your Employees Should Feel the Love—A key reason for voluntary termination by employees is that they feel management does not recognize or care about their contributions to the business. Make the effort to praise your employees on a regular basis. Good employees will stay if they feel they have a positive relationship with their supervisor. Understand Your Employees’ Potential—It’s your responsibility to identify the unique talents of your employees and make sure that their assigned duties match their skills. Employees feel better about their job when they are successful at it. Don’t set employees up for failure by assigning tasks outside of their skill set. Offer Awards and Incentives—Spotlight your best employees and offer incentives to keep them engaged and happy. For example, display their name on the bulletin board where it’s visible…

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  • Seven Tips for Early Tax Preparation in 2013

    The tax deadline may have just passed, but preparing for next year can start right away. Being organized and planning ahead can save you time, money, and the stress associated with scurrying to get organized at the last minute. The following are seven tips offered by the IRS to get you going with your 2013 planning efforts: Adjust Your Withholding—Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you’d prefer more money in each paycheck this year. If you owed at tax time, perhaps you’d like next year’s tax payment to be smaller. Contact our office for help calculating your withholding. Store Your Tax Return in a Secure Location—Put your current tax return and supporting documents somewhere secure so you’ll know exactly where to find them should you receive an IRS notice. This will also allow you to easily access your return and use it as a helpful guide for next year. Organize Recordkeeping—Establish a central location where everyone in your household can put tax-related records all year long. Be consistent to avoid a scramble for misplaced mileage logs or charity receipts come tax…

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  • Tips for Improving Customer Service

    There’s never a bad time to improve customer service, but for some reason, spring always feels like the right time. It must be that feeling of renewal. Whatever the reason, we want to offer you a few good tips on how you can elevate service for your customers.Make a Great First Impression—First impressions count…setting the stage for the customer experience. The first impression someone has of you can be the result of a phone call, email, or a visit to your business. Make sure you are putting your best foot forward in every instance. Always introduce yourself, be friendly, and offer to help in any way you can.Don’t Rely Solely on Email—Email is convenient, but don’t hide behind it. Be willing to pick up the phone and return phone calls. Treat Others the Way You Want to be Treated—It’s the Golden Rule…and still applies today. Be sure that you are treating customers with the same respect and courtesy that you want and expect from others.Proactive Beats Reactive Every Time—Don’t wait for the customer to ask for help. Be proactive and approach the customer first. Proactive also means being willing to find the answer to a customer’s question when you don’t…

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  • Spring is Here – Do You Need to Clean Up your Social Media Presence?

    If you are going to tackle one social media project this year…Facebook is the one. Encroaching on one billion users, it’s a great way to keep in contact with existing clients and reach the broad community (prospects). Facebook is an essential place to build connections with people, connect with “fans,” announce new products or services, share news, and gather feedback—all essential for building client relationships.For businesses that currently have a presence on Facebook, spring is a great time to do some clean up. For those who have yet to venture into the world of social media…it may be time to give it a try.The good news is that Facebook is going to do a great deal of your clean up for you. Recently, the social media giant launched its updated page layout…geared to allow users to better express who they are, engage with their audience, and organize information. Consider some of the new features: Cover Photo—offers a large “banner” space to better express your identity. Pinned Post—allows you to anchor the most important story to the top of your Page for up to seven days. Timeline Layout—supports a linear representation of your activity so you can highlight key moments in…

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  • November 2013

    Link Newsletter Our monthly newsletter, Link Newsletter, is full of tips, reminders, and timely advice to help you stay well informed when it comes to your business and personal finances. If you have questions about any of the articles, feel free to email Damon Yudichak at Damon@yudichakcpa.com.   November 2013 Damon Yudichak Portrait by Charles Gupton In This Issue My Not So Close Encounter with Buzz Aldrin The Magic of Ten Percent About Me My Not So Close Encounter with Buzz Aldrin This month I completed my second marathon the Myrtle Beach Marathon. As some of you may know I have a slight fascination with NASA’s Apollo program. Even thought I was born after the missions to the moon I still have become inspired by the Apollo Program. I had the opportunity to interview Edgar Mitchell who walked on the moon with the Apollo 14 mission. This month I was delighted with a brief encounter with the second moonwalker. My good friend Mike attended a conference for ATM (automated teller machines) this month where the keynote speaker was Buzz Aldrin, the second man to walk on the moon. Buzz Aldrin started his speech with the comment, “here I am at…

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  • Avoid Phony Refund Schemes Abusing Popular College Tax Credit – 9 Tips

    The IRS has provided nine useful tips to help taxpayers avoid an emerging tax scheme. This new scam tempts senior citizens and other taxpayers to file tax returns claiming fraudulent refunds. These schemes promise refunds to people who have little or no income and normally don’t have a tax filing requirement. Promoters claim that they can obtain a tax refund or nonexistent stimulus payment based on the American Opportunity Tax Credit—even if the victim was not enrolled in or paying for college. A variation of this scheme claims the college credit is available to compensate people for paying taxes on groceries. These schemes can be quite costly for victims. Promoters may charge exorbitant upfront fees to file claims, and they often disappear once a victim discovers that they have been scammed. The following are seven informative tips to help you identify and avoid such activity. Taxpayers should look for: Fictitious claims for refunds or rebates based on false statements of entitlement to tax credits. Unfamiliar for-profit tax services selling refund and credit schemes to the membership of local churches. Internet solicitations that direct individuals to toll-free numbers and then solicit social security numbers. Homemade flyers and brochures implying that credits…

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  • Congress Passes Full Year Extension of 2% Payroll Tax Cut

    In February, the U.S. Senate and House of Representatives passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act of 2012 (Tax Relief Act of 2012). The bill was recently signed by President Obama. The Tax Relief Act of 2012 extends through the end of 2012—meaning the reduction in the social security tax rate paid by employees decreases from 6.2% to 4.2% (which was first implemented for 2011 by the Tax Relief Act of 2010). With the reduction set to expire December 31, 2011, and the employee social security tax rate scheduled to reset to 6.2%, Congress passed the Temporary Payroll Tax Cut Continuation Act of 2011, which extended the reduction through the end of February 2012. Congress has now granted the extension through the 2012 year. The Tax Relief Act of 2012 also repeals the 2% “recapture tax” that would have required individuals who are paid more than $18,350 in January and February 2012 to pay an extra 2% tax so they would not gain more of a benefit from the temporary payroll tax cut than employees who were not paid more than that amount during those two months. If you have questions, feel free to contact…

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  • October 2013

    Link Newsletter Our monthly newsletter, Link Newsletter, is full of tips, reminders, and timely advice to help you stay well informed when it comes to your business and personal finances. If you have questions about any of the articles, feel free to email Damon Yudichak at Damon@yudichakcpa.com.   October 2013 Damon Yudichak Portrait by Charles Gupton In This Issue My Second Marathon Business Owner Profile – Rachel Kendall About Me My Second Marathon This month I completed my second marathon the Myrtle Beach Marathon. My training for this marathon was not as intensive as the first marathon. I felt like I already had the fitness from the last marathon. I had some challenges outside of running during January and February so I determined that my goal for this marathon was simply to finish. My other big goal for this race was to be in less pain at the end of the race. My main strategy for reducing pain was to run for four minutes and walk for one minute. This would give my legs some rest throughout the race. As I passed the 18 mile marker, I sighed, rolled my eyes and moaned to myself, “I still have 8 more…

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  • Taxable or Non-Taxable Income?

    This is always a key question during tax season. While most income received is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable. To help you out, the IRS has provided the following list of items that are NOT included as taxable income:Adoption expense reimbursements for qualifying expensesChild support paymentsGifts, bequests, and inheritancesWorkers’ compensation benefits (some exceptions may apply; see Publication 525, Taxable and Nontaxable Income)Meals and lodging for the convenience of your employerCompensatory damages awarded for physical injury or physical sicknessWelfare benefitsCash rebates from a dealer or manufacturerFor the complete article on taxable versus non-taxable income, download and review the IRS’ detailed guide—IRS Publication 525.

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Testimonials

  • We started our residential real estate business and brought Damon on as our principal adviser for all matters relating to taxes & accounting. We have doubled our business each year and Damon is a critical partner that has allowed us to successfully focus on our business.

    – Dan and Rachel Kendall
    Owners, The Rachel Kendall Team, LLC - Raleigh, NC
  • Damon Yudichak is a diligent and consistent professional. I’ve worked with Damon since 2009 and I’ve felt like a valued customer since the beginning of our relationship. His firm is consistent, courteous, and knowledgeable. He and his firm are a vital link to my business.

    – Al Sullivan, President
    Inspirus Consulting, Inc. – Cary, NC
  • Owning a small business… to me, it’s worth millions! Bringing Damon on for accounting and tax purposes… just a reasonable monthly fee! Keeping our business legal and my business partner sane… PRICELESS!

    – Tonya Baskerville, Owner
    Art on the Fridge, LLC – Raleigh, NC