Hardwood Floors October/November 2017

The No. 1 in floor protection floorotex

down, and you will stop winning business. It’s all related. With that said, your worst-case scenario should contain an action plan for minimum resource needs so you can take action as quickly as possible to mitigate negative situations. You might be tempted to skip making a best-case scenario because you think it’s not going to happen and not worth the work, but this becomes a push goal for you. It’s motivating and con dence-building, and your clients and investors will also see that. An investor is more likely to support you if you are passionate and excited to keep improving. All of these things snowball onto each other to become a self-ful lling prophecy of you obtaining your dream goals. YEAR-END IS PLAN TIME ere is something about fall and school startup that makes it a nice time of the year to do a li le planning. As you start to look at the future of your business through forecasting, you can also take a look at the more immediate tax needs of this year. ere could be many deductions and credits that are still available for this year if you act now. e IRS website is surprisingly user-friendly. Go to irs. gov and, near the top, you will nd a section on “Credits & Deductions.” ey are sorted by individual and business. Click through them to see if any might apply to you or your business. O en-unused credits and deductions that may apply to you include: • Section 179 business personal property deduction Don’t assume your tax accountant is uncovering all of the deductions that apply to you. If you get a head start in asking them about these deductions and credits now, you are more likely to get the a ention you deserve as opposed to waiting until spring when they are busiest. DO ONE THING In closing, I encourage you to take a few moments to dream about the future you want. Surely forecasting or tax planning will not directly make your dream of being a surfer come true, but it may be the di erence between being able to take a vacation next year or not, where you can at least take some surf lessons that might build into something more. • Business use of your vehicle • Business use of your home • Individual education credits

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Bree Urech-Boyle is Chief Financial Officer at the National Wood Flooring Association in St. Louis. She can be reached at bree.urech-boyle@nwfa.org.

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