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“The path to success is to take massive, determined action.”

-Tony Robbins

Tax season is right around the corner and now is the perfect time to begin taking massive action. Even though the next filing date is April 15th 2020, preparing documents and gathering information as soon as possible is always highly recommended by financial experts. However, to best prepare, it is important to set up meetings with an accountant or a financial planner way before then. 

The process of preparing for tax season is known to be a daunting task for many, that is why having a financial advisor can be of great support. Although, even if someone helps you to prepare your taxes, you’ll need to gather some important details ahead of time. That is why the earlier you begin, the better off you’ll be! Knowing what you need to do to better prepare for tax season will save time and money and provide you with peace of mind too. 

ERPS Group provides personal accounting and financial planning services for individuals and businesses. Their team recommends you become aware of the following steps to achieve financial freedom and have a successful 2020 tax season:

  • Gather last year’s tax return details and all paperwork for this year’s taxes. Keep in mind, this will include any receipts, bank statements, any proof of expenses and income, paperwork for any dependents you have and any other financial documents you want to discuss. 
  • Make a note of any deductions you may have. This might include but is not limited to the following: retirement contributions, job-related expenses, childcare expenses, student loan interest, insurance payments, medical expenses, charitable donations, real estate, credit card statements and receipts.
  • Make an appointment with an accountant or a financial planner, like those at ERPS Group to review your documents and help set you up for success. They will help you to become aware of any changes in tax laws and ensure you are filling all documentation out correctly and in your benefit.

Want to learn more about how you can save money annually this tax season? ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

Interested in learning more? Contact us today at (347) 462-2778.

“Stay committed to your decisions, but stay flexible in your approach.” 

-Tony Robbins

Most people are familiar with the April 15th annual tax due date and make sure to prepare in advance. However, it’s important to be familiar with other deadlines too. Some people may be eligible for a tax extension and depending on each individual situation, tax due dates may vary. 

This is a great time to consult with a tax advisor, like those at ERPS Group. Depending on each unique circumstance, filing after the deadline can be subject to penalty. This is due to legal reasons. For example, if you file after the typical deadline, to the IRS it may show up as a failure-to-pay. So, depending on how many days “late” your payment is, you could inquire unnecessary fees. 

Now, if you are eligible for an extension and plan accordingly, you will have until October 15th to complete your tax return filing. This will provide an additional six full month to most taxpayers. Those that are able to have a tax extension will still need to pay any owed taxes or will still be subject to enquiring late payment charges.  

The federal government may grant an extension if requested. Reasons for an extension will vary from person to person. An explanation is not required when applying for a tax extension. Sometimes taking additional time can help you to feel better prepared and can save you more money in the long run! 

Want to learn more about how you can save money annually this tax season? ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

Interested in learning more? Contact us today at (347) 462-2778.

‘’Strategy is choosing what not to do…’’

Managing and developing a successful business is not easy. Every enterprise has its own way of doing things and most of the time, business plans come along with various complexities. The question is, what causes businesses to do well and what causes businesses to fail? Why do some strategies work for one business and not the other?

For a business to succeed long term, it is first important to steer clear of the myths and then set up a great plan, prepare, execute and embrace the strategies that work in favor of your business.

Here are 4 myths that can KILL your business if you don’t steer clear:

Myth #1: Lowering your fees will make your business more competitive.

Lowering costs can have the opposite effect on your business. For example, if you lower your fees, you may have difficulty adding the same type of value and continuing to increase that value overtime. It can become more difficult to find quality employees, which can affect the overall image of your business. So rather than focusing on lowering costs, focus on how your solution can add value to your customers.

Myth #2:  No matter what, the customer is always right.

If every customer is always right, every enterprise would go out of business! Every customer will have a different perspective. It is important to keep your companies’ image, brand, and mission clear and strong. If you change the vision of your company on a whim, it can not help you to develop a profitable company in the long run. However, the customer will always continue to be your customer if you can see things from their point of view, understand their needs, empathize, add value and set clear expectations.

Myth #3: Under-promise and then over-deliver.

The truth is, we live in a competitive world of business. Nowadays, everything is accessible, all the time. If you under-promise and set low expectations, you might never have the opportunity to over-deliver. Having high stands and setting clear expectations will increase customer satisfaction more than setting low standards.

Myth #4: You can save money by doing everything on your own.

Okay, so you might be able to save some money by doing everything on your own, but teamwork does make the dream work, much better. In a successful running business, bringing in people with various strengths can add greater value then if you’re trying to do everything independently. It is important to utilize your time wisely. Having people contribute to other areas that are not your expertise will help you to develop a stronger business and earn more money overtime.

Want to learn more?

ERPS Group is a one-of-a-kind financial firm located in Metro New York City that            offers a differentiated approach to helping people to achieve enduring financial results. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

Remember, “It’s All in Your Hands!”