Check out our March newsletter!
March 2023
HANSON HEADLINES
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Spring-Cleaning — Tax Filing Edition 4 Strategies to Help You This Tax Season
Being Cautious About Withholdings More and more people receiving W-4s may want withholdings taken out. However, these withholdings could come back to bite you in the future. Sometimes, you may not like the amount taken out and may want to change your filing status. The issue with W-4s is that, by changing your filing status, you may end up owing the IRS more than you expected. Because of all the moving parts behind the scenes, it’s best to consult a tax adviser to see which option is best for you. Only Using Secure Tax Filing Software For those who like to file their own taxes, please ensure you are using legitimate and secure software. Unfortunately, millions of people have had their information stolen because certain software brands do not have the proper security to protect your Social Security number and other personal information. Staying Updated on Recent IRS Tax Changes Due to inflation, the IRS announced several adjustments and modifications to the 2023 tax year. The standard deduction rate has increased, along with marginal rates, alternative minimum tax, earned income credit, how much you can contribute to your 401(k) and IRA plans, and more. For more information on these recent changes, please visit IRS.gov/ newsroom/irs-provides-tax-inflation-adjustments-for-tax- year-2023, or contact your tax advisor. Please don’t hesitate to call me if you have any questions or concerns about your taxes or how to file them. I have years
It’s been cold here recently, and while we may have a few chilly days ahead, we are so close to spring! Soon, we will want to come out of hibernation and spend our time outdoors. You may begin spring-cleaning this month and refresh your home and lives as we enter the new season. As you pull out your warm weather clothes, spring decor, and cleaning supplies, don’t forget one crucial thing you should spring-clean this year: your taxes! March is the last full month of tax season. So, if you haven’t filed your taxes yet, now is the time to do so. I understand how stressful and nerve-wracking it can be to file taxes — you don’t want to make a mistake and have the IRS contact you. So, whether you decide to file your taxes on your own or have a tax preparer assist you, here are a few tips to keep in mind to help you as you begin the filing process. Having the Necessary Documents When you file your taxes, you want to have all your forms, statements, and taxable income in one place. I suggest keeping your tax folder that stores all your needed documents in a secure location. This will ensure you have everything in one place in case you need to reference it throughout the year. One of the common errors I see when people file their taxes is that they forget to submit some of their income. The IRS knows if you don’t report everything, so they will reach out to inform you about the missing information. Save yourself some time, stress, and not having to open your mailbox to see a letter from the IRS. Be sure all your documents are ready and you file everything correctly. Take your time while filing — sometimes, the wording on some questions can be tricky, so read the fine print carefully and understand what is asked of you.
of experience when it comes to dealing with the IRS, and I know how to sort through all your options to ensure you find the best method that works for you.
–Craig Hanson
Have tax problems? Unsure what to do? Our Free video reveals what you should and should NOT do when you receive the dreaded letter from the IRS. CraigHansonCPATaxResolution.com
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DON’T BURY YOUR FEELINGS AND EMOTIONS Workplace Vulnerability Can Yield Benefits
Some people may think showing vulnerability in the workplace is a sign of weakness. But it’s actually a sign of strength and can positively impact your team and work culture. Now is the time for business owners and managers to step out of their comfort zone and practice vulnerability. Why? Because a survey by Catalyst showed that employees are willing to put in more effort and go the extra mile when their managers are open and show vulnerability. Why should you show signs of vulnerability at work? Showing vulnerability in the workplace demonstrates you can take accountability for your actions, admit when you made a mistake, and ask for help when you need it. When you show signs of vulnerability, it will encourage your employees to be vulnerable — which can build trust and strengthen bonds. In addition, being vulnerable will boost your team’s psychological safety, which means they will be more willing to voice their concerns, opinions, ideas, and criticism without fear. This openness allows you to communicate more efficiently and comfortably with your team. When your employees share more, you learn more, and everyone can become more productive and efficient in the workplace. Overall, vulnerability will positively impact your work culture in many ways. But how do you begin implementing vulnerability in your business plan? How can you, as a leader, encourage this? Well, it all starts with you. Acknowledge and share your feelings, wins, and losses. It’s easy to sweep your emotions under the rug. However, instead of overlooking your feelings, wins, and failures, share those with your team. Take time to understand your own
feelings, why an outcome was good or bad, and how you can use these experiences to help your company. Once you analyze how you’re feeling, share these thoughts with your team. While it might be intimidating to do this, you will develop a stronger sense of community with your employees. Touch base with your employees frequently. You may already have systems in place to connect with your team. If you do, use these avenues to communicate with your team. While you must voice your feelings, encourage your employees to do the same — and reassure them it’s needed and safe to do so! Some people may not feel comfortable voicing their concerns in front of others, so provide your team with different platforms and options. This will only strengthen your relationship with them, making them feel more comfortable when their voices are heard and valued. Take action! Giving your employees a platform to vocalize their feelings and concerns is great. But do you really hear them? Show you’ve listened to them by making needed adjustments to your work environment that reflect their thoughts and feedback. While you may find it challenging to be vulnerable, imagine how tough it is for your employees to trust it’s safe for them to show it. Taking action and making changes will encourage your team to continue to confide in you. Showing vulnerability should be the No. 1 tool you use to enhance the relationships between you and your team members. If you implement vulnerability into your leadership role and at your company, your work culture will nurture trust, empathy, innovation, inclusivity, and feedback to grow your business.
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DO YOU WANT YOUR BUSINESS TO THRIVE? Consider Reading ‘Good to Great’ by Jim Collins!
“Good is the enemy of great.” This is how Jim Collins begins his book “Good to Great: Why Some Companies Make the Leap ... and Others Don’t,” which discusses how a handful of companies perfected their business strategies to create great businesses. If you’ve ever wondered why some businesses only last a season while others last 15–20 years, then “Good to Great” is a must-read. Over the past three decades, Collins has analyzed 28 businesses by studying their leadership skills, practices, and business strategies to understand how these companies skyrocketed past their competitors. After conducting dozens of case studies and analyses, Collins outlines several results that make excellent companies stand out. Here are three takeaways from “Good to Great.” The first key takeaway is determining your “hedgehog concept” — a strategy you can use for many years. This approach is based on Greek philosophy: “The fox knows many things, but the hedgehog knows one big thing.” To find your hedgehog concept, ask yourself these questions: What can your company be the best at? What can you and your colleagues be passionate about? What economic indicator should you focus on?
When creating habits and using technology, you don’t need to use everything on the market. There are millions of platforms, software, tools, and technologies to use within your business, but which one will strengthen your hedgehog concept? Collins suggests only implementing technology that complements your business. He recommends waiting before jumping onto a new trend, platform, media platform, and technology. Be sure it aligns with your values, goals, and hedgehog concept. What do you do when your business is faced with uncomfortable situations, facts, or data? Great companies and business leaders don’t sweep hard facts under the rug and deny them. However, leaders don’t wave the white flag or give up. Instead, great companies and business owners acknowledge hard facts, identify pain points, and implement strategies to help overcome struggles and strengthen abilities.
Along with learning tips and strategies from these three lessons, you will also have a chance to learn more about Collins’ case studies, what companies he studied, and the techniques used to create business powerhouses. You can find “Good to Great” online and anywhere books are sold. Happy reading!
HAVE A Laugh
We know the Olympics as one of the most popular sporting events in the world, if not the most popular, because there is an athletic event for everyone. But once upon a time, Olympians used to compete in the fine arts, with competitions in painting, sculpture, architecture, literature, and music! These art categories thrived until the 1940s when the Olympics was put on hold due to World War II. And when the Olympics returned, the International Olympics Committee had a new president, Avery Brundage. Brundage wanted the Olympics to represent sports without the influence of money or power. And to him, the arts could be bought. Since artists naturally rely on selling their Fine Arts: The Forgotten Olympic Event How This Olympic Category Came to Be Forgotten
creations for money, a gold medal could majorly inflate the value of their work.
So, after much debate on the committee, it was agreed that the art categories would be removed to preserve the event’s integrity.
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905 James Ave. NE • Jamestown, ND 58401 (701) 252-6190 • CraigHansonCPA.com Inside This Edition
Have tax problems? Unsure what to do? Free video reveals what you should and should NOT do when you receive the dreaded letter from the IRS. CraigHansonCPATaxResolution.com
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This Is an Error I See All Too Often
3 Ways to Show Vulnerability in the Workplace Have You Found Your Hedgehog Concept? The Olympics Used to Have a Fine Arts Category!? One of the Hottest Marketing Trends of 2023
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What That Means for Your Marketing ARTIFICIAL INTELLIGENCE IS EVERYWHERE!
Today, artificial intelligence (AI) is one of the hottest marketing trends of 2023. AI is helping business owners boost their customer experience, better understand their target audience, and measure and judge for optimized growth. But what exactly is AI marketing, and how can it benefit you and your business? What is AI marketing? Companies will use AI technology to make automated decisions quickly. It collects and analyzes data, observes economic trends, and develops strategies faster than any human can. AI marketing software can take on a wide range of responsibilities, such as data analysis, consumer trends, and content creation and personalization.
it predict your actions on apps, websites, and other media. With this insight, companies can use these trends to create personalized content just for you in a matter of seconds. What are the benefits of using AI? One of the biggest benefits of AI marketing is that it gives you a better understanding of your consumers. This means your automation will be faster and more intelligent and can positively impact your company’s revenue and ROI. AI can also generate personalized content both on social media and in emails that will attract your customers. In addition, because you’re using technology to create content, AI won’t make any costly mistakes.
AI marketing doesn’t seem to be going anywhere. In fact, it’s expanding its channels by improving customers’ experience using chatbots. The marketing tool will improve business’s messaging services to provide customers with a better chatting experience. Chatbots could even integrate into sales, lead generation campaigns, and other customer service channels.
But how does AI compute and calculate this information? Whose data and trends is it looking at? Because AI marketing is used to help businesses improve their customer experience and understand their audience better, the best data for AI to use would be yours — the business’s customers.
AI will analyze customer data and notice specific trends that will help
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