Check out our April newsletter!
April 2025
HANSON HEADLINES
CraigHansonCPA.com • (701) 252-6190
APRIL’S ONLY THE BEGINNING SET YOUR 2026 STRATEGY IN MOTION
To say I’m busy these days would be the understatement of the year! By the time you receive this month’s newsletter, I will be helping more than a few clients race toward the finish line in finalizing and filing their taxes. Life seems to pass by faster every year, so I’m not surprised whenever the wave of last- minute requests hits my office. As demanding as this time of year is for me, I’m always grateful to have the happy dilemma of so many clients entrusting me to help them comply with current tax laws and keep their finances in order.
about next April! Don’t concentrate on the deadline; true tax planning is a year-round process. If you’re a small-business owner, I can’t stress enough how critical it is to stay on top of your self-employment tax obligations and plan accordingly throughout the year. It’s understandable if you get bogged down in the other obligations of being in business for yourself, but you can’t afford to put aside your taxes for too long. You wouldn’t wait until a small fire on your stove engulfs your home to try to put it out, so you shouldn’t wait until the last minute — which is often too late — to address errors in bookkeeping or withholdings you could catch and handle early. And, of course, be sure to put all your necessary tax documents in a safe and easily accessible spot as you do the rest of your spring-cleaning! Documenting and putting your finances in order is more important than ever, as the tax world is in flux. At the time of this writing, the future of the Tax Cuts and Jobs Act (TCJA) of 2017 — set to expire at the end of the year — remains in limbo as Congress debates whether to extend it to 2026 and beyond. Naturally, even mentioning this topic in this cover article is a gamble, as we may have an answer to this all-important question before this newsletter arrives in your mailbox. Considering that Congress isn’t known for getting things done quickly, we may know nothing by then. Either way, the TCJA is just one example of why you need to pay close attention to changes that may affect your finances moving forward — and to seek guidance and support along the way.
I always see it as a positive that Tax Day lands in spring, as this is when many of us already have organization on our minds as we declutter our homes, shake off the final remnants of winter, and prepare for summer. That said, how did it go with your taxes this time around? Did you leave my office with the good news that you would receive a refund, or were you informed you’d need to make additional tax payments to address a shortfall? If you’re in the latter category, you know it can hurt , so I urge you to make tax planning for next year a part of your spring- cleaning today . Look at where your withholdings fell short and determine how much you must pay to avoid a similar situation in 2026. The best way to prepare for next April is to forget
Thanks to everyone who called on my services recently for another great — and very full — tax season. Never hesitate to contact me if I can help you now to make next year even better 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
1 CraigHansonCPA.com
Published by Newsletter Pro | www.NewsletterPro.com
Walk the Success Tightrope Balancing Business Innovation and Risk Management
Innovation is the key to success for any growing business. It’s the force that drives new products, services, and ideas. By fostering an environment that promotes innovative thinking and experimentation, businesses can stand out from the competition and meet evolving customer needs. However, venturing in new directions always comes with risks, and balancing risk with innovation is critical to ensuring a business’s long-term stability and growth. Understanding Risk in Business Whether your business is long-established or in the early stages, all businesses face daily risks. Any major business decision or initiative has the potential to fail. Innovation opens the door to new opportunities but also carries the risk of financial uncertainty, operational challenges, or reputational problems. While risk is inevitable, businesses can proactively identify potential issues and implement mitigation strategies. Using Strategies to Balance Risk and Innovation Finding the proper balance between risk and innovation is a challenge. It’s about promoting unstifled creativity while ensuring new initiatives stay on budget and don’t interfere with current processes. A few strategies can help businesses strike this delicate balance. Make risk and innovation work together. Successful businesses don’t see risk management as separate from innovation; they treat them as
report potential risks. Businesses can achieve this through training programs and company-wide communication channels. Rewarding calculated risks and recognizing risk management efforts also helps create a risk-aware team. Start small and scale strategically. Companies can employ pilot programs to test new ideas and prevent the fear of risk from hindering innovation. Testing in a controlled environment allows teams to push boundaries, learn from failures, and refine ideas without putting the company at risk. After refining an innovation, businesses can scale strategically through a phased rollout, allowing continuous monitoring before full implementation. Take a multilevel, cross-functional approach. Balancing innovation and risk management requires a multilevel approach involving everyone from C-suite executives to frontline employees. Executives establish the vision for innovation and acceptable risk, mid-level managers support training and open discussion, and frontline contributors implement fresh approaches. Smart businesses also form cross-functional teams to combine perspectives and better understand potential risks when innovating new products and services. Leverage data and analytics. Data and analytics can help businesses turn risk into advantage. Predictive models and real-time data help identify trends and potential challenges. When armed with the right data, decision-makers can remain agile to respond to changing market dynamics. Data also provides actionable insights to help measure the feasibility of new initiatives. Striking the Right Balance
complementary — rather than competing — forces. Integrating risk considerations into the innovation process enables teams to
make smarter decisions. The key is to assess potential pitfalls early so vulnerabilities can be addressed proactively without hindering creative development. Promote a risk-aware culture. Teams should feel empowered
Balancing risk and innovation helps businesses maintain a competitive
edge and achieve long-term sustainability. It’s not about
choosing one over the other — it’s about finding harmony between creativity and caution. With the right balance, businesses can adapt to new opportunities and challenges and quickly bounce back from setbacks.
to suggest new ideas, but they should also value risk
management. Promoting a risk-aware culture means equipping team members with the knowledge and tools to evaluate and
2 CraigHansonCPA.com
Published by Newsletter Pro | www.NewsletterPro.com
... continued from Page 4
Rome’s Awesome Aquatic Battles THE COLOSSEUM’S WILDEST SPECTACLE The Roman Colosseum is famous for its gladiator combat, but did you know it could be flooded with water for full- scale naval battles called naumachiae ? These aquatic battles were a feat of ancient engineering and showcased Rome’s obsession with over-the-top entertainment. Thousands of spectators cheered as warships clashed in a flooded arena, with soldiers, prisoners, and even seals and hippos playing roles in the reenactments. Tsang had big shoes to fill in his quest to become a New England tea magnate. Fortunately, his gamble paid off. Today, MEM Tea Imports supplies teas to more than 1,200 restaurants, cafés, and other businesses across the U.S. Additionally, the company runs a training center and tea shop in North Cambridge. If that weren’t enough, Tsang is involved in two other businesses: the Asian tea-focused In Pursuit of Tea and the mushroom-centric Tamim Teas. Not bad for someone who left an office job to start a coffee shop in a college town. Through ingenuity and a desire to fill a cup with intriguing flavors, Tsang has delivered a fresh taste to overcome the bitterness of his city’s centuries-old treatment of one of America’s favorite beverages — a much more desirable direction than washing it away in Massachusetts waters. of Eden. Upon tasting, I discovered that these teas possessed that elusive but much sought-after food ingredient quality: Integrity — integrity of flavor, purity, and efficacy. I decided I would start a new company — with the mission to source, distribute, and spread knowledge about teas with integrity.” Of course, flooding the Colosseum was not easy. It’s believed aqueducts supplied the water, and special flat- bottomed ships were used to navigate the shallow depths. However, the logistical challenges proved too much, leading the Romans to abandon the naumachiae after only a handful of events.
“Around the time I sold my coffee and espresso company, some herbal tea samples appeared on my desk,” he wrote on MEM’s official website. “They were brought by a friend who was working with newly formed nations after the dissolution of the Soviet Union. The samples came from Armenia, nestled between the Black and Caspian Seas, near the biblical site of the Garden
HAVE A Laugh
These extravagant battles weren’t just for entertainment — they were a display of imperial power. While short-lived, the story of the
naumachiae remains a testament to Roman ingenuity and their
flair for creating spectacles that still captivate us today.
3 CraigHansonCPA.com
Published by Newsletter Pro | www.NewsletterPro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
905 James Ave. NE • Jamestown, ND 58401 (701) 252-6190 • CraigHansonCPA.com Inside This EDITION
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
1.
Future-Focused Tax Tactics
2.
Secrets to Smart Business Innovation 3. Naval Combat Inside the Roman Colosseum? 4. A Real Boston Tea Party
Inside a One-Man Hospitality Overhaul THE TEA TITAN
New England has had a peculiar history with tea.
In 1773, protesters disguised as Mohawk Indians descended upon Boston Harbor and threw 342 chests of tea into the water to protest its high taxation rate. This event became known as the Boston Tea Party — an ironic name, considering that tea aficionados surely wouldn’t consider such a massive waste of their beloved elixir a good time. Fortunately, modern-day tea lovers in Beantown and beyond can enjoy a real party thanks to the intrepid minds behind MEM Tea Imports in Cambridge, Massachusetts. From Investment Pro to Innovator Have you ever had one of those moments at work when you stop what you’re doing and realize it’s time for a change? That’s exactly what happened one day to Gilbert Tsang, a 1999 graduate of Boston University, while working at an investment company. Did he immediately start looking for an opportunity to work for someone else? Not at all! Instead, he held his nose and jumped into uncharted waters by launching a café in Boston’s hip and highly competitive Brighton neighborhood. As the business grew, Tsang expanded beyond coffee and began offering teas from Massachusetts-based MEM Tea Imports. The products were such a hit that Tsang — already enamored with the world of tea — bought the company in 2009.
Integrity and Tea Leaves Tsang’s purchase of MEM was more than a simple acquisition of a popular and successful company — it was an investment in an entity fiercely devoted to preserving the culture of tea itself. MEM was the brainchild of tea industry icon Mark Eli Mooradian, a man whose passion for the drink is akin to a writer’s appreciation for the subjects of their love sonnets.
Continued on Page 3 ...
4 CraigHansonCPA.com
Published by Newsletter Pro | www.NewsletterPro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator