Check out our October newsletter!
October 2024
HANSON HEADLINES
CraigHansonCPA.com • (701) 252-6190
YES, IT’S ALREADY TIME FOR TAXES Prepare Right Now for a Smoother Tax Season
October marks the official start of the spooky season, but I have a sentence sure to be scarier than any ghost, goblin, or ghoul you may see this Halloween: It’s time to start preparing for tax season. Now, I know what you’re thinking. This year isn’t over yet, and we have four months next year to finalize our taxes. However, to avoid any extra stress surrounding your taxes, October is actually the perfect time to examine your financial plan, make adjustments, and finalize any changes you want to make before the end of the year.
First, gather as much information as you can now and create a space to store these records. This way, when you’re ready to see me this winter to complete your taxes, all your documents will be ready. You won’t have to scramble and try to conjure up memories from a year ago. Then, consider possible tax changes you’d like to make. Discuss this with your spouse, or think about how you may want to get the most out of your money and taxes. For example, you may be able to pay more into tax-advantaged accounts like 401(k)s and IRAs to cut your taxable income.
The good news is that tax laws have remained fairly stable in the past few years, and the current laws will continue to be in effect until 2025. This could change next year, depending on who wins the White House next month, but for now, we are operating under the same tax laws as the past few years. That being said, there are some important reminders regarding these laws. For example, you can
Finally, ensure you understand your tax bracket and examine your options within this bracket. Look for tax credits or deductions that could work in your favor. It never hurts to look into these options because you never know what you may find. This could also lead to withholding the proper amount from your income each month.
As always, I’m happy to help as you prepare for tax season. Give me a call to set up an appointment, and we can discuss your personalized options and the best strategies to use this winter as you prepare for tax season. I know taxes are the last thing on your mind, and many of us would rather deal with the witches and ghosts of Halloween than
get in trouble with the IRS if you don’t take withholdings on your Social Security benefits if you’re someone who receives these. In the past few years, the IRS has also changed the way withholding is taken on our income taxes. The government tries to withhold based on what they think your tax liability will be, but they’re not always accurate, and you could be paying more in taxes each month than you need to. And contrary to popular belief, the IRS doesn’t want you to do that! In fact, they don’t want to give out large refunds because it creates opportunities for error. Here are a few things you can do to get started on your taxes this fall and make for a seamless tax season this winter.
think about taxes. But a little work right now can create a smoother tax season in the future. Give me a call at 701-252-6190, and let’s get started.
–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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Expand Your Reach Building an Effective Email List
The digital marketing space is rapidly evolving. According to Statista, the American digital advertising market saw over $270 billion in revenue in 2023. A disproportionate amount — around 80% — of money spent on advertising goes toward digital rather than physical ads. Digital marketing is necessary to grab attention and grow your brand, but it can be expensive. Email marketing lists are a form of affordable digital marketing with considerable
After a user signs up for your email list, send them a verification email. This helps to verify whether a customer is genuine and reminds them of what subscribing to your email list entails. Digital ads on Facebook are cost-effective and easily scaleable, making them a natural choice for those looking to build their email list. You can increase or decrease
growth potential. Sending emails is always less costly than purchasing lots of digital ad space. Best of all, an email list helps build recurring customers and can be customized to your needs. The only tricky part is starting from zero. Here are some tips for creating an effective email list for your business. Growing Your Email List Pop-up forms and digital ads are two essential elements to building an email list. Pop- up forms are commonly used because they are effective and easy to set up. They also capture
your digital ad presence as your business grows to match your needs and goals. You can decide when your email list is extensive enough and digital ads are no longer necessary, or you may even choose to expand your campaign if it is successfully driving up the number of customers subscribing to your email list.
Segmenting and Maintaining the List
Properly managing and utilizing your email list is just as crucial as building it up. Email lists can increase engagement and help you build and maintain relationships with your clients, especially when targeting your audience precisely. You can segment the customers on your email list based on their purchase history, interests, and demographics. This way, you can send personalized emails to different customer groups to maximize profitability and engagement. Importantly, you should also regularly remove inactive subscribers and non-functional or duplicate email addresses. This helps prevent the emails you send out from being falsely flagged as spam and becoming less visible to your audience. By utilizing these techniques, you can grow your email list from zero subscribers to thousands and benefit from increased customer engagement, recurring customers, and brand prominence.
the visitor’s attention by giving them a prompt they must interact with to continue viewing the site. This is why a compelling call to action is crucial. Describe at least one important benefit to subscribing to your email list. This can incorporate FOMO (fear of missing out) on essential updates to your business and products or coupon codes, such as 10% off their first purchase when signing up. Also important is that you incorporate a 5-to-20-second delay before the pop-up form appears to ensure only interested viewers have the option of subscribing to the email list. If you want to maximize your results, minimize the barrier to entry. You should only require the absolute minimum of information, such as their name and email, to start.
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cold brew. This worked like a charm: Over 70 restaurants have it on tap today. The Gamble Two investors sampled The Nitro Cart’s cold brew at a farmers market and decided to invest. They offered Finocchiaro a deal: a $100,000 loan, with a 10% interest rate, to help the couple expand their business. Additionally, the deal stipulated that the investors could turn the loan into a 10% equity investment in The Nitro Cart. It was a gamble because they risked losing all they had built if they could not keep up with payments. But they took it, and the money provided a financial safety net for them. However, their newfound finances did not stop them from working to their full potential. Instead of slowing down, they sped up. The couple proceeded to work weekends, spending 80-hour work weeks and willing themselves to succeed through tenacity and hard work. They could no longer give up. They had to persevere. Brick, Mortar, and TikTok Finocchiaro and Lancaster did not rely on word-of-mouth alone. They started a TikTok channel, creating content
showing their hard work and innovative cold brew. By giving their audience a look into their lives and processes, they have become social media influencers on top of business owners. To date, the channel has accrued over 220,000 followers, and Finocchiaro’s personal TikTok account has nearly 100,000 subscribers. Now, The Nitro Cart is known as The Nitro Bar. They currently have three brick-and-mortar stores and over 60 employees. They made less than $100 a day when they started, and now they earn $4.5 million annually. It does not matter how you start but how you finish.
HAVE A Laugh
The Rivalries That Redefined Amusement Parks
In the early 20th century, Coney Island was the beating heart of America’s burgeoning amusement park industry. Three rival parks — Steeplechase Park, Luna Park, and Dreamland — engaged in cutthroat competition that dramatically reshaped this iconic destination. A Tawdry Reputation Coney Island was once known as “Sodom by the Sea,” a tawdry, vice-filled destination. But in 1897, Steeplechase Park opened, and its founder, George Tilyou, sought to bring clean fun to the masses. Tilyou’s success soon drew the attention of his rivals. In 1902, he lured away the founders of the popular “A Trip to the Moon” attraction from the upcoming Luna Park. These underhanded tactics were common — the parks constantly copied each other’s rides and acts. Rapid Innovation This competitive spirit drove rapid innovation. Over just a few years, the parks introduced groundbreaking new attractions like the Rotating Barrel, Thunderbolt roller coaster, and the world’s largest Ferris wheel. They transformed the public’s perception of amusement parks, elevating them from sideshows to technologically advanced experiences. The Modern Amusement Park The era of Coney Island’s dueling theme parks was short- lived. Still, the competition drove the evolution of amusement parks, laying the foundation for the iconic destination Coney Island has become.
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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.
Tax Season Will Be Back. Are You Ready?
2.
Essential Tips for Building an Email List 3. The Cutthroat Competition Behind Coney Island 4. From Basement to Brick and Mortar
THE NITRO CART How Tenacity and Perseverance Led to Lasting Success
Audrey Finocchiaro and Sam Lancaster, a couple in Rhode Island, literally built their business from scratch. Before they ever sold a single cup of nitro cold brew, Finocchiaro maxed out her credit card purchasing construction materials. Then, in her parent’s basement, the couple cobbled together a cart, outfitting it with bike tires and a kickstand; thus, The Nitro Cart was born. It was as humble as beginnings get, and the business was far from an overnight success. Humble Beginnings In the beginning, The Nitro Cart struggled to gain traction. They parked their cart throughout Providence, Rhode Island. They brought their nitro cold brew to several locales, from farmers markets to sheep shearing events. Despite that, they were selling less than $100 of product per day and were considering giving up altogether. Finocchiaro
and Lancaster had a difficult decision to make with a cold New England winter approaching and their profits dwindling. But, as fate would have it, things changed when they brought
The Nitro Cart to Brown University. There, they found their audience. Their nitro cold brew was an instant hit with the students, and they sold out — for the first time — in just 30 minutes, raking in $400 in sales. They decided to return every day, earning themselves a reputation and a profitable venture. Despite their newfound success, winter still posed a serious problem. They navigated this by partnering with several local restaurants, who agreed to carry and sell their nitro
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