It is no surprise that many pond professionals fail to understand the tax ramifications of disposing of business property. Under our current rules, which are often confusing and complex, there are numerous ways to dispose of business assets: selling them, scrapping them, exchanging them for another business asset, or even giving them away, just to …
Tax Implications of Disposing of Business Property Read More »
When it comes to business, little things do mean a lot. You are not the same company you were last year, or even a month ago, and things will definitely be different this time next year. As time goes on, the costs of doing business change. Changing costs are a fact of life, but the …
Managing the Rising Costs of Doing Pond Business Read More »
Here at Modern Design Aquascaping, we have won many awards and have been recognized as one of the best pond builders in the country. I don’t say this to toot my own horn; I say it because I am proof that you can be the best at what you do and still fail at the …
Pond Business | Identify Overhead Expenses and Find Increased Profits Read More »
All trades, including pond-building, have one thing in common: 90 percent or more of all owners used to be a tech working for someone else. One day in the field, a little light bulb goes off and says, “Gee, the company is paying me X dollars per hour, and they are charging the customer a …
How Pond Installers Need to View All Labor Angles Read More »
Accounting is a necessary evil for all business owners. Unless you can afford to hire someone —“ and don’t get me started on where that can go wrong —“ you need to know how to at least do the basics. Enter QuickBooks, a pretty user-friendly bookkeeping program that doesn’t require you to go back and …
It’s a basic principle: Cash flows into your pond business when you sell a job. Cash flows out when you pay the costs of the job and your overhead expenses. If you sell jobs for less than what it costs to build the job and pay your overhead expenses, you’ll get behind. You won’t have …
Thanks to the Supreme Court’s late-June decision in King v. Burwell, many garden pond professionals will escape at least some of the sharply escalating costs of the Affordable Care Act (ACA). That Court decision should, however, be a wake-up call for all retailers, distributors, builders, installers and manufacturers to get their ducks in a row …
Do you understand the nuances of capital purchases? Are you using these nuances to your advantage? If not, you may be making critical mistakes that cost you money each time your company buys equipment. In this must-read, in-depth article, Mark Battersby explains the many options and tools that could make a huge difference for your business.
Natural disasters and on-site accidents can destroy companies overnight. Is your pond business protected against unexpected loss? No matter the size or value of your business, insurance is an essential precaution you can’t afford to be without.
Quickly learn about the different business entities that are available to the businesses in the pond industry. You have heard them before – Sole Proprietor, Partnership, LLC, and Corporation. There are tax benefits/detriments to each of them. What will fit your business best? A 25-year veteran will wade through each of the choices and help you confirm your current status, or consider a change.
