CPA Blog

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

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Published: Monday, 22 November 2021 08:49

Written by Phillip Strickler, CPA.CITP

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions.

Donating to charity 

Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But for 2021 under a COVID-19 relief law, you’re allowed to claim a limited deduction on your tax return for cash contributions made to qualifying charitable organizations. You can claim a deduction of up to $300 for cash contributions made during this year. This deduction increases to $600 for a married couple filing jointly in 2021.

What if you want to give gifts of investments to your favorite charities? There are a couple of points to keep in mind.

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What investors want to know about your business.

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Published: Monday, 22 November 2021 08:46

Written by Phillip Strickler, CPA.CITP

Why bachelor’s degrees still provide a high return on investment.

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Published: Monday, 22 November 2021 08:44

Written by Phillip Strickler, CPA.CITP

Competitive intelligence can give your marketing campaigns an edge

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Published: Wednesday, 17 November 2021 09:17

Written by Phillip Strickler, CPA.CITP

It’s understandable and indeed critical to focus a marketing campaign on the strengths and distinctive benefits of the products or services in question. However, something that’s easy to overlook is how your business and its offerings differ from — and are preferable to — the competition.

Making this distinction isn’t as simple as, “Well, we’re better because we say so.” When you can present prospective customers with accurate data and solid reasoning behind why your products or services will fulfill their needs better than other options, you’ll stand a much better chance of turning those marketing dollars into revenue. This is where competitive intelligence comes into play.

Determine what you do better

Competitive intelligence is the process of legally and ethically gathering and analyzing information on your competitors. It can help you collect valuable data on their:

• Financial positions,
• Business practices and reputations,
• Products and services,
• Strategic directions,
• Growth or expansion plans (as well as any closures or relocations), and
• Mergers, acquisitions and strategic alliances.

This information enables you to not only recognize your competitors’ strengths and weaknesses, but also better identify and anticipate market trends. As a result, your marketing campaigns can emphasize what customers need, how you can deliver it and where the competition falls short.

Gather good info

Gleaning intelligence is relatively simple. At the most basic human level, chatting with customers and prospects, bank reps, financial services providers, and other business contacts can help keep you in the know about what’s going on in the marketplace. You might encounter these individuals in the regular course of business or seek them out at trade shows, conferences and networking events.

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