So far, it does not appear like the minimum wage will be increased.
However, the Senate version of the third stimulus plan, the "American Rescue Plan," contains a slew of other intriguing details (i.e., the Biden stimulus).
Parts of unemployment are no longer taxable (as they were previously); the actual stimulus payments have a high phaseout (between 150K and 160K per year in a married filing joint returns circumstance); and there are a number of other goodies in there.
Nothing is set in stone yet, and I'll provide additional information once it is, but I do have one piece of advice:
It's a smart idea to postpone filing your 2020 taxes if your 2020 AGI is larger than your 2019 and will push you over the threshold. We've already taken care of this for our Charlotte clients... However, this would be a great thing to share with any Charlotte friends who don't follow this site on a daily basis.
We're right here if any of them wish to chat to us:
https://calendly.com/saragonzalez
(We've also been counselling a lot of firms about the PPP's second draw, which I blogged about last week.)
I'll have more to say about all of this after the law is signed. The Senate and the House have reconciled their differences as of this writing, and the final version will be sent to Biden for signature.
And don't worry, we've got this covered for you.
But, altering gears a little, I wanted to share a thought with you today.
Update on Sara Gonzalez's Third Stimulus Package
“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” – Richard Branson
Unfortunately, many small businesses make the mistake of copying major organisations' marketing strategies, believing (incorrectly) that "if these huge companies built their businesses through that kind of marketing, then it must work for us." They say to "build the brand."
The idea behind this type of marketing is that if you "get your name out there," clients and customers will come flooding in. They say, "It's all about word of mouth."
If you chose to go down this path, actual word-of-mouth advertising is significantly superior.
And that is something that can be cultivated and nurtured. Disney, in particular its parks, is one of the best firms to learn from in this regard.
(And, by the way, this is still true in 2021, even with all of the health limitations.)
“Find ways to do what you do so well and so uniquely that your customers cannot resist telling lots of other people about you,” is how word-of-mouth marketing is taught there. This notion is followed in the Disney Parks through cleanliness and authenticity.
When first-time visitors to Disneyland and Disney World are polled about what they remember most about their experience, the cleanliness of the parks consistently ranks first. The genuineness of the settings is the second best explanation.
Disney marketing experts understand how this works in practise. “You can't believe how clean the parks were!” Tom and Sally tell their friends when they return to Peoria.
Then four more Peoria families pack into motor homes and drive to the Mouse's house with their families (and their money).
Because they recognise that park cleanliness is a marketing tool for Disney, not merely maintenance. This is done to encourage referrals.
And any firm may find ways to encourage referrals and word-of-mouth advertising, frequently by doing things that are already being done.
Excellence and innovation in the store atmosphere and customer service are most likely to encourage referrals in a retail firm. Hundreds of things can be changed in the office or store environment, as well as customer communications, which can be directly responsible for generating a high degree of word-of-mouth advertising.
And that will beat “brand-building” every time.
I’m grateful for our partnership and for your referrals.
Warmly,
Sara Gonzalez
(704) 599-3355
Kohari & Gonzalez PLLC
Please feel free to forward this article to a business associate or client in the Charlotte area (or beyond!) who could benefit from our help. While most of these articles are about company strategy, as you may know, we specialise in tax preparation and planning for families and small businesses.
