The first quarter of 2024 is almost behind us...let that sink in for a minute. ??
Tax deadlines are fast approaching. Which one of the following are you?
- LLCs filing as sole proprietors must submit Form 1040 by April 15?without an extension. With an extension, the deadline for filing is October 15.
- If your LLC has multiple owners, the IRS treats you as a partnership. In this case, you must complete the partnership return?IRS Form 1065
. Form 1065 is where you report the business’s income and expenses for the year. The business doesn’t?pay taxes, though: the business owners do. A Schedule K-1
is provided by the LLC (or whoever files Form 1065 on their behalf) to each of its shareholders as part of Form 1065. All the information needed to fill out Schedule K-1s is found in the Income and Expenses section of Form 1065. The shareholders then file Schedule K-1 and pay the partnership taxes as part of their personal income tax return.? For 2024, LLCs filing as a partnership must file Form 1065 by March 15?without an extension. With an extension, the deadline for filing is September 15. Shareholders must submit their Schedule K-1 as part of their personal income tax return by April 15.
- LLCs filing as an S corporation must file Form 1120S by March 15?without an extension. With an extension, the deadline for filing is September 15. Shareholders must submit their Schedule K-1 as part of their personal income tax return by April 15.
- LLCs filing as a C corporation must file Form 1120 by April 15?without an extension. With an extension, the deadline for filing is October 15.
That being said, I hope you've got all your? ??s in a row and are ready to file on time or file for an extension
.??
Helping get the ??s in a row is my passion and I do that with an awesome squad.? That is today's subject; Lesson number 29: Team - magical when done right.?
I learned about squads while in the Air Force.? The military is really good at molding individuals into magical teams.? Maverick (who is Navy by the way)? did not do it all himself. His squad consisted of a maintenance team for the jet, ground crew for the hanger and runway, operations for managing it all, navigation, planning, and of course, leadership.?
The message below covers a bit about how to find and grow your magical team.? Should you be interested in more on how to do that, perhaps we should talk one to one.? You can schedule an Operations Review
of your current team with me at this link
.? ?
Have a fabulous week and?I hope you find value in my message.
Assembling Your Dream Team
8 Strategies for selecting your winning team.
Founder and CEO of TheOfficeSquad
Hey there Small Biz Mavericks,
?Let's talk about something near and dear to my heart: teams, or as I call them, squads. See, in my world, a well-oiled squad is pure magic. It's like watching a symphony orchestra where every instrument plays its part to create something truly beautiful. When done right, a squad isn't just a group of individuals - it's a powerhouse of collaboration, creativity, and camaraderie.
Here's the issue: Building a top-notch team takes time, effort, and a whole lot of heart. So, let's break it down. Here are the top five ways to find those magic members:
- Define Your Needs: Start by identifying the specific skills, personalities, and qualities you're looking for in team members. Create a clear picture of the roles you need to fill and the attributes that will complement your team dynamic.
- Network Like a Pro: Tap into your network, both online and offline, to connect with potential members. Attend industry events, join professional groups, and leverage social media platforms to scout for talent and build relationships.
- Referrals Are Key: Don't underestimate the power of referrals. Reach out to your trusted contacts and ask for recommendations. People who come recommended by those you trust are more likely to be a good fit for your team.
- Look Beyond Resumes: While skills and experience are important, don't overlook qualities like passion, adaptability, and cultural fit. Sometimes, the perfect person might not have the most impressive resume but brings a unique perspective and energy to the team.
- Conduct Thorough Interviews: Take the time to interview potential team members thoroughly. Ask probing questions to assess their skills, values, and motivations. At TheOfficeSquad we require "working interviews." Yep, we ask them to come work with us for a few hours to see their work location, meet the squad they will be working with, and find out if the work they will be doing is what they want to do.? It also give us the chance to get to know the candidate.? Look for candidates who not only meet the technical requirements but also demonstrate a genuine enthusiasm for the role and the mission of your business.
Now, once you've assembled your dream team, it's crucial to set them up for success and stay engaged. Here are three ways to do just that:
- Clarify Expectations: Clearly communicate roles, responsibilities, and expectations from the get-go. Ensure that each member of your team understands their contribution to the goals and how their work aligns with the broader vision of the company.
- Provide Ongoing Support: Offer mentorship, training, and resources to help team members develop their skills and grow professionally. Create a culture of continuous learning and improvement where feedback is valued and opportunities for development are abundant.
- Foster a Positive Team Culture: Cultivate an environment of trust, respect, and collaboration where your team feel empowered to share ideas, take risks, and support one another. Celebrate successes, acknowledge contributions, and address conflicts or challenges openly and constructively.
With these strategies, you're well on your way to building a team that's not just good—but downright magical.
?Keep shining bright, and may the squad be with you!
