While some small businesses cater specifically to older people, even if this demographic isn’t your target audience, you should still take measures to ensure that this group is well cared for and feel valued by your business.

To help ensure that this happens, here are three tips for better serving the older population as part of your small business. 

Keep Connected

For many older people, keeping in communication with people and businesses can be a challenge. Knowing this, you should take it upon yourself to stay connected with your older customers. 

To best do this, you should try to market to them in a way that keeps you in the forefront of their minds without being overbearing. Especially if you have a small business that is great for helping people maintain relationships, like working in food service or gifts, you should reach out to your older customers during strategic times of the year where they might be wanting to use your products or services. Additionally, older people also appreciate being sent discounts for things like holidays, birthdays, and anniversaries. So if you can keep track of these important dates for your customers, you could get a lot more business by reaching out during these times. 

Give Them As Much Information As Necessary

When buying something new, it’s common to want to spend a lot of time researching and learning about the product or service. This is especially true for older customers, as they want to make sure that they’re spending their money on something they actually want or need. But when being told all the information they need, it can be easy to forget all of the details. 

To keep this from happening when you’re speaking with an older customer, you should get into the habit of writing things down to give to your customers. This way, they can refer back to whatever it was you told them. Not only can this make things easier for your customers, but this extra touch and attention can be very memorable. 

Support Organizations That Support This Demographic

If you haven’t spent a lot of time around older people, you might not know what they want, need, or how they interact. But if you don’t understand these things, you might find it very hard to connect with or serve this demographic. 

To help you learn these things, you might want to start supporting or volunteering for organizations that support this demographic, like Meals on Wheels or a local assisted living facility. You could learn a lot from the people who currently work there and learn a lot about how to best serve older people, too. 

If you have a lot of older customers for your small business, consider using the tips mentioned above to help you better connect with and serve this demographic. 

French Larry Taylor explains 5 things you didn’t know about the Section 199 tax deduction

Tax specialist French Larry Taylor breaks down the basics of Section 199 for businesses engaged in domestic production.

DALLAS, TEXAS, December 4, 2021 — Federal tax specialist French Larry Taylor is an expert in the application of the Section 199 deduction.

For businesses filings for 2021, it may be too late to maximize the Section 199 deductions for the current year, but it’s the perfect time to plan ahead for the coming year.

French Larry Taylor defines the Section 199 deduction

While Section 199 is often described as the manufacturer’s deduction, that definition limits it greatly. A variety of businesses that engage in both domestic manufacturing and production can claim the deduction when all the eligibility criteria are met. Many of the other industries that routinely use the write-off provide services such as engineering or are in related fields like architecture and construction. Businesses engaged in the production and development of alternate products, such as computer software or generating energy, are also eligible.

There is a simple path

While maximizing your Section 199 deduction and crunching the complex numbers needed for accurate reporting often requires the services of an expert like French Larry Taylor, there is a simplified option known as the Small Business Simplified Overall Method. For businesses able to meet certain requirements, such as the use of cash accounting, the method examines the total cost of goods sold and apportions them between domestic production gross receipts and other receipts to determine qualified production activities income. An alternate method, Simplified Deduction, helps businesses with assets less than $10 million or gross receipts less than $100 million streamline tax filing.

Section 199 and state taxes

While the deduction is of benefit for federal filing, it does not always carry over to state taxes. French Larry Taylor recommends annual consultation with a federal and state tax professional for the latest guidance as many states have amended their codes to remove the federal deduction over time.

Corporation status is not required

The Section 199 deduction isn’t limited to traditional corporations. Individuals can take it via regular and alternative minimum tax while estates and members of partnerships and LLCs can also claim the deduction.

The deduction is not all-encompassing

The Section 199 deduction is hefty and can provide major tax savings, but it is not used in self-employment earning calculations and cannot take your net income into the negative according to French Larry Taylor.

Nils Larsen Manager has years of experience helping people keep their financial portfolios solid and secure. If you haven’t started yet on this journey, you need to do what you can to catch up. Thankfully, there are several steps that you can take with a financial adviser to keep your profile strong. Here are just a few of the most common and beneficial actions that you should take here.

Nils Larsen Manager Examines Unique Portfolio Tips

The old rule of thumb applies to modern portfolios and old: diversity is key to success. Nils Larsen Manager knows that most people looking for financial tips probably already know this fact. However, they may not understand how to diversify their portfolio or what assets are worth getting. As a result, it is crucial to take a deeper dive into this unique subject.

First of all, it is essential to focus on consistent long-term growth over short-term gains. Yes, you want to find stocks and bonds with a high-risk potential that could boost your quick yields more quickly. However, a strong portfolio is a stable one that focuses heavily on long-term growers. These investments include bonds that take time to mature and other types of unique assets.

Next, Nils Larsen Manager states it is critical to assess the risk of each of your elements. This fact may seem obvious, but it is something else that doesn’t always get done correctly. Stocks are naturally risky, of course, while commodities are more balanced. But what about risk within each of these categories? Some supplies may be less dangerous than commodities, causing you some profile difficulties.

For example, stocks in well-established companies like Apple or Walmart don’t grow that quickly but do provide stable and balanced investment opportunities. Likewise, stock in new startups has the potential to rise and fall quickly. So always consistently check in with each of your assets, carefully weighing their risks and benefits with a manager who understands our needs as a buyer.

For instance, Nils Larsen Manager claims that it is crucial to examine your underweighted securities and to invest in them by selling overweight securities. What does this mean? Essentially, you’re transferring money from overachieving elements to underachieving ones to help bolster their value. Make sure your manager gives you the okay on this step to ensure that you get the best results.