Advising, Consulting and Mentoring Greater Houston area business since 1986
March 2015
 
   


 
From The Editor...

 

College Basketball's Men's and Women's March Madness is right around the corner, and all eyes in the sports world will be looking to see which teams make it into this year's Tournament. Many of these teams have one, or if they are lucky, two superstars who will make it into the Pros when their college careers are over. The one constant in the super teams, like Duke, Kentucky, Syracuse, Michigan State, and Arizona on the Men's side, and Connecticut, Tennessee and Baylor, on the women's side, who seem to make it into the Tournament every year is the "Head Coach". This is the individual who develops the high school talent found by the scouting staff and helps these young men and women hone their talents and skills and trains them to work in a team environment to create a cohesive group that wins championships.

As an entrepreneur, if you find yourself being the lone superstar of your business and you do not have a winning team to support you, it may be time for you to consider using a "Business Coach". Much like a Head Coach on a winning sports team a "Business Coach" can help identify talents and skills of each person on your team and assist in the creation of that winning environment that you may now only be dreaming about.

When your business is experiencing trouble, why not turn for advice, consulting and mentoring support from someone who has years of experience in running a business. A Silver Fox Advisor can be that person.

We encourage you to visit our Website at www.silverfox.org or www.silverfoxadvisors.com to select a Silver Fox Advisor and also to learn more about the Silver Fox Advisors, our Associates and their businesses, as well as our great programs and community outreach endeavors.

 

Richard T. Hendee, Editor

The Silver Fox Advisor

Updated Procedures Related To Deducting And Capitalizing Business Expenses

By Jim Griffing, A Silver Fox Advisor

We want to update you on a recently released IRS procedure (Rev. Proc. 2015-20) which modifies the final regs we emailed you about last week.  The service eased the requirements for certain small taxpayers by giving them the option of not filing the Application for Change in Accounting Method, Form 3115. 

A small taxpayer is defined as a business with less than $10 million in total assets or average annual gross receipts of $10 million or less for the prior three taxable years.  All businesses (including sole proprietorships and rental real estate owners) will still be required to follow the new accounting requirements relating to the way a taxpayer must evaluate certain expenditures in order to determine whether the costs represent immediately deductible repair expenses or capital improvements that must be depreciated over time. 

In addition, the IRS regulations provide new guidelines on when a taxpayer may deduct costs incurred to acquire "material and supplies"; however, the small taxpayer will have the option to file Form 3115 or not. 

 

Read more...
 

The Joy Of Engineering

By Keith Thayer, A Silver Fox Advisor 

Here are some observations on Engineering as a career just in case your son or daughter is looking.

Engineering is the creation of useable results from visionary ideas.

The activities range from conception & research thru design, construction, manufacturing, operation, maintenance, administration, management and ownership.

The skills require an engineering education (or comparable knowledge gained thru experience)

Plus people skills, management acumen, initiative, and common sense.

Technologies that are emerging include: Wearable technology, 3D printing and manufacturing, Nano technology, Robotics , Sensors, Genomics, Big Data, Artificial Intelligence, IT miniaturization, Space exploration and development, Renewables , Collaborative consumption, Alternative energy, Robotics and computing.

 

Read More... 

 

 

Silver Fox Advisors 

 

Silver Fox Advisors are current and former business owners, entrepreneurs and executives dedicated to assisting business owners to improve their enterprises through mentoring and consulting. Advisors have been sharing their knowledge, experience and skills since 1986.

To work with a Silver Fox Advisor, please visit our website at  www.silverfox.org and select your advisor.

Books by
Silver Fox Advisors
  

Several Silver Fox Advisors have written books sharing their business experiences and expertise. These books contain information that you may find helpful to you and your business. We encourage you to visit our web site and click on the Resources link to find a listing of all books that are available.

 

This Month's Featured Book 

 

 

 
 

Lunch & Learn

Thursday, March 26, 2015

 

Speaker Jay Steinfeld

Founder & CEO of Blinds.com

 

"The Single More Important Reason Why Home Depot Bought Blinds.com"


 

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Silver Fox Advisors  713.467.5900  executivedirector@silverfox.org