Tag: Tips

Small Business Tax Tips #business #plan #writing


#small business

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Small Business Tax Tips

Can You Claim Business-Use-Of-Home Expenses?

Many small business owners have home offices, but having a home office isn’t enough to be able to deduct business-use-of-home expenses from their income tax.

The Canada Revenue Agency has strict guidelines about who can and can’t claim this deduction. To deduct business-use-of-home expenses, you have to either be:

  • Using your home as your principal place of business; or
  • Using the space only to earn business income and using it on a regular and ongoing basis to meet your clients, customers or patients.

What Can You Deduct?

Common business-use-of-home expenses include a portion of:

  • Your property taxes
  • Your home insurance
  • Capital Cost Allowance
  • Utilities such as heat and electricity
  • Cleaning supplies
  • Mortgage interest
  • Rent

How do I calculate the percentage of use?

The Canada Revenue Agency recommends that you “use a reasonable basis such as the area of the work space divided by the total area of your home”. Also, if you use part of your home for both your business and personal living, calculate how many hours in the day you use the rooms for your business, and then divide that amount by 24 hours. Multiply the result by the business part of your total home expenses. This will give you the household cost you can deduct. If you run the business for only part of the week or year, reduce your claim accordingly.

You can’t use business-use-of-home expenses to create a business loss. In other words, your business-use-of-home expenses can’t be more than your business income. (However, you can use any expense you weren’t able to deduct in that tax year the next tax year, as long as you still meet the business-use-of-home expenses conditions.)

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Small Business Taxes – TurboTax – Tax Tips – Videos #business #clothing


#business taxes

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Tax Guides Small Business Taxes

Recent Guides in Small Business Taxes

If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles. Special rules for business vehicles purchased in 2015 can deliver healthy tax dividends. Read more

  • Self-employment has its benefits. An LLC can help reduce your liability without reducing your freedom to run your business as you see fit. And we have you covered at tax time, with TurboTax Home Business for single-member LLCs, and TurboTax Business for multiple-member LLCs. Read more
  • If you re planning to close a business, don t forget to put the IRS on your to-do list, because tax rules require you to keep the tax agency in the loop. TurboTax can help with reporting the sale of assets, final employment tax reporting and more. Read more
  • We ll make it easy for you to figure out if you have to pay estimated taxes and if so, how much. Individuals who are self-employed may need to pay estimated taxes each quarter to square their tax bill with Uncle Sam. You may owe estimated taxes if you receive income that isn t subject to withholding including these examples. Read more
  • Doing your business tax return? We ve got tips for you on which records you should have at your fingertips, including last year s return, payroll reports and depreciation schedules. Read more

  • More Guides in Small Business Taxes


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    Catering Beginner? Three Tips to Get You Started! The Burkett Blog – From Burkett

    #catering business

    #

    Thinking about starting your own catering business? The wedding and events industry can be very lucrative, but before you start handing out your business cards or promoting your business online, we’ve listed the top three aspects that new caterers should never miss.

    There is no better way to learn, than actually doing the task. If you’re interested in catering, you need the practical, real-world experience to successfully launch and maintain your business. Catering is no joke – it requires passion and stamina to work the long hours and big events. Getting some hands on experience will prepare you with the tools you need to move forward. You’ll also get insight on market trends and other major catering firms, allowing you to build your business to meet the needs of your customers.

    What are the most important items to get you up and running? First you need to apply for and obtain a business license. Secondly, you’ll need approval from the department of health, certifying your facility. If you plan to start out of your home, contact your local health department. There are various zoning requirements and safety codes that are specific to each state. Also keep in mind that some states do not consider a home as a foodservice facility. Do your homework and be prepared to make some costly renovations.

    Once the business end is covered, you’ll need to invest in professional catering equipment. That’s where Burkett Restaurant Equipment comes in! Commercial restaurant equipment and catering supplies streamline your operations and make every event flow smoothly. From serving utensils to storage pans, we carry all of the essentials for your new business.

    A little Business 101: In order to have a successful start-up, you’ll need a strong customer base to boost profitability. Social media is a great way to get your name out there and to have real-time interaction with potential customers. Sign up for twitter, set up a Facebook page, and monitor sites like Yelp for customer reviews. Every business owner can set up a free account on Yelp to post photos and message your customers. Don’t forget print advertising if it’s in your budget. You might consider flyers and advertisements in your local paper and magazines.

    Finally, develop valuable relationships with other event industry vendors such as florists, bands, event planners and organizers. This network of businesses can help refer customers to your catering business, and vice versa.

    Most importantly, successful caterers have three things as their strongest attributes: Talent, Flexibility and Organization. Focus on the food. Be a savvy business person. Plan your events down to the last detail, but be ready to accommodate any last minute changes. The rest, including your customers, will follow.

    Share this:


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    Small Business Websites: Tips – Tools #small #business #loan


    #business websites

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    Small Business Resources

    Company

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    Here at Webs, we are passionate about small business marketing. And while Webs family of products offers the tools small business owners need for great online marketing, we know that sometimes tools alone are not enough. Sometimes, you also need the instructions.

    That s why we created the Webs Small Business Resource Center, where you will find informative articles to help your small business succeed from branding advice to website tips to infographics. We also have advice for various small business types, to address their specific marketing challenges. We hope you ll find this information helpful, and best of luck with your small business!

    Marketing a Small Business

    You’ve started a small business, and now you need to tell the world! Whether you need advice on email marketing, branding, or social media strategy, you’ll find it here.

    Running a Small Business

    Running a small business can be incredibly rewarding it can also be tricky. Here you’ll find tips on running a business, some helpful infographics, and more.

    Small Business Websites

    These days, a small business website is an essential for success. Check out some example websites, get tips for making your own, and learn about strategies like SEO.

    Small Business Types

    Every small business type has its own specific set of rewards and challenges. Here you ll find tailored advice for industries from art to real estate and more.


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    Business Search – Search Tips #business #profiles


    #business search

    #

    Business Search – Search Tips

    The following tips may be used to refine or modify searches for a particular entity by entity number or entity name:

    Entity Number Search

    • The entity number is the identification number issued to the entity by the California Secretary of State at the time the entity formed, qualified, registered or converted in California.
    • If searching for a corporation, enter the letter “C” followed by the applicable seven-digit entity number.

    Example: Searching for C0254285 will return X,Y,Z CORPORATION. Searching for 0254285 will return no results.

  • If searching for a limited liability company or limited partnership, enter the applicable 12-digit entity number.

    Example: Searching for 200100410071 will return RESEARCH RETRIEVAL, LLC. Searching for 0100410071 will return no results.

    Entity Name Search

    • Punctuation should be omitted. If the entity name includes initials followed by periods, remove the periods and group the initials to form one word.

    Examples: Searching DARE will return entity names containing DARE and D.A.R.E. Searching D.A.R.E. will not return entity names containing D.A.R.E.

    If the entity name includes initials and/or a string of characters followed by periods and spaces. remove the periods but do not remove the spaces.

    Examples: Searching A. B. C. ESCROW CO. or ABC ESCROW CO will return no entity names and searching A B C ESCROW CO will return the entity A. B. C. ESCROW CO.

  • A quotation mark and the character or word that precedes or follows the quotation mark should be omitted.

    Examples: Searching E PLUMBING HEATING will return the entity “T E PLUMBING HEATING CO.” Searching “T E PLUMBING HEATING CO.” will return no entity names.

  • For best results, distinctive words should be used when searching, if possible. Searching a distinctive word will narrow the search results.

    Examples of distinctive words: compensatory, hickory, metrix.

    Examples of nondistinctive words: data, systems, services.

  • For limited results, search multiple words. Searching multiple words will return a list of only those entities containing all of the search words.

    Note, including a word that is not part of the entity name may result in no matching record. Examples: Searching ADVANCED DATA will return all entity names containing both words such as ADVANCED DATA COMMUNICATIONS LLC and ADVANCED DATA PROTECTION SERVICES, INC. Searching ADVANCED DATA COMMUNICATIONS will return only those entity names containing all three words such as ADVANCED DATA COMMUNICATION SYSTEMS and ADVANCED DATA COMMUNICATIONS LLC

  • For more inclusive results, search a single word. Searching a single word will return a list of all entities containing that word in the entity name.

    Examples: Searching SIMPLE will return all entity names containing the word SIMPLE such as SIMPLE INC. SIMPLE DESIGN, INC. and MAKE IT SIMPLE, LLC.

  • Spacing and plurals will make a difference in the search results.

    Examples: Searching AAA SIGNS will return AAA SIGNS, INC. Searching AAA SIGN or A A A SIGNS will not return AAA SIGNS, INC.

  • Omit words that are too common such as “THE”, “AND”, “OF”, “CALIFORNIA”, “INC”, “INCORPORATED”, “CORP” “CORPORATION”, “LLC”, “LP”, “LIMITED,” “LTD” and “PARTNERSHIP”. Words that are too common are ignored by the search.
  • Additional entity name search examples:
    • To find: A.B.C. Enterprises, LLC. enter abc enterprises
    • To find: A. C. T. Computers. enter A C T Computers
    • To find: X,Y,Z Corporation. enter x y z
    • To find: Friends of Yosemite Center. enter friends yosemite
    • To find: A.H. Alumni Association. enter ah alumni
    • To find: Research Retrieval LLC. enter research retrieval
    • To find: 2333 E. 4th St. Inc. enter 2333 4th
    • To find: L.A. Data Systems, LLC. enter la data systems
    • To find: All names with “Auburn,” enter auburn
  • The search is NOT case sensitive. All letters, regardless of how they are typed, will be understood as uppercase.
  • If you are not able to locate an entity record, you may request a more extensive search by ordering a status report. For information on ordering a status report, refer to Information Requests .

    Disclaimer: This tool allows you to search the Secretary of State’s California Business Search database for abstracts of information for domestic stock, domestic nonprofit and qualified foreign corporations, limited liability companies and limited partnerships that have filed with this office. This search tool groups corporations separately from limited liability companies and limited partnerships and returns all entities for the search criteria in the respective groups regardless of the current status.

    Although every attempt has been made to ensure that the information contained in the database is accurate, the Secretary of State’s office is not responsible for any loss, consequence, or damage resulting directly or indirectly from reliance on the accuracy, reliability, or timeliness of the information that is provided. All such information is provided “as is.” For information on ordering copies of the official business entity records for a particular entity, please refer to Information Requests .


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    How to File Federal Income Taxes for Small Businesses – TurboTax Tax Tips &

    #business tax

    #

    How to File Federal Income Taxes for Small Businesses

    Depending on your business type, there are different ways to prepare and file your taxes.

    When it s time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as an LLC or corporation.

    Each type of entity requires a different tax form on which you report your business income and expenses. Regardless of the form you use, you generally calculate your taxable business income in similar ways.

    TurboTax has two products to serve business owners – TurboTax Home Business is designed for sole proprietors and 1099 contractors, while TurboTax Business helps you prepare taxes for corporations, partnerships and LLCs.

    Step 1 – Collect your records

    Gather all business records. Before filling out any tax form to report your business income, you should have all records in front of you that report your business earnings and expenses.

    If you use a computer program or a spreadsheet to organize and keep track of all transactions during the year, calculating your income and deductions is much easier than trying to remember every sale and expenditure that occurred during the year. TurboTax works with programs like QuickBooks and Quicken, so you can import information directly into your tax return.

    Step 2 – Find the right form

    Determine the correct IRS tax form. You always need to report your business earnings to the IRS and pay tax on them, but choosing the right form to report earnings on depends on how you operate your business.

    Many small business owners use a sole proprietorship which allows them to report all of their business income and expenses on a Schedule C attachment to their personal income tax return. If you run the business as an LLC and you are the sole owner, the IRS also allows you to use the Schedule C attachment. However, if you use a corporation or elect to treat your LLC as one, then you must always prepare a separate corporate tax return on Form 1120.

    When you use TurboTax Home Business (sole proprietors and contractors) or TurboTax Business (corporations, LLCs and partnerships), you just need to answer simple questions about your business income and expenses, and we ll fill in all the right forms for you.

    Step 3 – Fill out your form

    Fill out your Schedule C or Form 1120. If you will be reporting your business earnings on Schedule C, you can search the IRS website for a copy or use TurboTax to generate the form for you after you input all of your financial information.

    Schedule C is a simple way for filing business taxes since it is only two pages long and lists all the expenses you can claim. When complete, you just subtract your expenses from your business earnings to arrive at you net profit or loss. You then transfer this number to your personal income tax form and include it with all other personal income tax items.

    However, if you use a Form 1120, you calculate your taxable business income in the same way, but the form requires more details that may not always apply to a small business. The biggest disadvantage of filing a Form 1120 is that it is separate from your personal income tax return.

    Step 4 – Pay attention to deadlines

    Be aware of different filing deadlines. When you use a Schedule C, it becomes part of your Form 1040 and therefore, no separate filing deadlines apply. It is generally subject to the same April 15 deadline.

    If you need to file a Form 1120, you must file it by the 15th day of the third month following the close of the tax year, which for most taxpayers is March 15. You cannot send this form to the IRS with your personal income tax return.

    Remember, when you use TurboTax to prepare your taxes, we ll determine which forms you need and put the information in all the right places. All you need to do is answer simple, plain-English questions.

    Business and personal
    taxes in one

    Just answer simple questions about your business and life, and TurboTax Home & Business takes care of the rest.

    The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

    * Important Offer Details and Disclosures

    • Filing Deadline: IRS filing deadline for tax year 2015 is April 18, 2016 (except for residents of Massachusetts or Maine, where the IRS filing deadline for tax year 2015 is April 19, 2016).
    • Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. Free 1040EZ/A + Free State offer only available with TurboTax Federal Free Edition; Offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase expected 3/18/16. Special discount offers may not be valid for mobile in-app purchases.
    • TurboTax CD/Download products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for efiling state returns. E-file fees do not apply to New York state returns. Savings and price comparison based on anticipated price increase expected 3/18/16. Prices subject to change without notice.
    • Anytime, anywhere: Internet access required; standard message and data rates apply to download and use mobile app.
    • Fastest refund possible: Fastest tax refund with efile and direct deposit; tax refund timeframes will vary.
    • Pay for TurboTax out of your federal refund: A $X.XX Refund Processing Service fee applies to this payment method. Prices are subject to change without notice. This benefit is available with TurboTax Federal products except the TurboTax Home Business/QuickBooks Self-Employed bundle offers.
    • About our TurboTax Product Experts: Customer service and product support vary by time of year.
    • About our credentialed tax experts: Live tax advice service is available via phone for your toughest tax questions; fees may apply. Service, experience levels, hours of operation and availability vary, and are subject to restriction and change without notice. Not available for TurboTax Business customers.
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    • Most Popular: TurboTax Deluxe is our most popular product among TurboTax Online users with more complex tax situations.
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    Window Cleaning Coach: How to Start a Window Washing Business, Tips, Advice, Training, Tools,

    #window cleaning business

    #

    Hi, my name is Dave and I run my own successful window cleaning business called ShineTime in Birmingham, England.

    The reason I’ve created this website is because I found that there was a lack of free information on setting up your own window cleaning business when I first started.

    Instead I found there are a lot of opportunist window cleaners on the internet who are selling their knowledge (you can’t blame them really can you).

    I realise when you’re setting up your own business funds are tight, so I’ve decided to give my expertise away for free.

    The reason for this generosity you might ask? Well window cleaning helped me out of a tight spot: I was working in a dead-end factory for minimum wage and wasn’t too happy about the situation.

    I finally decided to start my own window cleaning business, and after a lot of trial and error my business became successful. I want to help other people thinking of starting their own window cleaning company avoid some of the mistakes I made when I first started by doing this informative website.

    Let’s get one thing straight, being a window cleaner is a horrible job: in Winter you feel like your hands are going to drop off, if you’re working by yourself it can become very lonely, and sometimes your customers can give you hassle. As you’re the head of the company you’re the one who has to deal with troublesome customers because there’s nobody to pass the blame onto.

    It’s not easy either, most people seem to think it’s just a case of buying a bucket, getting a chammy and you’re away. Sadly there’s a lot of competition out there, it’s highly likely you’ll find all the best areas where you live (the posh ones that make you the most money) are taken.

    You have to be prepared to work hard to build up your round and be able to discipline yourself because there’s no boss to kick you up the arse when you feel like having an impromptu day off. It’s very easy to slip into the habit of thinking: I can’t be bothered with it today. or I think I’ll knock off early .

    It’s good to have the freedom that only comes with being your own boss, but it still doesn’t mean you can spend every other day in bed. Disappointing I know, but that’s life.

    I want to make it clear that not everybody is suited to self-employment, some people need a person watching over them to make them work. If this is a description of you then you probably shouldn’t bother wasting anymore of your time on this site. Instead, you may want to consider looking for other cleaning jobs first to get some experience and see if a window cleaning career is really for you.

    Despite all the drawbacks however, I believe if you’re desperate, i.e. stuck in a job you absolutely hate, or unemployed and on the dole, then window cleaning could be for you because it’s a realistic way of making a respectable living for a person who has no other options, just don’t expect to be driving around in a Bentley anytime soon.


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    Tips for choosing your professional email address #apply #for #a #business #loan


    #business email address

    #

    Tips for choosing your professional email address

    Andréa Coutu wrote recently about 7 terrible secrets revealed by your email address (and how to fix them). Her advice is good, and I recommend reviewing each of her points before you decide on your “official” email address.

    If you’re in business as an IT consultant, you have no excuse for not having your own domain name. If domain registration and hosting breaks your bank, then you shouldn’t be in this business. Even if your niche has nothing to do with the Internet (as unlikely as that’s becoming), nothing says “I’m not really serious” like an account on hotmail.com, yahoo.com, especially aol.com, and even gmail.com (unless you’re a Google employee). Not that you can’t also have one of those addresses (except aol.com, what were you thinking?! ), but don’t use it professionally.

    When choosing your domain name, you should use the name of your business. If your business doesn’t have a name, get one. Even if it’s just “your name here Consulting,” you should present yourself as a commercial entity. If you feel that your business name is too long for a domain name, you should make sure your abbreviation seems natural and obvious. For example, my business name is “Camden Software Consulting,” and my domain name is “camdensoftware.com”. If I had chosen something like “camdenswcnsltng.com,” then my contacts would always have to look it up to remember how I abbreviated it. Also watch out for unintended words that arise from combining abbreviations. You wouldn’t want to abbreviate “Megara Associates, Inc.” as “megastinc.com” for example.

    I’ve seen some independents who treat their domain name like an 800 number: they make it into an ad. Domains like “peoriacomputerwiz.com” may be cute, but unless it’s also the name of your business, your client will have one more thing to remember when they want to contact you. “Was it peoriacomputerguy.com, or peoriapcguy.com? Or wait, isn’t their office in Pekin?”

    For the top-level domain (TLD), I think “.com” is preferable. It means “commercial” (you’re in business here, aren’t you?) and despite being US in origin, it has international applicability. It’s also what flies off people’s fingers automatically when they’re typing a domain. If you limit your business to one country or region, then a nation-specific commercial TLD could also be appropriate. The “.org” TLD says “I’m a non-profit!” even though you don’t have to use it for that. The “.net” TLD is a little better, but people tend to infer some sort of online community instead of a business. You should avoid “.biz” and “.info” — the spammers polluted that space years ago, and your emails will get filtered for that reason alone.

    There’s nothing wrong with registering the same domain in several TLDs and redirecting them all to the same address, though. In fact, it’s a good way to keep other people from using your business name.

    So, how does your email address compare with these criteria?


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    Small Business Taxes – TurboTax – Tax Tips – Videos #business #loans #for #veterans


    #business taxes

    #

    Tax Guides Small Business Taxes

    Recent Guides in Small Business Taxes

    If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles. Special rules for business vehicles purchased in 2015 can deliver healthy tax dividends. Read more

  • Self-employment has its benefits. An LLC can help reduce your liability without reducing your freedom to run your business as you see fit. And we have you covered at tax time, with TurboTax Home Business for single-member LLCs, and TurboTax Business for multiple-member LLCs. Read more
  • If you re planning to close a business, don t forget to put the IRS on your to-do list, because tax rules require you to keep the tax agency in the loop. TurboTax can help with reporting the sale of assets, final employment tax reporting and more. Read more
  • We ll make it easy for you to figure out if you have to pay estimated taxes and if so, how much. Individuals who are self-employed may need to pay estimated taxes each quarter to square their tax bill with Uncle Sam. You may owe estimated taxes if you receive income that isn t subject to withholding including these examples. Read more
  • Doing your business tax return? We ve got tips for you on which records you should have at your fingertips, including last year s return, payroll reports and depreciation schedules. Read more

  • More Guides in Small Business Taxes


    Tags : , , , , , , ,

    Catering Beginner? Three Tips to Get You Started! The Burkett Blog – From Burkett

    #catering business

    #

    Thinking about starting your own catering business? The wedding and events industry can be very lucrative, but before you start handing out your business cards or promoting your business online, we’ve listed the top three aspects that new caterers should never miss.

    There is no better way to learn, than actually doing the task. If you’re interested in catering, you need the practical, real-world experience to successfully launch and maintain your business. Catering is no joke – it requires passion and stamina to work the long hours and big events. Getting some hands on experience will prepare you with the tools you need to move forward. You’ll also get insight on market trends and other major catering firms, allowing you to build your business to meet the needs of your customers.

    What are the most important items to get you up and running? First you need to apply for and obtain a business license. Secondly, you’ll need approval from the department of health, certifying your facility. If you plan to start out of your home, contact your local health department. There are various zoning requirements and safety codes that are specific to each state. Also keep in mind that some states do not consider a home as a foodservice facility. Do your homework and be prepared to make some costly renovations.

    Once the business end is covered, you’ll need to invest in professional catering equipment. That’s where Burkett Restaurant Equipment comes in! Commercial restaurant equipment and catering supplies streamline your operations and make every event flow smoothly. From serving utensils to storage pans, we carry all of the essentials for your new business.

    A little Business 101: In order to have a successful start-up, you’ll need a strong customer base to boost profitability. Social media is a great way to get your name out there and to have real-time interaction with potential customers. Sign up for twitter, set up a Facebook page, and monitor sites like Yelp for customer reviews. Every business owner can set up a free account on Yelp to post photos and message your customers. Don’t forget print advertising if it’s in your budget. You might consider flyers and advertisements in your local paper and magazines.

    Finally, develop valuable relationships with other event industry vendors such as florists, bands, event planners and organizers. This network of businesses can help refer customers to your catering business, and vice versa.

    Most importantly, successful caterers have three things as their strongest attributes: Talent, Flexibility and Organization. Focus on the food. Be a savvy business person. Plan your events down to the last detail, but be ready to accommodate any last minute changes. The rest, including your customers, will follow.

    Share this:


    Tags : , , , , , , , , , , , , , ,