ma albanian business journal

[1]

BUSINESS MARKET ING F INANCE TECHNOLOGY

FEBRUARY 2014 ISSUE 1

WELCOME

to

MALCC

WWW.MALCC.ORG

http://www.malcc.org


MA ALBANIAN BUSINESS JOURNAL | WWW.MALCC.ORG/MAGAZINE | FACEBOOK.COM/MALCC.ORG

WELCOME TO MALCC

Welcome to the first edition of

the Massachusetts Albanian

Business Journal, short MABJ.

This is the official magazine for

the MALCC- Massachusetts

A l b a n i a n C h a m b e r o f

Commerce. We also want to share

on this first issue that the

MALCC was formed in 2013 by

a group of vibrant entrepreneurs,

with very successful businesses.

The mission of the Chamber is to enhance economic growth of the MA Albanian Community by focusing on the p r o m o t i o n a n d development of the business community, and those areas of affecting business.

The underlying message of

our mission is that through

collaboration and sharing best

practices Albanian Businesses can

not only achieve greater growth

but also be able through common

efforts to tap into markets that

could not before.

On the mean time the

chamber is also a place of

networking for young and

aspiring students and

professionals. By supporting the

activities and participating in

our events people can network

with highly influential business

leaders and peers alike. A sea of

opportunities will surface for

students looking for internships,

for professionals that are looking

to network for their businesses or

career growths.

Through events and speaker

series that we are working on

providing for our community we

could prepare ourselves for better

opportunities and this is how

success is achieved.

In the name of our Board

and our management I want to

welcome all current members,

future members and the Albanian

Community in MA. Ardian Preci- CEOMA Albanian Chamber of Commerce [email protected]

CONTENT

WELCOME TO MALCCWelcome to the first edition of the MABJ, the official magazine of MALCC. Ardian Preci, Ceo of MALCC

3 BIG QUESTION BEFORE BUYING A HOME If you are thinking about purchasing a home right now, you are surely getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in real estate. Ilia Cobi -Realtor

10 TAX SUGGESTIONS FOR THE SELF-EMPLOYED As a self-employed person, you get some tax breaks that your employed friends don’t- Erion Kodra - tax preparer

THE IMPORTANCE OF LIFE INSURANCE Life is always changing, and protecting your family's needs as they evolveis important. Orieta Kristo Insurance Agent

TECH TOOLS YOUR BUSINESS COULD BENEFIT FROM Everyone is looking for new technology or apps to help free time get more organized and become more effective. Ardian Preci Tech Enthusiast

MA ALBANIAN BUSINESS JOURNAL N-1 FEBRUARY 2014

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If you are thinking about purchasing a home right now, you are surely getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home.

There are three questions you should ask before purchasing in today’s market:

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money:

A good place to raise children and for them to get a good education

A place where you and your family feel safe

More space for you and your familyControl of the spaceWhat non-financial benefits will you

and your family derive from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?When looking at future housing

values, we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed

over the next five years. They then average the projections of all 100+ experts into a single number.

Here is what the experts projected in the latest survey:

Home values will appreciate by 4.3% in 2014.

The cumulative appreciation will be 28% by 2018.

Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by an increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac have all projected that mortgage interest rates will increase by approximately one full percentage over the next twelve months.

Bottom LineOnly you and your family can know

for certain the right time to purchase a home. Answering these questions will help you make that decision.

Your Realtor,Ilya CobiReal Estate Experthttp://cobirealestate.comEmail: [email protected]

MAGAZINE STAFF EditorArdian Preci

Deputy EditorGerta Gjata

Design & Media Production Pardian Consulting

ContributorsAll Content is the copyright of the contributors and may or may not represent the direct views of MALCC.

this issues contributors

Illia Cobi- Real Estate

Erion Kodra - Tax

Orieta Kristo - Insurance

Ardian Preci - Editorial


3 Big Question Before Buying a Home

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Erion Kodra EA

Having your own business increases the amount of recordkeeping you have to do for tax purposes. However, as a self-employed person, you get some tax breaks that your employed friends don’t. For example, employees can deduct certain expenses, but only after they exceed 2% of adjusted gross income. You can deduct business expenses right off the top – and the expenses even reduce your social security and Medicare tax, which you pay in the form of self-employment tax.

These following tips can make tax time less painful and help you take advantage of some of the tax benefits of working for yourself:

1. Maximize your medical insurance deductions

You can deduct health insurance premiums for yourself, your spouse, and your dependents as an adjustment to income. This includes premiums for long-term care insurance. The policy does not need to be in the business name – it’s deductible even if it’s in your name.

2. Keep the form of your company simple

Unless you need to form a partnership or a corporation for some reason, stick with a Schedule C, Sole Proprietorship. It’s the simplest way to file, and there’s nothing you have to disband if you move on to something else. If you’re looking for legal protection, get liability insurance (and talk to your lawyer).

3. Automate your recordkeeping

Small business recordkeeping is much easier nowadays. In fact, shoeboxes (or plastic bags) full of messy receipts should be a thing of the past.

Use personal finance software that’s synchronized to your bank accounts. Automatic recordkeeping not only saves you time, but it’s less prone to mistakes, too.

4. Itemized deductions vs. business deductions

By taking a business deduction instead of an itemized deduction, you reduce your adjusted gross income and your self-employment tax. Whenever possible, deduct an expense or a portion of an expense as a business expense.

5. Pay your childrenYou can deduct the amounts you

pay your kids to work in your business, and the kids generally pay less tax than you would. The first $5,950 the child earns is sheltered by the standard deduction, and any amount above that is taxed at the child’s rate, which is generally much lower than yours.

6. Take the home office deduction

If you have a home office that qualifies to the IRS rules, you can deduct some of your otherwise nondeductible expenses, such as a portion of your home insurance, utilities, and rent.

THE 5 CS OF WRITING BUSINESS LETTERS

Clear: Make sure your purpose and intent is clear to the reader.

Complete: Include all the information the reader needs to have.

Concise: Make sure your letter is not too wordy.

Courteous: Address the reader politely.

Correct: Edit and proofread your letter so that it has no grammar, spelling and punctuation errors.


10 Tax Suggestions for the Self-Employed

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7. Avoid the hobby classificationIf the IRS deems your business to be a hobby, you’ll have to report any income, but you’ll only be able to deduct expenses up to the

amount of your income.That’s no deal if you’re seriously trying to earn a profit – especially if you may clear a handsome taxable profit in future years!It helps to have a profit in three out of five consecutive years, but you may still convince the IRS you are a for-profit business if you

operate in a businesslike manner and keep good records.On the other hand, if you make a little income every year from something that really is a hobby, such as breeding dogs or carving lawn

ornaments, you may want to keep it that way.Hobby income is not subject to self-employment tax, which otherwise would be 15.3% of your net income from the operation.8. Make charitable contributions into business expensesUnder normal circumstances, you can’t deduct charitable contributions on your Schedule C. However, if you give money to charities in

exchange for advertising, it’s a business expense. That will give you a greater tax benefit than an itemized deduction.9. Maximize your retirement contributionsContributions to IRAs are still limited, but you can contribute significantly more by opening a SEP, SIMPLE, or profit-sharing plan,

instead.10. Track and record all business mileageWhether you take the standard mileage deduction or your expenses for gas, oil, and other actual expenses, you must have good records

to deduct vehicle expenses.Your records must include mileage driven, the purpose, and the date. Count every trip to the post office, client meetings and Sam’s

Club for supplies – those miles add up!

Erion Kodra Tax Preparer Email:[email protected]

Photo credit: Paul Maguire via Dreamstime.com

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The importance of Life Insurance

Seeing your daughter take her first step.

Gathering on the couch with a bowl of popcorn

for movie night. Bear hugs after a long day

at work. Getting the key to your first home.

Watching your son cross the stage to receive his

diploma. Wondrous moments like these-both

small and large-form the patchwork of our lives.

As parents, we want our loved ones to have lives

filled with happiness, comfort and opportunity.

And we'd do almost anything to make that happen.

We re-arrange our schedules to never miss

our kids' sporting events. We put in extra time at

work to save up for that special family vacation.

We rush out of the office to make sure we're

home in time for dinner with our loved ones.

But what if you died tomorrow and were no

longer around to provide for your family? If your

surviving spouse had to work two or three jobs to

make up for your lost income, would there still be

enough time or money to maintain your family's

quality of life? Or would life become a struggle for

your loved ones, leaving little time to savor life's

special moments?Life insurance cannot put your

family's life back tohow it was, but it can keep them in

the worldthey've always known. By having the

proper

amount of life insurance, you can rest easy knowing

that your loved ones will have the kind of life

you always hoped they'd have, even if you're not

around to witness it.

Life is always changing, and protecting your family's needs as they evolve

is important.

Orieta Kristo | Lead Sales Representative | Liberty Mutual Insurance

[email protected]

TERM LIFE INSURANCE Term life insurance provides affordable coverage to meet your temporary needs. Term life insurance may be the right fit for you if you are looking for:

Guaranteed coverage for a specific amount of time or to cover specific financial obligations

Protection for your family on a limited budget

Level premiums that are guaranteed not to change

A complement to an employer's life insurance plan


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Everyone is looking for more resources and new technology or apps to help free time get more organized and become more effective. Below there is a list of tech tools that could be useful for small business on the move sales people or consultants.

1. Grasshopper, is a virtual phone system that allows you to have a number route it to your cell phone and it will sent you notification with missed calls and it will email you voicemails, which means you can have a phone on the go and look professional. It also gives you option to record a standard message with company name. It has extension and give the options to have extensions for team members or sales and service. very affordable

2. Mailchimp, is a email marketing provider which is a bit more advanced then some others out there and you could also use it for free up to a certain

amount of mail campaigns. It is integrated to social networks and very easy to use. If you have a list of emails and clients that you like to keep in touch with, this is a great tool

3. Zoho, this is a platform that has a few different products, professional email @yourdomain.com up to 3 for free, you can look like a pro for nothing. It has CRM(costumer relationship manager) which integrates with the email so you can keep notes for contacts and ways to follow up with them. Invoicing is one of my favorite things as you can create really good looking invoices and turn them into pdf format and email them to your clients, also integrated with crm and email. If you are in the recruiting industry Zoho has a great recruiting dashboard where you can keep, sort and store resumes for candidates.

4. Flint, I came across flint on their very beginning and now they just got better. Flint bring payment processing

to a whole different new level. You can take credit cards from your smart phone IOS or Android. You need no dongle for swiping. Flint uses the phone camera to take a picture of the card then encrypts the data so no photo is saved on your phone, and off you go you received a payment. Great for sales people and small merchants. their fee is 1.95% for debit and 2.95 for credit no set up no hidden fees. They only accept visa and mastercard for now. They have 2 great features now as you can invoice your customers to pay at a scheduled day and the customer can go and do a payment following a link, you can sent them a receipt via email, and they can share to facebook and like your fanpage or give a review. Also for no extra cost either you can create coupons and sent them with invoices or receipts to clients so you can increase return customers.

Ardian Preci

SOCIAL MEDIA MARKETING

As Facebook turned 10 years old and everyone is there with their fanpages, there is two other social networks that are very important for your online marketing and that can increase your exposure, but are greatly ignored.

Pinterest, The photo pinning network is greatly ranked by gooogle and when people search for images pinterest photos rank up. If you are in the restaurant or photography, or real estate business and you have not joined you are missing out.

Google+, Everyone jokes that googles social network can not do what facebook does, but as far as ranking and online exposure goes, this is the place to share your posts, articles quotes, photos, events and everything else as it will show quicker in search engines


Tech Tools Your Business Could

Benefit From

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This Issue Was supported by

Credits and thanks

We want to dedicate this sections to people and businesses that have supported and contributed to the chambers mission by being active, helping on events promoting the chamber.

1. Leonard Keka - Alba Restaurant

2. Aleksander Gjonca _ Nuovo Restaurant

3. Albion Calaj - One Billion Shirts

4. Poligraphix printing Services


If you have any

interesting articles or a

business to promote we

would be happy to help,

so do get in touch and

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