"Strive not to be a success, but rather to be of value."

You've undoubtedly noticed that the price at the pump is dramatically lower (the lowest it's been since October 2010). The price drop means more money in your (and your customers') pockets.

What to do:

1.  Cut prices.
Now may be the time to reduce prices or fees to customers/clients. Businesses that had imposed fuel surcharges on deliveries or other rates because of higher gas prices can now eliminate fee increases. Inform customers of the change, and the reason. Similarly, businesses that have been the recipients of reduced prices from their suppliers may want to pass savings onto customers.

2.  Invest savings.
Buy new equipment to better run your business. Look for tax incentives to help underwrite your purchases.

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No one likes to talk about death, but it's a reality that could intrude any company at any time. What does a death mean for your staff and how should owners handle it?

Death of an employee
When death becomes personal and hits your staff, owners have obligations to their employees, the family of the deceased, and the government:

• Provide support for the deceased employee's family. Extending condolences goes without saying. This may be verbal or with flowers, a fruit basket, a charitable donation in the employee's memory, or another tangible gesture. Find out about funeral arrangements and determine whether you and your staff can attend (if you can provide flexibility to enable this, your employees will be appreciative). Later, you can advise the family about benefits to which they may be entitled as a result of the death (e.g., qualified retirement benefits; group-term life insurance).
• Handling your staff. Share information about the deceased employee's death to the extent that it is appropriate (e.g., what the family wants to share and what does not violate HIPAA rules). Also share funeral details and the name and address of the family member to whom cards and other sentiments can be sent. If required for the situation, offer grief counseling to staff to help employees cope with the death; referrals to outside agencies or professionals providing this counseling is doable in any size business.
• Reporting requirements. There were nearly4,000 worker fatalities in private industry in 2013. When an employee's death is work-related, you are required by Occupational Safety and Health Administration (OSHA) to report it within 8 hours. Find details about reporting here.

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Jeff Hoffman and David Finkel ~ Portfoloio Penguin ~ Hardcover: $27.95

This updated book, which has been in publication for 20 years, is geared for year-round tax planning as well as for preparing 2014 tax returns.

Celebrating its 11th edition, this book is for individuals who want to maximize their deductions, credits, and other tax-saving opportunities on 2014 income tax returns.

Important: Both of my books include a free online supplement that will explain extensions by Congress on favorable rules that expired at the end of 2013 but now apply for 2014 returns.