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January 27, 2021 by: Miles

7 Tips for Giving a Great Business Presentation

Presentations are used in the business world quite frequently for several reasons. These presentations could be to explain a new product or service to a potential client. They could also be a way to report progress, solve a current problem, providing new information, and much more.

Before giving your business presentation, it’s essential that you take the time to ensure you’re prepared. The last thing you want to do is step in front of a large audience or a very important audience and seem unprepared. To better prepare yourself before a presentation, you should know a few presentation tips.

In this guide, you’ll discover how to give a presentation. This information is useful not only to better prepare yourself but to keep your audience interested and engaged as well. Continue reading below to get started!

1. Consider Your Audience

One of the first things you should do is consider your audience. Know who your audience is so you can cater to them during your presentation. This step is essential.

What is the main purpose of your presentation? Is it to give information? Is it to persuade the audience into making a purchase?

Gather this information and then create a presentation that’ll keep them entertained and interested. Something to keep in mind is your audience will vary between extroverts and introverts. It’s great to have some activities for the audience to complete as part of your presentation.

Activities help them stay engaged but keep your introverts in mind also. Introverts might learn best from a lecture style. Everyone learns differently so have a good balance of lectures, audios, visuals, and hands-on activities.

2. Create a Storyboard

Before you dive right into your slideshow presentation, make sure to create a storyboard first. How will a storyboard help? Your storyboard is your rough draft.

This is where you’ll come up with the main purpose of your presentation (what you want your audience to take away from it). You’ll also put together the main points you want to share and how they connect to the main purpose. The storyboard is where you can brainstorm and come up with presentation ideas.

You’re going to learn what works and what doesn’t. Discover your introduction, the body, and the conclusion. Once your storyboard/outline is complete, you can then begin to develop your slides.

3. Develop 3 Main Points

You’ve done your research and you know everything about the topic your presenting. There’s so much information you want to share but wait. How much information can your audience take in at one time?

If you overload them with information, then your presentation might not be as successful as you hoped. It’s a good idea to stick to three main points. This will prevent your audience from feeling overwhelmed during your presentation.

They’ll also be able to leave your presentation remembering all of the information presented.

4. Limit Your Slides and Information

You want to stick to three main points, but you also want to limit the number of slides and information listed on each slide as well. For example, if you chose the three main points you want to discuss, but then have 10 slides for each point with information listed from top to bottom, it’ll still become overwhelming for your audience.

Instead, limit your total number of slides to 10. Having your audience sit through more than 10 slides in total is a good way to lose their attention. You can still conduct a 30-minute presentation with only 10 slides.

Use your slides as a guide, not as the primary way to provide information. You’re going to provide the audience with information by lecturing, hosting activities, playing short video clips, using voice recording services for a voice-over, and more!

5. Stay Consistent

When creating the slides for your presentation, it’s important to stay consistent. When you have different colors, text fonts, and text sizes on every slide, it can become distracting. The more consistent your design is, the more professional your presentation will appear.

Find a font and text size you like and then use it throughout the entire presentation. You can use your voice, your activities, and your other visuals to draw emphasis to certain points.

6. Bait Them With a Hook

When learning to write papers in school, you learned to bait your reader with a hook. The same is true for your presentation. Don’t forget to start off your presentation with an introduction that baits your audience.

This will set the tone for the rest of your presentation. Use an interesting quote or a shocking statistic that relates to your topic. You want to start with something that makes your audience sit up in their chairs, open their eyes, and give you their full attention.

If you plan to incorporate video clips into your presentation, then you can even consider beginning your presentation with a video clip that’ll grab their attention while giving them a good idea of what your presentation will be about.

7. Practice, Practice, Practice

You can put together a well-planned and thought out presentation, but you could fail to meet your audience’s expectations if you don’t practice. Remember, your slides are your guide. You are the main show.

Be sure to practice presenting your slides, giving out the activities, and all other aspects. You should also record yourself while you practice. You can then watch the recording to see what things you want to work on.

Does your voice need to sound more enthusiastic? What’s your body language like? Did you remember to smile?

These are all things you may not catch when actually practicing, but you will notice when watching yourself practice. Practicing your presentation is also a good way to work out any small issues with the slides and presentation itself, such as a video not loading correctly.

It’s Time to Plan a Spectacular Business Presentation

With all of this helpful information by your side, you can now begin to plan a spectacular business presentation! Take your time, be precise, stay consistent, provide a variety of presentation methods, and practice, practice, practice. Keep this guide in mind when creating your presentation, and you’ll be sure to amaze your audience.

For more business, technology, and other helpful topics, be sure to visit on a regular basis.

January 22, 2021 by: Miles

Midwest Cities See Growth in Law Firm Markets

Law firms across the American Midwest saw unparalleled growth beginning in 2019 and continuing into 2020. In fact, cities outside of Chicago saw an average revenue growth that surpassed Chicago’s throughout 2019.

A Surge in Revenue Leading Up to 2020

An analysis conducted by The American Lawyer found that Midwestern law firms in various cities other than Chicago saw a far higher growth rate in 2019 than firms located in Chicago. The analysis looked at growth across a wide range of firms, including 25 Am Law 200 firms located in the Midwest.

Seven of the Am Law 200 firms, including Ice Miller, Barnes & Thornburg, and Polsinelli, reported earning double-digit gains that year. They experienced more growth than the average 5% that the Am Law 200 saw across the country. On average, Midwestern firms experienced a growth of 7.76% in 2019, making it a landmark year for many firms in the region.

Early in 2020, Citi Private Bank’s law firm supported the data with another analysis. Their study confirmed that law firms throughout the Midwest outperformed Chicago-based firms in 2019 when it came to finances, even though Chicago is ordinarily the region’s primary commercial hub.

More Mergers Leads to Increased Financial Success

Throughout the Midwest, the country saw numerous law merger announcements in 2019, more than in any other region. Those mergers went into effect as of 2020. The mergers are likely to drive more growth for firms outside of Chicago, particularly as they involved law firms both in the Midwest and beyond to combine markets in different areas.

Many firms with reduced revenue were able to see increases in revenue by partnering with other firms, helping contribute to the health of the law firm market in the Midwest.

Another factor that helped contribute to many law firms’ success was the areas in which they practiced. Law firms branching out to multiple practice areas are more likely to see more success as they take on clients with different legal needs. For instance, a firm focusing on one practice area, like workers’ compensation, is less likely to see as much success as a firm that also handles personal injury, auto accident, and other cases.

Pulling Out of a Difficult Recession

The COVID-19 pandemic led to difficulties for many businesses in 2020, but the successes that many law firms in the Midwest experienced could help keep them afloat as they reel from a recession. While many other businesses are struggling to get back on their feet and are likely to continue struggling for some time, law firms that experienced more success before the pandemic are likely to thrive in comparison.

Lawyers in Illinois and other states in the Midwest have the chance to succeed even more than firms in Chicago that may not have performed as well before the pandemic. Even after furloughing employees who couldn’t work remotely, the report from The American Lawyer determined that many law firms that did well the year before are still set to flourish. Over time, firms that have taken steps to prepare their budgets are likely to continue to do well in an otherwise difficult environment.

 

January 16, 2021 by: Miles

4 Essential Steps to a Successful Product Launch Event

Most industries today are oversaturated with products. This makes it difficult for entrepreneurs and small business owners to launch successful products. Nearly all of the new releases made by both small and big companies fail.

In some cases, these new releases don’t become successful because the product is simply bad and doesn’t provide consumers with any real benefits. However, others fail only because they’ve done a bad product launch and haven’t generated a lot of hype. To ensure that something like this doesn’t happen to you, here are some essential tips that you should follow.

Determine the venue

When you decide to create a product launch event, one of the first things that you’ll need to ask yourself is where it will be held. Ideally, you should find a venue that will be easily accessible to people in your area. The location you choose will have an impact on how many people will attend the event, so decide carefully.

Be selective with invitations

What you want to do when you host a product launch event is generate as much hype as possible. This will help ensure that people who didn’t even know the event was taking place will hear about it and your new product. That’s why you should be selective with invitations. Start by inviting bloggers, influencers, and journalists.

Once you invite them, it’s time to get in touch with some of your most loyal customers and ask if they’d be willing to come to the event. It’s always a good idea to have people who love your brand at the event, as they’ll help you determine how much your core audience enjoys your new product.

Create a memorable experience

Although your main goal is to promote a new product or service that you’re releasing, you should also focus on creating a memorable experience for people who attend your event. Try to come with creative ways to present your idea to attendees. One example would be hiring a video game developer to create a simple 2D game that demonstrates the value of your new product in an entertaining way.

You can also use virtual reality to create a memorable experience for people in attendance. What’s great about this idea is that it can be done on a budget. Nowadays, a lot of companies rent laptops for a product launch and even VR equipment. In fact, some even hire tablets or smartphones that they use to gather customer feedback at events.

The follow-up

When the event is done and everyone starts going home, you need to follow up with your audience online. This is a great way to increase sales and boost the number of pre-sale orders you get for your new product. To do an effective follow-up to the event, you need to connect with the people who attended it on social media. Share photos, tag attendees, and respond to comments and questions from your customers to ensure that your product launch event gets the hype it deserves.

 

January 5, 2021 by: Miles

Is a casino always liable when you slip and fall?

Casinos are not liable for every incident that results in slip and fall accidents. Although the casino management is required to maintain safe facilities, they are only responsible for protecting patrons from incidents that they know or should know can lead to harm. The key to holding casinos liable proving that the management or employees acted negligently in some way and the negligence led to the injury.

Proving Casino Liability

Casinos are required to do whatever is reasonably possible to protect patrons from foreseeable conditions that could cause injuries. For instance, if a person slips on a liquid that has just been splashed or spilled by another patron, the casino is unlikely to be liable because it is not reasonable to expect casino employees to clean every spill immediately.

Similarly, the casino may not be liable if a patron slips and falls on a slippery floor where a wet floor sign has been placed. The sign is evidence of employees or management attempting to take a reasonable precaution to prevent casino injuries. The casino may, however, be held liable if the wet floor sign is obstructed or hard to see because of poor lighting.

To succeed in a claim against a casino, a person has to prove that the casino breached its duty of care to him or her and that the casino’s negligence led to the slip-and-fall accident. A casino can be proven negligent if the patron shows:

  1. The casino had a duty to protect him or her from injury.
  2. The management knew or reasonably should have known about the hazardous situation.
  3. The casino failed to correct the danger, thus was negligent.
  4. This negligence caused the injury.
  5. The injury has been confirmed.

Building Strong Casino Injury Claims

Building a strong claim requires knowing what to do after a slip and fall and collecting good evidence. These types of evidence are beneficial to patrons looking to prove casinos liable for their injuries:

  • Photographic evidence: Cellphones are useful tools in building casino injury claims. One of the first things victims of slips and falls should do is take photos of the accident scene, particularly the dangerous situation that made them slip and fall.
  • Incident report: Victims should ask staff or managers for an incident report. They need to fill out the report and take a photo of it once they are done to serve as documentary evidence. If possible, the manager can give them a copy of the report.
  • Medical attention: Patrons should seek medical attention after slip-and-fall accidents, even when the injuries are not apparent. Some injuries may not be immediately obvious but still cause effects in the long term. For example, a back injury may cause complications that affect a victim’s quality of life much later. Additionally, states have personal injury statutes of limitation. Therefore, victims may be ineligible for compensation if they wait until problems surface to make a claim.

With pieces of evidence like photographs, medical records, and written reports, patrons give themselves the best case to prove casinos liable.

 

December 16, 2020 by: Miles

Injured At Work: Here Are 5 Steps To File A Personal Injury Claim Lawsuit

Accidents in the workplace is a common phenomenon, and it falls in the category of personal injury. The accidents can lead to both mental and financial breakdown of a person to a great extent. You need to overcome some of the workplace’s legal obligations to get the claim of your personal injury.

You must consider some of the critical points in light of this matter. In a Forbes study, it has been found that most of the cases are on personal injury. Personal injury cases in the workplace are increasing at an alarming rate. You need to follow specific essential steps to get your compensation at the right point in time.

5 Steps To File A Personal Injury Claim Lawsuit

There are several essential steps that you need to take care of while you are aiming to claim the lawsuit. Therefore, let’s explore the steps one after the other to understand the facts better.

1. Focus On the Injury

The first important step you must take here is to focus on the injury you have got in the workplace. You must take care of the fact that all the small and significant damage issues are taken care of.

If the injury is small, then also do not ignore it. Minor damage can become a major one if it is not treated well on time. If the injury is significant, you must immediately go to the nursing home and get the initial treatments to safeguard your life. You must also inform the family, friends, and colleagues about the incidents.

2. Report The Incident To Your Manager & Colleague

You must inform your colleague and the manager about the incident so that you can get the requisite amount of help at the right point in time. Now, if your company is unresponsive to your financial needs, then you can contact the best Florida construction accident lawyer.

Once you contact the accident lawyer, they can take the right steps so that you can get the required amount of compensation from the company. Your manager can act as evidence at the time of trial if your company does not pay your accident claim.

3. Take Photos And Videos As An Evidence

You can take the photos and the videos as evidence to prove the level of injury you have faced in the workplace. You cannot afford to lose this valuable evidence. You must be responsive enough to these aspects to get the full amount of compensation from the company.

Some of the employers show their reluctance to pay your compensation for the accident in their workplace. These photos and videos can help you get the right amount of payment you deserve from your employer’s end. Here, you cannot take things for granted. You must make your commitments in the right direction.

4. Go To The Hospital & keep track of Your Expenses

When you are in the hospital, then your family members must be present with you. Ask them to keep track of your medical bills and expenses so that you can get the required amount of compensation from the employer.

Your employer may not be interested in paying back your required compensation, but this evidence can help you get the money on time without any issues. You need to be proactive in your approach while dealing with such situations.

5. Ask Your Trustworthy Colleague For Help

Your employer may not be interested in paying your workplace compensation that you deserve. In such a scenario, your colleague can help you get the information that your employer plans to ignore your payment of the workplace accident.

After knowing their plan, you can consult your lawyer to take the necessary steps for getting back the money.

Conclusion

Hence, these are some of the essential steps that you can take to get your workplace accident compensation. You need to develop your strategy in the right direction regarding your personal injury claim to get the accident claims on time.

December 15, 2020 by: Miles

Strategies To Boost Your Employees’ Morale

Many different factors contribute to organizational success, but the most crucial ingredient for success is happy employees. While you come up with the ideas, your team helps you execute your vision flawlessly. Happy and motivated employees are easily the top characteristics of any productive, flourishing company. If you want your business to grow, it might help show your employees just how much they mean to you. Every employee comes with a valuable asset of skills, which is integral to creating a holistic and well-rounded brand. While employees need to perform their duties to the best of their abilities, it’s up to the employer to provide them with a supportive and nurturing environment. Suppose you’re struggling with maintaining employee morale. In that case, you might end up facing problems such as attrition, low productivity, and customer satisfaction may drop too. However, keeping your employees happy isn’t as difficult as you may imagine. If you want to show appreciation to your employees, keep reading below for the best strategies to boost their morale and productivity.

Multi- Cultural People

GIVE YOUR EMPLOYEES A PHYSICAL TOKEN OF APPRECIATION

Motivational words can mean a lot, especially when coming from the boss. Still, a physical token of appreciation can go an even longer way. Awards are the best way to give employees a token that reminds them that their hard work will pay off and be respected. Furthermore, corporate awards are excellent additions to any CV, so you can be sure that your workers will appreciate the idea. Whether you want to give each department awards or reward the employee of the month is up to you. However, you should ensure that the prize is a beautiful reminder to your employees that dedication pays off. There are numerous choices available in the market for awards. The best option is to get some glass awards from the market and print your logo and appreciation message. An award can go a long way in showing your employees how much you value them, so they keep working hard.

ENCOURAGE EFFECTIVE COMMUNICATION

Effective communication is the best way for you to ensure that you can keep your employees motivated and productive. With effective communication, you can tell your clients exactly what you expect from them and ensure they deliver. Additionally, it’s a means by which employees can resolve any problems they might face in the workplace. With frequent one-on-ones, your employees will feel that they work in a company to get the support they need. Communication is even more critical in this pandemic when things are incredibly uncertain for all employees. Workers need to adapt to new technology and work remotely for what is the first time for many. So, to keep your employees’ morale boosted in these uncertain times, make time to talk to them.

PROMOTE A HEALTHY WORK-LIFE BALANCE

Burnout is the most serious issue that causes employee attrition, low morale, and dropping productivity. All work and no play can make your employees resent their work, even if it’s something they used to enjoy. To prevent burnout, you must structure your working hours so your workers also have time for different activities. More and more businesses adopt flexible working hours, allowing employees to pick how they fulfill their work requirements. With the right work-life balance, your employees will come to work energized instead of drained. Furthermore, they’ll appreciate you for creating a work environment that doesn’t swallow their lives.

MAKE SURE YOUR EMPLOYEES GET ALONG

Teamwork is essential if you want your employees to be productive and wish their skills to improve. When your employees get along, they can work on projects better and get a chance to utilize everyone’s skills better. However, your employees are much more likely to look forward to coming to work with a friendly office culture. To ensure that your employees get along, arranging work events where employees can unwind is useful. Picnics, vacations, or even a simple trip to everyone’s favorite restaurant can give your employees the chance to connect on a personal level. With more friends around, your employees are likely to have high morale. Furthermore, supportive teams are more likely to have increased productivity levels, so know that whether your employees like each other or not affects you too.

FRINGE BENEFITS CAN GO A LONG WAY

If you’re a startup, chances are you can’t offer your employees the full spectrum of benefits just yet. However, that shouldn’t make you worry too much. There are many ‘fringe’ benefits that you can offer to your employees, which boost morale. Whether it’s a monthly massage, fitness center discounts, or even a collaboratively designed cafeteria plan, you can easily show your appreciation with small steps. These small benefits can improve the overall life-quality of your employees, making them more motivated to work. Furthermore, they help employees save a lot of money, so they’ll want to stick around longer.

TRAIN YOUR MANAGERS TO BRING OUT THE BEST IN YOUR EMPLOYEES

Competent managers can easily make or break any company, as their performance can impact the employees immensely. One of the best ways to boost employee morale, in the long run, is by training your managers to nurture each employee’s natural strengths. It can be extremely beneficial in raising the employee’s morale as it helps them grow professionally and personally. When they’re getting such long term benefits from the job, they are likely to be more satisfied and motivated to perform even better. Furthermore, this allows you to tap into each of your employees’ maximum prowess and put together a truly unbeatable team. Competent managers can help create employees who can adapt to any crisis, as they have a wide range of skills.

CONCLUSION

Gone are the days when the only thing companies could do to boost their employee’s morale was by giving them a promotion. The best rewards are now much more intrinsic. Focus on showing appreciation for your employees and providing a nurturing environment where they can build their strengths. With motivated employees in high spirits, your company is sure to grow by leaps and bounds.

 

December 10, 2020 by: Miles

Top Reasons Why Small Businesses in Sydney Need a Tax Accountant

Australia has always been a strong entrepreneurial nation, with small businesses forming the backbone of the economy. The Central business district of Sydney is home to a sprawling number of small businesses that are growing by the day. Owing to Australia’s 30% flat rate taxation policy, it makes it an even more attractivecentre for small businesses.

As a small business owner in Sydney, it’s understandable that your life can get tedious with your day to day operations and added to the woes is adhering to the taxation norms of ATO. Hiring the services of an experienced and well-versed tax accountant in Sydney can give you an upper hand when it comes to handling the stress of the tax season and managing the financial ins and outs of your business.

In fact, 72% of SMEs or small businesses in Sydney hired external accountants or accounting firms as the most common source of advice to manage their business’s financial accounts. Below are some reasons why small businesses in Sydney should consider hiring a tax accountant:

1. Save Time, Money and Sanity

A qualified professional accountant in sydneywho specialises in working with small businesses can help you generate accurate financial reports and avoid errors, especially when you are starting.

They will take care of your finances while you are free to focus on critical aspects of your business that need more attention.

2. Minimise your Taxes

When it comes to the tax season in Sydney, which typically falls from July 1 to October 31, as a small business owner, you need to stay prepared to file your taxes on time and avoid last-minute balance sheet preparations that tend to get erroneous. Apart from helping you file your taxes on time, a great accountant in Sydney knows how to manoeuvre through several taxation norms and identify opportunities to reduce your tax burden.

3. Maximise Tax Returns and Deductibles

Business accountants also ensure that you are aware of how to receive the most from your tax return. Likewise, they also help you identify possible sources of deductibles that you are eligible for. They take an all-rounded look at deductible business expenses that include contracted labour, rent and vehicle expenses to ensure that you have an optimal write-off possible.

4. Enable You to Manage Your Business and its Growth

Not every small business owner has a thorough knowledge to comprehend their finances. This is where an accountant can help you analyse and understand your financial statements and know where your business stands. They can help you examine areas for growth and receive warnings for areas that need improvement.

5. Budgeting and Forecasting

Budgeting is a prime aspect in any business that you cannot afford to overlook. An effective tax agent will help you develop a business budget that will help achieve your goals and thrive in the long run.

Besides, they also use your financial data to forecast and monitor future costs and revenues so that you can make smart decisions to propel your business forward.

6. A Lifelong Mentor

The biggest benefit of hiring a tax account is that they are always there for you and travel through the ups and downs of your business to suggest the best course of action. As a result, your tax accountant can become an irreplaceable mentor that works closely with your company.

It may feel intimidating to let an outsider get an inside view of your business. But hiring the services of the best tax accountant in Sydney will help you achieve your business goals and set the stage for long-term success. You don’t have to plough through your invoices and receipts at the end of the month or year all alone; partner with an accountant to set your finances right.

 

December 9, 2020 by: Miles

Small Business Management Tips For Beginners

If you’re new to owning and operating a small business, you already know you have a lot to learn. The learning curve is sharp, but you have many tools at your disposal. Learning to use those tools is what will make you and your business successful.

Take the time to start learning today. Read through a few small business management tips for beginners, and begin unpacking and refining what you already have in the working.

Make your business a legal entity

In the very beginning, it’s important to make your business a legal entity. Set it up as an LLC (limited-liability company) or whichever format makes the most sense for your plans. Legally establishing your business will make it easier to get things done in the future.

Running your business as an addition to your own personal income will make things pretty hairy when tax time comes around. Save yourself the trouble, and take the necessary steps to create your business on paper.

Utilize the best financial software

Pay for the best financial software to make certain the financial workings of your business are always in check. Messing up with the money is one of the worst threats to your operation’s success.

Investing in quality financial software will help you keep track of every dime that goes in and out of your operation. If you’re upgrading the HVAC in the office or adding cold shot chillers to your machines, you need to easily see a picture of how the cost of the service will impact your finances.

Invest in great employees

You need good people who know how to conduct themselves in a professional setting to move your business forward. People who take your business as seriously as you do are the sort of people you need working for your company.

Make sure to do some research on what you really need in an employee, and use what you discover to properly vet applicants. Two or three reliable, trustworthy employees could make all the difference for your business.

Automate your bill payments

Paying all the bills for your business can get pretty hard to maintain. When you have ten different due dates, there could be confusion from time to time.

Take the element of confusion off the table, and automate your bill payments whenever possible. Automating your payments will save you from having to pay late fees and reinstatement fees.

Never stop learning

As a business owner, you should never stop thirsting for more knowledge. Never stop learning more about your niche. Never stop learning about how to run a business, even if you feel supremely competent. Business is always changing. Keep pace by consistently seeking out new knowledge.

 

December 2, 2020 by: Miles

Top 5 Differences Between Sales Taxes And Value-Added Taxes (VAT)

If you are in the US and selling goods and products. Then you are fortunate. In the US, there are some products that are exempted from any taxes throughout the supply chain. However, other nations are more inclined towards Value Added Tax (VAT).

There is a basic difference between these two taxation methods. If you are a student and want to pursue a career in taxation. Then here are the differences that you must need to understand.

What Is Sales Tax?

A sales tax is the tax collected by the retailer at the end of the selling process. For instance, if a company is a manufacturer of refrigerators, the company will not pay sales tax on the refrigerators. Instead, the company will pay tax on the safety equipment that the employees are using. The equipment is not part of the final product. Hence, the company is liable to pay taxes on that.

Here are some of the typical sales that are exempted from sales tax.

  • Goods purchased as resale.
  • Components or parts purchased to make the final product.
  • Machines that are directly used to make the goods.
  • Container and packings.

What Is Value Added Tax (VAT)?

A VAT or Value added tax is a form of tax that is collected throughout the supply chain. That means suppliers, distributors, manufacturers, producers, retailers, and wholesalers collect tax on every qualifying sale. The US does not have any concept of VAT, but some other countries consider VAT as Goods and Service Tax (GST).

Let’s understand VAT in a much more practical way. A component manufacturer buys raw materials from suppliers. Other organizations then assemble the parts. Then the retailer sells these computers to individual consumers during every phase of the cycle. A value is added to the product.

The VAT covers only the entity’s extra value and not the original price of the product.

How Is Sales Tax Different From VAT?

One of the most highlighted differences will be perhaps the two’s documentation requirements when we come down to differences.

In the retail environment, the sales tax is established, and the consumers cannot do anything about it. The rate of sales tax will be the same at every level of the cycle. However, with the VAT, things change. In VAT, entities dealing with the product need to maintain thorough documentation to claim the VAT.

The VAT system imposes a sense of responsibility and self-governance on the system as the entities are entitled to look at the network as no to pay more than they can afford or less than the products worth.

Key Difference Between Sales Tax And VAT

For those who are not well aware of the key differences, we have listed the key points that will make it easier for you to understand.

  1. Sales taxes are the taxes businesses pay on the sales. But VAT is the addition of the value that is done by every entity throughout the supply chain (producer, manufacturer, distributor, retailer, etc.).
  2. Sales tax is a single-stage tax, where the taxation percentage is fixed. However, in the case of VAT, it is a multi-stage tax. The value is added at every stage of the supply chain.
  3. In the sales tax, entities can evade taxation. But with the VAT into play, taxation is checked at every level. Hence, evasions are reduced to none.
  4. In the sales tax, there are times when the phenomenon of double taxation takes place. However, this cascading effect can be caused by the VAT system.
  5. The sales tax is charged on the total value of the product. But in the case of the VAT, VAT is charged only on the value-added to the products.
  6. Sales tax is easy to calculate. However, VAT is quite complex, and you need a learning curve before you can calculate VAT.
  7. Sales tax has been the reason for the increased tax burden on Consumers. But in VAT, taxation is rationalized.

Need Help With Filing Tax Return?

The concept of the sales tax return can be confusing for many businesses. This is where we can help you with the relaxation procedure. We, Taxconnex, have partnered with hundreds of clients to offer them our best services. If you are willing to work with us, we can help with sales tax.

 

December 1, 2020 by: Miles

Can I Sue If My Coworker Coughs on Me

With the concern surrounding the spread of the novel coronavirus, and the contrasting opinions among the general populace, workplaces across America are facing a new job-related risk. While the spread of traditional illnesses, such as the flu, don’t typically call workers’ compensation policies and lawsuits into question, the high risk of damages and dangerous side effects may give victims grounds for legal action. Though it is difficult to pinpoint the source of contracting an illness in the midst of a global pandemic, individuals who can prove negligence may be able to sue to recover damages if they contract COVID at work. This is especially beneficial for victims as the spread of COVID-19 can easily lead to lost wages due to lengthy quarantines and high medical expenses from hospitalization.

Workplace Injuries Vs. Workplace Illnesses

In accident based work injury cases, claimants can typically refer to a specific moment in time that led to the injury or disability. Whether it be a slip and fall incident, or a work-related car accident, a person can articulate and report a clear cause-and-effect timeline of events. This allows a negligent party to be clearly identified and held responsible. This is especially true in accidents involving a company’s violation of an employee’s right to a safe work environment.

When illnesses come into play, however, building a case becomes much more difficult. The mass spreadability of illnesses such as the flu or the novel coronavirus makes it hard for claimants to specify when exactly the illness was contracted. This becomes easier when test results can be traced back to specific dates or workplaces are found to be violating the individual’s right to safety by not observing social distancing, mask policies, and respecting quarantine requirements.

Negligence, Burden of Proof, and Tort Law

For an employee to hold an individual or employer accountable after becoming infected with COVID, there must be evidence supporting the claim that he or she was exposed at work. This makes it significantly easier for a claimant to prove negligence, a necessary component in a workplace injury or illness claim. A clearly identifiable negligent party can be held liable if it can be proven that he or she acted outside of what are considered reasonable standards. A claimant can also prove negligence by identifying that a person spread the infectious disease knowingly. This can be accomplished using dated test results.

An employer or individual who knowingly violates a person’s right to workplace safety by exposing others after a positive test result or failing to honor state and local ordinances regarding COVID-19 related policies can be held liable even though no criminal act was committed. This is because of Tort Law, where a person can be held liable for damages or injury resulting from his or her negligence or malice. Tort law can apply in claims involving the spread of infectious diseases as well. Cases involving the known transmission of sexually transmitted diseases have used Tort law and burden of proof in successful claims. The burden of proof must transcend reasonable doubt in these circumstances, meaning it must be abundantly clear that an individual was knowingly the source of a workplace outbreak.

Damages Resulting From COVID-19

Contracting COVID-19 can result in a variety of damages. A person may become sick enough to require hospitalization, racking up high medical bills. Additionally, more severe cases may lead to lost wages as a result of extended time away from work. Pain and suffering, or permanent physical side effects are other considerations for damages.

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I’m Miles, the editor and creator of this blog. I am a big nerd for anything tech related and I have also developed a big passion for photography and film. I discovered this passion after taking a course in school and ever since I have fallen in love with capturing everything from sports, to travel, to cars, and much more Read More…

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I’m Miles, the editor and creator of this blog. I am a big nerd for anything tech related and I have also developed a big passion for photography and film. I discovered this passion after taking a course in school and ever since I have fallen in love with capturing everything from sports, to travel, to cars, and much more Read More…

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