Sep 30 The Foundation for Effective Tax and Business Planning is… If you are a business owner, there is one basic thing that is essential for effective tax and business planning. Is it some crazy secret only us CPA’s know about? Are you ready for it? It’s good Accounting (or Bookkeeping, Recordkeeping, or whatever you want to call it)! Is this a secret? No… Is it […] Read more
Sep 27 Own Commercial Real Estate? Write it Off Faster with Cost Segregation… Have you heard of a cost segregation analysis? This tax planning idea can save you a lot of money. Tax planning is all about ideas, being creative, and seeing how all the puzzle pieces fit. And a cost segregation analysis can be one of those ideas to have in your arsenal. Let me give you […] Read more
Sep 25 The Quickest Ways to Go Out of Business Most entrepreneurs love sales. The more sales the better. They use words like scale and velocity and other fancy terms for growth. But in the “real” day-to-day world of starting and running a business, sales are sales, no matter what you prefer to call them. And chasing sales for sales sake is a sure-fire way […] Read more
Sep 23 The Trap Most People Fall Into With Income Tax Planning Let’s face it, most income tax planning comes down to timing. There are few ways to permanently get rid of income taxes, unless you simply don’t make any money. I love lowering my taxes as much as possible just like everyone else, but if my strategy is to make less money just to pay less […] Read more
Sep 21 Try Listening for a Change I got an email this morning that was so frustrating. Let me give you some context. My payroll company also handles our company 401(k). My annual Form 5500 is due, so they sent me an email with the instructions to login and submit the pre-populated Form 5500. Easy enough, right? I went in to file […] Read more
Sep 19 How to Pay Less State Taxes with State Tax Credits Are you aware that you can pay less state taxes than you currently are by using state tax credits? I meet with a lot of people – business owners and non-business owners, and I would say that 95% of them had no idea that they could take advantage of this opportunity. And it’s pretty simple […] Read more
Sep 16 Opportunity Zone Funds – A Legal Way to Pay No Capital Gains Taxes? The Trump Tax Law created a new type of investment vehicle called an Opportunity Zone Fund. An Opportunity Zone is an economically distressed community that is designated as such by a state, and then certified by the Secretary of the US Treasury. The purpose of these Funds is to spur economic development and job creation […] Read more
Sep 12 Bookkeeping That Will Transform Your Business Is one of the most mundane parts of your business the bookkeeping? You work 80 hours a week, then dread sitting down for 4 hours on a Saturday to catch up the accounting – entering bills, invoices, payments, deposits and reconciling accounts. Fun… So you hire a bookkeeper to come in and do your bookkeeping. […] Read more
Sep 11 You Have to ACT FAST to Take Advantage of This 2018 Tax Planning Opportunity There are a lot of tax planning opportunities to take advantage of before December 31st. But there is one that you need to implement in the next couple of weeks and it could save you a lot in taxes. It’s setting up a safe-harbor 401(k) plan for 2018. Many times, small business owners think 401(k)’s […] Read more
Sep 07 How to (Potentially) Circumvent the $10,000 Cap on State and Local Tax Deductions Under the new Trump tax law, individuals are limited in deducting state and local taxes up to $10,000. There has been a lot in the news lately about high-tax states trying to circumvent this limitation by establishing state run non-profit organizations that allow state tax credits for contributions to the funds. By doing so, these […] Read more