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
Aug 30 3 Things Every Business Owner Should Track Immediately In working with many, many businesses as a Greenville CPA over the years, there are 3 things that always stand out that aren’t tracked: margins, days AR outstanding and days AP outstanding. The reason they are typically not tracked is because their accounting is bad or nonexistent. So, the first step in being able to […] Read more
Feb 19 Discounts Are Like Cancer As a business owner and entrepreneur, I understand the need for sales. Obviously getting that revenue is vital to the success of your business. And it’s easy to fall into the trap of getting revenue for revenue’s sake. When your ultimate goal is revenue growth, and you focus so intently on new business and new […] Read more
Jan 29 When Revenue Growth Is Bad As an entrepreneur, revenue and growth is king. It’s the holy grail of success. The more you grow your revenue and customer base, the better. But growth can be bad…and it can put you out of business if not managed correctly. Don’t get me wrong, I am a firm believer that you should always grow […] Read more
Jan 17 Relying on Just Your Profit and Loss Statement Will Make You Broke As a CPA, I meet with a lot of business owners, and it never surprises me when I hear them say “we have a profit, but I never have any cash!” It’s definitely a real concern…and there’s a relatively simple solution. First off, make sure your accounting is right. As the old saying goes, garbage […] Read more