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The Hultquist Blog

A Simple Way to Spot Issues in Your Financial Statements

Most CPA’s seem to start with the assumption that a business owner should know how to read a financial statement. When a client has a question about their business or cash flow, a CPA’s typical response is “well, you need to review your financial statements each month.” I’ve worked with enough business owners to understand […]

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You May Now Get The Lucrative 20% Pass-Through Tax Deduction

Under the Trump Tax Law, certain service businesses were excluded from the new 20% Pass-Through Deduction. More specifically, businesses that make more than a certain amount of income, and were in the following fields: health, law, accounting, actuarial science, brokerage, financial services, performing arts, athletics, consultants, AND any other trade or business where the principal […]

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Uncovering Customer Needs & Wants

When you are in business, it’s understandable that you want to make sales.  You have to make sales to make a profit and pay your employees, overhead, etc. Most customers, when they come to you, have certain needs. In our case, it might be a tax return or accounting, or an audit, for example. And […]

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Quickbooks 2019 Tutorial – How to Easily See How Fast Clients Pay

I put together this Quickbooks 2019 Tutorial to show you how to pull up a pretty cool report in Quickbooks to see how long it takes for your clients/customers to pay you. This is a really important metric to track in your business, as it directly impacts your cash flow.  Not paying attention to this […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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