Oct 17 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 […] Read more
Oct 08 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 […] 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 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 03 5 Tax Planning Ideas Business Owners Should Consider Now This document is not intended to be construed as tax or legal advice. You should always contact your tax or legal advisor for specific tax planning recommendations for your situation. It’s September, which in my world means it’s time to be thinking about tax planning for 2018. You know there have been tax law changes, […] 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