Click to watch video for this article - http://bit.ly/2YjACcp The best way to determine what inventory to carry is to adjust the inventory after the store has opened. Here is the best way to accomplish this: 1. Ask your customers as they check out: ...
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Finding the Hidden Cash in Your Business
In my forty+ years of working with small businesses, just about every business owner that I have worked with has been surprised by the amount of cash that they are leaving on the table. In tough times or good times, tracking every dollar your business...
The Quickest Way to Increase Profits
Increasing profitable sales can be accomplished by all business owners, but doing so takes time. The fastest way to increase profits is to decrease overhead costs. If you have a 50% cost of goods sold rate, then every $1 reduction in expenses is...
What if I Fail!
I was talking to a new business owner who was worried about failure. He kept saying, “What will I do if this doesn’t work? I have young children, a mortgage, and other bills to think about.” This “What if I fail?” worry is the biggest thing that...
Prepare Your 2020 Success Plan Now!
I recently met with a business owner who was complaining that he was tired of just barely surviving for the last 15 years. I asked him, “Why do you expect a different result when you keep doing the same things?” Too many business owners don’t have a plan to...
Maximizing the New 20% Deduction
For tax years beginning after 2017, business taxpayers (other than C-Corporations) may be able to take the new Section 199A 20% deduction of their qualified business income. This means that you will only pay tax on 80% of your business income. ...
Is Your Business Thriving or Just Surviving?
A trend I noticed a few years back seems to be gathering steam. My business clients seem to be doing either exceedingly well or just barely surviving. Those in the middle appear to only be there while they are either growing rapidly or continuing...
26 Tax Tips for Families & Individuals
Many wage-earning taxpayers with children believe that their tax-planning opportunities are limited because they are not in business or don’t own rental properties. While they don’t have anywhere near as many options, there are still a number of strategies...
33 Tax Tips That Save Business Owners Thousands of Dollars Every Year!
Do you have a plan for dealing with all the new taxes affecting business owners in 2018? Failing to meet with your tax advisor can result in you paying much more in taxes than legally required. I had a client who set up a business using the wrong business...
Review of Tax Law Changes for Individuals
The new tax reform law passed in December of 2017, known as the Tax Cuts and Jobs Act or TCJA, is the biggest overhaul of the federal income tax code since 1986. It will have huge effects on individuals in 2018 and beyond. Here are some of the main changes affecting...