On December 22, 2017, the largest tax bill since 1986 was signed into law. The Tax Cuts and Jobs Act (TCJA) made many changes to business taxes. First, let’s start with those items that were eliminated for 2017. Business Tax Breaks That Went Away in 2018...
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Year end Tax Planning is Vital to Your Bottom Line!
Year-end tax planning has always been one of the few guarantees a business owner will ever get. I just completed a tax plan that will reduce someone's 2018 tax bill by $64,495. And this isn’t a one-time occurrence—in the past three years, I have...
How Do I Pay Less Taxes?
Reducing your income tax expenses is a key component of profit maximizing. Remember your bottom line is your profit after income taxes. Unfortunately, very few business owners do anything to reduce their income tax bill. Most business owners assume that...
My Favorite Time Management Tips
The most valuable resource in any business is the business owner’s time. It is the one thing you cannot buy more of. That is why there are so many time management books (typing “time management” in Amazon.com returned 125,733 results). Here are the ones...
What Highly Successful Business Owners Do Differently
I am often asked, “What is the one thing that successful business owners do that makes themsucceed?” Wow! This is a question that I always have trouble answering. Because usually thereis not just one thing they do differently. I used to say they work hard. But many...
Legally Writing Off Bad Debts
Offering credit terms increases sales, but this inevitably leads to some clients who don’t pay their bill. This is especially true in this economy. Be sure to write off any bad business debts you can’t recover. To qualify for any deduction, the business bad debt must...
What to do if the IRS Claims You Under Reported Income
What do you do if you receive a letter from the IRS that states that you under reported your business income. Once you have finished panicking, watch this video and call your tax professional to help you answer the letter. Before you do anything else, why not join The...
Direct Mail That Always Works
In today’s market the consumer is now king. They can check out your firm in advance of contacting you. They then can tell all their friends, relatives, and co-workers using social media exactly what they discover in a much more efficient way than ever before. To...
Flying Blind Leads to Disaster
Entrepreneurs are sometimes lulled into winging it, managing by the seat of their pants, and flying blind. They forget about staying on top of the “performance numbers” that are important indicators of their business’s health. They don’t look for...
Why Do I Need to Keep a Mileage Log?
In this video I discuss why it is so important for the business owner to keep track of their business auto use and how much this can cost you. Before you do anything else, why not join The Profit Maximizer Club on FaceBook. This community is designed to help...