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...
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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...
Review of Business Tax Law Changes
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...
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...