Why are some businesses highly successful and other's aren't. In this episode I share an illustration of two companies who were in the same industry but one failed and the other became highly successful. Watch and discover what one thing that makes the...
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Year-End Tax Planning Is More Important Than Ever
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 two years, I have saved...
Questions From Clients on the New Tax Law
Our clients have been peppering me all year with questions about the new tax law that was passed in December 2017. Here are some of the most common ones I have received. Is the ObamaCare penalty for not having health insurance gone? Yes, but not until...
Help! I Just Received an IRS Audit Letter!
First, don’t panic. The majority of audits are done by mail, focusing on one or two items. The letter will ask you to mail in records and other information justifying the item they are questioning. Simply include copies of your documentation and mail...
When Should Business Owners Expect Money Problems?
Cash shortages seem to just occur for business owners the way natural disasters do—with little warning and huge consequences. In truth, the vast majority of cash flow problems in businesses are a result of either a major decrease in sales or major increase in...
New Law Increases Child Tax Credit
For 2018, the new tax law doubles the credit to $2,000 for each dependent under the age of 17. Up to $1,400 of the credit is refundable for low-income taxpayers. The income level where the credit is phased out is much higher, but is eliminated for...
No Pain, No Change!
I have often joked that I should have a sign over my conference room that says, “No Pain, No Change!” As business owners, we all fall into this trap at some point. When things are going well and the money is flowing in, we think everything is fine; we think we...
IRS Warns of New Phone Scam
The IRS is warning taxpayers about a new phone scam in IRS Internal News Release IR-2018-103, 04/24/18. The scammers are using telephone numbers that show they are calling from the Taxpayer Assistance Centers (TAC) to trick taxpayers into paying non-existent...
I Forgot My IRA Required Distribution—How Do I Fix It?
Once you reach 70 years of age, you are required to take a minimum distribution from your IRA accounts (RMD). Failing to do so will expose you to a 50% penalty on the amount not distributed. You won’t need to pay the fine if: You can show you had a reasonable...
Can I Still Deduct Home Equity Loans?
The Tax Cuts & Jobs Act (TCJA) of 2017 eliminated the deduction of home equity loans. Under the old law you could deduct mortgage interest for your qualified principal residence and one other home (such as your vacation home or RV). There were limits:...