When I took my accounting classes and passed the CPA exam (the first in 1976, the second in 1977—dang, I’ve been doing this a long time!) I learned the definition of business profit as promulgated by GAAP (Generally Accepted Accounting Principles). What I...
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2017 Roth Conversions Can Still Be Reversed
Previously, if you converted a traditional IRA to a Roth IRA and the value of the investments dropped, it was a very common strategy to revert the conversion and avoid the tax hit. You had until October 15th of the following year to reverse your decision. For...
Profit First by Mike Michalowicz Is a Must Read!
I have read probably thousands of business books in my 40-year accounting career. Because of that, it is unusual for any book to be so innovative that I recommend it to all of my business owners. Profit First by Mike Michalowicz is one of those. I have...
What Is Business Success?
It seems that most business owners measure their business success based almost solely on total sales or total billings. But is this a true measure of success? I do business tax returns and can compare two construction companies that both have a little over $3...
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...
Why the Change to the Profit Maximizer?
You likely have heard the saying “Sales is for vanity, profit is for sanity, and cash is king! This highlights the main reason for the change. Too many business owners fixate on their company sales. When I ask them how business is doing, the common...
We Are Relaunched and Rebranded!
Even though we were just selected as one of the top 25 Best Accounting Blogs by Accounting Degree Review (https://www.accounting-degree.org/top-accounting-blogs/) it is time to change the focus of this blog. The name of the blog has changed from Small Business...
SPECIAL REPORT ON NEW TAX REFORM LAW–The New 20% Qualified Business Income Deduction
The new 20% Qualified Business Income Deduction (20% QBID) is a HUGE tax break for most small business owners. In fact, this may be the biggest tax break to come down from Washington that mainly applies to small businesses in my 35+ year career. Of course, this...
SPECIAL REPORT ON NEW TAX REFORM LAW–20 Changes For Business Owners
The new tax reform law passed in December of 2017 (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 business owners in 2018 and beyond. In fact I would argue that...
SPECIAL REPORT ON NEW TAX REFORM LAW–20 Changes For Individuals
The new tax reform law passed in December of 2017 (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. This special report covers the...