Tax Tip: Maximize Your Equipment Depreciation Deduction

by | Jan 28, 2013 | Business Success Series, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners

The American Taxpayer Relief Act that finally passed this month had two major changes that resulted in big tax savings for small businesses that invest in equipment. IRS Code Section 179 write-offs: Your small business can take a first-year deduction of up to $500,000...

Client Question: Who Can I Claim as a Dependent?

by | Jan 26, 2013 | Client Question of the Week, Cost Cutting, Current Affairs, Income Taxes

There are three basic tests that you must pass in order to claim someone as a dependent on your tax return. First, you cannot claim anyone as a dependent if they can be claimed as a dependent by another person.  If the dependent is married, they cannot file a...

Good Ideas + Action = MASSIVE PROFITS

by | Aug 1, 2012 | Business Profit & Cash Flow Tips, Cost Cutting, Sales & Marketing, Small Business Owners

Announcing the launch of Innovative Small Business Digital Magazine I’m back from my small hiatus from this blog.  I took it easy for a few days so I could spend family time with my son who joined the Army yesterday.  He is on his way to basic training at...

Tax Tip of the Week- IRS Introduces Fresh Start for Back Taxes

by | May 14, 2012 | Cost Cutting, Current Affairs, Income Taxes

The IRS has created a new program for people who owe back taxes. There are several changes that may help you if you owe the IRS money. The first part of the Fresh Start program pertains to taxpayers that owe for tax year 2011. If you were unemployed for 30 days or...

For the Busy Business Owner Who Can’t Keep Track of Their Mileage and Expenses!

by | Mar 30, 2012 | Cost Cutting, Small Business Owners

I’m always looking for things that can help my business clients keep better records, and I came across Texthog.com. Texthog is an online program that allows users to text their expenses to their account, and the program will keep track of the amounts you have spent....

What Would You Tell a Family With This Household Budget?

by | Feb 28, 2012 | Cost Cutting, Current Affairs, Income Taxes, Small Business Owners

How would you counsel a family with the following household budget? You would probably tell them that they are close to bankruptcy. You would also probably tell them that they have to cut spending. Not just by the pretend amount of recent cuts they have made, but with...