by | Feb 22, 2019 | Uncategorized
I am always telling my business owners that they need to have a profit plan. I have seen many different profit plans including a few that were drawn up on the back of a cocktail napkin. Of course, if you want to achieve massive profits you will need a...
by | Feb 6, 2019 | Uncategorized
Why the accounting profit formula (Sales – Expenses = Profits) taught by CPA's is causing business owners to concentrate on the wrong thing. I also answer why every business owner should concentrate on cash profits only.
by | Jun 13, 2018 | Uncategorized
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:...
by | Jun 11, 2018 | Uncategorized
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...
by | Jun 7, 2018 | Uncategorized
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...
