There are many ways of measuring risk, but did you know that your sales concentration may be placing an unnecessary risk to your business? This also applies to sales professionals as well. I have seen it over and over again, whereas a small business relies heavily on one or several large customers, and then the […]
Children and Tax Benefits
With the upcoming birth of our son or daughter, I thought it would be appropriate to write about the tax benefits of raising children. The rules can get tricky, and your children must meet certain criteria to become your qualifying children for tax purposes. Here are a few highlights: Dependency Exemption: For each qualifying dependent […]
But It’s Tax Deductible!
Paying mortgage interest, property taxes, equity loan interest, and business expenses are all generally tax deductible. But does it make sense to incur excessive expenses just to produce a tax benefit? For example, if you are looking to move to a bigger house, you will save a lot of money in taxes, right? Yes, you […]
The One Most Important Thing Your Business Needs
You probably think I am going to say a good accountant is the most important thing your business needs. Although a good accountant is essential, it is not the number one priority. The most important thing your business needs is sales! Call it sales, revenues, fees, customers, or clients, but it is all the same. […]
Are You Overwhelmed By Debt?
Why or how do so many people get into trouble with debt? When does it become a problem? There are so many reasons, such as job loss or, health problems, but overall it is a disconnect between income and spending, and not enough focus on financial management. I’d like to share a few simple ways […]
A Primer on QuickBooks
What exactly is QuickBooks? QuickBooks is an accounting program that is used primarily by small businesses. It is very user-friendly, which makes it ideal if you are not an accountant. QuickBooks will enable you to take control of your business finances to help you to make better decisions. Business owners can keep track of receivables […]
I Received a Notice from the IRS – Now What?!
If you receive a letter in the mail from the IRS, the first thing you should do is open it! It might not be as bad as you think. The most common notice I see is that a client forgot to include interest, dividends, or wages from a W-2 on their income tax return and […]
Thinking of Starting a New Business?
Starting a new business can be an exciting endeavor. You get to be your own boss, create your own hours, and possibly achieve a greater sense of satisfaction. But what should you do to make sure your business is successful? Proper planning goes a long way, and a business plan is an excellent starting point. […]
Buy or Lease?
When thinking of buying vs. leasing we usually think of cars, but did you know that you can lease just about anything? Personal computers, apartments and houses, business equipment, and even employees can all be leased. Which is the best way? First, there is no best way because each decision should be made on an […]
FSA Plan = Money Saved
What exactly is an FSA plan and how can it save you money? FSA stands for flexible spending account, which is a special account that is used to pay for medical expenses on a pretax basis. In other words, the money put towards the plan is not subject to income taxes and social security/medicare taxes. […]