Everyone is aware of what the Internal Revenue Service does, especially when they file their tax returns, but what exactly is an External Revenue Service and how would this impact you? Proposed Agency An External Revenue Service would be responsible for collecting tariffs from foreign goods that are sold in the U.S. Tariffs are expected […]
Expenses
IRS is Stepping it Up
The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts: $172 Million Recovered from 21,000 Wealthy Taxpayers In February 2024, the […]
What is the Best Business to Start?
Are you thinking about starting a business and don’t know which one to start? You can look at the latest business trends and fastest growing industries, but there are some easier, simpler approaches. Start What You Know Your chance of success skyrockets when you get into a business that you are already familiar with. For […]
4 Business Risks You Need to be Aware Of
Business is about taking risks to earn a profit. However, there are some risks that can creep up on you slowly or swiftly that can either destroy or greatly damage your business. Health Issues: As we get older, health issues become a larger risk. Common and sudden issues can include heart attacks and strokes. The […]
Are You Tired of Overspending on Christmas?
Even with the best of intentions, almost everyone overspends on Christmas. Here are a few ideas to keep overspending to a minimum: Go easy on electronics: Electronic devices, aside from TV’s, are usually the smallest, most expensive items to purchase. Top of the line smart phones cost more money than computers and laptops. Also go […]
I Was Scammed
Even the smart professional gets scammed every now and then. I’m supposed to be impervious to anything related to parting with money foolishly. How humbling . . . Fortunately, I didn’t fall for a huge scam, but I fell for it nonetheless. How did this happen? The scam penetrated my ultimate weakness; not thinking clearly […]
Before You Open Up A New Location
It’s not a crazy idea, but now may be the time to open another location. Before you do, here are a few things you should consider: Do you still have capacity at your existing location? It’s much, much easier and less expensive to utilize your existing location to increase your sales and profits then to […]
What If Your Spouse Is Reckless with Money?
Did you take a financial compatibility test before you got married to your spouse? I am sure the answer is no and even if you did, people and circumstances can change over time. If one spouse is more cautious with spending and one is reckless, then this will not only cause tension, but the financially […]
You Get What You Pay For
I like a good deal when I see one, but be careful about going for the “cheap” price. Generally, you get what you pay for and many times it ends up costing you more and you either don’t realize this or realize it once it’s too late. Even commodity type services and products are not […]
The One True Business Formula for Success
There are dozens of formulas and ratios that a business can use to determine success and profitability. However, there really is one that is most important and should be used repeatedly . . . Sales – Expenses = Profit Keep on repeating this formula over and over again and you will do just fine. […]