Structure Your Business Properly to Significantly Lower Your Taxes
The new tax code offers substantial breaks to small business owners – who know how to take advantage Finding ways to legitimately lower your tax burden is an attainable goal for business owners. But too many continue to overpay by overlooking deductions or structuring their businesses and retirement savings in ways that aren’t efficient for…
Read MoreTravel, Meals, Wheels, and Entertainment: Your Guide to How and When to Take These Write-Offs
If you’re a business owner, it pays to stay current with the law From advertising and promotion to travel expenses, there are a host of things businesses can classify as deductibles on their income tax return. The accepted amounts of deductibles have remained stable for many years, but since the advent of the Tax Cuts…
Read MoreAvoid That Dreaded Letter from the IRS
6 ways to lower the chances of an audit of your business tax return Business owners dread getting an audit notice from the IRS. It causes immense stress that investigators will find something that results in you having to pay a penalty – or worse. However, are you aware of the things you can do…
Read MoreDefining Your Business’s Marketing Strategy
You know where you want to go – but what determines the steps to get there? The first two questions on the Vision Traction Organizer (VTO) are exercises that help you think of the future state of your organization. You define core values and look at the common purpose, cause, or passion that aligns everyone…
Read MoreHow to Get Around the Limitations of The Hobby Loss Rules
The new tax code makes it more important than ever to ensure your business can’t be called a hobby Running a side business is trickier than ever when it comes to paying taxes, thanks to the new Tax Cuts and Jobs Act (TCJA) of 2017. For years, taxpayers and the IRS have argued over the…
Read MoreThe 10 Year Target, 3-Year Picture, 1-Year Plan, and Quarterly Rocks
If your organization stays aligned to its core values and maintains focus – sidestepping distractions – where will you be 10 years from now? The Version Traction Organizer (VTO) is a thought exercise that takes you through a series of questions about your business. The objective is to help define the necessary steps for organizational…
Read MoreTax Strategies You Can Grow into Based on Your Long-Term Goals, Part Two
Captive insurance companies give you control of your risk financing – with substantial tax advantages Business owners too often take a passive approach to tax planning – only thinking about taxes once April approaches or quarterly payments are due. But as your business thrives, the only way to avoid unnecessarily painful payouts to Uncle Sam…
Read MoreHow to Define Your Company’s Core Focus
There’s a reason for your existence. The definition your leadership team selects should be an intersection of the “why” and the “what.” How do you get your people all on the same page? It can be as simple as coming up with the answers to eight questions that outline the steps necessary for success. While…
Read MoreThe Tax Benefits of Putting Your Kids on Your Payroll
The family that works together, saves money together What are your kids doing this summer? While they may just plan on relaxing or having fun with school out, it might be good for them – and you – if you put them to work. Not a lot of business owners know this, but they can…
Read MoreTax Strategies You Can Grow Into Based On Your Long-Term Goals, Part One
Employee Stock Ownership Plans (ESOPs) can offer lucrative tax benefits for your business – as well as contribute to a smart exit strategy Watching your business grow is rewarding, but it can also be daunting when higher revenue leads to a bigger tax bite from Uncle Sam. Understanding how taxes impact your business and your…
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