Taxes
How 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…
Read MoreSurprising Tax Deductions: Understanding the “Augusta Rule”
Why you may not have to pay taxes on rental income In the mid-70s, Section 280A of the U.S. tax code was enacted. Among other things, this allowed people to rent their homes for a certain amount of time and not have to pay taxes on this income. Since Congress was spurred on in part…
Read MoreThe Elements of Realizing Your Company’s Vision
Successful organizations have a vision and the explicitly-defined goals and processes to achieve it Growth by chance is a possibility, but do you want to bet on it? Growth through purposeful planning is a smarter choice, and there’s an approach that offers actionable steps which create a roadmap to business success. The most successful organizations…
Read MoreExplaining Tax Reform: The Section 199A Business Deduction
The new law creates the most significant tax break for small business owners in decades The Tax Cuts and Jobs Act is the nation’s first major tax overhaul in 30 years – and introduces a completely new concept to the Internal Revenue Code. For the first time, IRC Section 199A allows individual taxpayers (other than corporations)…
Read MoreTax Reform Alert: New Tax Law Sticks it to Certain Service Trade or Businesses
The 20 percent tax deduction under new 2018 tax code Section 199A is a very nice tax break for business owners, except for owners with high income who also fall into the out-of-favor group. In general, the out-of-favor group includes lawyers, doctors, accountants, tax professionals, consultants, athletes, authors, security traders, actors, singers, musicians, entertainers, and…
Read More