Many business owners often wonder, “Is my business doing well, or is it failing?” Just looking at your sales and revenue can be very misleading. Here’s what you need to know… Net income is what really matters. Net income is your revenue/sales, minus ALL of your business expenses. Too often business owners only look at […]
10
Jun
Jun
Cryptocurrency is here to stay. Bitcoin has now been around since 2009, and even with many hard knocks it continues to grow substantially in value. Other cryptocurrencies, such as Ethereum have also become good investments. A lot of people are now putting their money on Cardano, (I am hoping to win big from Cardano!) but […]
14
Apr
Apr
Are you a 1099 paid Contractor and stressed about paying Taxes? We can help! Were you paid over $100k as a 1099 Contractor? To pay less in taxes, it’s time to get an S Corp and be on payroll. We can help you with this, too! Did you know that if you paid a 1099, you […]
24
Feb
Feb
This 2020 tax season, we are seeing a lot of people contribute to ROTH IRA’s/401k’s when they should be contributing to a Pre-tax/Traditional retirement account. It’s even worse when a financial professional convinces a new client to convert their pretax IRA/401k into a ROTH. This is throwing buckets of money out the window! Here are […]
06
Jan
Jan
Two of the most common mistakes we see on the profit & loss are expensing owner draws/distributions and having cost of goods sold on the profit & loss when it should not be there. If you are a business owner, here are the correct ways to account for draws/distributions and how to pay yourself: Paying […]
09
Nov
Nov
This year has been very different for the business owner. Many businesses struggled during 2020, due to COVID-19. But if your business was one of the fortunate that had a sizeable 2020 profit, then you may want to find out how you can pay less in taxes! There are some creative ways you can get […]
02
Sep
Sep
The fundamental goal of a business is to make a profit, not just to provide goods and services. This might seem harsh, but it’s true. The IRS can reclassify your business as a “hobby” if you do not make a profit for 3 years straight. And that would not be good for business. In comparison, having […]
23
Jun
Jun
When thinking of investments, people usually think of the Stock Market and Real Estate. Both are great investments, but neither one of those compare to the return on investment that a business owner can receive from owning and running a business. Here are a couple of simple examples that will show you how profitable owning […]
Disclaimer: The Covid 19 SBA loans are brand spanking new, so the following article is just what I have learned so far in filling out the applications online. I have no idea how many business owners will get approved and if they will receive the money fast. I hope we all receive the money fast! […]
06
Jan
Jan
This article is for those business owners who work hard, are valuable, and are tired of living paycheck to paycheck. I don’t know why, but I find pricing fascinating. Probably because “Sales” also known as “Revenue” is the most important number on any Company’s profit & loss. This number will literally “make or break you” […]