Common Tax Mistakes When Selling a Home

With home sales booming throughout much of the country, you may decide that now’s the right time to put your abode on the market. If you do put your primary residence up for sale, try to steer clear of the following mistakes. Not qualifying for the home sale exclusion. If you’ve owned and used your home […]

Small Business IRS Audit Mistakes

In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income. A long history of investigating has led IRS auditors to focus on under-reported income. If you’re a business that handles […]

Good Debt Versus Bad Debt

How to tell the difference Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the debt that comes with it. Student loans are usually […]

Ideas to Lower Your 2021 Tax Bill

Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now and December 31. So, consider investing in an IRA or increase your contributions to […]

Ideas to Identify and Manage Problem Accounts

As a small business, once you decide to extend credit to a customer, you now have a financial stake in continuing that relationship even if you suspect there might be trouble brewing. While you don’t want to crack down on a good customer too hard, too soon, you also don’t want to be taken advantage […]

The Hidden Tax Consequences of Cryptocurrency

You may recognize the name Bitcoin and maybe even Ethereum, but what about Litecoin, Dogecoin or Ripple? These are just some of the more than 4,500 cryptocurrencies available today. There are hidden tax complications, however, associated with every cryptocurrency transaction. Here’s what you need to know. Every transaction has a tax consequence. The IRS treats cryptocurrency […]

How to Roll with a Continuous 12-Month Forecast

Tax and financial planning is a year-round proposition. In fact, you can benefit personally from a continuous, 12-month rolling forecast, much like a business does. What is a rolling forecast? Rolling forecasts let you continuously plan with a constant number of periods 12 months into the future. For example, on January 1, you would plan […]

Hire Your Kids for Tax Savings

Summer’s almost here, and soon most children will be on their long-awaited summer vacation. If you own or manage a business, have you thought of hiring your children, nieces, or nephews for a summer job? If you do it right, it can be a win-win situation for everyone. The kids will earn some money and […]

Know This Number!

Knowing your net worth and understanding how it is changing over time is one of the most important financial concepts that everyone needs to understand. This number is used by banks, mortgage companies, insurance companies and you! Your net worth impacts your credit score, which in turn impacts your interest rates and things as mundane […]

Building a Fortress Balance Sheet

The best way to weather a storm is often by being prepared before the storm hits. In the case of small businesses, this means building a fortress balance sheet. What is a fortress balance sheet? This long-standing idea means taking steps to make your balance sheet shockproof by building liquidity. Like a frontier outpost or […]