Tax Implications Of The American Health Care Act (AHCA)

By | May 5th, 2017|Categories: Accounting, Financial Investments, Tax Information|Tags: , |

Today, the House of Representatives passed the GOP’s proposed American Health Care Act (AHCA) plan in a 217 to 213 vote. The plan would repeal and replace several provisions of the current Affordable Care Act (ACA) by amending contribution limits to HSAs, returning the medical expense deduction AGI threshold to 7.5% and repealing certain taxes enacted [...]

Five Tips for Starting a Business

By | October 10th, 2016|Categories: Accounting, Small Business|Tags: , , |

When you start a business, you need to know about income taxes, payroll taxes, understanding your tax obligations, and much more. Here are five tips to help you get your business off to a good start: 1. Business Structure. One of the first decisions you need to make is which type of business structure to choose. [...]

Lending Money to a Friend? It Pays to Plan Ahead

By | October 8th, 2016|Categories: Accounting, Bookkeeping, Tax Information|Tags: , , |

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example: Let's say you decide to loan $5,000 to [...]

The Best Financial Tool for Business Owners

By | October 2nd, 2016|Categories: Accounting|Tags: |

What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and that told you exactly what's working and what isn't? Well, there is such a tool. It's called the Budget vs. Actual Report and it's exactly what you need to be able [...]

Selling your Business

By | October 2nd, 2016|Categories: Accounting, Small Business|Tags: , , |

There are many reasons to sell a business. Maybe you're in ill health or ready to retire. Or you're tired of working all the time and now that the business is profitable you're ready to cash in. Whatever the reason, selling a small to medium sized business is a complex venture and many business owners are [...]

Tax Records: Which Ones to Toss and When

By | September 28th, 2016|Categories: Accounting, Bookkeeping, Tax Information|Tags: , |

Now is a great time to clean out that growing mountain of financial papers and tax documents that clutter your home and office. Here's what you need to keep and what you can throw out. Let's start with your "safety zone," the IRS statute of limitations. This limits the number of years during which the IRS [...]

How Your Current Financial Planning Strategy is Hurting Your Bank Account

By | September 24th, 2016|Categories: Accounting, Bookkeeping, Small Business|Tags: , , |

According to the US Small Business Administration, only seven out of ten small businesses survive their first two years. Increase that figure to five years, and about half survive. How about ten years? Only about a third of small businesses will see a decade of operation. If it wasn't apparent before, the importance of planning for [...]

The Home-Based Business: Basics to Consider

By | August 4th, 2016|Categories: Accounting, Small Business, Tax Information|Tags: , |

More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs--home-based businesspeople. And, with technological advances in smartphones, tablets, and iPads as well as rising [...]

Five Ways to Improve Your Financial Situation

By | August 3rd, 2016|Categories: Accounting|Tags: , |

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble, then here are some steps [...]

Paying off Debt the Smart Way

By | July 4th, 2016|Categories: Accounting|Tags: , |

Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first since it's likely to be there for most of their life. Handled wisely, however, that debt won't be an albatross around your neck. You don't [...]