The Augusta Rule is a tax strategy that some business owners can take advantage of to save money for their business while getting a large tax deduction. This rule allows someone to rent out their home TAX FREE for 14 days or less in a year. As with most of the tax loopholes, you must […]
Bianca started her massage therapy business three years ago after getting her license. She began by offering in-home services to the local area. However, as more referrals poured in, her business gradually grew to encompass larger geographic areas. While she now passes the travel costs to her clients, she recently realized she is still paying […]
Business owners have a goal, and often a fiduciary duty, to pay the minimum amount of tax allowable. Tax planning is the process by which to achieve this goal. One strategy that should be included in any tax planning is the home office deduction. To take advantage of the home office deduction you must meet […]
Only a small percentage of Americans own a business, but that is increasing with the proliferation of side businesses and the gig economy. While your business might not be traditional like a brick-and-mortar or even provide you with full-time employment, it’s helpful to think of any gig, side business, or freelance work as a business. […]
There are a lot of opinions about when a business owner should hire their first employee. Each situation is different, so you need to consider what stage your business is in, how much capital you have, and what your growth trajectory is. This article is for small business owners with a positive, if turbulent, growth […]
There are many ways to be successful in your business, your career, your life. The internet is ripe with examples of people achieving tremendous success by doing one thing right and seemingly becoming an overnight success. However, deeming someone an overnight success dismisses the many failures, struggles, or hardships suffered to materialize that success. With […]
When I began my accounting practice in 2017, I set myself some clear guidelines. In truth, I didn’t set out to start an accounting practice: I had a greater goal of living and working from virtually anywhere, with no set hours, and generating enough profit to secure my retirement and current lifestyle. It wasn’t an […]
Harlan has had a few successful years as an insurance salesman, and he’s excited to expand his business. However, he feels his clients don’t truly understand what he does for them, which leads to fewer referrals than he would like. Other than answering questions promptly and performing in-depth interviews to ensure the policies meet the […]
Two years ago Dave opened a marketing company. He was great at his job and able to grow his company to two dozen employees. When needed, he used consultants and coaches to elevate him to the next level so he could continue to successfully manage his company. However, the last two months have been especially […]
There are various departments and functions within any business that must collaborate to offer products and/or services to its customers. Not all businesses are the same and thus functions like the accounting department might not be as important in some businesses as others. There are many advantages to outsourcing non-critical functions, including allowing business owners […]