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How Real Estate Investors Scale Smarter

Thu, 30 Apr 2026 17:00:00 GMT

If you own between 5–50 rental units, your biggest financial risk isn’t the market—it’s poor tax strategy and bad books.

Most real estate investors overpay in taxes, miss deductions, and operate without clear financial visibility. This is exactly where strategic accounting becomes a competitive advantage.

The Problem Most Investors Face
- Books that are always behind
- No clear cash flow visibility
- Overpaying taxes every year
- No proactive tax planning

The Strategy High-Level Investors Use

Smart investors don’t wait until tax season. They plan year-round using:
- Cost segregation studies
- Bonus depreciation
- Entity structuring
- Strategic expense timing

Your books should answer:
- Which properties are actually profitable?
- Where are you leaking cash?
- When can you safely acquire your next deal?

Growth without planning creates tax problems and cash shortages. A proper strategy aligns:
- Acquisition pace
- Financing structure
- Tax exposure

Clients who implement this approach often:
- Reduce tax liability significantly
- Increase usable cash flow
- Scale faster with less risk

If your accountant is only filing your taxes, you’re leaving money on the table.

You need a proactive partner who understands real estate investing.

If you own 5–50 doors and want to:
- Pay less in taxes
- Improve cash flow
- Scale with confidence

Book a strategy call today.

Five Summertime Strategies for 2023

Fri, 16 Jun 2023 19:20:44 GMT

We’re six days away from the first day of summer, and a few weeks away from the midpoint of the year. It’s the perfect time for taking a strategy check in your business to see how you’re doing for the first half of 2023 as well as to plan something fun and productive for summertime.

Here are five business strategies to help you regroup, reassess, and rejuvenate your business halfway through 2023.

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Understanding the Tax Implications of Investment Income

Mon, 05 Jun 2023 16:18:32 GMT

Investment income refers to the money you make on various types of investments, such as stocks, bonds, mutual funds, real estate, and interest-bearing accounts. It can be categorized into two main types: ordinary income and capital gains.

Ordinary Income: Ordinary income from investments includes interest, dividends, and rental income. Let's briefly explore each:

Interest: If you earn interest from investments like savings accounts, certificates of deposit (CDs), or bonds, that income is generally taxable. It is typically taxed at your ordinary income tax rates, which vary based on your income level.
Dividends: Dividends are a company’s earnings distributions to its shareholders. They can be classified as either qualified or non-qualified dividends. Qualified dividends, which meet specific criteria, are subject to lower tax rates similar to long-term capital gains. Non-qualified dividends are typically taxed at ordinary income tax rates.
Rental Income: If you invest in real estate and receive rental income, it is generally considered ordinary income and is subject to taxation at your applicable tax rates. However, you may be able to offset this income with eligible expenses, such as mortgage interest, property taxes, depreciation, and maintenance costs.

Capital Gains: Capital gains occur when you sell an investment for a profit. The taxable portion of capital gains can be further divided into short-term and long-term gains:

Short-Term Capital Gains: If you hold an investment for one year or less before selling it, any profit you make is considered a short-term capital gain. Short-term capital gains are taxed at your ordinary income tax rates.
Long-Term Capital Gains: Investments held for more than one year before being sold may qualify for long-term capital gains treatment. At the federal level, the tax rates for long-term capital gains are generally lower than ordinary income tax rates and vary based on your income level. At the state level, while a handful of states tax such gains at a lower rate than the state ordinary income tax rates, most states tax all income, regardless of type, at the same rate.

Net Investment Income Tax: In addition to regular income taxes, certain high-income individuals may be subject to the Net Investment Income Tax (NIIT). The NIIT is a 3.8% federal tax on the lesser of your net investment income or the excess of your modified adjusted gross income (MAGI) over a specific threshold:

• For single or head-of-household filers, the threshold is $200,000.

• For married couples filing jointly, the threshold is $250,000.

Net investment income includes interest, dividends, capital gains, rental income, royalties, and passive income from businesses. It is essential to consult with a tax professional to determine if you are subject to the NIIT and how it may impact your tax liability.

Strategies to Minimize Investment Income Taxes: While taxes are a necessary part of investing, there are strategies you can employ to minimize their impact:

Tax-Advantaged Accounts: Consider investing in tax-advantaged accounts like individual retirement accounts (IRAs), 401(k)s, or Health Savings Accounts (HSAs). These accounts offer tax benefits that can help reduce your overall tax liability.
Tax-Loss Harvesting: If you have investments that have decreased in value, you can sell them to offset capital gains from other investments. This strategy, known as tax-loss harvesting, can help reduce your taxable income.
Holding Periods: By holding investments for more than one year, you may qualify for the lower long-term capital gains tax rates.

Donating Stocks to Charity : By directly donating appreciated stock (that has been held long-term) to charity, you don’t have to recognize a taxable capital gain, but you can still receive a charitable contribution deduction for the fair market value of the stock (if you itemize deductions). This allows for a much greater tax benefit than if you sell the stock and then donate the funds, because you will pay capital gains tax on the gain from the sale!

Cryptocurrency Taxes

Thu, 18 May 2023 17:50:59 GMT

As the popularity of cryptocurrencies continues to grow, so does the scrutiny from government agencies like the Internal Revenue Service (IRS). The IRS has been working hard to ensure that taxpayers who invest in cryptocurrency are properly reporting their gains and losses on their tax returns. In this article, we'll discuss what cryptocurrency taxes are, how they work, and what you need to do to comply with the law.

What Are Cryptocurrency Taxes?

Cryptocurrency taxes are the taxes that you owe on any gains or losses that you realize from the sale or exchange of virtual currencies. The IRS treats cryptocurrencies like property, which means that any gains or losses you generate are treated as capital gains or losses (just like when you sell stocks, real estate, or other capital assets).

How Do Cryptocurrency Taxes Work?

Cryptocurrency taxes work similarly to other capital gains taxes. If you sell or exchange cryptocurrency at a profit, you'll owe taxes on that profit. If you sell or exchange it at a loss, you may be able to deduct that loss to reduce your overall tax liability (although there are certain limitations when claiming capital losses). The amount of tax you owe on your cryptocurrency gains depends on how long the cryptocurrency has been held since the initial acquisition - if you own it for less than a year, your gains will be considered short-term and taxed at your ordinary income tax rate. If you hold it for more than a year, however, your gains will be taxed at the long-term capital gains tax rate, which is generally lower than the ordinary income tax rate.

What Do You Need to Do to Comply with Cryptocurrency Tax Laws?

If you've invested in cryptocurrency, it's important to understand how to properly report your gains and losses on your tax returns. Here are some steps you can take to ensure that you abide by the law:

• Keep Accurate Records - The first step is to keep precise records of all your cryptocurrency transactions. Keeping track of the gain or loss from virtual currency trading is easy if you are using a broker that issues you Form 1099-B (Proceeds from Broker and Barter Exchanges). However, if you don't use a broker who keeps records of your trading activity, you will need to do so on your own. This means that you must keep track of the following:

•Purchase Date

•Purchase Price

•Sale Date

•Sale Price

Don't forget that sales aren't the only form of taxable transactions. You must report the disposition of a virtual coin if it's sold for cash, traded for another cryptocurrency asset, or used to buy something. It's also important to note that virtual currency splits can create ordinary income, as can airdrops, mining, and staking.

• Report Your Gains and Losses on Your Tax Return - When you prepare your tax return, you'll likely need to report your cryptocurrency gains and losses on Form 8949, Sales and Other Dispositions of Capital Assets. You'll also need to include the total amount of your gains or losses on Schedule D of your tax return.

• Pay Any Taxes Owed - If you owe taxes on your gains, you'll need to pay them when you file your tax return (and they will be included in your overall tax liability on ALL taxable income). If you don't pay your taxes on time, you may be subject to penalties and interest charges.

Conclusion

As cryptocurrency continues to become a more popular investment vehicle, it's important to understand how to properly keep track of and report your gains and losses on your tax returns. The IRS is cracking down on these types of transactions, and you don’t want anything to come back and bite you later! As always, if you're unsure how this applies to your specific tax situation, please consult with a tax professional.

5 Ways to an Accountant’s Heart

Thu, 04 May 2023 15:56:37 GMT

In the last few years, the shortage of accounting professionals has grown tremendously, and many business owners are struggling to find reputable, quality accounting services. Prices for accounting services may have gone up due to this supply/demand imbalance, and they will keep going up for years to come– due to the shortage of accounting graduates and the overall pipeline. It makes sense to explore how to work better with your accountant as they become more and more scarce and in demand.

A Successful Partnership

Intuit conducted a survey in October 2022 which found tremendous benefits to the accountant-business owner relationship:

Nine out of ten small businesses with an accountant or bookkeeper say they contribute to the business’s success.
More than eight out of ten business owners say accounting professionals helped them reduce the impact of inflation on their business.
More than 80 percent of business owners say their accountant helps them make better use of technology.
More than 98 percent of business owners say they are more confident in their business because of their accountants.
Small business owners overwhelmingly say their accountants save them time and money.

There’s no doubt that the relationship between a business owner and their accountant is of utmost importance to your business. Here are five ways to work even better with your accountant so that you can both benefit from this important business relationship.

Reduce your accountant’s administrative time.

There is a lot of paperwork when it comes to accounting and tax work, and administrative work goes hand in hand with that paperwork. When you can reduce the administrative work, your accountant can focus more on planning and advisory work, which is more valuable to your business. Here are a couple of tips.

When sending paper information to your accountant, scan it in and convert it to PDF instead. Then upload it to your secure portal.
When sending digital information, convert images to PDF files when possible. Images can’t easily be converted to text as PDFs can.
Instead of sending multiple files, combine PDFs into one image so they are in the same document.
Use a client portal instead of email if a client portal is provided.

Spend time understanding your accounting and tax reports.

A little education can go a long way. Learning a bit about finances and accounting can help you become a much better business owner. Your accountant may have suggestions on the best source for this or they may have videos they have produced themselves.

Honesty is paramount.

It’s critical that there is trust and complete honesty on both sides of the relationship. Your accountant may have earned a CPA or Enrolled Agent or other certifications that took years to acquire. Their license is in peril if anything is not above board. You might be surprised to learn that there are potentially many penalties and jail time for the accountant as well as the client if fraud or other criminal acts are discovered.

One example of something you can do to ensure your accountant’s trust is in tax preparation: clients should complete the tax organizer in full when the tax preparer sends it, even though it is a pain to do so. If a piece of information is missing, or you decide it’s not important but the government feels it is, that omission can spell the beginning of trouble for both you and your tax preparer.

Be mindful in communications.

Good communication is an essential part of the accountant-client relationship. A great client will take the time to read any emails or correspondence and answer all the questions in the email (not just the first one!).

Both you and your accountant may have preferred ways of communicating, among the choices of text, voice, and email. Keep in mind your accountant has a higher duty to protect your private information. Text and unencrypted email can be problematic for them, depending on the type of information to be conveyed.

To save time and reduce interruptions, keep a notes file on your desktop, and add any non-urgent questions to your list. That way, you can cover a lot of ground when you meet periodically. It’s a better use of both of your time. Of course, if you have urgent questions, feel free to contact your accountant at any time.

Vet any advice you hear.

Be wary of unsolicited advice as well as tips you might see on social media. They can be uneducated and worst case, downright fraudulent. One of the biggest problems today is ERC mills: companies that have sprung up to help small businesses claim the Employee Retention Credit from 2020 and 2021. Most of these companies are not following IRS guidelines and do not have the proper credentials to evaluate the tax law properly.

Social media sources can be quite unreliable as well. TikTok has some outrageous financial claims regarding the choice of business entity, so please do not act on this advice until you speak with a qualified accounting or tax professional.

Try these tips to build better rapport with your accountant, and your business will blossom as well.

What Income Are You Required to Pay Tax On?

Thu, 06 Apr 2023 20:42:06 GMT

In general, income can be received in three ways – money, services, and property – and IRS requires you to declare most of this income on your tax return. Income is taxable unless specifically exempted by law, and in some cases, even nontaxable income must be disclosed on your tax return.

Taxable Income

Typically, the following types of income are required to be declared on your tax return, and you must pay tax on them:

Wages
Salaries
Commissions
Strike pay
Rental income
Alimony (for divorces finalized before 2019)
Royalty payments
Gains on stock sales
Dividend and interest income
Self-employment/business income

Keep in mind that there are other forms of compensation that may be taxable, including fringe benefits or stock options. Fringe benefits are part of your income unless they are specifically excluded by law – or, if you pay fair market value for them. You do not need to be an employee of the provider of such a benefit to be a recipient, and if you perform the services for which a fringe benefit is being provided, you are the recipient and required to report/pay tax on it as applicable, even if it is given to another person and not you (for example, a family member). Examples could include:

A company-paid offsite gym membership
A company vehicle that can be used personally
Holiday gifts from an employer in the form of cash or gift certificates
Company-paid tuition exceeding a certain amount
Employer-paid group life insurance over a certain amount

Nontaxable Income

The following types of income are usually deemed nontaxable by IRS and aren’t required to be reported on your tax return:

Inheritances and bequests
Cash rebates
Alimony payments (for divorces finalized after 2018)
Child support payments
Most healthcare benefits
Money that is reimbursed from qualifying adoptions
Welfare payments

Other Considerations

There are some types of income that may or may not be taxable, or may be partially taxable. Examples include proceeds from cashing in a life insurance policy or money from a qualified scholarship, depending on how it was used. Income from retirement accounts may also fall into this category. Consult with your tax professional to determine how much of such income should be included on your tax return, if any.
Certain types of income may not be readily identified as taxable, but are generally required to be included on your return. Examples include: the fair-market value of property received for your services; disability retirement or sickness/injury payments from an employer-paid plan; property and services for which you bartered; money/income from offshore accounts; or canceled/forgiven debt.
IRS rules state that you are taxed on all income available to you, regardless of whether it is actually in your possession. For example, if a check is received by or made available to you before the end of the tax year, but you do not cash or deposit the check until the next year, the income was “constructively received” before year-end and, therefore, is taxable in that year.
If you have a contract with a third party (agent) to receive income on your behalf, the income is considered received by you (and therefore taxable) in the year the agent received it.
If you receive payment for future services to be provided, the income is generally included in income/subject to tax in the year you receive it. An exception to this is if you report on an accrual basis of accounting – consult with your tax professional for more information.
Note that in some cases, the tax treatment of certain income for State purposes is not consistent with Federal tax law. For example, while alimony is no longer reportable on Federal returns for divorces finalized after 2018, California still requires such income to be included on the state tax return. Check with your tax professional to learn more about federal and State tax law differences.

For more information, please refer to IRS Publication 525, Taxable and Nontaxable Income: 2022 Publication 525 (irs.gov)

Do You Need a Business Savings Account?

Thu, 23 Mar 2023 16:13:25 GMT

If you have accumulated more money in your business checking account than you really need for daily operating expenses, that is a nice problem to have! It’s time to consider putting that money to work. A business savings account might be your answer.

Every bank is different when it comes to the features and benefits of their business offerings. Here is a list of some of the items to consider asking your banker.

Is your checking account interest-bearing, and if so, how does the interest rate compare to a business savings account interest rate?
Is there an initial minimum deposit to open the savings account?
What are the monthly fees for each type of account?
What minimum balances are required in both checking and savings accounts so that fees are waived? And, is it worth it to keep minimum balances?
Are there withdrawal limits?
What are the other benefits of having a business savings account?
Is my money FDIC-insured, and if so, what is the cap?

Often, a bank will tie the checking and savings accounts together, and there will be a combined minimum balance that is lower than if either account was separate. For that reason, having your checking and savings accounts in the same bank might be more effective. Other common benefits include waiving overdraft fees, wire transfer fees, and NSF charges.

There are other types of interest-bearing accounts besides savings accounts, including money market accounts and certificates of deposits (CDs). Money market accounts may have check-writing privileges, but the withdrawals may be limited. While CDs typically pay a higher interest rate than a savings account, they tie up your money for a specified period of time, and there are steep early-withdrawal penalties.

There are many institutions besides your main bank that are focused on savings accounts and will pay much higher interest rates. Typically, online banks and credit unions will pay a higher interest rate than a bank, but the money may not be FDIC-insured, so be sure to read the fine print.

An additional benefit of keeping money in a separate savings account is that you can save for many things:

A cushion for emergencies.
Lump sum tax payments.
Future capital expenditures.

Once you’ve set up your new savings account, consider setting up monthly automatic transfers from your checking account to your savings account so that you build up your savings balance.

Is Your Business Considered a Hobby by the IRS?

Thu, 09 Mar 2023 17:00:32 GMT

Are you running a business? Or just having fun with a hobby?

The IRS has strict rules for determining the difference between a business and a hobby for tax purposes. While expenses incurred to conduct a business are deductible, expenses incurred for a hobby may not be, causing your taxes to increase.

A person that conducts an activity for profit is allowed to deduct the expenses that are ordinary and necessary in that industry. If the expenses exceed the income, a loss is incurred. This loss can offset other income such as wages, interest or dividends.

However, if your activity is determined to be a hobby for IRS purposes, you cannot reduce your wages, interest or dividends by any losses.

When you have losses for three years in a row, you must be able to prove to the IRS that your activity is truly a business and not a hobby.

The IRS will consider the following when evaluating your business/hobby:

The manner that you carry on the activity
The expertise of the taxpayer in this industry as well as the taxpayer’s history and success in this industry
The time and effort spent in the activity and whether the taxpayer depends on the income for their livelihood
The elements of personal pleasure or recreation

Even if you have losses, there is a lot you can do to ensure your business is not considered a hobby. Here are some ideas to implement.

Develop a written business plan and update it annually. Show how you plan to convert your losses into gains.
Set up a separate business bank account and credit card account(s), and use them only for business purposes.
Keep thorough and professional books.
Obtain insurance, registrations, certifications, and licenses needed for that type of industry.
Maintain a second phone listing for business.
Keep a detailed calendar of your business activities. Record time spent on your business.
Document evaluations of your operation to attempt to improve the business’s profitability.
Research trends in similar businesses.
Log any personal use on assets, such as a camera or automobile.
If there’s any question that your activities could be considered a hobby, these tips will help you stay proactive for tax purposes.

Income Tax Deductions vs. Tax Credits… Which One Is Better?

Thu, 09 Feb 2023 18:04:12 GMT

While a deduction can reduce the amount of taxable income, credits can directly reduce the amount of tax owed, so they offer a greater tax benefit. Sometimes, credits can be refundable, which means that they might generate a refund for you even when you don’t owe tax. Below are some examples of different types of credits and deductions available for individual taxpayers. Keep in mind that each credit and/or deduction has specific criteria that need to be met in order to qualify.

Credits for Individuals

Child Tax Credit
Dependent Care Credit
Earned Income Tax Credit
Adoption Credit
Saver’s Credit
Foreign Tax Credit
Excess Social Security and RRTA tax withheld
Credit for Tax on Undistributed Capital Gain
Credit for Prior Year Minimum Tax
Residential Energy Credits
Plug-in Electric Drive Vehicle Credit
Premium Tax Credit (marketplace health care insurance credit)
American Opportunity Credit and Lifetime Learning Credit

If you feel you might qualify for one of these credits, be sure to ask your tax preparer about them.

Deductions for Individuals

The IRS provides each taxpayer with a standard deduction that reduces their adjusted gross income so they pay less tax. The amounts change each year, and are determined by filing status. In the 2022 tax year, here is a sampling of the standard deduction amounts.

Single; Married Filing Separately $12,950

Married Filing Jointly; Qualifying Widow(er) $25,900

Head of Household $19,400

Most taxpayers take the standard deduction, but the law allows you to take more if you have more qualifying deductions than the limits above. These are called itemized deductions and can include personal property tax, real estate tax, sales tax, charitable contributions, gambling losses, interest expense, home mortgage interest paid, and moving expenses, to name a few.

Students and teachers may be able to take education deductions, which include student loan interest paid, work-related educational expenses, and educational expenses paid by a teacher.

Self-employed individuals can claim work-related deductions related to business expenses, business use of car, and business use of home on Schedule C.

Health care deductions, such as medical and dental expenses or Health Savings Account (HSA) contributions can be deductible to those who participate in these plans.

For investors, deductions may include sale of home, Individual Retirement Arrangement (IRA) contributions, capital losses, bad debts, qualified opportunity zone investments, and debt forgiveness.

If you’d like to study deductions and credits on your own, the IRS website is a wealth of knowledge. If you don’t want to do that, you can always ask your tax professional. Filling out your tax organizer in a complete and thorough manner is the very first step to helping your tax pro identify the plethora of credits and deductions you may qualify for.

10 Ways to Slow Down in Business (and Why You’d Want to)

Fri, 27 Jan 2023 18:51:49 GMT

Sometimes we just need to slow down. It could be our body telling us it needs a break. It could be our mind experiencing the first signs of burnout. Even if you own your own business, you are subject to burnout, especially if you are a people pleaser or say “yes” to everyone!

But how do we do that? It might have been so long since we’ve changed our pace, we don’t know where to begin. Here are some tips on the best ways to slow down in business.

1. Eliminate wasted time.

Take a deep look at your to-do list. Identify one task that you’ve always done that adds nothing to your business. Does it really need to be done? Try to find tasks that don’t make any sense to do any more that you’re still doing just because you’ve always done it.

You should be able to free up a lot of time! For now, use it to slow down. Take a nap, call a friend, visit your employees with no agenda and really listen, take a walk and smell the roses, or simply hug your child.

2. Get off electronics.

A friend recently suffered from a concussion and her doctor told her to stay off electronics to help her brain heal faster. She limited herself to one hour a day for two months. What would you do if you had to stay off electronics? My friend read all the paperbacks she had that she hadn’t gotten to (for 15 years), cooked more, went shopping for things she had wanted for years, took walks, and learned a new language.

If you spend any time on social media, eliminating it even partially can be a huge pickup in time. Getting off electronics and using that time to get back into nature is healing for everyone.

3. Get enough sleep.

If you are sleep-deprived, everything takes longer. Slowing down and getting enough sleep each night can make you more productive, reducing your work hours. Plus, you just feel more refreshed.

4. Gain a new perspective.

Slowing down your normal routine can help you gain perspective. You might have been fighting fires in the trenches for so long, you’ve forgotten why you’re in business to begin with. Take time to re-connect with your mission, vision, and purpose. Make sure your employees understand their grander goals as well.

5. Avoid multi-tasking.

Almost everyone thinks they are good at multi-tasking, but it turns out science says only a minority percentage of people can really multi-task effectively. Become self-aware of your own habits related to multi-tasking. Do things take longer when you multi-task? Do you make mistakes you have to go back and correct when you multi-task? If so, you may be in the majority of people who simply shouldn’t do it.

6. Stop worrying about billable hours (for service businesses) – at least for a while.

If you are really fixated on billable hours, you may need to just let them go for a while until you can get your perspective back. There is more to life and business than billable hours.

7. Re-connect with your business community.

If there has been no time to connect with your co-owners, customers, and employees, slowing down can provide that time. The most important thing is to simply show up and listen. You will learn a lot!

8. Make time for strategy.

If your business is headed in the wrong direction, that is the ultimate time-waster! Slowing down allows you to re-visit your strategy, making sure you are working on the right projects, that you have the right company culture, and that your business goals are in alignment with your big-picture purpose.

9. Do nothing.

It’s really okay to do nothing when you’re the business owner. You need time to come up with ideas, think about the hard issues, and even daydream. You have to stop working in the business so you can work on the business.

10. Get better at managing distractions.

If you get interrupted every five minutes, you will be drained of energy at the end of your work day. Get smart about managing interruptions so you can be more productive. This will free up more time for you to take breaks and slow your pace during your workday.

Try at least a few of these ideas to slow down before your mind or your body insist on it.

Paying Attention in 2022

Mon, 28 Feb 2022 14:30:00 GMT

What are you doing to get “back” in 2022?

It might be crypto, real estate, mutual funds, bonds … whatever. No matter what, a lot of my clients had to cut back in the last year or 18 months, and my advice now is this…

Get back on track.

Sharpen the saw a bit, cinch up the belt where you might have been living a little too large, and get back to your previous savings and income generation goals. Now, the world has changed, and your savings (or passive income) strategy might need to be reevaluated, too.

That’s okay, but you need to schedule time to sit down with the experts – your tax professionals, your investment team, and even yourself – and determine what opportunities exist today, and what offers significant returns that meet your own income and savings goals.

Bear in mind that everything we’re seeing right now – in terms of next steps – is based on the “latest’ Covid news or what might happen in terms of interest rates, Congress approving spending for the federal government next month and avoiding a shutdown, and whatever the media is worried about this week.

A lot of clients have opted to simply build up cash reserves, and that’s not a bad plan, but we’ve also seen plenty of folks that haven’t been good stewards of their finances, too.

That’s where I can help. As a tax professional, I can see ways that even modest amounts of cash on hand can allow you to move in on investments, and with the traditional returns on, for example, real estate, or crypto, or syndications, far outpacing the stock markets or mutual funds, NOW is the time to get on track and understand what kind of buying power you’ve got…

…And how to get more!

Here’s the deal: I don’t care HOW bad 2021 was, I’m challenging you to share with me what your investment goals are for 2022 and – if you’d like to take that one step further, to schedule a time with me to discuss how you can put more money in your pocket – the idea, of course, being to be ready to capture the returns you should expect as an investor when the time is right.

Make 2022 your year AND the year you got “back!”

Starting a new venture? Start here!

Mon, 21 Feb 2022 14:30:00 GMT

Without a doubt, owning a business can be many things – stressful, exciting, overwhelming, rewarding, exhausting, and liberating.

…And many times, it’s also addicting.

When you open one business, you want to expand. That might be a completely new company, because you’ve identified another need, or it could be you simply need to open another unit, or office, or retail location.

Either way, expansion is what business is all about. Being stagnant, in business and in life, is death.

…But just like life, it’s critically important that you take the right actions at the right times to ensure you get the results you want. You don’t make college plans as a kindergartener, and you don’t buy a car unless you have a driver’s license.

So any new business venture needs to be thought out, not by the seat of the pants.

What’s all this mean? For starters, you need to understand The Job the new venture will do, but then, you have to recognize the best entity structure for it.

LLC? Sole Proprietorship (unlikely!), S-Corp, C-Corp, partnership, and so on.

More important than that, you need to be clear not just on what the new company will be doing, but how you’ll separate it from your current business.

If, for example, you take profits from the first company to invest in the second, you should clearly document how the money got there and how it will be paid back. The nice thing about this is that money is “free” to use, once you’ve clearly shown how it got there and how it will return. Even with low interest rates these days, it’s handy to not have to fund a venture with someone else’s money.

Here’s the thing, though: when you open up that new store, or new business, you have to have clear rules and follow certain expectations with respect to the money it makes and where that money goes. At the same time, you have to remember – most of the smallest companies – the newest ones – are “flow through” businesses.

That puts the tax burden on you … or, at least, those taxes flow through to you.

So getting clarity on how a new business will act and react – and the financial impact it will have – it important. How do you do that?

Talk to me and the team, of course.

Now, I understand it’s tax season, and I’m going to be incredibly busy for these next few months, but there IS time to get a plan together, but you can’t waste it. If you’re expanding this year, we need to meet and create a plan on what is going to provide the best value for you and what will keep more money in your pocket.

There’s no single best practice in this case, but preparation is the key.

Let’s get that call in and get your new business moving!

IRS 2022 Limits

Mon, 14 Feb 2022 14:30:00 GMT

Each year, the IRS adjusts tax rates, standard deduction amounts, and other limits to account for tax law updates and cost-of-living adjustments.

Currently for 2022, there are seven tax brackets : 10%, 12%, 24%, 32%, 35%, and 37%. Your filing status (example: single, married filing jointly, head of household) will be the determining factor of where your taxable income will fall within the tax brackets. Keep in mind that should the Build Back Better Act pass in its current form, tax brackets will be reorganized and expanded.

Standard deduction amounts will increase to $12,950 for individuals and married couples who file separately, $19,400 for head of household, and $25,900 for married couples who file jointly.

Long-Term Capital Gains tax rates (0%, 15%, and 20%) remain unchanged, but the income level has changed:

Married filing jointly: 0% rate for income up to $83,350. 15% rate for income between $83,351 and $517,200. 20% rate for income over $517,200

Single taxpayers: 0% rate for income up to $41,675. 15% rate for income between $41,676 and $459,750. 20% rate for income over $459,750

Head of household: 0% rate for income up to $55,800. 15% rate for income between $55,801 and $488,500. 20% rate for income over $488,500

Other popular limit increases and credit adjustments for 2022 include:

Estates of those who die during 2022 have an exclusion amount of $12,060,000
Annual exclusion for gifts increases to $16,000
Maximum adoption credit is $14,890
Earned income credit maximum limit is $6,935
Alternative Minimum Tax exemption amount for single filers is $75,900 and begins to phase out at $539,900. For joint filers, the exemption amount is $118,100 and begins to phase out at $1,079,800.
Foreign income exclusion amount is $112,000
Flexible Spending Arrangement contributions via salary reduction has increased to $2,850
401(k) limit increases to $20,500
Educator expenses increase to $300 for expenses paid for books, supplies, and other classroom materials.

Fall In Love All Over Again (With Your Taxes)

Mon, 07 Feb 2022 14:30:00 GMT

Well, here we are, the season of love is back. You’re starting to hear about it at work, people are getting ready to pop the question, and the phone’s won’t stop ringing here at the office with folks looking for a date.

You guessed it.

It’s tax season.

Every year, I talk with scores of people – clients and non-clients – about taxes, and every year, 90% of the advice I give out is the same (and many of the people I share that advice with are in the same place as the men and women who asked last year, too).

For business owners – new and old – tax season shouldn’t be a stressful time of the year.

So why is it?

There are a handful of reasons, and every one of them could be avoided.

Not being organized. This is the biggest one! This issue actually creates almost ALL of the other challenges we’ll face – the costs associated with filing, because business owners either need my team and I to recreate and document all your tax activities for the last year OR you and your bookkeeper need to do it. Either way, you’re spending time or money in February and March that you could have spread out over the entirety of last year. Do yourself a favor – make a promise to yourself this is the last year you’re going to wallow around with bad organizational habits for your financial habits in your personal life and your business.
Not doing the monthly or quarterly maintenance in your finances. This is another big challenge that wastes money and time for business owners, and it sets up a cascading effect. If you failed, for example, to pay quarterly taxes at all last year, guess what? You’re going to be scurrying around looking for liquidity to pay by April 15th, your stress levels are going to be through the roof, and you’ll also likely have the added worry of some fines from the IRS. Even if you didn’t have any taxable liabilities (in terms of quarterly payments), you should at least have some insight to the amount of money you should have put away for a rainy day … and yet, here we are. Stop the madness and set yourself up for success next year by managing the maintenance.
Not asking question throughout the year. One of the hardest things about my commitment to serving clients is the fact I can’t give you council if I don’t know. By keeping the lines of communication open throughout the year, my team and I can help you avoid the challenges I’ve already mentioned as well as guide you through new ideas or expansion plans you might have in your business. Not only can these conversations save you money, they can also lower your taxes (or at least mitigate the taxes you’d pay). Often, though, when entrepreneurs don’t ask in a timely fashion, the year-end conversation is far more expensive.

There are a lot of other reasons and challenges you might face – or learn about – in any given February, but these are the ones I see year after year. If you were paying attention, though, you’ll see how all of them can be avoided with a little planning and preparation.

Get organized and get the results you deserve!

Five Ideas to Attract Staff During the Great Resignation

Mon, 31 Jan 2022 14:30:00 GMT

You’re not alone if you’re having trouble attracting and keeping staff. A convergence of issues has created one of the greatest talent shortages in our lifetimes. With boomers retiring in large numbers, pandemic and opioid deaths, people not wanting to work for low wages, child care availability disappearing, tighter immigration policies, people rethinking their life choices, and so many other factors, it’s no wonder small businesses are having trouble finding workers

The good news is small business owners still have a lot in their control to be able to attract the perfect candidate to our workplaces. Here are some ideas to help you do just that.

1. Be open to multiple options when it comes to what an employee looks like

If you require a 40-hours-a-week, onsite worker who has to dress in formal clothes to come to work, you need to rethink everything. Many talented people are choosing to work part time, and it might just be easier to find two part-time workers instead of one full-time employee.

How much of the job can they do virtually? This opens up your hiring pool nationally and perhaps even internationally. Consider also temporary versus permanent. And consider outsourcing certain functions as well.

The key is to be open to creative ways to get the job done.

2. Make fun a vital part of your workplace

Even if there are numerous deadlines and serious work to be done, your workplace can still be fun. A good start is bringing food to work; camaraderie always blossoms around food.

Add in extra activities like movie or games night, take weekly team lunches, start an amateur sports team, or encourage co-worker get-togethers after work. Decorate the office for each holiday, and celebrate birthdays, anniversaries, and employee successes. Create fun projects such as a volunteer day for a local charity, or support a team entry at a local fun run.

In short, create a culture where employees can not only have fun, but be themselves.

3. Add perks, and not just the usual suspects

Employees are demanding more of their employers, and the best businesses are listening and delivering. Beyond increased pay and the usual benefits – 401K, health insurance, vacation, and PTO – here are some new additions:

• Flex hours – more say in when they work

• Work-at-home days – more people are working at home at least part of the time

• Pet insurance – a New England CPA firm offers this to workers now

• Extra PTO – one marketing agency in Texas provides unlimited PTO, no questions asked

• Child care – any way to make this easy on parents is a plus

Other perks to think about are holiday gifts, bonuses, free dry cleaning, free car washes, and employee discounts.

4. Embrace technology

Employees want the best tools you can give them so they can do a good job. Be sure your employees are fitted with the latest hardware and software so there is less stress around the inevitable tech glitches that occur. There’s nothing worse than having a deadline and coming across a software glitch that wastes precious time.

5. Apply marketing techniques to hiring

Instead of posting the old boring job ad, create a campaign to find employees. Make sure your social media is up to date and mirrors the fun culture of your organization. Be sure to look in places you may not have traditionally looked for candidates. Create a job interview process that’s interesting and enthusiastic. You’re definitely competing for talent, so doing all of these things will help you win.

We may be in a period of staff shortages, but there are still millions of people who want to work. Do just a little more for your employees and candidates than the small business down the street, and they will want to keep working for you.

Get It Done NOW…

Mon, 24 Jan 2022 14:30:00 GMT

Unless you’ve recently immigrated, chances are, you know in the United States, taxes are due to be filed no later than April 15th. Now, of course that date has been moved around the last two years with Covid, and there are a whole lot of places that excuses and extensions can be used and filed, but, for the vast majority of taxpayers filing with W2 wages, April 15th is the deadline.

So why, with more than 90 days to go before those taxes are due, why would I suggest you get moving this month?

Simple – you likely filed taxes last year, right? Well, the previous year’s returns almost always foreshadow what this year’s returns will look like.

The Federal government has thrown around a lot of money via stimulus and things like PPP loans, and unemployment benefits – as I’ve said before – are taxable.

In other words, for a lot of people, “normal” tax returns are anything but, and with many taxpayers still trying to adjust to the “new” law of 2018, which technically cut taxes for the middle class withholding, but left a lot of people owing money on April 15th, it pays to be more aware of any nasty surprises earlier rather than later…

So while a lot of things haven’t changed, a lot of things haven’t stayed the same, either. Now is a great time to get the ball rolling and, when all the various financials are done, simply “plug and play” your return.

Of course, things do change – you get married, you have children, you change jobs, you buy or sell a home – plenty of variables. But for the most part, the effect any of those have on your overall tax filing status and scenarios is minimal. (I know each of them may be the difference between paying or receiving a refund, but the “how” of accomplishing this is what we’re after here.)

Yes, I know that many of you have been doing business with me for a long time, but a January meeting is still a smart idea – it allows me and the team to prepare for any changes AND – if those changes suggest you’ll have to pay when you file your return on April 15th, you’ll potentially have extra time to sort out where those funds come from PLUS the chance to organize 2022 to prevent that from happening again.

Nobody likes to write a check to the IRS, but we all have to pay our fair share.

Should You Worry About Tax Brackets?

Mon, 17 Jan 2022 14:30:01 GMT

One of the things that’s often forgotten about until the news cycle slows down a bit isn’t tax rates – those are set by law – but the actual numbers that define where those rates will be applied.

Every year, we field calls from customers and clients freaking out because they’re “in a higher bracket.”

Slow down!

The truth is, getting into a higher tax bracket is a good thing – it means you’ve made more money!

The best thing to do is not to worry about what a piece of paper says you made, especially when those brackets are adjusted by the federal government to account for inflation. The important thing to do is this: learn how to manage your taxable income so that you aren’t worried about arbitrary brackets in the first place!

How can you do that?

For starters, you have to have options.

If the only retirement savings you have is an IRA, it needs to be a Roth.

Once you have that, consider a Self-directed 401(k), a 529, and one of several HSAs (Health Savings Accounts).

With those in hand, there’s never a problem managing to the bracket, although, as I said earlier, that type of thinking is flawed.

Your goals for retirement savings, investment, and long-term wealth building should NOT be driven by saving a few dollars on your annual taxes.

Why?

In short, it’s unfeasible, the way most people view it – they’re making contributions based on managing a net income number, rather than maxing out contributions based on managing a wealth or retirement goal. My thoughts on this? Save and invest as much as possible, and, if the numbers say you’re still in a higher bracket?

That’s still a good thing!

So, right now, take a step back and think about where you’re saving money, either pre- or post-tax. If you don’t have all the options I listed above, then you need to consider how each of those can be created and used to not only mitigate your tax bill, but also, to support the investment strategies you’ve decided upon.

If you don’t have them, we need to work on getting those set up.

If you do have them, we need to work on maxing those out annually.

Either way, it doesn’t matter what your AGI is.

Building wealth and equity in your business is the goal, and playing fast and loose with deductions and credits isn’t how you do that – in the long term.

Let’s get 2022 off on the right foot – get your assets in line, get your investment strategies in line, and let’s take the longer view of building wealth. Go ahead and reach out to the team to schedule a call to move forward!

Tax Provisions in the Infrastructure Investment and Jobs Act

Mon, 10 Jan 2022 14:30:00 GMT

While the Infrastructure Investment and Jobs Act of 2021 (IIJA) is primarily a bill that improves roads, bridges, and transit, as well as authorizing additional funding for energy, water, and broadband improvement, there are some tax-related provisions included.

Employee Retention Credit Changes

The Employee Retention Tax Credit (ERTC), which was a tax credit enacted under the CARES Act, is a provision designated to help small businesses retain their employees during the COVID-19 pandemic by refunding payroll costs already spent. The ERTC was extended to quarters three and four of 2021 by the American Rescue Plan Act, only to have Q4 taken away for most employers by IIJA. Under IIJA, only employers who qualify as a “recovery startup business” will have access to the tax credit in the fourth quarter of 2021. A recovery startup business meets the following criteria:

It began carrying on any trade or business after February 15, 2020, and
Average annual gross receipts is less than $1,000,000 for the preceding three tax years (or in most cases, for 2020 and 2021).

Employers that are non-recovery-startup businesses who qualify for the ERTC based on full or partial government shutdowns or a certain level of decline in gross receipts still have three years to file an amended 941 (or similar return, such as 943, etc.) to claim any credits they are eligible for.

The ERTC is a complicated area affected by several different pieces of legislation and rules that vary from quarter to quarter and situation to situation. Please do contact us if you feel your business may be eligible for the ERTC.

Cryptocurrency Disclosures

The IRS is giving fair warning on cryptocurrency that they will be focusing more and more on this area in future years. While the disclosure question about cryptocurrency first appeared on the 2020 Form 1040 tax return, the wording has been modified slightly for 2021:

“At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”

Digital assets are defined as "any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology." The definition of brokers is also expanded.

Deadline Extensions for Disaster Victims

For taxpayers affected by federally declared disasters, a 60-day extension is granted for:

Filing income, estate, gift, employment, or excise tax return
Payment of income, estate, gift, employment, or excise tax
Filing a petition with the Tax Court or filing a notice of appeal on a Tax Court’s decision
Allowance of a credit or refund of any tax
Filing a claim for a tax credit or tax refund

To read more about the Infrastructure Investment and Jobs Act, review the fact sheet released by the White House.

Welcome In, 2022

Mon, 03 Jan 2022 15:00:00 GMT

When the ball dropped the other night, you likely made one of two types of resolutions.

You feel back to the old standbys of, “Drink less, eat healthier, exercise more. Spend more time with the ones I love…”

OR…

You got reasonably specific about something you actually do want, but the chances are, it’s no better than the generic stuff we’ve all heard above. I’m talking about the junk like…

“We’re going to invest in cryptocurrency.”

“I’m going to run a half marathon by August this year.”

“My business is going to break $500K this year in profit.”

The problem is, as good as those sound, if you didn’t think or create a plan to achieve those goals, their just as useless as the cliché ones everybody else used…

“My husband and I are going to sell our stock options from work and invest that money in the top three cryptos my research has told me are poised for reliable growth in 2022.”

“I’m going to do an hour of cardio each day, while gradually building my endurance. I’ll be adding in a second cardio session each day – running or biking. One day each week – Tuesday – one of those workouts will be swimming at the gym.

“I’m going to recreate my pricing structure and create new products for the business which I’ll launch on March 1st, 2022. I’m going to have strict rules on how I spend my time at work to allow me to not lose valuable time getting stuck “doing” email and I will limit my social media time to one hour each evening after I get home and have spent time with my wife and kids.”

I guess you can see how all these examples amount to the same goals, but each gets more and more specific.

Who do you think is going to accomplish the most? You guessed it – the ones that are most specific.

Honestly, it’s not too different from preparing taxes.

Yeah, I said it.

Creating specific, measurable goals isn’t radically different from tax preparation. Let me explain:

Today, there are SOOOO many ways that individuals – especially those who receive W2s for their work – to handle their own tax preparation that many tax specialists and CPAs worry about the potential loss of income from software suites.

Not me.

In fact, I really like the fact that tax preparation has finally gotten “easy” and the software to support it is available. It makes my job easier. The truth is, with the level of experience that many preparers operate on, it’s not ethical to charge for our skills for those most basic returns and filings.

Think of the sheer number of tax software on the market for taxpayers, and the options for professionals are even more extensive. Honestly, I’d rather educate a young person on how to use the software than to charge them for preparing their return.

…But I LOVE working with business owners and those who need who need professional level tax preparation, especially when they never thought they needed a pro to help them, and my team and I can show them how critical our services are.

Here’s just a few examples of business owners and people who MUST have professional level guidance in the tax arena:

If you have over $200,000 in annual income or no income at all.
If you make more than $5,000,000 annually.
If you are paying Alimony
The Earned Income Tax Credit
If your numbers are TOO perfect
If you have unreimbursed employee expenses
If you deduct 100% of a business vehicle
If you think you should deduct a Hobby Loss (tip, don’t go there!)
If you own cryptocurrency
If you worry about the ethics of your previous Tax Preparer

If you’re nodding your head as you read this list, then “doing it yourself” is NOT a good idea.

Now, you might be thinking, “With the pandemic, how many audits would the IRS really do?”

Guess what? The IRS can use Zoom, too. Sure, it might not be as intimidating, but the results would be the same. In fact, in many cases, the “new” ways the IRS reviews mistakes on taxes are more egregious than the “good old days” because you’re forced to fight by mail, and the amount of time it takes to prove you’re right is exponentially longer, and thus, far more frustrating.

So, in the end, if you are prepared to go and handle your taxes on your own, I’d still like to invite you to come in and discuss what hurdles you’ll need to be prepared to jump over.

All the best and Happy New Year!

Changing the Tune

Mon, 27 Dec 2021 15:00:00 GMT

Before the New year gets here, I want to ask you to think about sharing some money truths with your family.

NOT the ones your parents told you, in most cases, but the ones that really are true. You see, as a tax professional, I see the same old (bad) money habits being transferred from one generation to the next, over and over again,

Can we “resolve” to stop that?

Can we create smarter consumers and stewards of money with the next generation? I believe we can. So today, I’d like to touch on some of the half-truths I hear from otherwise smart people – and how we can stop it.

Kids Need An Allowance. Not. At. All. You can certainly pay your kids for handling certain tasks around the house, but at the same time, they also need to realize that, for example, “if you made the mess, you have to clean it up.” I think it’s foolish to financially reinforce that meeting a standard – such as keeping their room clean – is a quantifiable reason to be paid. On the other hand, for older kids, you can certainly think about paying them a fair “wage’ for things done around the house – taking care of the lawn, or cleaning the common areas of the house weekly. But just randomly giving Junior some money because he’s there? Nope. Stop it.
Leave A Financial Legacy To Your Family At All Costs. Here’s another tragic falsehood I see all the time. In one instance, two children who were wildly different in their lifestyles as adults both received 50% of the parent’s estate. One daughter took those monies and continued to grow it. The other squandered it away in a matter of less than five years. This might be hard to acknowledge, but if you know one of your kids will waste your lifetime of work, don’t share it. Likewise, if you feel your lifetime of work deserves to go elsewhere, don’t be afraid of taking those actions. Your legacy should go where it will be used, not abused.
Debt Is Always Bad. Not at all true! BUT, most consumer debt isn’t “good,” either. Teach your kids to look at any purchase in terms of the declining value of the purchase versus the benefits of the purchase. A new laptop that assists them in getting a great education is a wise purchase. A $3,000 “gaming” computer might not be a wise purchase, especially when such a device is largely worthless in a matter of only a few years. The same could be said of a new car – it offers safety, reliability, and so on for a new driver, but as it depreciates, the overall value drops. A truck purchased for work, on the other hand, allows the owner to create income, and thus, the “debt” incurred is offset by the income it helps to create.
Financial Goals Aren’t Generational. This is another one I’ve heard over and over again. The truth is, the American Dream that our grandparents had is shockingly different than the one we’re following, and the same could be said of our kids. Fifty years ago, pensions were the norm, and you were likely to retire from a job you’d held your whole life. Today, many of us have realized that even the “go to college, start a career” path we lived – and suggested our kids should live – is rapidly losing touch with the reality of the workplace and the next generation’s life goals. The point is, what made our generation successful is likely to NOT make our kids’ successful, and we owe them the chance to not only educate themselves, but to help educate us. Yes, we might be able to help them financially, but we also need to be able to offer wise counsel on what our experience tells us are likely outcomes. That might be from investments, careers, the prudence of when to buy their first home, or even if they should start a business as a twenty-something. Don’t be afraid to learn about these things together.

The key takeaway I want YOU to get from this is simple: talking about money and financials isn’t – and shouldn’t be – taboo. It’s only when we arm the next generation with the knowledge we’ve accrued that we can ensure they are not only good stewards of their own financials, but also, those of the generations to come.

I wish you a Happy New Year-

How to Reconstruct Tax Records After a Disaster

Mon, 20 Dec 2021 15:00:00 GMT

While it’s not always possible to prevent an emergency, you can reduce the likelihood that an emergency will become a disaster by being prepared. Here are some tips to do just that.

Store your documents in a waterproof and fireproof safe that is convenient to access.
Make copies of your important documents—store paper copies in a different location than the originals. If making digital copies, store them in the cloud and/or on a portable storage device
Make an inventory of your documents—critical documents to protect include identity documents, court orders, property records, financial and legal documents, and medical records.

In the event that you suffer a loss to your records, the IRS has helpful tips for reconstructing them.

For tax records, get free tax return transcripts instantly by visiting the Get Transcript tool on IRS.gov.
To request a copy of past returns by mail, file IRS Form 4506 and (if applicable) write the appropriate disaster designation, such as “HURRICANE HARVEY” in red letters across the top of the forms to expedite processing and waive the normal fee.
For personal residence and real estate, take photos or videos as soon after the disaster as possible. Contact the title company, escrow company, or bank that handled the purchase of your home to get copies of documents. Establish a basis or fair market value of the home by reviewing comparable sales within the same neighborhood. Review insurance policies, as they will establish a baseline figure for replacement value. If improvements were made to the home, reach out to the contractors who did the work to see if records are available. For inherited property, check court records for probate values. If the property was held in a trust, contact the attorney who handled the trust.
To establish the current fair market value of vehicles, research online tools such as Kelley Blue Book. If the vehicle was purchased from a dealership, ask for a copy of the purchase contract.
To catalogue lost items and values of personal property, look on mobile phones for pictures that might show items in question. Check websites that can help establish the cost and fair market value. If items were purchased with a credit or debit card, contact your credit card company or bank to request past statements. When no photos or videos exist, draw a floorplan showing where each piece of furniture was placed and take the time to list memorabilia contained on shelves and tables.

If you have been a victim of a disaster, you have far more important things to worry about than your taxes. Let us help you take that burden away so you can stay in compliance with the IRS and get on with more important things in life.

Get It Done!

Mon, 13 Dec 2021 15:00:00 GMT

Okay, the New Year is closing in fast, so I wanted to pen a quick reminder about what HAS to be done before the 31st…

Charitable donations. Individuals who itemized their deductions can receive a current-year tax deduction for cash donations. In other cases, such as stock donations or gifts to foundations, they are still tax deductible but are not eligible for the 100% AGI limitation.
Capital losses. If you’re going to take them, NOW is the time, not after the first of the year, to make sure ALL your documentation is correct. Once 2022 gets here, you don’t have the leeway you do now. This can also get into a more advanced strategy of “Tax Loss Harvesting” wherein an investment that has lost value can still help your portfolio; if an investment drops you can deduct that loss, which helps boost your overall investment returns.
Avoid penalties. Take a few minutes today to ensure you have enough “paid in” for the year to avoid any penalties for underpayment. Yes, there’s usually a lot of “wiggle room” to stay safe, but don’t tempt fate. Get clear today, pay in today, and don’t incur any more costs.
SBA or PPP materials. If the SBA has forgiven your PPP loan, it will be excluded from your gross income. Remember, though, you’ll also NOT be able to deduct additional expenses paid with those funds. Gaining clarity on that now, rather than in the New Year, is a good policy to have in place.
401(k). While many business owners don’t have access to a traditional 401(k), you might. Make sure you – and your employees – remember to maximize their contributions before the end of the year. At the same time, don’t go over the limits – you’ll be subject to having those contributions taxed!

Year after year, I have clients who are incredibly sharp that miss these types of opportunities to mitigate their tax bills. It’s incredibly frustrating, and even more so when the solution might have been as simple as a single transaction completed before December 31st.

Remember, too, that your spouse also has some of these same opportunities – or that some of these can be combined in your returns. Just as importantly, you need to remember that there are still a host of other places you can mitigate your tax burden until April 15th, but taking the time now to get an accurate “snap shot” of where you are right now can give you a tremendous amount of clarity on what needs to be done in these next few months.

Everyone Hates Paying Taxes…

Mon, 06 Dec 2021 15:00:00 GMT

As the title says, everyone DOES hate to pay taxes – or at least, more than their fair share, so does it make sense to investigate moving to, or retiring to – one of the nine states that don’t have income taxes?

Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming don't tax earned income at all.

Think about it – when you retire, that would also mean no state income tax on your Social Security benefits, withdrawals from your IRA or 401(k) plan, and payouts from your pension.

Now, before you start looking too hard at those states, understand, income taxes don’t exist in a vacuum. If you’re not paying one way (income taxes), you’re going to pay another way (gasoline, real estate, sales taxes, and plenty of others…).

After all, the state has to pay for services somehow…

The key for you to make sure a state with no income tax could “work” for you is to look at where they do get their funding from.

Texas and New Hampshire, for example, have some of the highest property taxes in the nation. Alaska actually looks great on paper – but, then, it’s Alaska. Climate is a concern!

The point in all of this is simple: don’t fall for the illusion that “no state income tax” really means “lower costs of living.”

There are several effective ways you can do this…

Research. Of course! You likely already know what type of climate you might like (whether that’s the business, environmental, or even demographic) and begin to eliminate the states that aren’t immediately viable.
Work with your financial team (accountant, financial advisor, and even bookkeeper) to get a clear snapshot of what challenges you might face in the different states you’re studying up on. It might make sense to “leave” a company in one state while you reside in another, but of course, you’ll have to have the proper corporate entity structure to do so legally.
Get crystal clear on when you should make that move. It may well be that it makes sense to move now rather than in retirement. Alaska, for example, has provisions that pay citizens to actually live there year-round. Similar incentives exist for technology-heavy businesses relocating to the so-called “flyover” states, such as Nebraska and South Dakota.

The point I’m trying to make is that we, as a species, tend to be mobile, and if you’re longing to make that move, you don’t need to simply focus on states that don’t have income taxes. In fact, of the nine mentioned, most have plenty of “gotchas” once you begin to dig in.

Do your research and feel free to ask me – I’m more than happy to help you in your search for the “right” spot!

The Four-D Time Management Trick to Boost Your Efficiency

Tue, 23 Nov 2021 00:41:16 GMT

Time is our most precious personal resource; once we’ve spent it, we’ll never get it back. As busy entrepreneurs, we seem to have less time than anyone else, so it just makes sense to look for ways to use our time wisely. Here is one technique that has worked for many.

The Four D’s

When you think about it, there are only four actions you can take against any one of the many tasks you have on your plate:

1. Do it.

2. Delegate it.

3. Delay it.

4. Delete it.

As you approach each task on your to-do list, ask yourself which one of the four D’s is best.

Do It

The first option is simply to do the task yourself. Get it done, checked off, and out of the way. This is often the best option if it’s urgent, important, or you are the only one with the experience and training to do it.

It might sound counter-intuitive at first, but doing a task might not be the best option. Let’s look at the other three options before we decide.

Delegate It

If your to-do list is full of simple, routine actions, then delegating is a strong choice. Delegating is also a great choice for tasks that are beyond your skill set and that would take too much learning-curve time away from your core work. If you don’t have time to do everything yourself, then getting help is a smart alternative to doing it yourself.

Getting help doesn’t mean you have to hire a full-time employee. You can get help in a multitude of ways:

• Engage a company to do a task. From walking dogs to managing Google Ad campaigns to handling your bookkeeping and taxes, there are companies like ours that would be delighted to take over your task for you.

• Automation is a form of delegation. Can software do what you are doing?

• Find someone on Fiverr.com or UpWork. You can hire someone for a five-minute task or a 5-day task. Find them on any website that lists freelancers for hire.

• Plenty of people are looking for part-time jobs, just in case you don’t have enough work for a full-time person.

If you can write instructions about how to perform the task, you can delegate it. And if you’re worried about losing control or quality, simply add milestones where you check the person’s work. Initially, it might not be faster, but in the long term, it will pay off.

Delay It

If a task is not urgent or important, delaying it might be the right option. The problem with this option is that you have to handle the task at least twice: once when reviewing it and deciding whether to do it, and again when you finally decide to do it. If you keep deciding to delay it, you’ve handled it more than twice. Not only can this take up precious time, it can be a drain on your energy as you see the incomplete task on your to-do list for a long time.

However, there are times when delaying a task is best:

• Delay if it’s not urgent and you have other urgent items to attend to.

• Delay if it’s not important.

• Delay to prioritize other, more profitable tasks first.

• Delay when the task is best done in batches. Here’s an example: Rather than answer each email as it comes in, think about blocking out three times a day where you check and clear your email. You can apply this time-batching concept to just about everything to gain efficiency: posting on social media (write and schedule a month’s worth in advance), returning phone calls, attending meetings (book them all on one day and keep other days clear), and running errands (delay until you have three to four errands, then do them all in one run.

Be careful of delaying a task over and over again. Something else may be going on with your mindset:

• The task may be uncomfortable for you (find someone that loves to do what you don’t and delegate), or

• How to get started is ambiguous (get training or find someone experienced to shorten your learning curve).

Delete It

Some tasks should never have been added to your to-do-list in the first place. When there is no return on investment for a task, perhaps the best choice is to delete it.

Take a look at some of the things you do out of habit. Does it still make sense to do that task, or is it simply done because it was always done that way?

Do, Delegate, Delay, Delete

Try the four-D time management trick for yourself to get an instant boost in efficiency and productivity.

What You Should Know About Required Minimum Distributions

Tue, 23 Nov 2021 00:24:26 GMT

With all the legislative changes related to retirement distributions over the last couple of years, it’s important to have a clear understanding of what to expect for the current year. In particular, it’s critical to know what to expect with Required Minimum Distributions (RMDs) for tax year 2021.

RMDs are required distributions investors over a certain age must take out every year from their retirement savings accounts.

As part of the SECURE Act of 2019, the age when RMDs are required was increased from 70 ½ to 72 years. Furthermore, as part of the CARES Act passed in 2020, the RMD requirement was temporarily waived. So, what should you expect for 2021?

Unfortunately, there is no longer an RMD waiver for tax year 2021. Therefore, anyone age 72 or older as of December 31, 2021 must take their RMD by year-end to avoid a penalty. The only exception to this is if 2021 is the first year an individual is subject to the RMD requirement, in which case the due date is April 1, 2022. The RMD rules apply to traditional IRAs, inherited IRAs, and employer-sponsored plans.

For inherited IRAs, the RMD rules for beneficiaries depend on when the original owner passed away as well as the type of beneficiary. While non-spouse beneficiaries are generally required to withdraw the entire account balance of the inherited IRA within 10 years, spousal and other certain eligible beneficiaries may be allowed to take RMDs over their life expectancy. The taxation of the distributions depends on the type of account – no taxes will be owed on inherited Roth IRA distributions (assuming the original account owner held the account for at least five years), while distributions from an inherited traditional IRA account would be subject to taxation.

It is important to understand the various rules surrounding RMDs to avoid the steep 50 percent penalty that kicks in if you don’t comply with the rules and/or handle your distributions accurately. But what if you don’t need the funds? While you are still required to take the distributions when you meet the requirements, there are some options available if you don’t depend on the money to meet your spending needs, including reinvesting the proceeds in another allowable account (to take advantage of continued growth) or taking qualified charitable distributions (QCDs) that allow for gifting of up to $100,000 annually to a qualified charity (the latter of which are excluded from your taxable income and not subject to tax).

Be sure to work with a tax or financial professional so you know what to expect and can plan withdrawal strategies that put you in the best situation possible!

Five Places Where Spending More Pays Off

Thu, 28 Oct 2021 22:58:31 GMT

It’s generally a good idea to keep overhead costs low so that your business profits will be higher. This is especially true with items that are easily commoditized and fairly standardized, such as utilities and rent. But there are times when increasing expenses pays off nicely, and here are five areas to consider so you can reap the rewards.

Training

Whether it’s for you or your staff, good training can pay back for years to come. Learning new skills, no matter what our crafts are, will keep our businesses from becoming stagnant. Implementing what we learn will help us grow.

You might get training to increase the mastery of your chosen profession. You might also want to consider general business skills, including technology, marketing, finance, and leadership. Just about everyone can benefit from learning more about project management, communications, and negotiations, to name a few more.

You might also want to consider “human performance” skills such as public speaking. Whatever you choose, training is always a great investment that pays back big dividends.

Tools

Without the right tools, the same task can take double the time. It’s a great idea to provide your employees with the most powerful computers and software on the market. The cost of labor outweighs the costs of the computers, so it makes sense to load employees up with the best tools you can. An employee with a slow computer, through no fault of their own, is not giving you their best, and that will cost money in lost productivity.

The same thing goes for owners. You can spend your time fighting with a machine or getting a ton of work done. I’m pretty sure the latter is more profitable.

Accounting

The most successful companies we work with invest in accounting services in five areas: accounting technology, accurate bookkeeping, thorough reporting, tax minimization, and professional consulting. When we see business owners cutting corners in any of these areas, it usually costs them more money in the long run to clean up the problems that result.

An up-to-date accounting system minimizes maintenance and troubleshooting costs. Making sure the bookkeeping and reconciliations are done properly is essential for compliance reporting and decision-making. A robust set of reports allows a business owner to make smart decisions about running their business, and minimizing taxes helps you keep more of what you make.

Since accountants see thousands of financial reports in their careers, they have developed an eye for opportunities that a business owner may not see. Bringing an outside perspective into your business is a good investment that can help you discover great opportunities in your business.

Marketing

Whatever you do in your business, you are helping others. You are sharing a skill you have that your clients either don’t have or don’t choose to do for themselves. Being a best-kept secret doesn’t help you share your gifts and talents.

Marketing can help you get the word out to people who need your services but might not know about you. Developing great marketing materials will help you communicate what you do as well as receive fair compensation for what you do. It almost always makes sense to invest in this area of your business.

Employee Perks and Benefits

Keeping employees passionate about your vision and motivated to be productive is a continuing task. One way to do that is to provide employee benefits and perks that make it attractive for employees to work for you.

There are many ways to invest in your employees. Good health insurance, personal time off, extra vacation time, education reimbursement, flex time, and working from home are just a few of the many options you can choose from to enhance employees’ working environments.

Measuring the Payoff

We can help you measure your return in any of these areas; as always, please let us know how we can help.

Schedule Needs Analysis Today! Click Here

Realistic Ideas About Retirement…

Mon, 16 Nov 2020 22:09:44 GMT

Recently, it seems we’ve had a great many calls about retirement and those folks all seem to ask the same things when it comes to their planning. Last week, you might remember I shared some ideas about retirement saving and the idea of budgeting in your annual savings just like you might budget in your car payment each month.

This week, though, I want to share some ideas about a few things that many people don’t realize will actually cost MORE once you retire…

Travel – It might seem like travel as a retiree should cost less than it did when you had to carry the whole family, but the reality is, retirees often take longer trips with a higher expectation of luxury. Two weeks instead of one. First class instead of coach. You can factor is some additional expenses when you think about travel to see the grandkids or a trip to see old friends. Don’t be surprised, though, that travel costs more than you expected.

Downsizing – This one is a surprise to a lot of newly-created retirees who have sold the family home and expect to pocket a substantial amount of that equity. In reality, you’re more likely to make a lateral move when it comes to your retirement home. Whether that’s because you’ve built a dream home or you’ve moved into a higher end condo with full amenities, be prepared to spend as much or even more than you used to. Additionally, at some point you’ll also have to factor in the simple fact that at some point, you physically can’t cut the grass or shovel the snow, either.

Your Daily Expenses – Things cost more year over year, simple as that. Many times, it’s difficult to project what the costs of any given item might be in two decades. Imagine saving for retirement in the late nineties for today. Who could imagine the “extra” expenses of digital networks, online streaming services, and even cell phones? Be open-minded about the fact there will be new expenses you may not be able to foresee.

Healthcare – It’s easy to think, as a senior, that your health expenses will be covered by the government, but there are so many “gotchas” in the various plans that you have to expect to pay more than you might ever think. It’s also worth remembering that the simple act of staying healthy is going to cost more, too. Gym memberships, preventative care, proper nutrition, and even a good pair of sneakers are all going to add up, so understanding that and determining how to plan for it is a smart idea now, while you’re still generating income.

I can think of an easy dozen more, but these should be enough to get you started thinking about how your plan to finance your retirement and the “real” costs of retiring. Hopefully, this helps you and if you have questions, me and the team are happy to help – even sit down with you and discuss your current tax strategy to see if you’re on track for the retirement you want, not the one you won’t enjoy.

All the best-

Discovering the Metrics

Mon, 16 Nov 2020 22:01:53 GMT

Last week, I shared some ideas with you guys about how easy it can be to begin creating management solutions in your business to help you recapture your free time.

Did you get the chance to do any of those last week?

I hope so, because the end result is simple – more time for you to do the work you want to be doing and less – sometimes far less – time chasing your tail or “doing” numbers.

This week, though, I want to share a next step based on that process. After all, once you’ve created a system, and maybe you realize it’s not perfect, how can you fix it?

Well, keep reading!

As a “numbers person” I have to live in the world of quantifying answers. The IRS doesn’t care if my clients “think” they’re profitable, they deal in the absolutes of numbers.

Numbers don’t lie, and that’s the attitude you must have when it comes to quantifying the results your innovations are generating. How do you know if your innovation works? Simple! Look at the statistics before the innovation, and look at them afterwards!

Unintended consequences are also metrics you need to make sure to study, and, quite frankly, if you’re really making improvements, then your quantifying data shows you exactly the places that need innovation and creation, too.

It’s a “chicken and egg” challenge, but one that allows you and your business to constantly grow – and that’s the core of the entire process we’re outlining this month!

An easy way to continuously innovate within your company – and NOT get caught up in the constant game of “catch-up.”

So this week, take the time to look at that one thing you changed last week and really study on the changes you expected to see – and the changes you might not have expected, too. What are the metrics you’ll look at? What are the things that “should” change as a result of the processes you’re creating?

These will be the key to your success, and more importantly, they’ll be the reason that you and your company grow when others are struggling – or shrinking.

The secret, in my own humble opinion, lies in focusing on the fact that every business is going to change and being open to that change – and communicating and teaching your people how easily your company is going to be able to make those changes. When they see the business smoothly executing and navigating changes and creating solutions, they’ll not only respond favorably, they’ll be “on board’ with the innovations you’re making.

All the best-

Your Savings Plans For 2021

Wed, 11 Nov 2020 23:40:40 GMT

This is the time of year that a lot of folks begin to dig in to their plans for finalizing some of their 2020 contributions and sorting out what – and how much – they can plan on contributing in the New Year.
There’s some news – that might be seen as good OR bad - about that…

For starters, contribution limits are remaining the same for next year virtually across the board.

Employees who are using 401(k)s, 403(b)s, most 457 plans, and the federal government's Thrift Savings Plan will be able to contribute up to $19,500 to those plans during the year. That's the same contribution limit in place for 2020.

Roth and traditional IRAs also stay the same, at $6,000 annually.

I know, I know, “So how is that good news?”

Well, for starters, those limits didn’t go down, but more importantly, the deduction phase-out for your contributions are all going up.

So while you might not get to “save” any more, you’ll qualify for the tax credits when your income increases in 2021.

Now, you might think that, as hard as 2020 has been, 2021 might be challenging, and there’s no way to know until we get there. The bigger point is this: right now, if you don’t have a plan to maximize your contributions, you’re losing money.

Free money.

I want to make sure that doesn’t happen. How?

Simple! You get a plan in place! The secret is to approach your personal finances the same way your company might approach its operational costs – with a budget. I discuss this sort of thing all the time with clients who are getting close to retirement, and it’s almost the same thing. Think about it: you know how much your car payment is, your mortgage, your various bills, and your subscription services for television each month AND you know what your paycheck is. From there, you can – and should – be able to deduce how much you CAN save every year.

Do you “have” to save it all? No, not if you don’t want to. You can budget your family vacation in there, or a weeklong getaway with your spouse, even season tickets for your home team.

None of that matters! What is most important is that you create a plan to save and you use the tax breaks we currently have in place to maximize the value of every dollar you save.

If this seems like too much, I’d have to recommend you make an appointment BEFORE the end of the year to sit down and look at your current savings strategy and see where you’re leaving money on the table.

Let’s get it in your pocket!

All the best-

Turn Off the Noise

Wed, 11 Nov 2020 23:26:13 GMT

Last month, we looked at how entrepreneurs MUST stay focused on the dream, vision, purpose, and mission they opened their businesses to fulfill, but this month, I wanted to spend some time addressing businesses that are already open and “doing well…”

First things first – this month, I’m not spending a single sentence in any of my communications to discuss who won the election, why they won, or if it was a “good” election or a “bad” election.

The news is going to be filled with that for the next month, so spending time rehashing it is wasting time I could be sharing REAL things with you.

Now, on to bigger and better things!

What’s the best process to easily and continuously manage that business?

Well, in my own experience, most small businesses and start ups begin to fail because their owners never took the time to simply develop a process to manage anything UNLESS they were personally involved.

You’ll never scale it that way, but the good news is you can adopt a simple, four-step process to begin to create a management strategy that works, over and over again.

The first step?

Innovating. Now, that may be too much of a word for you, but it’s really the perfect one. If it’s scary to you, use “creating” to make it easier.

Let me put it simply: create the systems you’re missing.

Here’s an example…

Think about one thing you can’t seem to let go of at your company. You might do this without thinking, and now, I’m asking you to think about it.

What is the exact process you do as you do a given daily task?

If you can document it, you can create it, and if you create it, you can teach someone else to do it.

So let’s get started! Think of one, or two, or half a dozen tasks you have never been able to offload, and today (or at least this week), document how you do them and teach somebody to do them!

One word of warning, though, don’t do this as an “on the job” training process, do this within a written or digitally documented system. Video software like UseLoom, software like Excel, or even just a bulleted list with screenshots attached can all be the start of the training process, and more importantly, allow you to recapture the essence of your job – being the leader and the entrepreneur who created the business.

Take this time to create and innovate these small pieces, because five minutes saved here and there lead to hours – and then days.

Chat soon!

So How Long Is This Going to Last?

Mon, 22 Jun 2020 17:38:10 GMT

Every day, clients are calling the office and asking many of the same basic questions.

Some are about taxes, of course, especially with so much SBA money being thrown around and radical changes affecting how companies use those funds in the face of future taxes. A lot more, though, are about what we think is going to happen.

Well, if we’ve learned anything in the last three months, it how statistics can be made to say anything, but personally?

I think – barring any strange spike as states reopen and people begin to move around more – we’re going to have a heck of a third and fourth quarter.

The facts are the facts – unlike the recession of 2008-2009, where real estate in the U. S. was impacted, but worldwide, countries like China still showed growth, COVID-19 has impacted everybody.

Some of those impacts – especially in the Third World – are going to be felt for the rest of the year.

Here, though? I see a lot of business owners and entrepreneurs opening up and “putting the pedal to the metal” with new ideas, new tactics, and a renewed sense of purpose to take care of their customers in any way they can.

It’s going to be a powerful incentive for change AND profit, especially for entrepreneurs who are focused on the customer experience.

Yes, I’ve talked about this before, but like Michael E. Gerber, author of The E-Myth Revisited, points out, there are only seven variables any company needs to understand to make the sale:

• Information

• Understanding

• Clarification

• Advice

• Assistance

• Reassurance

• Transaction processing

You don’t even have to do all of those, just understand which ones your client needs!

Even better? These last few months have changed how many businesses view their customers, so your ability to get feedback and data has increased exponentially.

They’re willing to communicate with you, all you have to do is ask!

This is the real reason I’m so bullish on how the second half of the year will be for every business who decides to make it a great year.

So today, I wanted to share my confidence with you – and even lend it to you if you are still struggling to find your own. Whatever we decide will happen will likely happen, so now?

Let’s choose to be positive. Let’s choose to be great.

Let’s choose to be profitable, and customer-focused, and excited, and let’s make 2020 memorable NOT for the pandemic but for the major changes we created in our businesses.

Make it a great day-

Who can you believe?

Mon, 15 Jun 2020 18:54:15 GMT

I get it – a LOT of people continue to be nervous about the economy, investments, real estate – you name it.

…And we won’t even go into how they feel about how various governmental agencies around the world are re-opening the economy. The House says this, the Senate says that. The WHO says this, the CDC says that. Georgia is wide open for business, New York is still practically locked down.

Put it simply, there’s a lot of information and most of it is conflicting. For me and my team, our biggest choice, every day, is to turn off the noise and simply get to work.

As an entrepreneur and business owner, you have that same power – in life, in business, and in how you choose to face and conduct your daily activities.

…And that brings me to the point this morning…

The economy has changed, the way many businesses have to do business has changed, but the truth of the matter is this: people are still willing to give you money in exchange for your products or services as soon as you make one single decision.

Make it easy for them to do that.

In the last two months, how many of us have gotten crash courses in virtual meetings? How many times have we seen creative business owners making the most of the situation and tweaking their models to satisfy their customers?

Are you doing that? (No, I didn’t say “can you do that” – you can do anything – I said, “Are you doing that?”)

Because right now, the companies and entrepreneurs who are going to be the next overnight success are grabbing market share and creating loads of loyal customers by simply tuning in to what the client wants and modifying their existing business model to give that to them.

Right now, it’s not enough to tell your customers “we’re sanitizing and disinfecting everything” because everyone is doing that. Think about Sales 101 – you identify what the client wants, then how they want it.

If you’re not doing the latter, then you’re throwing in the towel on the success of your business! Yes, I understand it’s hard to believe that a CPA – the most grounded of all professionals – is telling you to make potentially radical changes in your business model, but it’s true. We’ve had to do it, too.

Change can be nerve-wracking (ask me!), but the success of your business – the survival of it – doesn’t hinge on whether you got money from the SBA or the PPP, it hinges on whether you’ll allow yourself to adapt to the new economy and be open for the changes that could completely reinvent your business and industry.

My team and I are here to help you sort it all out!

Let’s Get To Work-

Rethinking Goals

Wed, 10 Jun 2020 17:41:14 GMT

Throughout the pandemic, we’ve seen a lot of things that have proven to be overrated or at least overused. One word I’m personally sick of is “pivot.”

Yes, it’s accurate, but so many people, especially business owners and managers, are using it these days…

“Pivot” is tired.

But the ideas behind it – those are real. For years, entrepreneurial coaches and speakers like Loral Langemeier and Ted McGrath have pretty effectively summed up the man or woman who opens their own business as a person who jumps off a cliff and builds themselves a plane on the way down.

Today, though, a lot of folks who work for other people, whether on salary or hourly, or even commission, are being forced to do a lot of “fast thinking” where they never did before.

For those of us who lost money in the Great Recession a decade ago, it’s a lot more deja-vu than we wanted.

401(k)s, IRAs, stock options, even crypto currency investment has taken a beating, and this morning, my point in all this is simple: do you want to watch your life savings get beat up every ten years or are there other ways to invest that can protect you and your family?

Well, there are, whether that’s through a Whole Life Insurance policy, precious metals, or – yes – even the right real estate investment, smart men and women continue to make money in this economy.

Even as “bad” as it is.

Why can’t you?

Here’s the deal: one of the first things any investor has to do is to have a plan – even before they have money to invest. Hoping your 401(k) will magically grow or that your company will grant you some lucrative stock options or that a rich but unknown family member is going to bequeath their fortune to you isn’t a retirement plan, it’s a pipe dream.

YOU are the one ultimately in control of your financial success and the retirement you want to have, so take the opportunity – COVID-19 – and make this the year you create control of your retirement destiny.

How? Educate yourself on what is out there! Speak with experts like me on the tax benefits of, say, real estate versus a Roth IRA, and let’s make a plan.

It might be $2,000 this year, but next year? $20,000.

It’s your future, make sure you are the one in control of it.

All the best-

Some Potential Problems With The PPP Loans

Mon, 08 Jun 2020 18:34:11 GMT

For the last two months, I’ve been watching and studying the CARES Act and the Payroll Protection Program loan systems very carefully. Overall?

I think the federal government did a really good job.

They moved quickly, they acted far more decisively than most of us could believe possible, and the overall effect was to get money into the hands of small businesses.

Were there problems? Sure.

Will there be fraud? Sure.

Should “big” companies like Ruth’s Chris have gotten millions of dollars in the first place (even if they claimed they are “giving it back”)? No.

But, for smaller firms all over the country, suddenly navigating an economy that, for all intents and purposes was closed, the PPP has been a windfall for them – the chance to do the right thing and not be punished for it.

Enter the IRS.

On or about April 30th, the IRS ruled that – in keeping with Section 256 of the Tax Code – those same loans could be taxed.

At about 37%.

So the $100,000 loan that Jim got to keep his auto repair place open and keep his people paid? That means Jim’s company is going to be taxed on it – to the tune of about 37%.

Now, the reason I’m sharing this with you is simple – Congress can overrule the IRS on this, but for those of you who received the PPP, you have to keep yourself up to date on this, because it could ruin you if you’re not careful.

I’m sharing it now because so many of our clients were able to qualify, and if “We the People” don’t take action, pay attention, and educate ourselves and our elected officials, the results could be disastrous.

As this develops, know that I’m keeping a sharp eye on this and will make every attempt to share my findings – and any rulings on it – as I learn of them. I hope – honestly – that the situation takes care of itself, but with so many things going on, the only way to be sure is to keep the pressure on the IRS and get our politicians to take action – fast and soon.

If you have any questions, please feel free to reach out, because this is a very “fluid” story that impacts us all!

All the best-

Getting the Most From Your Stimulus Check

Wed, 03 Jun 2020 17:31:26 GMT

As we kick off the summer of 2020, many of us are dealing with the fact that life as we know it has changed dramatically.
Jobs lost or furloughed, schools and businesses closed indefinitely, and worry and questions continuing to arise about what the rest of the year holds for us all.

By now, many workers in America affected by COVID-19 have received their stimulus checks and questions about a second check are up in the air. In the meantime, what are the smartest ways to budget those funds to get the most from them?

Let’s take a look…

Don’t automatically spend it on food and housing. This may seem like the obvious place to spend this money, but with many states and HUD imposing a moratorium on evictions and foreclosures, your best bet might be to contact your landlord of the bank your mortgage is owned by and see if they can offer some assistance with your current or past due bills. At the same time, thinking creatively about food and reaching out to local organizations like food banks and the SNAP program might be able to help keep more of those emergency funds in your pocket.
Check with ALL your utility providers, too! The light, water, and even phone and internet companies have been nearly unanimous supporters of their customers, too, so be sure to simply communicate with them to see how they can help you. Some utilities are “floating” past due bills, others forgiving them, and still others are offering to dramatically cut current costs for their clients. One word of caution, though – the scammers are out there, so beware ANY third-party companies contacting you about ANY bill or financial obligations you might have. There has been a nearly fourfold increase in the number of reports of these types of activities. When in doubt, verify!
No matter what, pay your insurance bills! While we’re seeing a lot of companies offering discounts in these days of dramatically limited driving, and it’s still worth calling and speaking with health, life, homeowners, and auto policies, don’t neglect these bills, because the LAST thing you need is an uncovered emergency on top of all the other things going on right now!
Make “minimum” payments right now. Look, a LOT of us HATE carrying a balance on credit cards, and many of us have spent a long time to eliminate those debts that we allowed to creep up on us early in our lives. As such, for the short term, it’s not a bad idea to make minimum payments on any revolving debt – and that includes student loans, credit cards, and any other type of credit you might have. Now is definitely the time to hold on to cash and liquid assets, so while I’m not going to tell you to spend freely, having cash on hand is a smart thing in this current economy.

We’re all in uncharted waters right now, and while we wait to see how COVID will affect the economy in the future, taking care of yourself right now is important.

As always, my team and I are ready to do whatever we can to help and support you, so reach out and ask!

And always, stay safe!

CARES Act Tax breaks?

Mon, 01 Jun 2020 17:28:28 GMT

There’s no denying how much the landscape has changed in the last three months. With the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, though, some really nice tax breaks have been created and very few of them have gotten much press.

I wanted to share some of those with you to make sure you and your business are able to make the most of them in this strange new world.

First, charitable gifts from corporations, which are usually limited to 10% and any amount over that must be carried forward. For 2020, that limit has been raised to 25% for cash gifts. The government has also raised the limit for foodstuffs from 15% to 25%.

A big break for many companies is also tucked away in the CARES Act – the allowance to defer payroll taxes incurred after March 27th and before January 1, 2021 for up to two years. Half of the total amount deferred will be due December 31st, 2021 and the rest due at the close of 2022. This might not seem like much – since the actual Payroll Tax is only 6.2%, but since it also applies to the self-employed, it’s good news. Personally, we’re still digging into this, because there are some strings attached to this benefit based on whether a business has received monies from an SBA PPP loan, but it’s definitely worth keeping in mind.

Closely tied to this is a Payroll Tax Credit for up to $5,000 per employee retained if a business stays open as well as for businesses that closed due to government order, lost up to 50% of its revenues, or several other variables that, again, we are all still trying to wrap our arms around.

One particular nice trait of the CARES Act is the well-timed reappearance of the Net Operating Loss carryback. This benefit was killed several years ago, but allowed companies with Net Operating Losses to carry those losses forward for up to 20 years.

In light of the present circumstances, this offers many companies, large and small, a chance to rebuild in the wake of the economic traumas they’ve suffered. We’re also seeing that CARES has reinstated the deduction for business losses on individual returns – another victim of the 2018 Tax Law.

The bottom line is this: there is a LOT of information and change in the CARES Act, and much of it can really help companies impacted by the Coronavirus. The sheer volume of the CARES Act – 800 pages – means that some things may still need to be defined and clarified, but as the recovery continues, I know many of our business and entrepreneurial clients will be able to use these breaks to help rebuild.

All the best-

Staying Stimulated

Mon, 25 May 2020 19:28:17 GMT

We’re in the midst of history and seemingly every small business is having the same worries…

“How will we survive?”

Let me tell you, the most critical thing you can do right now, as a small business owner, is to get incredibly clear on what your options are.

The term “pivot” is all the rage on social media, but it’s true – smart business owners are rethinking old business models to deal with the fact that some offices may not reopen for weeks or even months.

So let’s talk about that…

The first thing to realize is that there are billions of dollars in stimulus money to go around, but it could be a challenge for some smalls to actually get it.

If, for example, you’re a sole proprietor, chances are, much of the first round of funding was gone by the time it rolled out to you and the PPP proved to be difficult to navigate if you had offshore employees and did not file a Form 940 or 941.

Yes, some businesses got a lot of money and a lot of businesses got very little. We can’t control that, but we can control where you go from here.

To start with, ask yourself if there are markets – such as online learning, membership-style sites, or even more traditional learning methods like books and ebooks – that you could pivot your business model towards. A great example we saw two weeks ago was a hair and makeup salon that had begun to do “virtual classes” online for their clients to teach them how to do certain styles of makeup. This worked to do two things – A) it gave the client the chance to learn how to do it and B) it validated the skills of the stylists.

When the doors reopen, those same clients – who now realize how hard it is to do it themselves – are going to beat the doors down.

In the meantime, though, it is providing income for the salon owner and her team.

THAT’S what I’m challenging you to do in these crazy times – think creatively!

We’re already seeing this – how many Zoom calls have you made? How has the lack of a commute impacted your efficiency every day?

There’s another reason I’m so excited for these changes we’re seeing now, too, and it’s subtle – fortunes are going to be made by the businesses that embrace this time.

…And I want you to be one of the ones that make it!

Whether you’re starting a new venture or pivoting for an old one, know that me and my team are behind you and encouraging you to go for it!

Full steam ahead!

Choosing the Right Tax Preparer

183:691238201 (Sandra Mazonas) — Mon, 11 May 2020 17:55:06 GMT

It might seem silly that I’d write to you about how to choose the right tax preparer, but think about it like this:

I have nothing to hide AND, more importantly, I'd rather work with informed clients that choose to work with us rather than clients who might feel trapped with me.

At the same time, there are plenty of reasons that you may find yourself looking for a new tax team – you’ve moved, you’re retired or sold your business and don’t need a big firm to handle your accounts, or maybe you’re just wanting to be “sure” your CPA is the right one for you.

Either way, I’ve created a short list detailing how I’d go looking for a new CPA if I suddenly found myself in the market for one…

Verify their education and credentials. This might seem obvious, but all too often, I’ve seen men and women who claim to be CPAs – and might actually be competent tax preparers – who really aren’t. Remember, a tax preparer is someone who can do it, not an official title. Your best bet is to look for the education and make your decision from there – A CPA (Certified Public Accountant) has studied and graduated from a university and passed a strict series of exams to have the title. An Enrolled Agent is someone who is licensed by the IRS. They must pass a comprehensive exam, which requires them to demonstrate proficiency in federal tax return preparation, and complete 72 hours of continuing education classes every three years. Lastly, the IRS also runs a voluntary program that recognizes the efforts of tax return preparers who are not CPAs or Enrolled Agents. These men and women will hold an Annual Filing Season Program Record of Completion for these folks who obtain a certain number of continuing education hours for a specific tax year. Each of these types of credentials obviously exist along a gradient, but are the bare minimum of experience you need to look for in tax preparation.
Check out their business record. The news is always filled with tax preparers that have been arrested for fraud or illicit activities, so take the time to check and verify that a tax preparer is who they really say they are. It might seem great if they can consistently get you a fat refund, but how are they arriving at that number? Are they signing the return or “ghosting” it? How will they represent you in case of an audit? All these things are worth checking out and can be indications of bigger challenges.
Understand their business model. Nobody likes hidden charges, and shady tax preparation is filled with it. At the bare minimum, any firm handling tax preparation should be able to clearly explain their pricing, any hourly or additional charges, and also be able to provide a breakdown of their costs in terms of hourly or project-based pricing. It might seem obvious to many people, but the sheer number of folks who don’t ask for clarification on the fees involved with tax preparation is amazing to me – nearly every week, potential clients call to inquire about our services, but fail to ask about pricing.
Stay on top of your game. Once you’ve chosen a preparer, you’ve still got to make sure they are doing what they’ve said they would. Common sense items like not signing a blank return, ensuring your preparer signs your return before filing it, and verifying the account and routing number any funds will be returned to all help to keep “honest people honest” so make sure your always do these.

Lastly, if you do have questions about a preparer or suspect your identity was stolen of misused, your recourse is twofold – in case of a stolen identity, you’ll want to immediately file that information with the IRS - file Form 14039 for identity theft and to report alleged tax law violations, use Form 3949-A. In instances like these, of course, you’ll want to report the problem to the right state regulatory agency as well.

Tax preparation continues to be harder for small businesses, but finding the right team to assist you with it doesn’t have to be!

All the best-

COVID-19 Stimulus Scams – Beware!

Mon, 04 May 2020 18:12:02 GMT

One of the biggest challenges we’re seeing as a result of the Coronavirus pandemic is one of the oldest – scams.

Just like the age-old IRS scams that creep up every year, the lure of easy money and desperate people create a fertile environment for opportunists. Unfortunately, COVID-19, along with so much incorrect, dated, or unsubstantiated “stimulus” information for small businesses has made it far too easy for scammers to seize personal and business information.

To be honest, there are a lot of reasons for this that aren’t worth getting into, but since none of us has ever navigated this type of environment, so my advice is simple – the rules have never changed when it comes to keeping your personal and business data safe…

The first thing to understand is this: the situation for stimulus funding for small businesses affected by the economic shutdown has changed at least four times.

Data that was “current” and “accurate” less than a month ago is ancient history now!

In fact, as of April 22 (the last date we have data for), the Federal Trade Commission had reported over 22,000 complaints with almost half of those stating they had lost money due to a scam.

The most popular scam for businesses so far seem to be generated from text messages and “robocalls” that are referencing either the SBA loan program or the Payroll Protection Program (PPP) programs. Inevitably, these messages reference a bogus website the business owner should visit to begin the loan process. In the case of text messages, the link is included in the text and that opens to a bogus site that, once opened, can actually begin seizing data right then.

Our advice?

DON’T OPEN THE LINK until you can verify the sender. Again, these are very fluid times, so rather than give out information that might be irrelevant in less than a week, let me simply explain it like this…

Perhaps 90% of SBA and PPP programs will originate either from YOU creating an application online with the SBA or from your bank or other financial institution contacting you via email.

Once you have begun that process, then those entities may continue the process via phone or email, but to the best of my team’s research, no qualified government or banking agency is doing so at this time.

To give one example, one hoax text message that has been used references the “FCC Financial Care Center.” The Federal Communications Commission has nothing to do with any stimulus monies that are available to business owners.

It’s a crazy time and aside from staying as safe as you can be with respect to your health, if you have any questions at all about potential scams, please reach out to the authorities or even us to let us make sure your data and information is protected!

Be Great-

Sorting Out Self Employment

Mon, 27 Apr 2020 20:25:52 GMT

You know, as the COVID 19 crisis was really beginning to hit us in March, corporate taxes were due. Immediately after that, of course, the IRS pushed Tax Day back to July 15th.

Now, plenty of business owners filed for an extension, but I wanted to take a few minutes today to go over some of the self employment deductions we’re always getting questions about, to help you for 2020.

We’ve all got a little extra free time these days, so maybe this can help you to create the best plan for moving forward.

First things first – what many don’t realize, when you work for yourself, you’ll play and PAY the part of employer and employee – at least when it comes to Social Security and Medicare taxes—a whopping 15.3% of net self-employment income. Yes, you’ll have the opportunity to write off half of what you pay as an adjustment to income AND you can also deduct contributions to a self-directed retirement plan. There are other benefits, too, the costs of health insurance in some instances.

Even with that said, there are many other smaller deductions that business owners often fail to realize until we remind them of the options they have. Let’s look at the ones that are most commonly forgotten or not used fully…

First of all, I’m very bullish on the Lifetime Learning Credit, which I’ve mentioned many times in my emails and newsletters. Depending on the class and your income, up to $2,000 from the first $10,000 spent can be deducted for tuition from accredited institutions. Obviously, this gives business owners a great resource to use to continue to sharpen their skills. Don’t miss out on it!

Another often overlooked set of deductions are business travel expenses … within reason. You’ll have the mileage expense ($0.56/mile) and get to claim the deductions of up to 50% for food and entertainment (you were going to eat and watch Netflix whether you were traveling or not). Many business owners fail to simply keep track of all their expenses and lose a tremendous amount of money in this – and they neglect to realize that “travel’ can also mean remote or long distance assignments that will take place over many months.

One of the most misunderstood deductions or credits available to business owners and employees is the Health Coverage Tax Credit & Self-employed Health Insurance Deduction. For employees, they can deduct up to 72% of their health care costs, while that number goes to a full 100% for owners. The nicest part of these? Both of them are refundable, meaning that even if your tax bill is 0, you can still generate a refund based on them.

What about true charitable donations of used items? We’ve all taken a carload of stuff to Goodwill, or the Salvation Army, but did we actually keep up with the receipt they gave us? Too many times, the answer is no. Make sure you do, because you are allowed to claim the “fair market value” of those items as a deduction. Of course, even the IRS has a definition of “fair market value” so be sure to discuss it with us, but it’s a useful tool that helps you and helps others. Don’t forget it!

So many things are going on these days, it can be tough to keep track of it all and to select the right path to follow. These are some simple ways to continue to grow and reduce your tax liability at the same time.

I hope this helps and, as always, I am here to help you figure out the best plan for you and your business.

Getting It Right

183:691238201 (Sandra Mazonas) — Wed, 22 Apr 2020 17:23:51 GMT

There’s no doubt we’re living in historic times, but the men and women I speak with on a daily basis are truly optimistic.

Why? For them, this has been a windfall in one of two ways – they were positioned in such a way to make the most of their portfolios OR they are using the “extra” time they currently have to make changes they might have been putting off for awhile.

Let’s look at one great example, from a client and friend of mine and a conversation we had yesterday…

I’m not going to name names, but this person is taking the time they have to actively get their estate planning structured and in place. NOT because they fear for their lives, but because they have been busy living and have neglected it for too long…

First things first, one of the key mistakes I share with EVERYONE is the biggest mistake people make in estate planning is simple – they don’t do it at all OR, they have a poorly structured plan in place. Why not spend the time (and I know you’ve got it) to educate yourself on what you need based on your assets, your state of residence, and your goals? The reason is obvious – do you want the state to determine how your assets are distributed and taxed after you’re gone?

So, Estate Planning Rule Number One? Have a plan!

The next step? Having the discipline to update that plan at certain specific milestones. It might be every year that is divisible by five, or when you or your spouse reach certain milestones (40, 50, 59½, etc…), or when you move to a new state. Also, understand that certain laws and tax changes can impact how your estate could be impacted, so staying abreast of changes in tax code (of course, you can use me and my team for this) is a great idea.

Another mistake my client realized and shared with me was simple: Being realistic about the level of care you or your spouse might require. Sure, we all envision an active retirement filled with trips and grandchildren, but that doesn’t excuse us from planning for long-term care and disability provisions in our insurance accounts. The good news about those is that the younger you are when you purchase or create those types of plans, the more money and protection you’ll have if something does happen.

The goal in all this is actually simply another key point of this exercise – To ensure you limit the liabilities of the estate AND that you won’t run out of money in retirement. Years ago, it was very fashionable to put money into CDs and cash them out after they matured. That was fine, but if you needed extra money for an unexpected financial challenge, then you might find yourself a bit short in terms of liquidity. With the availability of software today, you can literally plan to the penny in terms of the amount you’re contributing now and the amount you can withdraw in retirement, month after month. The challenge of estate planning is to balance the liquidity of the estate with the assets to ensure there is a legacy for the family, not a tax bill.

A last factor that many men and women I’ve spoken with through the years is how the estate can handle a provision for charitable work. Many, if not all of us, want to leave a legacy beyond our families. It might seem easy, but if you aren’t clear on how that is to be done, the money might never do the work you’ve envisioned – or it might be wasted in “general funds” by the organization and not for the impact you want it to have – college funding for underprivileged youth, for example. Getting clear on how your estate will handle any charitable giving is important and needs to be clearly stated.

Look, not many of us want to be reminded we’re all mortal, especially in these types of times. O the other hand, with so many people “stuck” at home, this might be the ideal time to really get clear on the legacy we wish to leave and how we can mitigate the tax burdens you’ll leave.

New Year’s Checklist

Thu, 23 Jan 2020 20:08:17 GMT

2020 is here and I’ll spare you the “20/20” vision jokes, but the new year does offer us a great chance to rethink some old (bad) habits and set new ones in place.

With that in mind, here are a few “new” ways to think about your finances and maybe … just maybe … bring a little more of your money to your bottom line!

Go ahead and track where your money goes. According to the figures I’ve seen, less than 45% of Americans know where they spend their money. With so many people also stating they live paycheck to paycheck, analyzing your expenses – even that Starbucks you have everyday – can help you find more money.

Evaluate your life insurance. Yes, it seems a little morbid, but far too many of my clients don’t know what they have OR don’t have enough. Remember, some life insurance policies – like Whole and Universal – have cash values and can also act as retirement tools if your structure them correctly.

Write or review your will. Again, it might be morbid to remind you we’re all going to die, but the truth is, if you die organized, your family will have a far easier time and your estate will spend far less in taxes. Take an hour or two this month and meet with an attorney to discuss your options. It’s the smart thing to do, even if you don’t “think” you have anything.

A little thought and planning can go a long way towards making this year the best ever, so grab the bull by the horns this month! Enjoy it and don’t worry!

Are You Ready?

183:691238201 (Sandra Mazonas) — Wed, 11 Dec 2019 05:14:44 GMT

Like it or not, the end of 2019 is here.

From a tax point of view, if you still haven’t got all your paperwork and “stuff” in order, you’re woefully behind.

Now, it might be easy to hide behind all the things going on this month to allow you to neglect getting your ducks in a row, but let me share a secret with you:

No matter how screwy your files are, you can get the whole year square this month – in less than four hours. Even better? You can do this so easily, you can likely do it and never notice it took ANY time.

Here’s how:

Week One : Start with all those paper receipts. In the “good old days” this meant you got out the shoebox you’d crammed stuff into all year and started breaking them down by category or by month. Here’s where technology has made some changes to this generations-old idea – with the preponderance of QuickBooks and Xero, you’ll probably find it easier to break all those paper receipts and invoices into categories. In an hour, you’ll be shocked at how far you can get! Right now, simply keep off the computer, just get this paper organized!

Week Two : Now, take all those receipts, invoices, and miscellaneous documents and fire up the magic box on the desk. Depending on what your bookkeeping system is, now, you’re simply going to enter the information from the paper copy into the digital copy. Should you scan? Maybe. It’s really going to depend on how (and who) is handling your tax preparation. Check with us to see, because there are some different rules for different entities and scenarios.

Week Three : Week three might not be too much fun, but again, in about one hour, I’d like you to go and retrieve all the banking documents from your business accounts. Print those out (or import them into the accounting software) and double check you’ve got everything. Then shut it down for the day. The key is to have all this ready – not necessarily organized – at this stage.

Week Four : Now, those of you that are really good at math realize that Week four coincides with the week between Christmas and New Year’s. I’ll make this week easy on you – remember, a lot of your contributions close out this week, so if you are going to be dropping money into accounts, do it today! Obviously, you’ll take this document and add it to your tax information, but the most important thing is this: Get it done today. There are no “do overs” with the IRS.

All of us wish you the best this Holiday Season, so enjoy the time with family and friends!

Get Ahead on Year-End Tasks

183:691238201 (Sandra Mazonas) — Thu, 07 Dec 2017 02:45:08 GMT

Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother.

Cleaning up

Things will go a lot smoother if you reach out to your vendors and employees and get their help to update your records.

Send a notice to all employees, asking them to verify their address so they will get their W-2s without delay.
Make sure you have the right information for vendors that you need to produce a 1099 for. Before you pay your vendors more than $600 in one year, ask them for a W-9 so that you have a current address and taxpayer ID number on file.
Check to make sure you have any sales tax exemption certificates from vendors that you are not charging sales tax to.

It’s also time to clean up any account balances that need to be reclassified or corrected.

Any clearing accounts, such as undeposited funds, should be zero.
Bank reconciliations should be caught up and book balances should match the bank or be explained.
Inventory should be adjusted to reflect accurate quantities.
Loan balances should be adjusted to correctly reflect interest and principal allocations.
Depreciation entries should be made.

Maximizing deductions

Here are a just a few ways to maximize deductions:

Any bad debts that aren’t expected to be collected can be written off.
Any inventory that is not saleable or worth less than you paid for it can be adjusted on your books.
For cash basis taxpayers, pay any large bills before year-end if you have excess profits.
Pay employee bonuses prior to year-end.

Getting organized

Create a place in your home or office or a special file on your computer to store tax-related documents, such as W-2s, brokerage statements, and tax returns. Convert them to PDF format if they are not already, and upload them to your accountant’s secure client portal as you get them.

With all this great preparation, you’ll find tax season easier than ever and a chore that you can mark off your to-do list early.

Do you want to know if you are ready for the new year? Contact us today to schedule complimentary QuickBooks 16 Point Year-End Accounting Review.

Call us at (630) 696 - 1682 or send an email to info@sustainablegrowthbt.com

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What are you doing to get “back” in 2022?

It might be crypto, real estate, mutual funds, bonds … whatever. No matter what, a lot of my clients had to cut back in the last year or 18 months, and my advice now is this…

Get back on track.

Without a doubt, owning a business can be many things – stressful, exciting, overwhelming, rewarding, exhausting, and liberating.

…And many times, it’s also addicting.

Well, here we are, the season of love is back. You’re starting to hear about it at work, people are getting ready to pop the question, and the phone’s won’t stop ringing here at the office with folks looking for a date.

You guessed it.

It’s tax season.

Last week, I shared some ideas with you guys about how easy it can be to begin creating management solutions in your business to help you recapture your free time.

Did you get the chance to do any of those last week?

This is the time of year that a lot of folks begin to dig in to their plans for finalizing some of their 2020 contributions and sorting out what – and how much – they can plan on contributing in the New Year.
There’s some news – that might be seen as good OR bad - about that…

As we kick off the summer of 2020, many of us are dealing with the fact that life as we know it has changed dramatically.
Jobs lost or furloughed, schools and businesses closed indefinitely, and worry and questions continuing to arise about what the rest of the year holds for us all.

We’re in the midst of history and seemingly every small business is having the same worries…

“How will we survive?”