Meeting people who eventually become clients is the goal of any successful business. Networking is one way to do this but it also costs money. Is it worth the investment? What’s the ROI? There will always be a return on investment as long as you are able to convert prospects into paying clients. That goes for everything you do. Sales is a number’s game. The more people you meet, the more relationships you build and the higher your conversion ratio. Can we agree you’re not going to meet … [Read more...]
3 Ways Outsourcing Saves Time and Money
Most entrepreneurs are hands-on people. Because they are doers by nature, they often believe no one can perform a task as well as they can, so outsourcing doesn’t usually cross their minds. Small business owners end up doing everything themselves – even simple tasks that can be outsourced to subcontractors. Guess what happens? Plates overflow, nerves fray, and things fall through the cracks. Sometimes important things. Outsourcing can prevent all of this. What is Outsourcing? … [Read more...]
How To Turn Extra Office Space Into Extra Income
Wouldn't it be nice to relieve the financial stress of the off-season by creating year-round income? If you own an office space, or even possibly if you rent one, you could be leaving a lot of money on the table if you’re not subletting or renting it out when you’re not using it. How many hours each week is your office completely empty? If you reduce your hours during the off-season, and especially if you work from home more often, you should consider these options: Rent out your … [Read more...]
A New Twist On Your Old Connections
Professional investors are always on the lookout for opportunities to expand their wealth by providing the capital growing businesses need in exchange for equity. And chances are, given what you do as an Advisor, you know more than a few investors. Meanwhile, the CPA’s you’re trying to strengthen your relationships with are often the first people to find out that a company on the move is seeking investors. Do you smell synergy? We do. Here’s the deal: When you make a point to establish … [Read more...]
Financial Accountability for the Absolute Beginner
Sometime after high school, events will fall into place that will set you on a path toward adulthood. But, you do not have to wait until it is paved before setting out in your own direction. There are things that you can do now to put yourself on track. The following tidbits can give you something to think about as you take your first steps toward post-adolescent independence: Understand Your Credit Your credit, and more precisely your credit score, is the gauge by which financial … [Read more...]
Save Tax Dollars through Upstreaming
Upstreaming is a tried and true method of saving on taxes by skillfully moving income from one subsidiary to its parent. Things are rarely simple when it comes to taxes, but there are various scenarios where upstreaming can produce substantial tax savings. Of course, in a business situation, you will need to show there was a business reason for your actions beyond just saving on taxes, and you will need to document your actions in preparation for any future audit. Upstream to a Company in … [Read more...]
Five Tips to Avoiding the Tax Hazards of Renting to Relatives
If a taxpayer has more than one home, renting one to a relative may appear at first glance to be a win/win. The son, daughter, cousin or old mother would take good care of the property, and the taxpayer could help their relative by giving them a break on their rent. But the taxpayer may not be aware that the tax consequences of renting to related parties are different from renting to others and may easily trigger a trap that reclassifies rental property into a personal residence. When that … [Read more...]
How 1400z Opportunity Zone Investment Drastically Reduces Capital Gains
To taxpayers facing large capital gains, very few strategies exist to defer or eliminate the tax altogether. That all changed with tax reform. The Tax Cuts and Jobs Act passed at the end of December 2017 created major changes in the tax structure, and not the least of these may be found in IRC Sections 1400Z-1 and 1400Z-2, the code sections that govern Opportunity Zones. These changes enable investors to take advantage of heretofore unavailable tax breaks that can save huge amounts of money … [Read more...]
Good News for the Rich: No Clawback on the Recent Doubled Tax Exemption for Estates and Gifts
The federal government taxes large estates, but under the recent Tax Cuts and Jobs Act, (TCJA), P.L. 115-97, which went into effect January 1, 2018, the exemption for estate and gift taxes doubled – temporarily. The double exemption disappears after 2025 unless Congress extends it. There has been concern that when the exemption goes back to normal, those who took advantage of the boon might under some circumstances have to pay the piper for those taxes. This is often referred to as a … [Read more...]
IRS Services Are Available During the Government Shutdown: What You Need to Know
As the longest government shutdown in US history continues, many Americans are wondering how IRS services are being affected. An IRS-wide furlough began on December 22, 2018. What makes the shutdown even more challenging for the IRS is that most provisions of the new tax laws went into effect January 1, 2018, and they were in the midst of training for them. However, the IRS is scheduled to begin accepting tax returns for individuals on schedule on January 28. (The IRS began accepting business … [Read more...]
