Everything You Need To Know About Tax Records For Businesses

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"For every minute spent in organizing, an hour is earned." -Benjamin Franklin

In addition to the usual suspects -- W2 forms, 1099 forms, bank statements, brokerage statements, etc. -- we're talkin' receipts, sales slips, invoices, cancelled checks, and credit card and charity statements. Anything you can get your hands on will help you. Why?

There are many reasons why you should keep meticulous tax year records. At the top of that list, alongside the possibility that your business gets audited, is that it's easier to file when you have all your tax records in one spot.

That answer may sound simple, but when we're preparing to file your taxes, shuffling through closets and drawers and
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How To Save On College Through Tax Breaks

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"The University brings out all abilities, including incapability." -Anton Chekhov

College is expensive.

Let's put that fact out on the table because we all know it's true, and most of us have been affected by this reality in some way, shape or form.

Side note: College is even more expensive if you're trying to cheat the system so your kid gets into a prestigious school. We're all seeing how that turns out ... right before our eyes.

But did you know there are various tax breaks which can help chip away at the cost of your son's or daughter's (or your own!) college tuition?


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Tracking Your Key Business Metrics

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"With acceptance comes opportunities. And with opportunities come numbers and, most importantly, hope." - Julie Foudy

If you are involved in making decisions for your business' growth, then you know: it's a numbers game.

There is inherent value in creating sales and marketing goals, and there's also value in measuring those goals on a week-to-week basis. At quarter's end, sales and marketing results will indicate if quantitative data was left out of your organization's process. In other words, if you fail to track numbers at the beginning of the quarter, you won't be happy with your numbers at the end of the quarter.

I want to discuss how your team can begin measuring numbers with consistency, because the reality is that numbers are too important to ignore.

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How Business Owners Can Win The Day Through Micro Tasks

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"Time is what we want most, but what we use worst." - William Penn

You know those big projects that haunt you on a week-to-week basis? Although you manage to get them done, they often come with a dose of procrastination and a heap of stress.

But if any given project looms over you in such a way, try breaking it up into micro tasks.

For instance, if you are giving a presentation at the end of the week and wonder when you'll get to work on the presentation -- don't get frustrated when your busy schedule, filled with meetings, takes over your timeline.

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Outlining What Occurs During A Business Audit For Salt Lake County Businesses

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"The best preparation for tomorrow is doing your best today." - H. Jackson Brown Jr.

The issue we're tackling today might overwhelm you because of what it means for your business. But there's a simple, helpful solution -- have us handle all of it for you. Please reach out if you find out the IRS is auditing your business. We'd love to help in any way.

Before I dive into some ways you can prepare for a business audit, allow for a quick refresher:

IRS audits are often not initiated at random. The IRS will likely audit businesses with glaring errors from business taxes filed the year before (i.e. when they sense something is up). These tax audits cover a number of areas such as employment and income tax. They are comprehensive and not som
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Three Key Reasons You Should Consider Offering Unlimited Paid Time Off (PTO) For Your Company

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"It is not more vacation we need - it is more vocation." Eleanor Roosevelt

There is a lot of discussion these days surrounding employees taking time off. Specifically, a number of organizations have enacted "Unlimited Paid Time Off (PTO)" as company policy.

No limit to vacation days ... for all of their employees.

If this concept is foreign to you, it's reasonable to ask how these companies meet their quarterly objectives, and finish the fiscal year above and beyond their goals.

But although there can be setbacks, I want to give you a few reasons why Unlimited PTO might be an interesting conversation to drum up with HR ... all you'll need to bring is a cup of coffee and wide open mind.
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About Opportunity Zones/Funds

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Opportunity Zones/Funds

The Tax Cuts and Jobs Act (TCJA) of 2017 is pretty much in place now that the Federal Government is once again funded. There will still be lots of “clarifications” coming out. One of the programs created by the TCJA is Opportunity Zones (OZ). These are areas across the nation that are recognized as low income areas. Utah has 46 Opportunity Zones ( https://opportunitydb.com/location/utah/ ). The US Government is offering incentives to investors to make substantial investments into real estate in these Zones. Essentially the Government is allowing investors to defer capital gains taxes, if the investor will use the capital gains dollars to invest in these Zones. The vehicle for taking advantage of this opportunity is called an “Opportunity Fund” (OF).

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Janet Behm's Three Simple Steps Towards a Better Business Budget

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"We must consult our means rather than our wishes." - George Washington

Preface: Your budgeting team should schedule a recurring meeting at the beginning or end of each month to discuss what's going well, what needs to change, etc.

That's the first thing you need to do.

1. The Costs You Count On

Once your meetings are set, and you've created a budget document (Excel, Sheets, Quickbooks, etc.), record Read More...