Tag: Money (31 articles found) - Clear Search


Disaster Relief Business Loans - Get It Right

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These days are moving VERY quickly, and we are working VERY hard to get communication out to our blog readers, clients, and friends. One huge break is the extension of filing and payment tax deadline to July 15, 2020.

You probably already heard that the CARES Act (the mammoth 880+ page disaster relief bill) was signed over the weekend, and help IS indeed on the way.

But there are so. many. rumors. flying around out there that I wanted to reach out to clear up some confusion. (I've even seen some accountants charge frightened business owners over $2K for filling out these 5-minute forms.)

First things first (and before I give you any more details):

The SBA EIDL online application is BACK up and running.

Go here >> https://covid19relief.sba.gov/ Read More...


The Feds Are Stepping Up Support For Small Business

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How are you holding up? If you haven't yet done so, please do shoot me a quick note to let me know how your business is managing.

Thanks to those readers who responded this last week. Seems all are doing well.

Depending on the situation, I have lots of ways to help ... some of which I'll give you details about today.

I will continue to be posting here more updates than normal, as there are rapidly unfolding NEW credits being considered (even as I type) by Congress, as well as a bunch of emergency actions done by various departments under the executive branch ... all designed to help YOU.

I do believe that we will get through this. This isn't a medical or epidemiological opinion (neither of which I'm particularly qualified to offer), but rather a statement about the confidence I have in my readers, my clients, and our communities, and the businesses they represent.

Crisis is one of the most powerful seedbeds of innovation, if we let it be. Read More...


Making Our Money Match Our Heart

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"Don't give up because things are hard, but work harder, when you think of giving up." - Anthony Liccione

Tax time can remind us of our choices over the course of the entire previous year. We see how easy it is to pull the trigger on more expensive choices because we convince ourselves that "we deserve it". Rather than wanting this nice thing (whether it's as simple and perhaps-trivial as a clothing item or a dinner at a fine restaurant) -- we think we *need* this new thing.

I've compiled a short list of ideas on how to address these financial matters of the heart ... and some simple ways to put guardrails in place. The goal here is that we would train our hearts to more clearly align with good stewardship and wisdom, when sometimes we aren't used to practicing it.

1) Understand why you are purchasing what you are purchasing.
Sometimes the real reason we are buying something isn't actually the reason we might think we are buying something. Read More...



Janet Behm's 2019 Personal Income Tax Documents List

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"Don't wait. The time will never be just right." - Napoleon Hill

Filing your taxes on your own is not for the faint of heart. That's even with nice-looking software on the market which purport to make it easy for you.

But that's what we're here for. Let *us* make it easy for you.

Below is a list of what you will need during the tax preparation process. Not all of them will apply to you -- probably MOST will not. Nonetheless, it's a useful checklist.

Before you get overwhelmed: yes, this is a long list -- but it's the unfortunate reality of our tax code that it's not even comprehensive! But these items will cover 95% of taxpayers. Really, this is for ensuring that we're able to help you keep every dollar you can keep under our tax code. Read More...


Giving Out Year-End Bonuses? My Tips to Keep in Mind

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"New Year's Day is every man's birthday."  -Charles Lamb

Chances are, if you're just now thinking about bonuses, it might be too late. (But with Amazon, I guess there is still hope). Yet with 2020 on the horizon, you can begin with 2020's holiday gifts in mind. It really is important to factor year-end bonuses at the beginning of the year so that you can budget and plan accordingly. In addition, you'll want to consider questions such as:

  • Who on your team will receive bonuses?
  • Will the bonuses be the same across-the-board or differ based on merit?
  • How will you present the bonuses to your employees?

If you don't have a solid system for year-end bonuses, your budget might take a hit.

Budget Accordingly

When you think of budgeting the bonus, don't just think in terms of cash bonuses. Read More...


An Easy Fix - Raise Your Prices

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"You are a product of your environment. So choose the environment that will best develop you toward your objective. Analyze your life in terms of its environment. Are the things around you helping you toward success - or are they holding you back?" - W. Clement Stone

I take a look around the small business world sometimes, and I get a little sad.

Because it's heartbreaking to watch so many small businesses go out of business or not bring home enough bacon simply because they get trapped into thinking about their pricing in the wrong way.

When you differentiate yourself based on price, you simply cannot provide value. You end up competing on the wrong playing field.

Sure -- while price competitors have been in operation since the beginning of time, it's important to understand that if YOU want to build a sustainable, scalable and one day SALE-able business, a core foundational piece of that puzzle is that you must be charging enough for your services.

You see, most business people under-price their products and services. It's my experience that price either isn't or doesn't have to be a very important factor in a consumer's decision or the success of a business. Read More...


Potential Tax Problems For Small Businesses To Fix Before Year-End

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"No man was ever wise by chance." -Lucius Annaeus Seneca

Sometimes there are things you can fix, and sometimes there are the business problems that you just have to take on the chin.

But golly ... the worst are those that are self-imposed and done in ignorance.

Which is what we're here to help you fix, before it's too late.

Year-end is a great time, simply because of the impending deadline of 12/31 to do something that will serve to fix things for 2019.

Here are a couple examples of the sort of things we should fix, if they apply to you, specifically if your business is set up as an S Corp (or is an LLC operating as such).

An S Corp is a pass-through entity. That means the income and losses of the company pass through to your personal return. The entity itself files a tax return but doesn't actually pay tax (except a state tax in a couple of states) Read More...


How Can We Be Thankful

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Right in the middle of the bloody depths of civil war, President Lincoln proclaimed the last Thursday of November as a national day of Thanksgiving which should take place every year.

His entire Thanksgiving proclamation (written by his Secretary of State, William Seward) is worth taking in, or even reading aloud, but the opening is particularly powerful:

"The year that is drawing toward its close has been filled with the blessings of fruitful fields and healthful skies. To these bounties, which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added ..."

I believe Lincoln understood a fundamental truth in the human soul: how we choose to see our circumstances often dictates the state of our hearts -- and, thereby, our future circumstances. After all, if a war-torn nation can turn its eyes upward -- so can you, your employees, and your family.

You should sit in my office with me sometime, watch the procession of "wealthy" and "poor" clients -- Some businesses with 7-8 figures in the *bank*, and those going underwater. You would see what I get reminded of regularly: Sometimes my "wealthiest" clients are the most impoverished ... and those without many zeroes in their accounts are flat-out rich. Read More...


The "Profit First" Framework for Real Estate Businesses

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"Money is a terrible master but an excellent servant." -P.T. Barnum

Life is all about prioritization. Businesses are no different.

Where does profit fall in your list of priorities? Obviously, in the realm of cash flow, you are sparsing out revenue to various functions within your business: COGS (Cost Of Goods Sold), payroll, etc.

But the profit first mentality says to do just that -- prioritize profit as the number one item on your list. AND THEN move onto other areas of your business that need cash flow. This is the "pay yourself first" perspective -- many utilize this tactic to propel their personal finances in a favorable direction. But in a business sense, this concept requires a few shifts.

  1. The Bank Accounts

Setting up your bank accounts accordingly is crucial for profit first to succeed. The order is as follows: Read More...


IRS Scams Targeting Those Needing Tax Debt Help

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"The worst kind of lying I've ever done is keeping things from people." -Elijah Wood

With the October 15th deadline nearing (for extended personal returns), there is almost always an uptick in scammer activity, especially seeking out those who are facing debts to the IRS. Yes, criminals use databases too.

Let's start with email...

Take note of these email subject headlines:

"Automatic Income Tax Reminder"

Or

"Electronic Tax Reminder"

If you see an email with either of those subject lines, or something even close to resembling the like, PLEASE DO NOT CLICK. These emails can contain faulty information from scammers looking for personal information so that they can access your Money. Read More...