Respond, Ignore or Just Pay It

As the IRS is catching up on everything after the government shutdown, so are the amount of IRS notices that are going out to taxpayers whether it’s computer or human generated, simply because this is how our system works and there’s no way around it.  Above all else you can’t just leave it in the […]

Cleaning Up Your Financial Chart of Accounts

Years ago, a student approached me when I was teaching QuickBooks® at a local college because they were questioning what their husband’s office manager was doing in their financial software, which is why she was taking the class.  He happened to be on vacation that week, and while she was taking the course, she was […]

“Can I Ask You A Question?”

This is something my clients get sick of hearing me say all the time and I can understand, but there’s a reason why.  I don’t like to always assume things if I’m not sure of what the answer is nor second guess, and a lot of things I’m able to figure out on my own.  […]

What Is Good Debt Versus Bad Debt

When talking to business owners about their financial situation, a key area I look at is the Balance Sheet under the Liabilities Section.  First, I see if it matches with what the loan statements show because if it’s not accurate then it’s not going to give any useful information to evaluate.  Second, I look at […]

Deducting Business Mileage Expenses Versus Fuel Expenses

This question gets asked more often than not, and many businesses don’t understand what or how they should be tracking this particular expense, so hopefully this brings some clarity. For 2019, the standard mileage rate 58 cents per mile.  This means that for every mile your personal vehicle has been used for business purposes, this […]

To Eat But Not Entertain

The massive amount of changes that happened with the 2017 Tax Act and Cuts and Jobs Act affected numerous issues and explaining what is coded to where with clients is a valuable piece of advice in order to make sure that money doesn’t get left on the table through errors. What is Invalid Related activities […]

Change Sometimes Just Sucks

Everyone learns to adapt to change but unfortunately, we go kicking and screaming because we’re either not interested in it or just feel that there’s nothing wrong with the way things are so why do it.  Businesses are always asking how they can get more clients or sell more products, but they don’t want to […]

When to Let Go of “The Pretty One”

One of the biggest pitfalls of business ownership, is determining if something just isn’t working anymore and it’s costing you more money than what the situation is worth continuing.  Everyone has faced it at one point or another, but the decision is just how long is it going to take to move on with what […]

Working During Limited Cash Flow

All start-up businesses, as well as well-established businesses, deal with limited cash flow at one time or another, and a lot of times there’s no way of being able to prepare ahead of time for it unless you have some set boundaries when you’re trying to figure out how to get through the rough spots […]

Who’s Responsible for Your Business Tax Return?

People have asked me several times how often they need be asked where their information is to file their tax return.  Well let’s take a look at the history of the tax filing deadline. *1913 – initially started March 1st *1918 – moved to March 15th *1955 – moved to April 15th unless it fell […]