Wrath Can Be Detrimental to Any Businesses Involving the IRS recently reported IRS Reports Ten-Fold Increase in Tax Whistleblower Awards: $312 Million in the 2018 Fiscal Year, which amounted to over $1.441 billion in taxes, penalties and interest that were recovered.  It’s interesting that Dean Zerbe mentioned “For all the talk that fills Washington about making sure people pay their fair share…” all goes […]

The Greed of Gordon Gekko

Many people remember when Wall Street came out in 1987, and it was something that was new, exciting, and brash that so many entrepreneurs wanted to emulate because they thought that was the end all, be all, of what you needed to be in order to succeed.  No someone doesn’t need to show millions of […]

Medical Expenses and the Sloth Experience

The definition of sloth is primarily laziness and today we’re always looking for a quick that’s going to make us healthier, happier, without having the time to do it.  It’s not surprising that so many people are willing to cut corners then by counting everything as a medical expense on their tax return which leaves […]

Where’s the Pride in that IRS Check You Wrote?

The definition of pride is a sense of feeling of pleasure and satisfaction from your own achievements or those accomplished from around you.  Parents often feel that with their children, employers feel that with their employees, pet owners feel it with their furry household members.  Everyone has felt it at once in their life, and […]

Partnerships Are Just Like a Marriage

Numerous people have asked me if I’m married or had been over the years, and the answer has always been no and for a good reason – it’s hard to find the right partner that can be compromising, a ride or die companion, as well as it’s someone I’m just not willing to settle for […]

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 […]