Most people hear COGS and think, “That’s for stores. I don’t sell stuff.” But here’s the problem: if you sell anything (service or product) and don’t track COGS, you’re flying blind. And what you don’t track will slowly drain your profits until you wonder why the bank balance never matches the hard work. So What […]
You’re Not Tracking COGS? That’s How Small Businesses Bleed to Death Read More »
Hot dogs. Flags. Fireworks. Overpaying the IRS by thousands because your books are a mess? That last one? Not patriotic. Just painful. If you’re running a business and you don’t know how much you’re overpaying in taxes each year… odds are, you are. And here’s the part no one likes to admit: the IRS is
The Most Patriotic Thing You Can Do on July 4? Stop Overpaying the IRS Read More »
You didn’t buy that company vehicle just to look good in the drive-thru line. You got it because your business needed wheels, and maybe a little street cred. But what if that vehicle could do more than haul tools, supplies, or your behind to a meeting? What if it could help lower your tax bill?
Your Car Might Be a Tax Tool in Disguise and It Could Save You Thousands Read More »
There’s a reason your accountant disappears in December, and it’s not just the holiday chaos. It’s because there is not much they can do for you by then. Most small business owners treat tax planning like it’s a December thing. But by the time you get serious, most of the real savings have already slipped
Want a Surprise Tax Bill? Just Wait Until December to Start Planning Read More »
Let’s get one thing straight: a tax credit and a tax deduction are not the same thing. They don’t do the same thing. They don’t save you the same amount of money. And if you’re mixing them up, you’re probably handing the IRS more than you should. Here’s how to tell the difference, and why
Your Tax Bill Is Bigger Because You Don’t Know This One Difference Read More »
Most business owners wait too long to hire a bookkeeper. They think they’re saving money by doing it themselves. But they’re not. They’re missing deductions. Misreporting income. Delaying invoices. Guessing on payroll. Using last month’s bank balance as a financial strategy. And they don’t find out how bad it is until the IRS, their accountant,
Every Month You Wait to Hire a Bookkeeper Is Another Step Toward a Tax Nightmare Read More »
Most small business owners don’t read their profit and loss statement until tax time. By then, it’s too late. Sales looked fine. The bank account felt okay. But now payroll is tight, the IRS wants more than you expected, and nobody knows where the money went. The P&L saw it coming. It always does. What
You’re Not Broke Yet. But If You Keep Ignoring Your P&L, You Will Be Read More »
You loaned someone your trailer. Or your chainsaw. Maybe your camera. They paid you for it. You called it a favor. But the IRS? They call it a business. Any time you rent out personal property, not real estate, but gear, tools, equipment, or anything that isn’t land or a building, you’ve officially stepped into
How Renting Out “Stuff” Can Get You Taxed Like a Business Read More »
We get it. A mid-year review sounds about as fun as cleaning gutters in July. Still, skipping it is how small problems turn into fourth-quarter fires. Your books already know if things are going off track. You just need to check in. Why June Is the Best Time to Catch a Financial Screw Up Things
How to Prep for a Mid-Year Financial Review Without Losing a Weekend Read More »
A small business hires someone to help with projects. No payroll. No paperwork. Just writes a check and calls it a 1099. Easy, right? Until the IRS shows up. And suddenly “easy” turns into “you owe thousands in back taxes, penalties, and interest.” Why? Because the IRS did not agree with what you called that
How Calling Someone a 1099 Contractor Can Destroy Your Business (If the IRS Disagrees) Read More »