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Exit Strategies: A Lesson From the Trenches

  • 27 May 2014
  • Author: Cari Holbrook
  • Number of views: 3272
  • 0 Comments
Exit Strategies:  A Lesson From the Trenches

When Randy Smith started his own business at 28 years old, he truly set out on his own: with no partners and no investors. What he envisioned with his point-of-sale technology company, he achieved. Now, at 53, Smith has sold his company and successfully retired. We asked him to share some of the smart moves and tough lessons that led to a successful exit strategy.

American Dream Vacations

American Dream Vacations

American Dream Vacations
Steve Franklin learned how to spot a great business opportunity at an early age. As a child growing up in Oklahoma City, his father would take him and his brother to the local farmers market to purchase the freshest produce, repackage it, and sell it door-to-door throughout the neighborhood.

Ripe for Retirement: How Will You Know?

  • 13 May 2014
  • Author: Cari Holbrook
  • Number of views: 2571
  • 0 Comments
Ripe for Retirement:  How Will You Know?

Most small business owners retire at around 73 years of age, according to the U.S. Small Business Administration. From a financial perspective, what is your best retirement age? And can you beat these odds and retire younger? The answer differs for every business owner. Here, we take a look at three factors that can help you determine when your nest egg is ready to be tapped.

Depreciation Nit-picks That Could Cost You

  • 23 April 2014
  • Author: Cari Holbrook
  • Number of views: 3401
  • 0 Comments
Depreciation Nit-picks That Could Cost You

When it comes to your interpretation of tax laws and that of the IRS: a court may decide.  This was a tough lesson learned by Michael Brown, a wealthy life insurance salesman who recently lost a $11.2 million bonus depreciation claim over a seemingly simple oversight.  His story brings to light several lessons for business owners: be aware of the current depreciation laws for business vehicles, interpret them correctly, and choose your words wisely in court.

How Safe Is Your Business Credit Card Information?

  • 22 April 2014
  • Author: Cari Holbrook
  • Number of views: 3117
  • 0 Comments
How Safe Is Your Business Credit Card Information?

It seems every day there’s news of a data breach or fraud case affecting the sensitive credit card information of consumers and small businesses. There’s no doubt protecting your customers’ data is a big concern, but so is protecting your own. Even these seemingly small details can make a big difference when it comes to asset protection. Below are two considerations that may prevent your company credit card information from landing in the wrong hands, threatening your credit and financial security for years to come.

Don't Be a Victim of Tax Scams

  • 8 April 2014
  • Author: Cari Holbrook
  • Number of views: 2651
  • 0 Comments
Don't Be a Victim of Tax Scams

Tax scams have already cost taxpayers more than $1 million this year. A recently reported phishing scam involves emails falsely labeled from the Taxpayer Advocate Service (TAS). The email usually begin with the following: “Your reported 2013 income is flagged for review due to a document processing error…” and leads to contact information for a bogus “advocate” assigned to your case. You can learn more at the TAS official site: www.irs.gov/advocate

A Lesson in Value: Special Feature from Steve Bankler

  • 25 March 2014
  • Author: Cari Holbrook
  • Number of views: 2683
  • 0 Comments
A Lesson in Value:  Special Feature from Steve Bankler

Have you ever wondered: What is my true value to my clients or customers? We answered that question from a CPA’s perspective recently in a publication by the American Institute of CPAs®. The topic was on adding value for clients, and what we shared with other CPAs nationwide offers insights into our operations and philosophies. I’d like to share some of these thoughts with you.

Beware the Passive Income Tax Trap

  • 25 March 2014
  • Author: Cari Holbrook
  • Number of views: 1943
  • 0 Comments
Beware the Passive Income Tax Trap

Business owners with high investment income: beware. You may owe significantly more in taxes for 2013 than in recent years. This is due to a number of new and returning taxes as well as a phase-out of deductions and personal exemptions beginning for married joint filers at a total income of $250,000 and increased tax rates from 35 percent to 39.6 percent at $450,000 for married joint filers. It is the final death toll of the Bush tax-cut era: One with potentially extreme consequences.

Tax Return Lost in the Mail? Court Says: You're Liable

  • 11 March 2014
  • Author: Cari Holbrook
  • Number of views: 3671
  • 0 Comments
Tax Return Lost in the Mail?  Court Says:  You're Liable

The deadlines for corporate and partnership taxes are fast approaching. Will you file on time? Be prepared to prove it. The federal government outlines four delivery methods that can officially prove your return was filed on time, even if the IRS claims it was never received. However, forget to keep a receipt or proper documentation and you’re likely out of luck in the eyes of the law.

Time To File An Extension? Avoid These Two Mistakes.

  • 26 February 2014
  • Author: Cari Holbrook
  • Number of views: 2963
  • 0 Comments
Time To File An Extension?  Avoid These Two Mistakes.

It’s that time of year in which you’re either feeling good about being ahead of tax season or you’re nervously planning a way around the impending deadline. If you’re in the latter situation, you may be considering filing an extension. But, before you do, please note the following two major mistakes business owners often make when deciding to file an extension.

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