Profit sharing plans can be a big deal for successful business owners. Many successful business owners will use profit sharing plans because it has a big impact on their financials in multiple different ways, especially among more white collar business owners that have been successful is. Think of doctors, lawyers, dentists, therapists, chiropractors. The list … Read more
We get a lot of questions about what type of business entity I should use for my business because there are lots of different options. You have C corporation, S corporation, partnership, sole proprietorship, LLC which stands for limited liability company. So people are always asking, what’s the best one to use? How should I … Read more
Let’s talk about a topic that is not necessarily fun to talk about, but it is important to talk about. If you’re owning a business, what happens if you die? And the reason we’re discussing this is because most people are familiar with life insurance. If you’re collecting a paycheck, you want life insurance for … Read more
Man, there are a lot of different types of retirement accounts. We’ll try to clarify what these things are. So that way you can understand how to use them and what the benefits are. And I pray that someday maybe Congress will simplify all of this so there aren’t so many different types of accounts … Read more
Yes, unfortunately for many people, life is short. We’ve all known people who have either died young or had some medical issues that have really limited their quality of life, and with that perspective, it’s not to be negative. It’s simply to say, okay, what do we do from a finance perspective? Because we often … Read more
Let’s remove tax surprises. I’d say the most common frustration that we hear from people that come to us is that they have an advisor or an accountant or both, but they aren’t getting the full picture that they need. Typically, it’s either I have an advisor, but they don’t know anything about taxes or … Read more
I’ve talked before about how CPAs and financial planners are not perfect with money. And I’ve made plenty of mistakes in my lifetime but I wanted to highlight two in particular because they can be applicable to all business owners really and even to some that don’t own a business. The first of my personal … Read more
What would you do if you were unable to work? What would this look like? You have no income. What would that be to your family? How would you pay your bills? How would you keep your business running if you’re owning a business? What would this look like for you? For most people, it’d … Read more
Know your numbers to know your business. We say that all the time around here. Obviously I run a financial planning firm, CWOs for Hire. We also have a CPA firm, CPAs for Hire. And if you go to that website, http://www.cpasforhire.com, you will see right there on the front page, know your numbers to … Read more
Hey, guess what? Accountants and financial planners are not perfect with their money. I want to dispel one myth that is out there. If you believe that accountants, CPAs, financial planners, if you think that they are all perfect with their money, you are mistaken. We are human. We make mistakes, and we’re no different … Read more
Let’s talk today about Form 1099s and what business owners must do to stay in compliance. Every year, business owners have to send out Form 1099s to any vendor that they pay $600 or more for services. It’s an annual requirement, the forms are due by January 31st. There are a couple of exceptions to … Read more
Let’s talk about how you can save a ton in taxes, if you are running a successful service business. Now, by service business, we’re talking about anything, any business that does not produce a thing. So, if your thinking about a consultant, lawyer, dentist, doctor, personal trainer or accountant. Those are all considered qualified service … Read more