As we have been working through tax returns for clients this tax season, it’s alarming to see how many clients aren’t maintaining their checkbook properly, or not even having a separate checkbook at all for each of the companies they own and operate. It is important that you have checkbook procedures for your business to succeed. I’m not just talking about a tax savings strategy… I’m also talking about saving you from a potential lawsuit and also losing your sanity. It’s critical that each company a business owner forms has a separate checkbook for several reasons. Let me suggest five reasons ..read more

Technology and gadgets that help us succeed in business are an ever-increasing expense. Moreover, as small business owners utilize technology to do business nationwide, if not worldwide. These technology expenses (sometimes used personally), should be a deduction in their business. Technology Expenses In fact, think about the following items and how you may use them in your business operations: Laptops, computers and printers; iPads, reading devices and tablets; Cameras, video cameras, lighting and studio equipment; Microphones, speakers and audio equipment; T.V.s, monitors, projectors and sc ..read more

Privacy is NOT asset protection…however Privacy can enhance Asset Protection. In fact, protecting your home from a lawsuit and protecting your identity from the public are two very different things. See my Article “How to Protect My Home from a Lawsuit” for 8 strategies on asset protection for your personal residence. But again, if it takes additional time and money for a potential plaintiff to find your home or assets it never hurts…thus it ‘enhances’ your asset protection strategies. Over the years, I have had ALSO had many experiences with clients who shared traumatic ‘violations of privacy ..read more

Fellow Entrepreneur – Think about steps before you quit your day job.  Whenever I have a new client call me on the phone with unbridled exuberance tell me they are marching into their boss’s office tomorrow to quit their job and quote the song made famous by Johnny Paycheck telling their boss to ‘shove it’…I tell my client to slow down and hold on for a moment!! Each entrepreneur has steps to take before quitting their day job.  I know this may sound a little odd coming from a man that has been advocating small business since age 8. I was out there on the street trying to talk my lit ..read more

All too often I meet with clients that have grand ideas for investing or other business projects for cash flow, but they don’t have a thorough and sensible plan to get there. I have learned time and time again, that a 10-Year Plan is critical to set the path for the business and then build annual plans around it. Now, this process may seem a little overwhelming or complicated at first, but the beauty of having a small business is that you can be agile and quick to change the course of your ship. You can make executive decisions and implement them rather quickly. Large companies can’t do this ..read more

Is crypto a security? The simple answer is, it depends. Below we will be reviewing the question: when is crypto a security? Important for all “Crypto Investors” Whether you are a seasoned crypto pro or new to the exciting world of crypto trading, it is important to understand these concepts. What has the SEC said? The U.S. Security and Exchange Commission (“SEC”) said “If you are considering … engaging in the offer, sale, or distribution of a digital asset, you need to consider whether the U.S. federal securities laws apply. A threshold issue is whether the digital asset is a ‘security’ under ..read more

A small business will save you taxes with better write-offs, and help you build wealth with more personal cash flow. I realize that may sound bold or even a little crazy, but the one thing I’ve learned in over 20 years as a CPA and Attorney, is that my wealthy clients save taxes and built their wealth with a small business. By the way, owning rental property is considered a small business. It’s more than that, there are so many good reasons to have a small project brewing on the back burner, and very few reasons not to. Some say it is too ‘risky’ in today’s economy to start a business. I say i ..read more

Every week our firm gets call from clients around the country who have lost money by investing with friends, family or neighbors they trusted—but who were not licensed to sell securities or did not properly document the relationship as a partnership. Many of these new clients have given someone a short-term, high-interest loan with a promissory note that has not been repaid. Others have invested money with someone who claimed to be achieving spectacular returns from investing in real estate, commodities, or foreign currency. Some invested into these ‘projects’ directly out of their retirement ..read more

The FONCE Exemption is used by investors of rental property in an LLC in Tennessee to avoid the Tennessee Franchise and Excise tax. Just this past month we had a new client investing in the Volunteer State and were frustrated because they were being assessed additional taxes by the State of Tennessee. Obviously, this was a surprise to them as it is to many new rental property owners in Tennessee, and it’s because they missed the FONCE Exemption. So you have two options: File every year for the FONCE exemption, or Don’t set up an LLC and be wreckless without any asset protection – That would ..read more

Should you file an extension for your personal taxes? Contrary to popular opinion, it is not the end of the world if you don’t file your personal 1040 tax return by April 15th. In fact, there are several great reasons NOT to file on April 15th and file an Extension instead. This year “Tax Day” in 2023 is April 18th due to the 15th falling on a weekend and a Federal holiday on Monday. So, you can either file your Personal 1040 online or have it postmarked by midnight on the 18th, or simply file an Extension and have until October 15th to file your actual return. There are three main reasons to ..read more