Tax & Business Insights

“Deadlines and commitments Every morning and in the evening, They can suck you in, Boy, don’t I know it. This offer will be standing, All you gotta to do is call, Don’t be afraid to knock on the door”. – The Killers – “Deadlines and Commitments” This blog entry is going to be short and sweet: […]

“How can I go forward when I Don’t know Which way I’m facing? How can I go forward when I Don’t know which way to turn? How can I go forward into Something I’m not sure of? Oh no, oh no.”  “How?” – John Lennon Last year I wrote an article outlining the differences among […]

“Confess Confess, confess Why don’t you confess? Say yes, say yes I wish you’d reveal to me” – “Confess” – Doris Day and Buddy Clark In my last article I discussed some of the criteria that should be used to determine whether a worker is an independent contractor or an employee. I also considered the […]

“A little bit independent in your walk A little bit independent in your talk … A little bit independent with your smile A little bit independent in your style” – Fats Waller “A Little Bit Independent” With the start of a new year, many people are thinking about changes they want to make. Losing weight, home […]

What Are Flexible Spending Accounts? “Gumby and flexibility are synonymous, and top athletes are praised for their Gumby-like or Gumbyesque prowess. The U.S. Marines use the phrase ‘Semper Gumby.’”  – Gumbyworld.com In my last article I explained what Health Savings Accounts (HSAs) are, how they function, and the tax benefits associated with them. I used […]

With the end of the year and tax time quickly approaching, I’m going to start focusing on various tax tips up until April 15th. Today’s topic: Health Savings Accounts (HSAs). Health Savings Accounts (HSAs) are one of the most painless yet most underutilized tax instruments available. Here’s how they work: HSAs are savings accounts where […]

I am a wandering, bitter shade, Never of me was a hero made; Poets have never sung my praise, Nobody crowned my brow with bays; And if you ask me the fatal cause, I answer only, “My name was Dawes” – “The Midnight Ride of William Dawes” by Helen F. Moore Does anyone out there […]

“Free advice is often overpriced.” — E. C. McKenzie In the age of the internet, it is increasingly easy to find advice and information on…pretty much every topic. I love it. If I want to find steps for a simple DIY project, information on some obscure piece of history, or literally almost any bit of […]

Originally published November 11, 2013 “Necessity is not an established fact, but an interpretation” – Friedrich Nietzsche I love my job. As dry as accounting seems, I find it fascinating. You get insight into a business’s operations and finances – truly the core of what is going on. People open up to you on things they […]

Originally published October 21, 2013 My favorite uncle, Sam Stevens, has always had a lot of insight. Throughout my life I’ve often looked to him as a source of perspective and discernment. One of my favorite pieces of advice that he gave actually wasn’t directed at me, but to another one of his nephews – […]

Originally published October 7, 2013 “I crossed that intersection Truck came in my direction Crashed – then the driver said: “Look out, can’t you see that light is red?” Now he tells me Now he tells me People wait until it’s much too late Now he tells me” Now He Tells Me” – The Nat […]

Originally published September 23, 2013: Okay, maybe it’s not a tax deadline in the strictest sense of the word, although there are some important cut-off dates coming up as early as October 1 (more on that in a minute). However, let’s step back for a moment here and look and the important “bigger picture.” Once the year is […]

Originally published September 9, 2013: “It is an immutable law in business that words are words, explanations are explanations, promises are promises – but only performance is reality.”– Harold Geneen The world has always been filled with promises – some good and some bad. Friends and relatives make commitments to us out of the goodness […]

Originally published August 26, 2013 Small business owners have always been subject to greater IRS scrutiny than other taxpayers. The lack of reported, irrefutable documentation combined with business owners’ tendency to be slightly…“liberal” with what they report makes the IRS more likely to take a second look at their returns. This is nothing new. What is new […]

Originally published August 20, 2013 “Debt is the slavery of the free.” – Publilius Syrus I’m a firm believer that every business can benefit from a certain amount of debt. Borrowing fuels growth, can get you through lean months, and actually increases some measures of profitability Too much of a good thing, of course, leads to […]

Originally published August 6, 2013 Ted: What if I don’t think of the books? Robin: Excuse me? Ted: There’s this famous architecture story about this architect who designed this library. It was perfect. But every year, the whole thing would sink a couple inches into the ground. Eventually the building was condemned. …He forgot to account for the […]

Originally published July 22, 2013 “Oh, a storm is threatening My very life today If I don’t get some shelter Oh yeah, I’m gonna fade away” – The Rolling Stones, “Gimme Shelter” While The Rolling Stones certainly didn’t write “Gimme Shelter” to address housing questions, the need for a roof over our heads is one of the basic […]

2025 Update: while all of the information in this article is still valid, we have done a much more in-depth discussion of the issue that can be found here. Most businesses eventually choose to incorporate in some form or fashion. This can have a number of benefits, both from a legal and a tax standpoint. […]

Originally published June 24, 2013 In my last article I spoke about the danger of being too broad and general in the services we offer – the “Jack of all trades, master of none” phenomenon. However, a danger exists at the other end of the spectrum, so it seems appropriate to write at least a short note […]

Originally published June 10, 2013 I once knew someone that claimed that he could coach companies to make more profit. Fantastic. But I could never get him to tell me what he actually did. I spoke with him multiple times, read his entire website, and looked at all of his posts online just to try to figure out what […]

Originally published May 28, 2013 Most of my clients know that I am not a big fan of the home office deduction especially if they are homeowners. While it is certainly tempting to be able to deduct a portion of your otherwise non-deductible personal expenses, in most cases it is simply not worth the cost. I’ll break this into […]

Originally published May 14, 2013 So everyone knows that if you own your house the mortgage interest, real estate taxes, and (in most cases) PMI are deductible on your individual income tax return. The title is in your name, the loan is in your name, and the 1098 comes directly to you. Easy. Where the […]

Originally Published May 2012 This is so broad a subject I hesitate to even try to fit it into one discussion. In my work I do a lot of research on natural gas. I don’t think any commodity is so widely talked about while being so woefully misunderstood. Lack of knowledge regarding industry operations combined […]

Originally Published May 2012 Let me begin by disclaiming that this is a viewpoint I stole from Stratfor. It is not of my own making I was at a conference in St. Petersburg, FL last November. On the first day, the opening speaker was giving an overview of general market conditions and made a few […]