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A few years ago, I had a client in my office and we were working on his tax return. Let’s pretend his name is Larry. He had a couple rental properties and as we were discussing one of them, he said something that didn’t sound quite right. So after talking for a few minutes, Larry told me that the property in question was being rented with owner finance. I have spent most of my career working with clients involved in real estate, so I’m sure many of them already see the irony of that statement. You see, renting with owner...read more
Since I’ve only been blogging for a couple weeks, I decided to set out on a quest to learn how to blog. Obviously, I couldn’t base much on personal experience, so I turned to a couple stalwarts of the blogging world to see what techniques and strategies they advocate and more importantly what they do on their own blogs. In particular, I looked to Tim Ferriss, Seth Godin, and Ramit Sethi, though probably Tim’s work more than the rest since I’m more familiar with his blog. If you want to see the raw examples, I suggest...read more
We recently had a Chick-fil-a open just a couple minutes away from our house. I’ve been a huge fan of Chick-fil-a for many years, ever since trying it out and reading “Eat Mor Chikin, Insprire More People” by S. Truett Cathy, their founder, so I watched the new store being built with much anticipation. In the three days since they opened, I’ve eaten there twice. I wanted to share a couple lessons learned from watching the process. The brand. You can’t beat the brand name recognition and goodwill that is generated...read more
One of the tax saving strategies I’ve been implementing this year involves long term capital gains. Currently, as long as you are in the 15% tax bracket, all long term capital gains are tax free. Since the stock markets have been rather chaotic over the past months, I decided to go ahead and take some of the gains while they would be tax free. While the rates are currently the same for 2012, with an enormous federal deficit looming, budget cuts coming from the congressional subcommittee, and ongoing chatter about raising taxes, I didn’t want...read more
As a CPA, several people have asked me, “What is the most important metric to tell how I’m doing in my business?” It’s actually a really important question. I’ve found that far too often, business owners don’t exactly know how their business is performing, or even how to figure it out. Sure, they usually have some idea, but far too often, it’s not more specific than “pretty good” or “not so bad.” You owe it to yourself to know where your business stands at all times. I do not...read more
Hey guys. I realize it’s quite possible that no one will ever read this, but I’ve been wanting to give blogging a try for quite awhile now. While sometimes I might blog about a few things personal, I plan to mainly blog about small business. I am a CPA and have worked with many small businesses. I hope to address some of the issues and problems that are facing small businesses today and hopefully I will be able to provide some insight and a unique perspective as well as some practical ideas to help overcome these challenges....read more