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Bare Minimum, You Need This One Profit First Account

By Cash Management, Profit First, Taxes No Comments

One of the 4 core principles of the Profit First cash flow management system is called smaller plates. Those smaller plates are multiple bank accounts all for your one business. The Profit First accounts are for things like owner’s pay, profit, operating expenses, etc. The idea is it keeps you from overspending on things and gives you a way to save for certain things as…

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Controversial Statement: Tax Increases Harm Economic Growth

By Business, Taxes No Comments

As a company we prefer to stay politically neutral. That becomes extremely difficult as tax experts when tax policy becomes a political tool on both sides of the isle. That being said, we usually disagree with any sort of tax increase. They just go counter to our mission to save small businesses from paying too much in taxes. Perhaps more importantly is the impact you…

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How Corporations Reduce Small Business Taxes

By Business, Tax Strategy, Taxes No Comments

The proper business entity will save you tons on taxes.   Let’s start with why. Why would corporations and LLCs be good for small business taxes? It’s quite simple. If you don’t have any business structure whatsoever, then you are very likely operating a business illegally AND missing out on huge money saving opportunities. (We also have this brief video summarizing why they are important.)…

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