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Accountant vs Financial Advisor: Setting Expectations

By Business, RetirementNo Comments

If you’ve asked yourself this question before you’re not alone. Many people think that a CPA or accountant and a Financial Advisor are one in the same, but that is not the case. Although some of their knowledge may overlap and there are some professionals that may be licensed for both, there is a distinct difference. So, what should you expect from your Accountant vs…

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Creating a Budget: Traditional Budgeting Sucks! Plan for Growth

By Cash Management, Profit FirstNo Comments

Creating a budget is one of those tasks that seem to be on everyone’s to-do list, but rarely gets checked off. That’s sad for the budget. Seriously, though, budgets are amazing when done right. Traditional budgeting has you looking at the past 12 months and calculating a monthly average for each expense and income stream. They suggest glancing through your expenses to see if you…

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A Business Growth Plan for Entrepreneurs

By Business, Cash ManagementNo Comments

Every small business owner would like to watch their business grow. I envision you probably started off with a small lemonade stand at the end of the street and watched it blossom into a food truck where you started selling it at school carnivals and football games. Obviously following a detailed business growth plan you wrote in school. Next thing you know you’ve got 5…

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How to Manage the Coming Recession

By Business, Cash ManagementNo Comments

Well, no doubt you’ve heard or seen the headlines… “We are entering a recession! Quick, everyone hide because the sky is falling! Grab a helmet and take shelter!”   What Is A Recession?   Let’s talk about this. And we might as well start with the basics. What even is a recession? Technically speaking most economists would classify a recession as when the economy fails…

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What’s Your Marketing Philosophy?

By Business, ValueNo Comments

Recently we were asked, “What is your marketing philosophy?” Usually, our posts are more tax related advice for the small business owner. We don’t claim to be marketing experts by any stretch, but we didn’t get to be where we are today without being fairly successful in our marketing efforts. So here is what we’ve learned in the process. When Incite Tax was first starting…

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Should You Start a Business?

By BusinessNo Comments

The idea of being a business owner is really exciting. To be an entrepreneur seems like a higher status level. Who wouldn’t want the freedom to control their own schedule and do something they enjoy every day? Well, like most things in life, it’s a little more complicated than that. But… being an entrepreneur, self-employed, small business owner, whatever you want to call it, is…

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Making Hard Decisions that are Right for Your Business

By BusinessNo Comments

Being an entrepreneur definitely has its perks. But it also comes with its share of stress. One of the biggest burdens, probably just behind finances, is having the final say in decision making. This may sound awesome, and sometimes it is. You get to choose where to locate your company, which office is yours (that one’s easy, of course you’ll take the corner office with…

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How to Deal with Your Tax Stress

By Business, TaxesNo Comments

What? Are you saying taxes are stressful? You’re not alone. Why are taxes so stressful? Some people just don’t like doing the math, others may have a dislike of government authority, and WebMD says people who have been through an audit can actually suffer from posttraumatic stress syndrome during tax season. We know, the IRS sucks! But you shouldn’t have to let your tax stress…

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Does Buying a Home Help with Taxes?

By Tax Deductions, TaxesNo Comments

Ahhh… the American Dream. Home ownership is a key element in the pursuit of the American Dream. It gives us stability, a place to plant our roots and be a part of a community. It’s also an investment. Paying a mortgage builds equity; paying rent just gives you a place to live for another month. But does buying a home help with taxes? Can buying…

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You Missed the Tax Deadline. What Now?

By Accounting, TaxesNo Comments

The dreaded tax season is over. Tax Day has come and gone and the deadline to file and pay is now passed. But what the heck happens now if you missed the tax deadline? We’re talking specifically about federal income tax penalties here. You’ll need to look up your own state penalties as each state will be different.   Minor Tangent We’re not getting into…

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What is the Tax Deadline for 2022?

By Responsibility, TaxesNo Comments

I recently watched a TED Talks video, Inside the Mind of a Master Procrastinator by Tim Urban. Procrastinators have this Instant Gratification Monkey in their mind that makes them easily distracted by everything else except for what actually needs to be done, and the only thing the Monkey is afraid of is the Panic Monster which only comes out when a deadline is involved. So,…

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4 Tips on How to Stop Being Disorganized for the Small Business Owner

By Bookkeeping, BusinessNo Comments

As a business owner you know you need to keep track of your books, reports, documents, and receipts, but you also realize you’re not a naturally organized person. Well, props to you for recognizing one of your weaknesses. It doesn’t mean you are a weak person. You simply need to develop some habits for how to stop being disorganized. These are not best practices, per…

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Self-Employed Tax Deductions | Don’t Miss these Savings!

By Business, Tax DeductionsNo Comments

If you’re a small business owner, you might be wondering if there’s some way you can combine your personal life and business life to maximize your self-employed tax deductions and probably feeling like you’re missing out on some tax write-offs as well. Unfortunately, you’re right. You probably are missing out on some of those deductions because many accountants will tell you no across the board….

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Managing Small Business Finances – An Introductory Guide for Entrepreneurs

By Business, Cash ManagementNo Comments

Guest Writer – Chelsea Lamb from Business Pop   As a small business owner, you have to wear many hats. When you’re first getting your company off the ground, you’ll likely handle everything from marketing to management, hiring—and financials. For many new entrepreneurs, the financial side of running a business is one of the most daunting tasks they’ll face. Don’t let money matters intimidate you….

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Filing Taxes for Small Business Owners

By Business, TaxesNo Comments

Filing taxes for small business owners can be very overwhelming and stressful. One thing though seems to be at the foundation of the issue and is illustrated in a question we get fairly often.   Does my accountant file ALL the tax returns I’m supposed to pay?   We get this question a lot. Usually sometime in May, after taxes have been filed, and the…

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Seasonality in Business and the Beauty of Profit First

By Business, Cash Management, Profit FirstNo Comments

Almost all industries have seasonal fluctuations in revenue. The travel industry sees an increase during the summer months. As an accounting firm our busiest season is January-April. The Construction industry and landscapers generally see a major decline in revenue during the winter. So how do you deal with seasonality in business to survive the slow months? Well, that’s the beauty of Profit First! It solves…

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