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Personal Financial Management with Profit First

By Cash Management, Profit FirstNo Comments

Can Profit First apply to personal financial management? Uh, yeah, totally. Look, Profit First as a system, like the guidelines that it offers, is really about spending money first on paper, setting aside money, and putting boundaries around your money, before you’re actually tempted to use it on other things. If you need a refresher on the basics of Profit First, download this free overview…

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Making Confident Decisions for Your Business

By Business, TaxesNo Comments

I was asked recently, “How can I be confident in making the best decision for my business?” They went on to explain how they tend to have hesitancy when making big decisions. This is something I’ve dealt with firsthand. It’s not easy making confident decisions for your business, especially with outside forces changing so rapidly. No need to panic, though. Hopefully these tips I’ll share…

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How to Create a Positive Company Culture

By Business, ResponsibilityNo Comments

Company culture continues to be more and more important to small businesses as they realize the impact it has, both positive and negative. What’s great about culture and values in your organization is that you have control over building the culture you want. So, let’s get into the principles of how to create a positive company culture that we’ve used to create and maintain our…

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How to Hire the Best Employees

By BusinessNo Comments

As Incite Tax has accelerated its growth the past couple years, I’ve had many opportunities to talk about and help other small businesses with more than just accounting. Recently I was asked how to hire the best employees. I first need to start with some disclaimers. Years and years ago I met with a consultant named Dr. Sabrina, and she gave us a foundation. We…

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Top 13 IRS Red Flags

By IRS, Tax StrategyNo Comments

Triggering an audit is one of the biggest fears of small business owners when it comes to taxes. You’re probably even willing to overpay if it means avoiding any IRS red flags. Generally, when we think of red flags, we are thinking of an audit. It might surprise you to know that we are audited by the IRS more often than we realize. I think…

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S Corp Taxes and Setup

By Tax Strategy, TaxesNo Comments

When talking about business entities and the best tax structures for small businesses, the S Corporation comes up a lot. In general, it’s the best structure for small businesses. So, let’s get into all the important stuff about S Corp taxes and setup. Entities, or tax structures, are the S-Corp, LLC, Partnership, Corporation, Sole Proprietor, etc. When it comes to the best entity selection for…

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Bookkeeping Basics for Small Business Owners

By Bookkeeping, BusinessNo Comments

Bookkeeping basics look different for small business owners than they do for accountants or bookkeepers. You have different priorities and responsibilities. So, this is not gonna be a do-it-yourself blog. I’m not gonna teach you things like how to debit and credit and do journal entries and reconcile your bank accounts. There’s lots of free blogs and videos on the internet. A simple Google search…

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Top 5 Startup KPIs

By Business, Cash Management, UncategorizedNo Comments

Congratulations on your new business! Good things are coming your way. You’ve got your collateral, you’ve leased a space, have a few employees and a great product. You’re ready! But now the real work begins. Running a business isn’t just getting everything started and then sitting back and watching the money come in. Hopefully, the money will start coming, but so will your expenses. So,…

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Best Practices for Maintaining the Profit First System?

By Cash Management, Profit FirstNo Comments

Setting up a system for your business is a lot of work. The Profit First cash flow management system is no different. It’s a lot of work up front but pays off in the long run. However, every once in a while the system needs some maintenance. Things change, your business grows, or your personal circumstances change, so naturally your cash flow system will need…

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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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