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John Briggs on Why the DIY Ethic Can Hold Us Back

By BlogNo Comments

I hope you are doing well. I have some thoughts for you today that may be a little bit of a mental (or emotional) stretch. You see, when I write about financial principles in these Notes that I post, I do so recognizing that my clients come from a wide variety of different attitudes, circumstances and means. It makes for a tricky proposition, because I…

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Bridge Loan- Are You Investing The Right Way?

By Uncategorized6 Comments

Understanding A Bridge Loan One of my favorite things about my life is that I get to associate with amazing people across a wide variety of industries.  One of my amazing clients for the past 7 years is Stephen Gardner.  He has written a few books over the last couple years (some of which got the status of “best selling”). His latest book is titled…

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Let’s Start Deducting Tools and Equipment For Your Business

By Business, Tax StrategyNo Comments

Deducting Tools of Your Trade You’ve bought the equipment you need for your business right?  Perhaps you are still researching what types of tools you’re wanting to purchase.  It seems there is always more equipment you are needing to buy to keep the business operating like a streamline butterfly.  Why don’t we take a look at the advantages of deducting tools can be for you…

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How Dumb Is It To Cheat The IRS?

By UncategorizedNo Comments

If You Think You Are Like This Guy, We Need To Talk..Don’t Try And Cheat The IRS We like sharing informative information here at Incite Tax.  We want you all to be up to speed with the trends and news of tax and accounting, but also stupid mistakes people make by not using their heads.  Hopefully that will open your eyes more to the reality…

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What ACA Means and How to Understand This Crap

By UncategorizedNo Comments

What does the ACA Mean to Me and My Business? Understanding How it Applies to Your Business Although you might be a small company, you are rapidly growing. You have a handful of employees and you’ve found your stride, however, you quickly realize that to keep your hardworking and loyal employees, you need to provide health benefits. This isn’t a surprise; you knew this was…

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Where The Hell Are The Keys?

By Business2 Comments

We Need the Keys to Be Successful! Morning Routine- Sound Familiar? Have you ever had one of those mornings where you are basically on auto pilot?  You aren’t sure if you remembered to shampoo your hair or brush your teeth because consciously you’re zoned out for whatever reason.  This morning was that way for me.  (At least I think it was because I was kind…

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Why Value is Better Than Being Cheap

By Business, ValueNo Comments

Value is Better We Work for You to Save You on Taxes. Did you know that within 5 miles of our office location, there are currently 28 accounting firms?  As a point of reference, that is a lot! Did you also know there is really no barrier to entry to become a tax preparer?  Sure you have to pass a background check and give your…

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Getting Great Service- That is What We All Want

By Business, IRS, UncategorizedNo Comments

Getting Great Service is what every person wants. If you’ve ever met us and had any length of conversation with us hopefully 2 things become apparent. 1) We hate the IRS (and you should too). 2) We feel the tax and accounting industry is really lazy. (Which is a big problem because all those people using lazy CPAs don’t realize they aren’t getting great service,…

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Reduce Your Chance of Audit

By IRS, TaxesNo Comments

Audits and Your Defense Against Them Reduce Your Chance of Audit Here Many of us hear the word “Audit” and shriek into the depths of misery.  Let’s just ease your mind a little and help you know what you can do to reduce your chance of audit and having to deal with these clowns. (IRS Auditors that is.) The IRS is no longer limited in…

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Responsibility and Trust With Your Finances

By Accounting, Business, Responsibility, TrustNo Comments

Making Financial Decisions We all make financial decisions every day.  Whether we are deciding which restaurant to buy an Oreo shake from or if your company wants to buyout a multimillion dollar startup. Whatever the case may be, we are constantly choosing how our money is spent.  We usually think through these decisions because of a couple things: We don’t like excessively throwing away our…

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Learning to Cash Out Without Selling Out

By Business, Retirement, Tax StrategyNo Comments

Cash Out Without Selling Out The Human Dimensions of Exiting a Business Provided By:  Jake Rust, Northwestern Mutual Of all the things an entrepreneur thinks about, exiting the business isn’t usually top of the list. Yet without a formal succession or transition plan, a closely held business risks not only its longevity, but also its bottom line. That’s because a lot can happen along the…

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Simple Steps for Your Retirement Plan

By Business, Retirement, Tax Strategy, TaxesNo Comments

Want to Build a Sound Retirement Plan? Start With These Three Essential Steps Provided By: Jake Rust, Northwestern Mutual Like most people, you may find it difficult to predict what you’ll be doing a year from now, let alone in one or more decades. Yet the ability to project into the future may be crucial to making long-term financial goals more achievable, according to a…

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How much do the wealthy really contribute?

By BusinessNo Comments

The Tax Foundation did a report “Putting a Face on America’s Tax Returns.”  It has some factual information that many socialists, Obama supporters, and uneducated voters may find surprising.  http://taxfoundation.org/slideshow/putting-face-americas-tax-returns Income taxes today are the top source of revenue for our government coming in at around $1.38 trillion. Who pays that? The truth is, everyone feels like they are the ones that pay it. People…

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Insuring a Buy Sell Agreement? – Tax Treatment

By BusinessNo Comments

We recently did a post on if you can deduct your life insurance premiums.  In this post we want to specifically talk about life insurance in connection with buy sell agreements. A Buy Sell agreement is a really important part of a co-owner business.  We recommend these get setup as close to the setup of the business as possible.  This agreement, sometimes called a buyout…

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The Doctrine of Attendance- Creating Value

By BusinessNo Comments

Can you remember how excited you were the first time you went to Disneyland? Or how excited you were for Christmas morning as a child?  Maybe you can remember the feeling you had of going to a highly anticipated movie?  For myself, I can remember being on my best behavior because I didn’t want any reason to exist that could stop me for these events. …

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Deduct Life Insurance Premiums or Not?

By Business, Taxes2 Comments

Yes and No. We are considered a small tax firm.  We will do around 1,500 tax returns in 2015.  Even with such a small percentage of the millions of tax returns filed each year with the IRS, we often see clients expensing their life insurance premiums. In general, you are not allowed to deduct life insurance premiums.  Code Section 264 gives all the boring tax…

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QuickBooks Online vs QuickBooks Desktop-Solutions for Business Growth

By Accounting, Business, UncategorizedOne Comment

Everyone who owns and operates a business needs to be tracking and recording transactions and accounts through some type of system.  This is obviously so you can know in an instant where your assets, liabilities, and other financial information are.  The majority of small business owners use QuickBooks as their bookkeeping software.  That is because it offers simple solutions to your day to day business…

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5 Tips for Improving the Hiring Process

By Business, PayrollNo Comments

By guest blogger: Steven Chen      1. Identify hiring problems.  Discover what parts of your organization are having problems and why. You can do this by: Asking your HR and department heads for their opinions. ‘Why are people quitting? Why have they become problematic? Why are they being fired?’ Making sure each department and/or HR carries out exit interviews. Ask people who leave why they are leaving, and…

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Tommy Boy’s Wisdom on the Guarantees of H&R Block, TurboTax, and Similar Services

By TaxesNo Comments

One of Chris Farley’s many classics is the movie Tommy Boy.  In the movie, Tommy is out trying to save the company by getting sales. In a conversation with a Ted, a potential customer, Tommy gives us some legitimately profound insight on how guarantees work.   (If you want to see the full clip check out https://www.youtube.com/watch?v=mEB7WbTTlu4) The dialog goes: Ted Nelson, Customer: But why do…

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H&R Block “Get Your Billions Back” is Misleading

By Business, Tax Strategy, Taxes5 Comments

If you watch TV, chances are you’ve seen the new H&R Block commercials for this tax season. As a small Utah CPA firm, I covet H&R Block’s marketing budget.  In my opinion, its marketing messages have been pretty compelling.  But therein lies the problem with its marketing.  Compelling doesn’t mean truthful or accurate. Starting with the fine print on the commercial, I feel H&R Block’s…

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