Life is busy enough and being the owner of a business adds another layer of stress on top of it. And now being tax season, you’ve got a year of financials to catch up on just to file your taxes and then somehow come up with the huge chunk of cash to pay it. If you’ll follow the guidance bellow, you will have enough cash…
Do you own a successful business, but somehow find yourself living paycheck to paycheck? You likely started your business in part to not be in that position. It’s stressful getting your modest paycheck, spending most of it on bills within a few days and then living off a few hundred bucks, if you’re lucky, for the next three weeks. Success then becomes not getting…
It’s January, and you know what that means. 2020 is now in the past and it’s time to start gathering your documents and preparing for a smoother tax season. I know, the word TAX should be a 4-letter word, but it is a necessary evil. Whether you’re an individual, a sole proprietor or small business owner, you need to file your taxes Every. Single. Year….
So, here we are, the end of the year, and you have a few extra dollars to spend hoping to save on taxes. You’re afraid the IRS is going to take it because, well, because the IRS sucks and you have income sitting in an account. But before you go buy a boat and write it off as a “business expense” to save on taxes,…
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…
In the spirit of the season, I was thinking about all the things I’m grateful for. Of course my family, friends, and health are at the top of the list, but something else… I’m extremely grateful for Profit First. Poor cash flow management can be a source of extreme frustration and stress. When I first started Incite, I was always worried about money. …
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…
We got this question from one of our gym owners the other day. “Wait. I have to file property taxes on my equipment?” And unfortunately, the short answer is… Probably. I’ll get to that later. We’ve all heard the familiar quote, “Nothing is certain, except death and taxes.” Even The Game of Life makes you pay taxes. Except the board game…
Why would you want to think about tax strategies when the years almost over? Year end planning is too often a missed opportunity to further improve your current tax situation and plan for maximized tax savings next year. That’s a lot of value for just one meeting with your accountant. Most of our clients think tax strategy boils down to deductions. That makes…
Now that we just saved you a ton of money on your taxes, have you thought about what you’re going to do with all that saved cash? If you’re anything like me, planning your next vacation sounds a lot more fun than thinking about retirement. But before you set sail for the Bahamas, consider a few ways you could use that money for your…
Owners Pay: The Profit First Way And it is once again time to talk about the Essential 7 Profit First Bank Accounts. For those of you who have been with us for a while, this might sound a little bit like I’m beating a dead horse here. I bring up the Essential 7 Bank Accounts all of the time. However, every post and every video…
Every business owner wants to know how to save on taxes. They are the bane of our existence. For better or for worse, taxes have to be paid to keep your business going. Our job is to make sure you don’t overpay the IRS. As you’ll see in an example later on, they are takers, and you won’t get that money back. A big problem…
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.)…
My wish for the world would be to pay the least amount as possible for taxes, always on time, and not have any debt whatsoever. However, reality looks a little different. One thing we’ve learned from this pandemic is circumstances can change in an instant. Entire industries can be shut down at the snap of a finger. Revenue can get chopped by over half overnight….
Everyone’s favorite subject… the IRS! Maybe a slight exaggeration, but everyone has to deal with them one way or another. The only interaction you might have with them is giving them your money when required. Sometimes more money than is required because you don’t know what you don’t know. Or it might be a more uncomfortable personal interaction through, say, an auditor. The IRS…
Paying Your Coaches Correctly. You want to pay your coaches fairly. You’re not trying to cheat anyone. But what you don’t like is having to sink so much money into W-2’s. Paying W-2’s is a financial and emotional headache. However, you also don’t want to get audited or in trouble with the IRS for tax evasion because that would be an even bigger headache. So…
Are Your Finances Stressful? It’s really no surprise if they are. Finances are one of the biggest sources of stress to people everywhere. Especially business owners. And when something goes wrong, disorganized finances can go from a headache to a full-blown nightmare. Best case scenario, you have to dig your way out of a mountain of receipts. Worst case, you go under. End Financial Stress…
You’ve made it to the last implementation meeting. You’ve almost learned how to start Profit First for yourself. There’s one final big step to complete before going off on your own. You need to actually do allocations and put what you have learned into practice. If you were meeting with one of our professionals, the fourth meeting would be them observing you going through your…
Vacation Recently, I took my family on a trip. We were trying to get a vacation in before the school year started. We all had a decent enough time on the trip, and I’m glad we went. Having said that, I would never go to that resort again. There was a strange smell due to a broken fridge that a previous vacationer had left rotten…
Time For Transparency Incite Tax Blog is built on one basic principle: Profit Is A Choice. This is something we believe down to our bones. We work hard to help you learn how your choices can improve your profits. The unfortunate side of that is when one of our businesses is not profitable, we can also see the choices we made that have made it…
You’re halfway there. We’ve helped many clients successfully implement Profit First and it’s exciting that you have decided to join the elite, cash saving small businesses. By now you should have all your bank accounts set up and your books cleaned up and organized. The system works best when you go in order. That way you avoid extra work. Read the first two blogs…
What Are Your Values? What are your values? Knowing your values is an important part of being a person, but it’s also an important part of running a business. Has your microgym ever dealt with a client who just simply won’t follow through on the work? You could hire the best coaches on the planet, and you still won’t get that person into shape. The…
Crisis Mode Wasn’t 2020 a long year? It was a long year for us as individuals, first and foremost. But it was also a long year for governments. I know, I know, no one wants to talk about politics right now. We all have our various opinions on the competence or incompetence shown by governments around the world during this unprecedented crisis. I’m not here…
Welcome back to our second meeting, well… blog post. At this point you should have gone through your books and cleaned them up as best as you can for now. And then you should have started to make some changes in your process to try and align it with the Profit First system as much as possible. You hopefully have a better understanding of…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
Incite Tax believes in sticking it to the IRS. If you’re looking to better your financial situation contact us!
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