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 Sandy, 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.
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