We hear from our clients quite often, “I’m good at making money, but not at keeping it.” This is a great problem to have and not at all uncommon. When you think about it, saving money is the real issue. That probably sounds ridiculous because saving money is easy. Everyone knows how to save money. You just might not be disciplined enough to do it….
Getting into debt is super easy. When starting a business it just adds up overnight. As a business owner you probably have personal and business debt compounding on each other trying to bury you alive. So, to get out of business debt takes a lot more effort than you feel like you have to give. There’s plenty of get out of debt advice out there…
Look, we get it. The IRS sucks and the whole idea of taxes is already stressful. Why is your accountant stressing you out more, sending emails about documents and deadlines? The whole reason you hired an accountant was so you could hand over a shoebox and not think about it again until next year in order to reduce tax stress. If only it were that…
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…
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…
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,…
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…
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….
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….
The other day I heard someone say, “I know I can’t do it alone, but I fear I’ll be giving up control of my finances when I hire an accountant. What do I do?” We Fear the Unknown That’s why kids are afraid of the dark. They can’t see who might be lurking in the corner or hiding under their bed. You don’t know…
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…
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…
So, you’ve completed your tax return, you know how much you owe, and now it’s time to pay Uncle Sam. Perhaps you were smart by setting up the Profit First cash flow management system and you’ve been allocating funds to your Tax Account for an entire year. You got this! But wait, what do you do with the excess funds after paying income taxes? Or…
You’ve probably felt it at times looking over your financial statements. “Um… I can read the numbers, but are they good or bad? What are they trying to tell me?” Then you’re told by financial experts to perform a deep analysis so you can run projections and create a budget. That’s a whole slew of more numbers and complicated calculations on top of still trying…
We Want You to have Clarity in Your Cash Flow. You want to have clarity in your cash flow so whether you’re allocating cash, wanting to reward your employees, or creating an expansion plan, you can make smarter more focused money decisions. Often times when running the Profit First for Microgym’s system (the best way to manage your cash flow each month), we get asked…
There is no fast track to business success. Sure, there are companies like Starbucks or Facebook that seemingly grew over night. But it took Starbucks 15 years to expand out of Seattle and about 9 years for Mark Zuckerberg to go public with Facebook. Overnight success stories are the exception, not the rule. And while I don’t have any miracles up my sleeve, I do…
Webster defines Red Flag as “a warning signal or sign; a problem to be dealt with.” Negative accounts are a big red flag in your bookkeeping. Despite popular belief, bookkeeping isn’t necessarily only for doing your tax return, although that’s an added benefit. Bookkeeping is for recording and organizing all of your financial transactions made for your business operations. With good records you are…
If done properly, yes! You can most certainly write off a car for business. If you didn’t already know this, the IRS sucks! The average small business owner can expect to pay about 19% in taxes. That’s just your business and doesn’t even include your personal income taxes. Uncle Sam is greedy and will tax everything from your groceries to your property. And while we…
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…
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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