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How to Manage your Cash Flow and Books when you’re Not Good with Numbers

By Cash Management, Profit FirstNo Comments

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…

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What Should You Do When Allocating Cash to Different Bank Accounts?

By Cash Management, Profit First, UncategorizedNo Comments

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…

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Negative Balances are a Red Flag in your Bookkeeping

By Accounting, BookkeepingNo Comments

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…

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Can You Write Off a Car for Business?

By Tax Deductions, Taxes, UncategorizedNo Comments

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…

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Business Owners Should NOT be Living Paycheck to Paycheck

By Cash Management, Profit FirstNo Comments

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…

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Bare Minimum, You Need This One Profit First Account

By Cash Management, Profit First, TaxesNo Comments

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…

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Why I’m Grateful for Profit First

By Cash Management, Microgyms, Profit FirstNo Comments

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.  …

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Controversial Statement: Tax Increases Harm Economic Growth

By Business, TaxesNo Comments

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…

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Business Personal Property Taxes; One More Reason the IRS Sucks!

By Business, TaxesNo Comments

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…

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Year End Planning is a lot more than simple deductions.

By Business, Tax Deductions, Tax StrategyNo Comments

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…

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How Corporations Reduce Small Business Taxes

By Business, Tax Strategy, TaxesNo Comments

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.)…

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How to Resolve Tax Debt with the IRS

By IRS, Tax Strategy, TaxesNo Comments

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….

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What the IRS Doesn’t Want You to Know

By Accounting, IRS, TaxesNo Comments
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...
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Change How You Pay Your Coaches

By Blog, Profit FirstNo Comments

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…

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No Financial Stress Because of Profit First Accounts

By Blog, Profit FirstNo Comments

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…

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How to Implement Profit First [Meeting #4]

By Bookkeeping, Cash Management, Profit FirstNo Comments

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…

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Your Customer Experience

By Blog, Profit FirstNo Comments

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…

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