Author: D Allen
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How to Overcome Impostor Syndrome When Inheriting a Business
If you’re dealing with impostor syndrome inheriting a business, you are not alone. When you step into ownership—whether through inheritance or purchase—the first thought many people have is, “What did I get myself into?” That feeling is natural. In fact, it’s a sign that you are taking your new responsibility seriously. If you were trained Read more
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Systematizing the Business You Inherited: How to Run It, Document It, and Delegate It
Systematizing the business you’ve inherited is one of the most important steps you can take after buying or inheriting an operation. A business is a complex machine, and when you step into ownership, you often don’t know how each part works. Systematizing the business gives you clarity, control, and confidence. And if you still have Read more
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I Screwed Up 2! How to Record a Business Expense Made With a Personal Bank Account (Without Messing Up QuickBooks)
It happens. We all know we shouldn’t pay for business expenses using a personal bank account, but sometimes the wrong card gets used. Maybe the debit cards in your wallet switched places, or you were just starting your business and didn’t have a business account yet. Whatever the reason, the question is the same: how Read more
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I Screwed Up! How to Record a Personal Expense (Without Ruining Your Reconciliation)
It happens. You’re rushing through the day, grab your business card, and before you know it, you’ve just paid for a personal expense using the company account. No need to panic—but don’t delete, void, or exclude the transaction. That’s the worst thing you can do. It’ll make reconciling your bank account later a nightmare, and Read more
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5 Proven Ways to Keep Your Business Financial Records Organized All Year
Organized financial records are not something that comes naturally to most people. For decades, we were taught that a receipt is just a scrap of paper to toss away—or worse, one we forget to throw away while the ink fades and it sits crumpled next to our keys and phone. But in business, every time Read more
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Understanding the Marginal Tax Rate: How Tax Brackets Really Work for Small Business Owners
The marginal tax rate is the percentage of tax applied to each portion of your income that falls within a specific tax bracket. In other words, it’s the rate you pay on each additional dollar you earn. As your income increases, higher portions of your earnings are taxed at higher rates—but only those portions, not Read more
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LLC Taxed as a C Corporation: What It Means and When It Makes Sense
In a previous post, we talked about what happens when your LLC is taxed as an S Corporation. But what are the implications when an LLC is taxed as a C corporation instead? To become a C corporation, LLC members must file IRS Form 8832 to elect C corporation status. Why would anyone do this? Read more
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De Minimis Safe Harbor & Routine Maintenance: How Small Businesses Can Expense Tools, Equipment, and Repairs
When you buy new equipment, it makes sense to capitalize large purchases and take annual depreciation. But is that really necessary for every small tool or repair? Wouldn’t it be easier to expense smaller items in the same year you buy them? The IRS agrees. That’s where De Minimis Safe Harbor and Routine Maintenance Safe Read more
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Stop Drowning in Tasks: How the Automation/Delegation Snowball and Bookkeeping Outsourcing Can Free 80+ Hours This Year
Have you or anyone you know used the snowball strategy to pay off credit card debt? When you do delegation, it can work the same way, like bookkeeping outsourcing for small business owners. The idea is simple: start small, gain momentum, and let your wins compound over time. Let’s say you have three credit cards: Read more
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Love of Money and Unnecessary Pain (1 Tim 6:10-11)
This is one post of many from the wealth-building wisdom posts. You can read more here. 10 For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs. 11 But as for you, O Read more