Author: D Allen
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Why Rags to Rags in 3 Generations? Reason 2 – First Generation Wealth Creators
In a previous post we discussed the first reason family wealth rarely outlives the third generation. That was about the emotional association the younger generation has with the founding family member and with the business itself. In this post, we’ll discuss a second reason. First-Generation Wealth Creators (or Lack Thereof) All of these statements have Read more
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Proverbs 14:30 – Peace or Envy
Proverbs 14:30 – A heart at peace gives life to the body, but envy rots the bones. Every person has to decide for him or herself what is enough. Be. Do. Have. All of these have a point where we may want more but we choose to say, ‘it is enough’, or we remain takers Read more
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Why Rags to Rags in 3 Generations: Reason 1 – Emotional Baggage
In this series of posts, I’ll talk about why ‘rags to rags in 3 generations’ is so common that multiple cultures have a version of this phrase. This first entry in the series covers our first of many reasons: the emotional association with business and money. The Rags (to Riches) to Rags Explained A poor Read more
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How to Enlist Your Bookkeeper to Track Your Business Goals
How to enlist your bookkeeper in helping you track your goals A three-step process for your bookkeeper to help you track your business goals. Pursuing your goals alone has many challenges, so you want other people helping you. Even a second set of eyes looking out for your best interest can make a big difference. Read more
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How to Calculate Break-Even and Know When Your Business is Working
It’s important to know what point your sales will cover all your goals. However, it’s not always easy because there are two types of costs: fixed costs and variable costs. To see my earlier KPI post, check it out here. Fixed costs stay the same, whether you sell well or terribly. For instance, a real Read more
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How to Make Cash Flow Projections Easily!
Cash flow projections are incredibly useful for a number of reasons. First, 60% of business owners have cash flow problems. This affects their ability to meet payroll, buy products for resale, and handle surprises. Making cashflow projections is also helpful for securing bank loans or investment. It’s pretty simple to do. Just follow these steps. Read more
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Tax Benefits of Hiring Your Kids on Payroll
Building a successful business can be a multi-generational project. What better way to show that than to hire your children and give them a chance to both learn and earn? But there are tax rules (and benefits) to hiring your kids. The rules Check the fair labor standards act (FLSA) for your industry. In general, Read more
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How Tolls and Parking Tax Deductions Work
This post is part of my vehicle tax deductions tips. Read more, like earlier posts on car deductions here. As you probably know, there are two ways to deduct business auto expenses, the actual expense method and the standard mileage rate. The standard mileage rate for any business transportation (that isn’t commuting) is a matter Read more
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When an LLC is Taxed Like an S-Corp
If you’ve run your business as an LLC, you know that it is usually taxed as a sole proprietorship. You can, however, have it change to an S-Corp for better tax treatment. But should you? At what point does S-Corp status benefit your business? How to File for S-Corp Status Within the first two months Read more
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5 Reasons Your Delegated Tasks Won’t Get Done
It’s unproductive to just say it’s your fault, even when it is. Suffice it to say, no leader can delegate and get 100% done all the time. Here are some ways it won’t happen, and what to do about it: Why your delegated tasks won’t get done and what to do about it Delegation that Read more