Author: D Allen
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Is it Really Possible to Deduct Gifts for Your Business?
Gifts as tax deductions: Can I get away with it and if so, how? We all love a cheerful giver. If you can deduct gifts for your business, however, you’ll be even more cheerful! Sometimes we’re grateful for a customer’s loyalty so we send them a Christmas card. Sometimes we’re building referral relationships so we Read more
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You Can File Single-Member LLC Taxes Like a Pro!
When you file single-member LLC taxes, it’s not always obvious what your obligations are and how to fulfill them. This post talks about what to do if you are a single-member LLC. If you don’t know the difference between a single-member LLC and a sole proprietorship, check out my earlier infographic post HERE. Paying Federal Read more
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Deduct Business Loan Interest and Massively Lower Your Tax Bill
If you can deduct expenses related to the operation of your business, doesn’t it stand to reason that you could also deduct business loan interest? Yes. Fortunately, the IRS thinks so too. To qualify for these deductions, three things have to be true: Let’s look at the types of borrowing a business can make whose Read more
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Replace Yourself in Your Business – Training in 5 Steps
To spend more time making important decisions on your business, you must replace yourself. This means hiring and training other people to do the things taking up a lot of your time day-to-day. First, as you do tasks you wish to delegate later, make one-sheets for each task, where you explain the entire task from Read more
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If Bookkeeping Feels Like This to You…
Hire A Bookkeeper! You can be saving 80 hours or more per year having someone else do your business bookkeeping. Schedule a call with me. Read more
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The Shocking Truth – Your ‘Business Game Menu’ is Lying to You
I like video games. Most of us do. Those of us who don’t usually have real-life feedback loops similar to what we seek in video games, albeit with a longer time horizon. In the end, I think that’s the goal – to know exactly what you need to do, and have a pretty good idea Read more
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Invest in Seven – 7 Ways For Financial Peace of Mind
The NIV Bible puts Ecclesiastes 11:2 this way: “Invest in seven ventures, yes, in eight; you do not know what disaster will come upon the land.” It’s become a proverb in the finance community that the average millionaire has seven streams of income. It was based supposedly on an IRS document. It reported on the Read more
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Stop Wasting Time on Your Books! Business Bank Account
Each day you use a personal bank account for your business, you create more work for yourself. In this starting a business series, we talked about different types of business structures here, here, and here. Now we’ll talk about the easiest thing to get right that many don’t: opening a business bank account and only Read more
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Make it Easy to Choose: S-Corp or C-Corp
In a previous post, which was a simple infographic, I presented the differences between a multi-member LLC and a Partnership. Before that, we talked about the sole proprietorship vs the single-member LLC. In this post we’ll cover the next two most common business structures, the S Corporation and the C Corporation. Both benefit from a Read more
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Should I Form a Multi-Member LLC or Partnership?
There are a few key differences between a partnership and a multi-member LLC. One requires no paperwork to start but might require regular documents updating when partners leave for whatever reason. Another provides more protection to other people in the business from liability in case any of its members ends up doing something that could Read more