Focus CPA

Small business Owners put blood, sweat and tears into their business every day. Fall is the time to plan to minimize your tax bill for 2019, legally. Get informed and in control of your tax situation. These are general year-end business tax planning tips. It is critical to consider your personal and business circumstances before implementing any ideas.

The curtain is rising, but the play has not been written yet. I just celebrated my 60th birthday and 15 years at FOCUS CPA. I read about a concept of dividing your life into 3 Acts. Our life expectancy is about 90 years – so each act lasts 30 years. This month I am starting my Act III.

Every business, both big and small, is at risk for fraud. It can start with a trustworthy employee that runs into financial trouble. While they are working, they pocket cash from the till, they pay themselves extra hours or pay their personal bills with company funds and no one sees it. They rationalize their actions by telling themselves that they deserve it or it is just a loan. This can continue for years.

Ahhh. I just got back from San Diego, CA. I attended a conference and learned some new things. I also took time to relax touring the city and visiting with family. They say that all work and no play is not good for the soul. Taking vacation is a great time to revive your soul and spice up life.

For many people hobbies are a source of income. From crafts, eBay sales, soap making, playing in a band to selling Mary Kay, these activities can be sources of both fun and finances. It is a great way to test your ideas and determine if you have a business opportunity.

The definition of an underdog is “a competitor thought to have little chance of winning a fight or contest.” A person starting a new business is a perfect example of an underdog. Statistics show that a new business has a 50% chance of survival. Fifteen years ago, I started Focus CPA. My passion for what we do and my vision has carried me through the years. We have encountered many challenges: too much or too little work, over staffed or under staffed, struggled to comply with regulations and not enough cash at times. It is like riding a roller coaster with all its ups and downs and swerves, some more gut wrenching than others. It is a constant challenge, challenges that engage the heart. Despite the challenges, I love what I do.

I am a strong believer in the American dream of owning your own business.

I believe that those who want to be successful business owners can be.

People who have good health have many dreams; those that are struggling with their health have only one – to be healthy. My life is good so I have many dreams.

Like a bucket of water full of holes – your business has areas that can leak profits. However if you do not have the sales coming in – then you may not be holding the bucket under the faucet or you missed the rainstorm.

Whew! Tax season is finally over. This one came at full force with the new tax law, new staff and bringing on new clients. The IRS shutdown didn’t help. The big wave was the release of the final regulations in February on the major tax law passed in December 2017. Our tax software was updating almost every day. We are finally coming up for air.