What to Keep to Support Your Business Tax Deductions

What to Keep to Support Your Business Tax Deductions

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The fact that you as a business owner have a receipt or can prove that you incurred an expense does not by itself make it tax deductible. Only business expenses that are ordinary, necessary and reasonable in amount are tax deductible. Ordinary means that most other business owners who work in your same business also commonly pay for these things. …

Corporate Minutes - Who Needs Them?

Corporate Minutes – Who Needs Them?

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Life zooms by. Decisions are made, acted upon and forgotten – like the seasons spring, summer, fall and winter. Most businesses are a separate legal entity. They file their own tax return, make decisions, hire people and have a life separate from the owners. Corporate minutes strengthens the separateness or “corporate shield” providing legal protection to the owners. By law …

Be Nice

Be Nice

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I remember my Mom telling me “If you have nothing nice to say, don’t say anything at all”. I struggle with the words being tossed around in the news today. Majority of what I hear is “he said, she said”. I like facts, but they seem hard to find. The ease to give opinions anonymously and the constant need to …

Business owner reviewing documents and taking notes - Time for a Year-End Deep Dive by Mary Guldan Lindstrom

Time for a Year-End Deep Dive

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Many businesses are closing their financial statements for last year to file the taxes. This is the perfect time for business owners to take a deep dive into their financial results and learn more about the business. The numbers provide clues as to what is working and what isn’t. Sales & Customers. Print out a list of annual sales by …

Happy New Year 2020 - Hindsight is 20/20 by Mary Guldan Lindstrom

Hindsight is 20/20

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It’s hard for me to believe the Year 2020 is here! They say hindsight is 20 20 and I have 60 years of history to learn from. What am I going to do with all that information? I made a list of 5 things I have learned. Trust myself. I can do more and be more, if only I let …

Goal, Plan, Action Sign on a desk - Using nudges to achieve your goals by Mary Guldan Lindstrom

Using Nudges to Achieve Your Goals

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Physics states that a ball going in a straight line will continue unless redirected.  In business the same habits and behaviors will continue to provide the same results unless redirected.  Redirection can come from internal or external sources.  In 2020 I am focusing on internal sources, specifically new behaviors that will take me where I want to go.  Many goals …

Christmas gifts in front of a tree - Having Faith by Mary Guldan Lindstrom

Having Faith

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For the last 5 months I searched for a CPA to hire.  I only got 2 resumes throughout that whole time and those that applied did not qualify.  The labor market was tough.  As tax season approached my stress level kept rising.  Throughout the process I kept reminding myself to have faith.  It will work out.   A saying kept …

Ghost & Darkness: What Scares You?

Ghost & Darkness: What Scares You?

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One of my favorite movies is Ghost and Darkness, it is about two man eating lions that slow down the building of a railroad in Tsavo, Kenya in the early 1900’s. The movie stars Val Kilmer and Michael Douglas. I’ve watched it many times. In 2016, I went to Kenya and visited the famous area of Tsavo. I missed the …

4 Tax Planning Ideas to Keep More & Reinvest in 2019

4 Tax Planning Ideas to Keep More & Reinvest in 2019

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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.  Business Opportunities Cash …