June 21, 2019

49 Surprising Small Business Tax Write Offs You Might Be Able to Take

For many people, especially business owners, taxes are the primary erosion of your wealth. Taxes are a significant expense you pay from your income. However, the IRS has written an unbelievable book that gives you thousands of ways to reduce your tax liabilities. In fact, Chris Mahan, one of the principals at Mahan and Associates Tax Firm, says that “the Internal Revenue Code is the greatest wealth creation tool currently in the United States.” Sure, the Internal Revenue Code outlines what taxes you must pay. Yet, most of its content shows you ways to avoid paying taxes. So today, I want to dive into the IRC. I want to give you 49 surprising and possible tax write offs for small business owners.
June 20, 2019
The Ultimate Sale business growth book is now available at Amazon

Financially Simple’s Justin Goodbread Publishes Business Growth Book

After years of teaching fellow entrepreneurs everything they need to know about business ownership, Justin Goodbread publishes a groundbreaking new business growth book for business owners.
June 18, 2019

Minimize Capital Gains Taxes to Get a 0% Tax Rate

In my last article, I talked about ways to reduce your taxable income. Income taxes are one of the costliest expenses business owners must pay, so obviously, you want to reduce them. Well, another tax that affects business owners (or anyone else for that matter) is capital gains tax. This tax is levied on the net gains you make when you sell capital assets like stocks, businesses, land, works of art, etc. However, there are ways to minimize capital gains taxes to get a 0% tax rate.
June 13, 2019

19 Ways to Reduce Taxable Income: A Business Owner’s Guide

There’s perhaps no expense more frustrating to business owners than income taxes – the amount of money you pay to the IRS. I receive more calls from business owners asking me how to minimize their tax bill than anything else. Therefore, I want to go over 19 different strategies, or ways, to reduce taxable income for the business owner.
June 11, 2019
How to Avoid the 10% Early Retirement Penalty

Can You Avoid the 10% Early Retirement Penalty? 10 Possible Ways

Not surprisingly, people want to make sure they have the income to last throughout their lifetimes. If you plan well, you could theoretically retire at age 55, 50, 45 or sooner. Maybe you’ve sold your business for profit, you’ve maximized your retirement account contributions for years, you’ve invested in non-qualified accounts, and you own multiple rental properties. At that point, you could take a blended distribution from various accounts and investments so that your money continues to grow tax sensitive to you. However, if you take distributions from your retirement accounts before age 59 ½, many times, you will owe the IRS a 10% early distribution penalty. Sometimes, though, the government will waive that 10% early retirement penalty if certain conditions are met. Let me explain.
June 7, 2019
Ideas How to Make Extra Income While You Grow Your Business

How to Make Extra Income on the Side While You Grow Your Business

Owning a business is hard work. Budgeting your personal cash flow around your business’s expected revenue can be even harder. Oftentimes, entrepreneurs forfeit their owner’s draw or their paychecks to make sure the business has enough cash in its budget. Sure, you can employ your spouse or hire your children from your business. However, if your business is struggling or if you need to keep your resources in your business instead of in your pocket for a time, you may need fast cash. Thus, I want to give you four ways to make extra income on the side while you’re growing your business.