July 9, 2019

How Much Should a Business Owner Pay for a House?

Whenever I work with business owners, they often ask me, “Justin, how big of a house should I buy?” In other words, they’re asking me how much money they should pay for a house. To answer their question, I quote famed American author and business theorist, Dr. Thomas Stanley. In his book Stop Acting Rich, Stanley says, “Nothing has a greater impact on your wealth and your consumption than your choice of house and neighborhood.” He goes on to say, “If you live in a high-priced home in an exclusive community, you will spend more than you should, and your ability to save and build wealth will be compromised…” Ultimately, the answer to “How much should a business owner pay for a house?” boils down to the question, “What do you want to accomplish in life?”
July 2, 2019

What’s the Cheapest Way to Buy a New Car?

As a financial planner, I don’t believe in going into debt so I always buy used cars. In fact, I’ve never had a car payment. Last year I needed to purchase a “new-to-me” vehicle. When I started doing my research, though, I found that I would pay (at this time in the economic cycle) essentially the same price (over the life of the vehicle) for a used car as I would a new car. Ultimately, I decided to buy a NEW truck and I am sharing with you the math from my research in my quest to find the cheapest way to buy a new car.
June 27, 2019

Leasing vs Buying a Car – A Comprehensive List of the Pros & Cons

If you drive your personal vehicle for business purposes, you can claim tax deductions. I addressed that in my last article when I talked about whether you should claim the standard mileage rate or actual expenses on your taxes. Yet, leasing vs buying a car may make a difference to you as a business owner, too. Is it better to buy or lease a car for business? Let’s weigh the pros and cons.
June 25, 2019

Standard Mileage vs. Actual Expenses – The Pros and Cons

If you drive a personal vehicle for business use, you can choose to take the standard mileage rate deduction or you can deduct your actual vehicle expenses. Yet, which one is better? As with most things related to taxes, it’s going to depend. Therefore, let’s do an analysis. Which should a business owner choose? Actual expenses vs. mileage.
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 18, 2019

Minimize Capital Gains Taxes to Get a 0% Tax Rate

Business owners pay their fair share of taxes. Among all the hundreds of taxes they pay, today we’re going to focus on 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 allowing you to work toward that elusive 0% tax rate.
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