Are we connected on “Fakebook”?

I was standing in the lobby after church a couple weeks ago when I ran into an old friend. We caught up on family, caught up on business, and then somewhere in the conversation he stated “I guess you saw on Fakebook that….”. The name hit me like a jolt… “Fakebook”? I guess it shouldn’t […]

80/20

The 80/20 Rule: The Secret to Achieving More with Less

Somewhere in school or on the internet you came across an idea known as “The 80/20 Rule”. The basic concept is that 80% of what you achieve comes from 20% of the time spent. Thus for practical purposes, 80% of the effort put into anything is largely irrelevant. If you want to dramatically raise your efficiency, or […]

Pre-tax dollars and After-tax dollars. Which is better?

Ultimately, there are two kinds of dollars in this world. Pre-tax dollars, and after-tax dollars. Pre-tax dollars are great. And after-tax dollars aren’t bad. But they’re not as good as pre-tax  dollars. In fact, you lose every time you spend after-tax dollars . . . that could have been pre-tax dollars. (Huh? What?…) Let’s take a […]

How to Beat the IRS (Legally!) on Meals and Entertainment Write-Offs

If you’re a real estate agent, or small business owner, or self-employed contractor, you may be missing a powerful tax deduction because your accountant is too conservative.   Too conservative to take meals and entertainment write-offs that are totally legal and 100% compliant with the rules outlined in the IRS code.   Here’s the basic rule. […]

What business expenses are deductible, and what’s not?

Knowing what expenses you can write-off in your small business can make a huge difference on your tax bill. Whether you’re a real estate agent, freelancer, retail shop owner, or work-from-home mom–it pays to know what business expenses are deductible, and what’s not. Owning a small business is what I call the “#1 tax shelter for the little guy”. […]

The #1 Strategy to Save $5,000 or more in Self Employment tax

If you own a small business, you probably operate either as a sole proprietor, or Single Member LLC. 85% of businesses do. But neither is the best way to structure your business if you’re looking to save on Self Employment tax. What’s Self employment tax? It’s just a fancy name for the medicare and social security […]

Home Sweet Home Can Bring Sweet Office in Home Tax Deduction

As home values steadily increase annually, more Millenials are realizing the American dream of home ownership. This also means millenial taxpayers can benefit from the Office in Home tax deduction. If you’re among the new property owners, I’ve got good news and bad news. The bad news? You now bear the burden of painting, plumbing […]

How to make money in 2016 but not pay taxes on it until 2026

What if you could make $100,000 this year and you’re self-employed business, but only pay tax on $80,000 of it this year? I often ask this in seminars for real estate agents or other business owners, and typically get a very quizzical look from the group. It’s called deferring income, and it’s not a new […]