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Twin Problems of Unprofitable Customers and Services

I’ve been coaching some new CPA firm owners about how to build a profitable professional services firm. And to jump to the punchline? The twin tricks are avoid unprofitable customers and unprofitable services. But many of the strategies and tactics apply to any small firm that sells services: haircuts, yard maintenance, legal advice, dry cleaning, […]

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Section 1202 Qualified Small Business Stock Pitfalls

I wrote a post a few weeks ago about all of the great benefits of Section 1202 Qualified Small Business Stock (QSBS).   But frankly? It would be irresponsible of me not to follow up and point out some qualified small business stock pitfalls. Accordingly, in this post, I discuss the four big ways the Section […]

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Sobering Up About Qualified Opportunity Zones

You probably need to prepare for the holidays you and your family celebrate. Or maybe start work on some year-end accounting. Accordingly, I want to make this a short post and talk just a little bit about qualified opportunity zones. Specifically, I want to provide a primer for small business owners and entrepreneurs. We’ll briefly […]

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Mattis’ Management Principles Apply to Small Businesses

So, I just read James Mattis’ new book, “Call Sign Chaos.” And the former Secretary of Defense’s story prompts a couple of thoughts, one short and one long. The Short Thought on Call Sign Chaos Here’s my short thought: Secretary Mattis’ book makes a great holiday gift. Especially for a small business owner. Mattis and his […]

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Section 1202 Qualified Small Business Stock Exclusion

Are you a small business owner who wants to sell your firm? Do you operate as a “C” corporation? You definitely want to know how Section 1202 “qualified small business stock” works. The Section 1202 “qualified small business stock” exclusion, also called the QSBS exclusion, allows you to avoid taxes on the sale of your […]

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Planning for the Warren Wealth Taxes

Normally, we don’t blog about proposed tax legislation. Especially something like Elizabeth Warren’s wealth tax proposals. She hasn’t even won her party’s nomination. And even if Senator Warren won the presidency, who knows whether enough moderate Democrats and Republicans would support her proposals. However, because her wealth tax works so differently from the way income […]

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Late S Corporation Payroll Hacks

This time of the year, tax accountants confront a common problem. That problem? Well, okay, this is awkward… but somehow, no one quite knows how, the S corporation hasn’t paid enough payroll to the shareholder-employee. Maybe the first quarter, the firm lacked cash. Second quarter, things got really busy. Then, you know, summer. And now, […]

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Section 199A Deduction Rookie Mistakes

CPAs and taxpayers made some Section 199A mistakes in 2018. We saw that a lot in the returns people asked us to review. And in the returns that passed information to our clients. But those mistakes shouldn’t surprise. The new Section 199A tax law complicated tax returns. Massively. And there’s good news connected to the […]

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Cancelling Life Insurance: Three Rules for Pulling Plug

A nearly $5,000  invoice from a life insurance company sits on my desk. But I haven’t paid it yet. Because I’m considering cancelling the policy. Which is a good thing to ponder. Life insurance policies, often bought and then renewed on the basis of emotion, can become a fantastic waste of money. But cancelling life […]

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How the IRS Destroyed the Section 199A Deduction for Small Business S Corporations and Partnerships

I’ve got some bad news, unfortunately. The IRS may have destroyed or dramatically reduced your Section 199A deduction. At least if you’re a typical small business owner. But let’s review the Section 199A deduction’s calculations. And then I can walk you through the nonsensical logic the IRS used to eliminate or dramatically reduce the Section […]

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