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Small Business

Three Layers of Profit

Mark hasn’t been out to the desert lately. He hasn’t had a chance to clear out a Bass Pro Shop in a long time. Heck, Mark has barely been home. He knows it, and his family feels it too. He’s putting in 70 to 80 hour weeks to make his business succeed. It’s like he’s damned if he does, and damned if he doesn’t. Even when…

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3Rs of Bookkeeping

The kids are back in school, and now that the homelife, albeit crazy, has settled into a bit of a routine, you have nothing to do but work on your business, right? Wait, here comes your oldest with what looks like homework. Yep, your daughter needs help with her homework.   That’s okay, helping your daughter works well with what…

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The One Thing Home Service Pros Need to Win.

With so many things to do as a business owner, it is difficult to focus on all aspects of your business. Most of us start our businesses because of our core competencies, others because of a passion, and some for the glory. Maybe you are passionate about helping others, or you are excellent at the…

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13 KPIs in 5 Critical Zones To Superheat your HVAC Finances

Not knowing which way to take your company isn’t a good feeling. But, not having a way to gauge your performance can be even more daunting. If you don’t have a reference point, how can you know which direction you’re heading? To lead your business through growth, and to a more profitable operation, business leaders…

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6 Last-Minute Tax Saving Moves for Home Service Business Owners

Here are specific year end strategies HVAC business owners can take advantage of.  Postpone invoices: Under the cash method of accounting, business owners can wait until the beginning of the year to invoice their customers.  However, you can not wait to cash the check.  If you’ve received payment in 2018, you cannot defer that income to…

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5 Indicators of Business Tax Identity Theft

Business Thief

Businesses aren’t immune to tax identity theft Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In…

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How to Document Business Meals, Vehicle and Travel Expenses

Business Meals

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or…

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LLC Restrictions on Professional Services Companies in California

Limited liability company (LLC) members that operate a “professional services” company registered in California are at risk of losing liability protection, paying penalties and interest, having to amend prior year tax returns, losing their company name and paying more administrative and accounting fees which could include adjustments to payroll and payroll tax returns. Ouch! LLCs…

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