Premiere Tax Service

12/20/2022

If you're an entrepreneur, you're inherently a risk-taker.

But... are you holding back to the point where you're stunting your growth?

A few tips to help you get out of that funk:
1. Invest in your education. The wisest entrepreneurs read about the successes/failures of others, and plan accordingly.
2. Invest in a system. Find a way to make your business scalable. Not sure how to do that? Read Michael Gerber's books (The E-Myth series).
3. Invest in sales and marketing automation. Figure out a way to make sales online, or through other advertising media ... in a systematic, "hands-free" sort of way.

12/12/2022

Here are 10 smart ways to reduce your 2022 tax bill, and they're still doable right now.

1. Consider an extra mortgage payment.
2. Pay your property taxes right now (not next year).
3. Donate to charity—it's ok to do good and save at the same time.
4. Take care of those medical bills.
5. Get your papers in order NOW.
6. Sell losing investments to offset capital gains.
8. Wait to invest until after the ex-dividend date.
9. Max out your retirement savings.
10. If you have one, make the most of your flexible spending account.
11. Avoid the gift tax by giving $16,000 or less per year per person.

12/09/2022

If inflation's got your business struggling to meet the bottom line, why not reduce inventory?
What you sell is one of your biggest expenses.

Try grouping your inventory by value:
“A” group = biggest moneymakers
“B” group = middle ground
“C” items = make the least

Keep a close eye on the supply chain -- especially the A items.

If your suppliers are getting prone to longer or fluctuating lead times, stock up on their items when you can. And if you’re finding a lot of items in your “C” group, maybe consider ditching some.

12/08/2022

Bonus on your mind? Make sure you're thinking about the tax implications.

Understanding how bonuses are taxed can be confusing due to the withholding laws. Here we clear up the confusion so you can make the most of any bonus coming your way.

12/07/2022

Here are 6 essential business components for any small business owner, new freelancer, or participant in the growing "gig economy" to make sure they have covered:

1 - Disability and Workers' Comp
2 - Property and Liability Coverage
3 - Unemployment Coverage
4 - Healthcare Plans
5 - Retirement Plans (401(k)s, etc)
6 - Retirement Income Plan (Social Security and beyond)

12/06/2022

Those who reach their financial goals usually carry a willingness to live beneath their means for as long as it takes. While their peers are showing a tendency toward embracing the good life at the first sign of prosperity, the would-be wealthy take a pass on all of that.

A drive to save large amounts of money causes frugal spending habits, which then enable the ability to make purchases without using debt.

It's a domino effect.

12/05/2022

Every deduction you can grab means less cash you have to part with.

Sound good? Of course, it does.

And timing the deduction for your best advantage is the cherry on top.

For instance, paying some or all of your property taxes early may mean you can get the federal deduction in 2022.
(Note: This does not work for everybody, especially if the alternative minimum tax is involved.)

Accelerating a house payment can give you an extra bit of mortgage interest to deduct too.

12/02/2022

Certain financial hits can be offset by tax deductions.

You can deduct losses from a natural disaster or theft, but..... you can't include the amount covered by insurance.. and the amount you can claim is reduced by a percentage of your adjusted gross income.

There are, of course, a lot of rules that apply to loss scenarios so feel free to call us to go over the details of your specific situation.

12/01/2022

This is the time of year when we re-examine what success looks like.

In rethinking and re-examining, you'll soon discover that sometimes the "most successful" people can be the most impoverished ... and those without many zeroes in their accounts can be flat-out rich.

"Success" is a state-of-mind -- and it's tied to gratitude. Gratitude is the enemy of fear. It's like an opposite magnet for it. Walk in gratitude, and fear just melts away.

11/30/2022

One thing that should be on your radar: Year-end moves that will affect your 2022 tax positions. Whether it's spending, saving, asset structure, etc ... we only have one more month (or so) before the books close.

After 12/31/22 ... we're mostly confined to "historical" work on your tax files.

Reach out to talk about it.