The Planner Blog
Solo 401(k) vs. SEP IRA: Which is Best for the Self-Employed Individual?
You have successfully survived the start up of your business, and you're now making some money. You know what that means? Taxes! One of the best tax strategies for entrepreneurs is funding a retirement plan. Let's look at two popular options, the Solo 401(k) and the SEP IRA
What’s A Solo 401k And How Can Side Hustlers Use It?
In today’s economy, most Americans are looking into gigs that can support their lifestyles, their finances and overall income. You could be working for Uber or DoorDash, posting product reviews on YouTube or being an Airbnb host.
What is a Business Tax ID Number?
What's in a name? Well Business ID Number means different things to different people. Let's discuss the possibilities.
Using TurboTax Vs CPA
Should your business use Turbotax or a CPA to prepare your taxes? You might expect us to say absolutely NOT, but let's dig a little deeper on that.
1099 vs. W-2: Difference Between Employees & Contractors
In today's bustling job market, you might need to hire an employee or two. Do you know what kind of employee you want to employ? A 1099 contractor or W-2 employee?
When to File an Amended Tax Return
You filed your return, and you forgot something, or you realize the return was wrong. How do you fix?
Why You Need a Profit First Professional
Profit First can truly change your business, and it is 100% effective when implemented. But there's the catch! You have to implement it.
Capital Improvements
Accountants are weird. They use funny words and use lots of spreadsheets. One common word is Capital Improvements. Similar words that they use to describe the same things: Capital Assets, Fixed Assets, Property, Real Estate, FF&E (Furniture, Fixtures, & Equipment). In the accounting tax world, all of these terms describe something with an economic benefit beyond one year.
What Kind of Education Qualifies as a Business Expense?
You're not really getting paid to learn, but it definitely pays to learn.
Growing Profitably at All Stages
Ask any entrepreneur about their business goals and the No. 1 or No. 2 answer is going to be something around growth. In my entrepreneurial circles, the questions are, “How much revenue do you have?” or “How many employees do you have?” Never, not once, have I asked the question, “Yeah, but how much money did you make?”
Hobby vs. Business: What are the Tax Implications
During lean times, people find opportunities to turn their hobby into a few extra bucks. Sometimes those opportunities explode into more possibilities than expected. It doesn’t take long before you ask yourself a reality-check question.
On Hoarding Ramen and other Unpredictable Growth
First, it was toilet paper, now people are hoarding ramen. At least with ramen, it makes some sense. If you are going to be locked up in your house, you need something to eat. Toilet paper made absolutely no sense to me, but that is the point.
Telework, Taxes and Your Business
Working from home was already building momentum before “social distancing” became a household buzzword. Now, some studies predict that 50% of employees from one-third of companies may continue working from home long after the pandemic ends. Many businesses are beginning to hire employees who already reside in other states, which comes with drawbacks and perks. Employers have more options than ever before when recruiting new talent. Yet welcoming more remote workers aboard doesn’t just mean more employees are now working in dress shirts and sweatpants. If only it could be that simple . It has implications for your taxes as well –– especially if some of your employees have relocated to other states either temporarily or permanently. Here are some factors to consider when navigating this uncharted territory.
Why do You Want to Grow?
Ask any entrepreneur if they want to grow, and with few exceptions, the answer will be YES! Ask them why they want to grow, and likely you will hear crickets. The why is critical, without it, you will fold when challenges arise. If you know the why, and you are passionate about it, you will figure out the how.
Growing from “Start-Up” to “Grow-Up”
I recently wrote about determining why you want to grow your business. In this article, I want to go a little deeper into the idea of changing to grow. As I stated before, what brought you initial success in your business will not grow you to the next level. I have had it explained to me as, “What got you here, won’t get you there.”
Don't Quit - Simple, But Not Easy
Originally this post was going to be on the need for continued Personal Growth. It was going to be about how I choose to stretch myself by completing an Ironman Triathlon (half) and a marathon at age 50 in the same year. But a funny thing happened along the way.
Small Business Culture
You’ve certainly heard of business culture before. You’re savvy enough to know that corporate cultures like you’d find at Apple or Trader Joes play a significant role in those companies’ success.
How I Overcame My Persistent Ignorance
According to Merriam and Webster, Ignorant and Ignore share a root Latin word which meant “to ignore, be ignorant of”. So the Latin word really included both definitions of our words Ignorant and Ignore. Why the etymological lesson? Let me tell you a story.
How Well Are You Interacting With Your Accountant?
Have you ever played tennis by hitting a ball against the garage door? It’s not the worst way to practice. If you focus on the right parts of your technique you might actually get somewhere, but playing with a real, live partner who’s engaged in the game is going to take your skills to the next level. This is not too dissimilar from the accounting function in your small business.