Accounting

One of the biggest challenges for small businesses is managing cash flow. There never seems to be enough cash to meet all of the obligations, so it makes sense to speed up cash flow when you can. Here are five tips you can use to get your cash faster or slow down the outflow. Stay on top of cash account balances. If you’re collecting money in more than one account, be sure to move your money on a regular basis when your balances get high. One example is your PayPal account.  If money Read more [...]

The Tax Cuts and Jobs Act (TCJA) tax reform added an amazing limit on larger business losses that can attack you where it hurts—right in your cash flow. And this new law works in some unusual ways that can tax you even when you have no real income for the year. When you know how this ugly new rule works, you have some planning opportunities to dodge the problem. Over the years, lawmakers have implemented rules that limit your ability to use your business or rental losses against other income Read more [...]

Equestrian Accounting Strategies Do you already have your tax strategy implemented for 2018, and your tax plan organized for 2019? All the budgets, projections, business plans ready for the year? Remember that partnerships and S corporations have to file their tax return with the IRS by March 15! Additionally, do you have all the documentation that supports and validates your claims in the tax returns? Properly organized documentation, like bank reconciliations, bank statements and operating Read more [...]

Money and Marriage One of the biggest things that can cause fights in a marriage is money. No matter where you are in a relationship, it’s a good idea to discuss these major money topics so you’ll know where you stand.  Show me the money:  Combine or keep separate or both One of the best ways to avoid conflict is to put your money into three separate piles: yours, your spouse’s, and a joint set of accounts. In this arrangement, each of you has control over some money that is all your own. Read more [...]

Many people in their retirement years have regrets about not saving more during their earning years, but you don’t have to be one of them. All you need to do is be realistic and proactive about saving. It’s all about paying your future self.     Circumstances can arise that can erode savings you hoped would be there for retirement. Some of those events include not being able to work due to poor health or a bad job market, unanticipated hospital bills, a divorce, overestimating Social Security Read more [...]