Thursday, May 19, 2016

What the wife doesn't know...

Over my life, I have come to enjoy the smaller things in life. In between appointments I decided to throw a spinner near Thermopolis Wyoming, I was blessed with catching this 31 inch rainbow trout. It was peacefull and fun. I used to work 60 to 80 hrs a week.  Never had time for fishing, vacations, leisure...  but i needed to change that.  Most buisness owners get so wrapped up in work, that they lose focus on the important things, like the organization that they can create, the quality of life that we all want. The right corporate structure can give you that extra cash flow. That then gives you more options, that I hope leads you to that freedom to make choices of how you wish to live your personal and buisness life.

PS. DO NOT POST A PICTURE LIKE THIS ON FACEBOOK WHILE YOUR WIFE THINKS YOUR AWAY WORKING. FYI It doesn't go over well.

Wednesday, May 18, 2016

As I travel this country. I am amazed at the people I meet. Today I met with an electric contractor and family.

62 and 58 year old partners in life, they met when they where 20 and 17. They have been married 40 years. 

They have become best friends. They have raised a family, business and a great marriage. They play, laugh, cry and work together. They love fishing, riding a Harley and family time.

As they approach retirement, they face what most of us face. Do I have enough? Should I pass it on to a family member? Should I sell it out right? What will be my TTI. ( transactional tax impact) and what is my company worth?
How is it after 24 years in business we are not sure if we are ready or not.

Simple, we all typically do not plan. So let’s change that. Take an hour to at least get the info. To make the right choices, we need the right information. 

Each decision has a different plan and impact, to not only the owner but the buyer.

The family had a lot of questions. Like if I pass it to a family member what is the best way? 

What type of valuation should i have?
What corporate structure should they be?

So they decided to get an exit strategy, tax and corporate structure illustration. 

I’m looking forward to the results to help this family continue their amazing life.


You can find information about the importance of planning on my website biztaxinfo.com

Thursday, May 5, 2016





When I'm away from home working, my wife monitors weather I workout or not,  I love being outdoors, but I don't like to exercise.  This hike that I went on today was so beautiful, I really didn't mind sweating for these views.
In business, we have checks and balances that we have to keep up with or everything falls apart. We also have checks and balances with our health.  Keep that in mind when you resist balancing things at work.  If you did that with your body you'd be in big trouble with your wife!
biztaxinfo.com

Wednesday, May 4, 2016

Today I met with a business owner that was hit with a $16,000 tax bill.  Why you ask?  OBAMA CARE!

His CPA did not do the proper planning. So his declaration for insurance under the Obama plan came back and bIt hard on his profits.

Why is it that most small business owners do not plan?  Why do we just do compliance aT the end of the year?

Let's change that and start planning today!

biztaxinfo.com
Today while conducting business.  I tried a little experiment.  I wanted to see how many people would return a "Good morning".  So, everywhere I walked or visited, I would say "Good morning".   Amazingly, only approximately 20% returned the good morning.

So, I guess if it is that hard to just get people to return a good morning.  I guess I can see why it is so hard to get business owners to see the difference in tax compliance vs tax planning.  Even though it can be up to a 40% difference in what they pay today.

If you're skeptical of a person wishing you a good morning... Gosh, someone helping you out would really frighten you huh?  Especially if it's with something really important like saving you a lot of headache and money.

I will continue to say "Good Morning!"  to as many people as I can, as well as enlighten small to medium sized business owners to why the bigger boys pay less than 20% on avg.