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We are told to scrimp and save by financial gurus, shamed for buying a coffee by advisors, and still expected to not feel like we’re missing out when we decline dinner invitations with friends. There must be a better way to balance a strong budget and still have fun in life. Didn’t someone once say that the best things in life are free? I believe that it is fully possible to find the right balance between saving and living a life you enjoy. I’ll share what’s worked for me ove

It’s great to receive, I don’t care what they say. It’s good to give as well, but that’s a topic for another day. The question I get a lot about receiving a gift from a relative or friend, or an inheritance or bequest from a passed family member, is “Do I have to pay taxes on this?” The answer depends on the circumstances – who gave, what did they give, why did they give? But by far the most common situations that I see (life insurance proceeds, gifts by will or bequest,

As a self-employed tax payer, and as an accountant and advisor to many small business owners, I am well acquainted with the shock and disgust of what I call the “April First-year Tax Sucker Punch”. Perhaps you are familiar – it’s that first tax return you file that shows a profit on your Schedule C, your independent business activity, for which you probably have not paid any withholdings or estimates during the year. That’s when you learn your first hard lesson about self-e

Accrual basis accounting is a way of recording financial transactions that focuses on when the transactions occur, rather than when the money actually changes hands. In other words, under accrual basis accounting, revenues and expenses are recorded when they are earned or incurred, regardless of when the money is actually received or paid. This method allows for a more accurate representation of a company's financial position over time, as it takes into account all transactio

Co-written by: Kevin Clark Starting a new business can seem overwhelming and the startup costs can be intimidating. What are the startup costs? The startup costs can include incorporation fees, insurance, equipment, taxes, payroll, office space, and inventory. The type of business and the industry you are going into will make the startup costs different and what applies to one business may not apply to the next. While a salon may need a building that requires monthly rent, a

Co-written by Kevin Clark Everyday people get phishing or scam phone calls from someone impersonating an IRS official, but it may get even worse during and right after tax season. It can really help to know how to spot the difference, so you don’t find yourself in a panic or handing over valuable financial information to a scam caller. The forms of payment they request are often unretrievable and the stress from their threats can be overwhelming. We don’t want to see good peo

Co-written by Kevin Clark, CPA Cutting costs in your business can seem daunting, but it can also be an amazing opportunity to improve and grow and make your investment work better for you. A good accountant (especially a CPA) will start by asking a few questions to better understand your business and your objectives. Accounting is personal so try to be open and realistic with your plans and goals so that you get the best guidance possible. Before your appointment take some t

You can’t make everyone happy and that’s okay. You can treat everyone respectfully and do your best as a business owner to repair relationships with dissatisfied customers. Occasionally you will have someone who tries to take advantage of you, but for the most part people just want their expectations met when spending their hard-earned cash. Here are 5 ways to help you deal with customer complaints: 1. First, know the difference between venting a grievance and abusing you

Does it ever seem like your employees are just going through the motions each day? This can really put a drain on the entire atmosphere, bring down customer experiences and disrupt retention rates. It can make you lose out on great opportunities and loyal employees too. Let’s skip the pizza party jokes, assume you already know that appropriate pay is necessary, and that you treat employees kindly if they get sick or have a family emergency. Here are 5 ways to motivate employe

When you’ve already got a great product or service that you’ve poured your heart and soul into, it may be hard to switch gears to focus on building a website. Maybe your business is already thriving. Even the best business needs a strong online presence in today’s digital media driven world. The first step is setting up a great website that represents your brand and business. Before taking that first step make time to deeply consider how you would want your brand perceived by