We are firm believers business owners should do all they can to minimize their tax bill. But sometimes that comes in unusual ways. Did you know, for example, that simply splitting your company can save you money on your tax bill? The Tax Cuts and Jobs Act actually created several scenarios where this makes sense. …
When you tell a business owner they should adopt a growth mindset they often think you’re telling them they should focus on growing the business. The truth is, a growth mindset does often have that impact. But that’s actually not required and the term “growth mindset” doesn’t necessarily have anything to do with growing the …
Last week we shared with you an option to move to Puerto Rico to reduce your tax bill to 4%. Some of you may have been intrigued, while many of you probably were not. There is actually another option for reducing your taxes by 90% on corporate or personal income taxes. This strategy also eliminates …
Does your marketing feel like throwing spaghetti against a wall? You never know what, if anything, is going to stick? Most businesses find marketing feels like that when they start. Yet it is possible to have highly effective marketing. The first is by accident, but that rarely happens. And having it accidentally happen for you …
How would you like to make over $1M per year in your corporation and pay as little as 4% corporate tax rates? While at the same time being exempt from personal taxes on dividends from that corporation? That would mean effectively eliminating double taxation and minimizing actual taxes all in one single blow! This can …
Any company that wants to succeed must accept the need for financial leadership. In early stages this is often handled by the owner/president/CEO. But growing companies often find there comes a time that won’t work anymore. Managing the financial information of the business becomes too demanding for the person managing the business to handle. At …
If you own a rental property, it’s important to make sure you’re claiming enough depreciation — especially if you’re looking to sell in the next few years. Depreciation is the decline in value of an asset, and when it comes to investment properties, it’s a tax deduction you’re entitled to claim. But as our research …
When you sell a property, you have to pay tax on the transaction. But there is a way to defer the capital gains tax and reinvest the proceeds from the sale into another property that meets certain criteria. It’s called a 1031 exchange. The 1031 exchange gets its name from Section 1031 of the U.S. …
When we talk with business owners, they often tell us that business growth is hard because of a lack of demand and client base. They believe either there aren’t enough people needing their product or service. Or those who do need what they have to offer can’t see the value as they should. Yet in …
Did you know that the CDC (Centers for Disease Control and Prevention) has some staggering statistics related to disabilities in the US. Were you aware that 26% of American adults have some type of disability? That’s approximately one out of every four people! From a financial standpoint, this can be a significant concern. For instance, …
Have you ever wondered if there were tax strategies to help you increase your retirement contributions and recognize tax benefits? For some, this is a matter of figuring out how to get more income to cover more investments. For others the problem comes in the form of contribution limits. If you’re part of that latter …
In order for a business to prosper, it needs to have a niche. That’s because when you don’t have a niche, you’re not only trying to sell your product or service to everyone; you’re also trying to compete with every other business in existence. However, when you do have a niche that works well for …
You probably know that where you choose to live has an impact on your tax bill. But did you know it could be close to 10% of your income? Three states even have state and local income tax rates in excess of 10%! Yet there are 8 states that don’t have an income tax rate. …
Many business owners hear the term CFO services and think, “Oh, the guy handling my accounting!” But if your CFO is only handling your accounting, you’ve hired the wrong person for the job. CFO services should be significantly more than just a numbers game. Don’t get us wrong – understanding your numbers is important. But …
The United States has more jobs than it has workers, according to the Washington Post. In September of 2021, there were more than 10 million job openings and nearly eight and a half million people searching for employment. This leaves many business owners baffled trying to understand why they can’t hire and retain good employees. …
Business owners wear many hats, often juggling several at the same time. One of the many hats business owners commonly wear is the marketing director’s hat. In the hectic shuffle of the day to day running of a business, sometimes, marketing gets put on the back burner. This is one of the biggest mistakes you …
This episode is with Lisa Bloomfield coowner of Wasatch CPA Services Wasatch CPA specializes in offering accounting and tax services to businesses, with a specialty in construction and real estate businesses. A significant focus is on accounting CFO services for project andsegment profitability, job costing, bondable financial statement profitability, and communication tomanagement and owners about long-term decisions …
After 14 years in Texas and being a partner in a successful accounting business, Lisa Bloomfield wanted to be closer to her sister, nieces and nephew. Lisa has 20 years accounting & tax experience, and has a Masters Degree in Accountancy and has prepared taxes for most of her career, worked in municipal accounting for …
Today\’s post comes from \”No BS With Bree + Stephen\” weekly podcast. In this episode we interview Gene Bott, CPA from Wasatch CPA Services, on tax saving tips for online entrepreneurs in 2021! We discuss the best tips for maximizing write-offs and avoiding common mistakes that lead to audits from the IRS! Click here to …
Taxes for small business is often difficult to do yourself especially since the tax laws change every year. Hiring a tax specialist like Lisa Bloomfield with Wasatch CPA Services LLC could be the difference in owing thousands to the IRS. Listen to some of the tips she shares for businesses like different apps to use …
One of the most popular ways to reduce your tax bill in the current year is by putting some money away in tax deferred retirement accounts. That is an incredibly good strategy that our staff at Wasatch CPA Services highly recommends for you if it truly fits your financial goals. Yet we can\’t stress enough …
I am weird! There is just no way I can deny it. How am I weird? I love talking with people about their taxes! Now I know what you’re thinking. Who in their right mind likes talking about taxes? Me, of course, so if you are looking for some exciting conversations at your next dinner …
