Posts Tagged ‘diane kennedy cpa’
Corporations and Resident Agents
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. The C Corporation is the traditional business structure. It has three elements: owners (called shareholders), operators (called officers), and shareholder representatives (called directors). The first two are pretty straightforward. [...]
...Upstreaming Income
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. One of the hundreds of tax saving strategies we use with our clients involves upstreaming. Upstreaming simply means to move income from one taxpaying entity to another. It could [...]
...Four Mistakes You Don’t Want To Make When Filing Your First Tax Return
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. If you’ve already filed your first tax return for your new business, it may be too late for you. However, it’s a good idea to go back and take [...]
...3 Exit Strategies
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. Exit Strategy #1: Take the money and run. If your company is a cash cow that has a limited shelf life, requires a very specific market condition, or is [...]
...Beware of Giving One Employee Too Much Responsibilty
Problem I have a repair business client who had a customer service person for several years. He seemed like a good guy. Was very good with customers and knew lots about the computer system and the way things ran in the office. This was all good and well, except for a few things. I noticed [...]
...When Is It Time to Get Experts Involved?
We just did a teleseminar over at an affiliate site, www.ustaxaid.com, that dealt with human resources issues for small business owners. We were looking specifically at how small businesses can make good hiring choices and get the right people in the door during critical periods of growth. Our guest on the call was a seasoned [...]
...Being an Entrepreneur Requires Flexibility
THE STORY I am a software consultant. I had an appointment with my client at his house to teach his wife how to use my software. They were about an hour’s drive away from my house and I had a general idea of where they were located. I left an hour and a half before [...]
...Review Your Expense Items on a Regular Basis
The Story I have a client who spends thousands of dollars every year on advertising. Their advertising budget is one of the company’s largest expenses. The problem is that they have not reviewed their advertising expense account in over 5 years. Company’s management assumes since they are running a successful company, they do not need to make [...]
...Never Judge a Bookkeeper By Their Cover
Situation: We have a client who engaged our small accounting firm to do monthly closes, bank reconciliations, financial statements, commentaries, tax planning, etc. All of the normal things a good firm does. The company’s office manager sat in on our first meeting. She was very attractive, professional, articulate, and all around quite impressive. It was [...]
...Nonfiling Bites You At The Weirdest Times
Problem: I have a new restaurant client that hadn’t filed tax returns for the last SIX years! They figured that they had a loss, so they didn’t owe taxes anyway. However, looking at their books…I had to remind them that cash flow and income/loss are not the same thing. They had some large loan payments [...]
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