4 Things Pulp Fiction Taught Us About Finances

Recently, I was re-watching the movie Pulp Fiction after 20 years.  These days, when watching old movies, I find points on financial topics that I missed in the first showing.  Here are 4 financial items I picked up from the movie. The Briefcase We never see what is in the famous briefcase.  There are all kinds of theories.  The auora that shines when the case is opened, makes me think there are Gold bars in the case.  Over the last 20 years since the release of the movie, gold has had a compound annualized return of about 7.2%.  While that sounds good, three other classes did better; S&P 500, Oil and Real Estate.  A briefcase full of gold would be nice, but I wonder if Marcellus Wallace had any other assets. Five Dollar Milkshake I was always impressed with the scene at Jack Rabbit Slim’s restaurant where Uma Thurman orders a $5 milkshake.   Vincent Vega (Travolta) has a great line after he tries the milkshake “I don’t know if it’s... ...

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When Can I Hire My Kids In The Business?

When you run a small business, you often look for almost any tax deduction that you can take off your bottom line that has a legitimacy when it comes to filing your taxes. For most business owners, there is always a blurred line between your personal life and your business life. Often, your children end up getting involved whether it comes to running errands, filing papers, or even assisting with your company Facebook page. So, the big question is when can your hire your children in the family business and how do you document this when it comes to filing your taxes? I truly believe that one of the most underutilized tax deductions for small business owners is getting their children engaged in the family business. By placing children (or even grandchildren) on the payroll who are under the age of 18, you can create a great opportunity to take advantage of something called income shifting. Your company can hire each child for $6,300 this year in 2015, and in... ...

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How Much Of My Mileage Can I Tax Deduct This Year?

During tax time, we often get the question from employees and business owners about how much of their auto mileage they can deduct on their tax return. This is one of the biggest questions where a slippery slope can occur without approaching this topic in the right manner. For most people including business owners, their automobile is not used 100% for business purposes. Thus, if you use the car for both business and personal purposes, you can only deduct the mileage related to the business portion of using the car. Here are some ‘your smart money moves’ guidelines when thinking about how much of your mileage you can deduct on your tax return. You can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction. (source:... ...

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When Can You Tax Deduct Meals And Entertainment?

Tax time is coming up and inevitably there are questions we get each and every year from small business owners and employees about what they can and cannot deduct.  Of course, it’s probably best to consult a CPA that matches your style of being conservative, middle of the road, or aggressive, but I thought I would give you some direction on several of the questions we get over and over again during tax time.  Here is the ‘your smart money moves’ post on deducting your meals and entertainment expenses. Let’s face the facts.  Most small business owners are downright lousy when it comes to keeping high quality records of their meals and entertainment expenses.  All they do know is that they would like to deduct every trip to Starbuck’s, every lunch they had at Taco Mac, and every dinner they ate on their last vacation.  But the question really is where does the line start and where does the line end when it comes to deducting meals and entertainment expenses.... ...

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2/24/2015 | 5 Money Mistakes When People Move in Together

How to Get Rich w/ oXYGen Financial Topic: 5 Money Mistakes When People Move in Together Taped 2/24/14 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Regular Guys and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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FREE Always Comes With A Significant Cost

The President recently announced his intention to get a proposal through Congress that would make two years of community college ‘free’ for students.  Of course, the plan doesn’t have an actual price tag attached to it yet.  I guess it may not matter because all we do know is that it would be ‘significant’ if some 9 million students across all 50 states would benefit with an average bill of close to $4,000 per child. I am personally not for this proposal, but here are some potential thoughts on some pros and cons of creating this new type of free schooling proposition: CONS: Doesn’t solve the real problem:  The real issue is the runaway freight train of college costs.  We already have well over 50 colleges and universities that more than a 1 billion dollar endowment.   And, these are supposed to be non-profit organizations, right?  There’s an oxymoron if I have ever heard one. Will needy children actually benefit?:  Most lower income applicants are already covered by Pell Grants and... ...

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Do You Really Think The Company Will Fall Apart When You Leave?

When you become an integral part of a company and its growth, you can convince yourself that there is no way the company can run without you.  You may be a senior vice president for a large company running an elite sales force, a design engineer working on an important product, or even the CEO at the helm of the entire operation.  No matter how much you want to convince yourself and tell your friends that the company is surely going to fall apart without you, it just may be that you have the facts all wrong.  Companies often have a backbone much larger than we’d like to give them credit, and before your derriere hits the door you’ll merely be a distant name from the past. Of all the behemoths of companies out there, arguably Apple could be the 800 pound gorilla.   When Steve Jobs passed away on October 5th, 2011, many were convinced that Apple had no chance to move on to a bigger, better, and brighter... ...

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