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5 Tax Tips Before You File

It’s the beginning of February and your tax documents will be piling up by the day as a new mail from your mortgage companies, banks, and investment companies are sent out to you.   As you begin to stack up your pile of information to bring to the CPA or accountant, did you ever wonder if there are still ways you can save money on your 2013 income taxes before you hit the SEND button to the IRS?   Here are my 5 smart money moves on tax tips before your file away for another year. Contribute To An IRA- Whether this is a Traditional IRA or for small business owners/freelancers a SEP-IRA, these types of IRA contributions could still potentially be tax deductible for the 2013 calendar year even though the contributions and accounts were opened in 2014.   The biggest mistake individuals make is not investigating how these vehicles work or the adjusted gross income limits that would make things like ...

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You Are A Sole Proprietor: How About A Solo 401(k)

I am seeing more and more people quit the corporate America lifestyle and venture into becoming their own business owner.  This shape of a business owner can be a freelancer, consultant, or someone who actually starts up a ‘brick and mortar’ operation.    Many of these folks will ask questions about whether they should incorporate their business, which I have discussed in other articles.    Once they become profitable, they often ask which kind of retirement plan would suit them the best.   For someone who is a sole business owner, the Solo 401(k) has been around for about a decade and provides a great alternative to helping maximize your retirement contributions.   Here’s a little history on the Solo 401(k) and how it can be a smart money move for your business. The Solo 401k came about in 2002 after Congress passed Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). EGTRRA added some small paragraphs to the tax code that put ...

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Is an SBA Loan right for my business?

Small business owners who are looking to grow their business through the purchase of a building, the purchase of equipment, the opening of an additional location or the acquisition of another business, are all faced with several questions; one of the first being, “Where will I get the capital for this project?”  Depending on the how long a business has been operating, how successful the business has been and the financial strength of the business owners there may be an overwhelming amount of options or an extremely  short list.  One of the options that is on most small business owners lists for financing no matter how long or short the list is SBA. The U.S. Small Business Administration is a federal agency committed to helping small businesses grow. One of the ways it does this is by guaranteeing loans to small businesses made through lending partners across the country.   The SBA does not make loans directly to small businesses. Instead, ...

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Can you name the 18 small business tax cuts?

It’s hard for all us not to get political during an election year.    In the next several months you’ll see more negative mudslinging between the Presidential candidates in a war of negativity and word twisting that I don’t believe we have ever experienced before.    Since I am a small business owner, one of my points of view during this election is to look out for and inform other small business owners.    Since I think small business owners will be the real engine of job growth over the next four years, owners need to really look closely at what the candidates are proposing to do to support the growth of small business. It’s funny to me that all we hear about is that over the past four years there have been 18 small business tax cuts by the current administration to drive small business growth.  If you try to Google the 18 small business tax cuts, you’ll find out quickly that ...

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When Smaller Saved Us Money

I live in Atlanta, so I do my very best to try to see all of the tourist attractions within my hometown city. Some people call them staycations, but there are really many day trips you can take to enjoy local attractions — especially if you live in a major metropolitan area. My wife and I happened to go to the High Museum to check out one of the special venues in the city of Atlanta. The pieces within the museum are a wonderful juxtaposition of traditional and contemporary art. We went specifically because there was an exhibition contrasting photographs of New York City and different parts of the South, including New Orleans. When we were browsing through the different photographs of people and places, there was one photo of an entire block of stores in New York City in the 1960s. What was so amazing is that amongst the dozen or so stores in the photograph, not one of ...

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