Business people should be aware of the new IRS Tax changes to meal & entertainment deductions that started Jan 1, 2018. There are a number of significant changes to meals and entertainment deductions ... rather than me telling you all about it, you may want to watch...read more
One of the best things to do early in each year is creating a budget. Agents often do not have a clear idea of how much things cost and as a result run into financial difficulties. Here are 5 tips for making a budget: 1. Monitor your marketing money. Too many agents...read more
It's clear that every Small Business Professional is required to keep a set of financial records. However, most find this a challenge. Here are a few tips that can get you on the right track. Have a Receipt Envelope for Each Month. Pick up some inexpensive 6” x 9”...read more
Here are 4 reasons to have a separate business account: ONE: Makes bookkeeping much easier. You can easily complete bank reconciliations for your business when you do not need to wade through all your personal entries. Plus, you can easily download and import your...read more
Do you clearly understand the differences between the services of a bookkeeper and an accountant? Both are enormously beneficial to your business, it is important you understand the differences. 3 mistakes to avoid: Never expect a bookkeeper to do the job of an...read more
From time to time a real estate agent may travel away from home to attend a conference, seminar, or conduct other business related activities. On these business trips, you may be able to deduct lodging, meals, transportation, and other related business expenses. It is...read more
In the back of every business person's mind is the potential for a tax audit. Don't wait until that day comes, be prepared in advance and be familiar with the process and what can be expected. Here are a few tips that may help: What can trigger a tax audit? Tax...read more
A common question small business people have is whether they should buy or lease their vehicle. Let's take a look at some of the Pro's and Con's of each. Generally, leasing a car instead of buying only makes financial sense if you prefer a new car every 3 or 4 years...read more
There are 2 methods the IRS allows you to use as a small business professional to deduct your auto expenses. The “Standard” or “Actual” method. Which method is right for you?
This chart may help:read more
Many small business professionals do their own bookkeeping, some will hire a bookkeeper... but what about virtual bookkeeping? How does "virtual bookkeeping" work? Why & when should an agent consider a "virtual bookkeeper"? Here is a flowchart on the "HOW" question: A...read more
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