One of the most frequently asked questions by business owners is whether their meals are deductible. The IRS provides clear guidelines, but social media platforms like TikTok often exaggerate the deductions a business owner can claim. Let’s clarify the tax rules by examining four types of food purchases, starting with those that are not deductible. […]
Tax Deductibility of Meals: What Business Owners Need to Know Read More »
In a previous article we talked about loans versus leases, now we will talk about the cost to factoring your invoices. I am including a calculator to help you determine what your Annual Percentage Rate (APR) is on the transaction. Because factor financing is short term (usually 30-45 days), you will not see an annualized
Factoring, the True Costs Read More »
Everyone has a contact sphere, but not everyone develops those into a power team. According to Ivan Miser who coined the term, “a contact sphere is a group of symbiotic professions who have a good opportunity to provide referrals to each other.” A power team takes this a step further. A power team is a
Power Team versus Contact Sphere Read More »
Recordkeeping for your business is primarily driven by tax requirements, but your industry may have specific requirements for records as well. The information of this blog is not considered tax advice and you should always consult your tax preparer when making decisions which could affect your tax situation. The article is based on the IRS
Recordkeeping for your Business Read More »
The Ferry Ride This summer, we were out and about in Hampton Roads exploring the area. My fiancée decided to surprise me with a short day trip to the Jamestown-Scotland Ferry. This was my first time taking a car onto a ferry! We took the trip across on the ferry named Pocahontas. Pocahontas, the newest of
Weirdest Speed Limit Read More »
I am bit of a Scrabble Freak. There, I admitted it. If you have been following my posts and watching the pictures, you may have noticed that I like to use the Scrabble tiles. My first job at McDonald’s while in high school gave us each a gift during the holidays. It was a
Scrabble Lessons in Humility Read More »
