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How to Retire Younger than Mr. Money Mustache

By Keith Taxguy / February 21, 2016 / 12 Comments

Several years ago while surfing the web I ran across a guy called Mr. Money Mustache, written by some crazy guy out in Colorado*. His claim to fame was that he retired at age 30, to which the Internet Retirement Police took him to task, claiming he did not ‘really’ retire at age 30. Not…

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Retire Early With Rental Properties

By Keith Taxguy / February 19, 2016 / 15 Comments

People serious about early retirement turn to rental real estate to turbo-charge the process. Saving and investing can get you to retirement fast. With real estate you can go from zero to retired in a few years. It does require careful planning to make it work. There are three steps in successful income property ownership:…

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Cold House Journal

By Keith Taxguy / February 13, 2016 / 6 Comments

I grew up on a small farm in rural northeast Wisconsin. We lived in a shotgun shack which is more familiar to the U.S. South. If you don’t know what a shotgun shack is, it is a home with so many holes you could shoot at it with a shotgun and the pellets would pass…

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Communication

By Keith Taxguy / February 7, 2016 / 1 Comment

The first week of tax season is in the books as I write this. Most tax seasons bring the same problems with a few notable new ways to mess up a tax return. New employees frequently bring bad habits from previous jobs we work hard to break. A new CPA in my office has reminded…

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Buying Stuff Just to Throw it Away

By Keith Taxguy / February 3, 2016 / 11 Comments

Out in the boondocks where I live the garbage is picked up every two weeks; recycling once per month. Until a few months ago this arrangement worked well. Garbage was placed in a large barrel the garbage truck could automatically empty into the truck hopper. Recycling was placed in blue plastic bags with paper and cardboard placed in either a box or tied in a bundle. A few months ago the system was changed for recycling. Bags were replaced with a blue barrel the same size as the garbage barrel. I understand why the change took place. Under the new system the recycling company could run the route with only one employee. The truck has a lift (like the garbage truck) to grab the barrel and empty the contents.

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The LLC vs the S Corporation

By Keith Taxguy / January 28, 2016 / 46 Comments

There is a lot of confusion among small business owners when deciding on their entity classification and the tax savings involved. It is the first discussion I have with most business clients. It takes time to get pertinent information out so I decided it would be a good idea to write down.

There are five business entity choices, but it really is only three since two are default choices: sole proprietorship, partnership, limited liability company (and its close cousin, the limited liability partnership), regular corporation (also called a C corporation) and the S corporation. You default to a sole proprietorship if you are a one-person business or a partnership when two or more owners are involved.

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Early Retirement, Accountant Style

By Keith Taxguy / January 21, 2016 / 4 Comments

Extraordinary claims require extraordinary proof or at minimum a darn good explanation. The Internet Retirement Police have attacked my peers over the years so my effort in this post is to provide a short definition of what “retirement” means. For many people retirement is a beer in one hand, remote in the other. To a…

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My Side of the Desk

By Keith Taxguy / January 15, 2016 / 9 Comments

Will Durant, the great 20th Century American philosopher and historian wrote in the Preface of his Story of Civilization: The Age of Napoleon: “By the middle of the twentieth century,” says the Encyclopaedia Britannica (XVI, 10a), “the literature on Napoleon already numbered more than 100,000 volumes.” Why add to the heap? We offer no better…

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