Several years ago my office building was burglarized. Two young men used a tire iron to break a window and enter the building. Tax offices do not have a lot of stuff worth stealing so they settled on two monitors and an old safe with an empty coffee can in it. People pay their bill by credit card or ACH in the majority of cases; a few still pay by check and cash comes in during tax season and is removed each day.
The young men caused thousands of dollars in damage for the massive haul of two monitors worth maybe $20 each. (New monitors are under $100.) So what were they geniuses looking for? Well, it seems they remembered I had a soda machine outside my building a decade ago and they assumed I moved the machine inside the building. Yes, they burglarized my building for some of that lucrative soda machine money.Read More
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 me. I sat back in my chair and wondered: What took him so long?
Fast forward to last weekend where my 21 year old daughter, Heather, complained about issues with her supervisor at work. It was the perfect opportunity for me, dear ‘ol dad, the Wealthy Accountant, to share some golden nuggets of truth.Read More
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.Read More
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 reason than to say the Reaper repeatedly overlooked us, and left us to passive living and passive reading…
And so it is with your favorite accountant. According to a “personal finance blog” Google search there are around 96,100,000 results. Surely a few of the entries are not personal finance blogs, but many are. So why add to the heap? Will Durant was 90 years old when he wrote those words; I am 51 as I contemplate them.Read More