The ultra rich boast wealth from assets like real estate and stocks, but the IRS does not tax the increased value of these assets, no matter how much it skyrockets, if an investor doesn’t sell it. No sale, no capital gains tax. Warren Buffett is known for holding onto the stock in Berkshire Hathaway, which allows him to avoid capital gains on his taxable income. Billionaires commonly borrow against their… Read More
Why Can’t I Deduct my Country Club Membership?!
The IRS knows how to play hardball when it comes to deducting expenses for clubs such as golf, tennis, or country clubs. While you can’t deduct dues and membership fees, for any facility designed for recreation, legitimate business expenses still qualify as tax deductions. If you’re discussing business while entertaining, that expense is a legitimate business deduction. It’s important to note that you may still deduct membership fees, dues and… Read More
Harnessing Your CRM for Sales in Your Atlanta Business
Well, before I dive into today’s dose of real world business strategy, let me ask you, have you revisited your 2023 business goals and made a plan to reach them before the end of the year? Goals aren’t a set it and forget it kind of thing. You’ve got to revisit them and focus your business efforts on reaching them. It’s easy to get sidetracked with other things that arise… Read More
cyber network security
I’m continuing to avidly watch, as I’m sure you are too, the unfolding events in Gaza. Though Biden issued a back-channel warning to Iran about not joining in the conflict, the possibility of a larger scale war looms. Economically, that affects gas prices and other factors of the global economy. Then there’s the national budget deadline and the Congress’s gridlock over finalizing it. It’s more important than ever to keep… Read More
A PTO Payout Policy Checklist for Atlanta Business Owners
This weekend’s news coverage and social media scroll were dominated by reports of the awful things happening in Israel right now. It’s pretty difficult to swallow the images of violence and abuse being perpetrated by Hamas. And no matter how many times you hear about these kinds of things, it never gets easier. But even with difficult things like this, be mindful of letting your thoughts and feelings be dominated… Read More
Selling Your Multi Million Dollar Business? Worry About The Taxes Not The Sale Price!
If you started out investing 100K into your business and can now sell it for 10 million, it’s time to strategize about how to keep more of that 9.9 million dollar profit from Uncle Sam. Section 1202 allows small business owners to exclude at least 50% of the gain recognized on the sale or exchange of qualified small business stock (QSBS) held for five years or longer with the gain limited… Read More