Why Keep Records?

People in business usually fall into one of two categories – those who are fascinated with numbers, and those who are frightened by them. Take heart. Numbers are neither magical, mysterious, nor menacing. They merely reflect decisions you have already made in your business. Every decision leads to a number, but numbers themselves are not

Nevada Commerce Tax – What You Need to Know

Every business registered in the state of Nevada, except 501c nonprofit organizations who get to file an initial Exempt Status Entity Form with the Department of Taxation at the following link http://tax.nv.gov/uploadedFiles/taxnvgov/Content/FAQs/Exempt_Status_Entity_Form.pdf is subject to the Nevada Commerce Tax and must file the Commerce Tax Return by August 15th regardless of whether you

Private Family Foundations

For years private foundations have gained prominence in the media, and raised public awareness of their causes. Every private foundation must have a charitable “intent” which is managed by an appointed trustee or executive director (which can be you) that oversees the foundation's investments and distributes the foundation's assets. Beyond the joy of philanthropy itself,

Why Do Estate Planning?

Many years ago, I had fortunate pleasure of interacting directly with Henry W. Abts III, author of the bestselling book, The Living Trust and Founder of The Estate Plan (now The Estate Planning Source).  He was passionate about making sure that everyone in this country understood the evils of probate and the many benefits of creating

Needs Vs Wants

I’m going to share something right off the bat that most people in sales do not know. And that is that every salesperson talks about what a prospect needs and in reality, that prospect wants to talk about what they want. So what’s the difference? Well first, let’s talk about needs. Every sale has five

Complacency Breeds Failure

Without progress or advancement, there is stagnation. In the business world, this leads eventually to demise. Why must businesses grow? Why must they prosper? What if they’re comfortable doing what they do best? Why do they need to pursue opportunities? Why must they expand? Why must they develop new products and services? Why do they

What is a Buy-Sell Agreement?

Simply put, a buy-sell agreement is a binding contract between co-owners that controls when an owner can sell his interest, who can buy an owner’s interest and what price will be paid for that interest. A buy-sell agreement can control all transfers of business ownership to the benefit of both the owner wishing to transfer

What Is & Isn’t Income

What does the tax code mean by the term “income”?  The tax law doesn’t care whether you receive income from your business, W2 wages paid by your employer or from an investment you made 3 years ago. It is taxable to you as an individual. Definition of Business Income Besides the obvious, receipt of cash,

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