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Financial & Tax Planning Articles


Solo Entrepreneur Articles > Processes, Systems and Finances Articles

Your taxes only end up stinking if you put them off till the last minute. Are are trying to back away from them but their stank is just ridic? They have no idea how bad their breath is! Especially when they eat the onion bagel with lox cream cheese! You’ll do anything to avoid their halitosis. Justin Krane offers a step by step plan on how to stay on top of your taxes.

You want an edge, right? How about making smart decisions? Choices that will create the type of success you want for your biz. You need to establish business credit. Ways you can borrow money for your business, not by your personal credit cards. Learn why you should you establish business credit and establish your business credit score.

One fact for all of us who live in the U.S. is that no matter what tax bracket we’re in, our taxes are likely going up. For some of us more than others. And man that gets some of us in a huff. I know when I got the news, I got all steamed up! And for a few minutes I started to fall into panic mode… you know, that feeling you get when you watch all the negative TV news. And then I took a deep breath and remembered: No matter what the circumstances are around me, I have an incredible tool to create my own income, and control my own outcome. I have my own business. There are so many financial benefits to starting a business, but let’s look at the three big ones.

This brand-new article looks at one of the critical financial reports that you need to have in place for your business. I know that the thought of a Cashflow report sounds complicated, but it really isn't! I'll be sharing with you in 3 simple steps exactly what you can do to take charge of your budget and Cashflow!

I know the biggest objection I hear from people working with me is, "I would love to, but I don't have the money". AND I know it is the biggest struggle you have when landing clients, as well. Out of all the objections for people to get the help, support, coaching, or healing they need, money is the biggest.

Most of us have had debt, or are in it right now and desperately trying to get out of it. We want to grow our businesses, but we cower under “tough love” financial advice from advisors like Suze Orman.

With the economy still lukewarm entrepreneurs everywhere are trying to conserve cash. Investing money to grow your business is a must, but wasting money—well that’s something no one wants to do, but many business owners manage to do unknowingly. And although many businesses are still booming, being a cheapskate can keep more profit in your bank account.

Are you an entrepreneur? Wanna buy a variable annuity from your insurance salesman? Buyer beware. The devil is in the details.

A report issued last month by the U.S. Government Accountability Office highlighted that many employers aren’t really aware about the fees charged by retirement plan providers (the mutual funds). Justin offers some things to consider if you are an employer and you offer a 401k.

How much better would you feel if you weren’t consistently playing catch up with your money? Here are 6 things you need to address as a business owner when it comes to inflation.

As much as it’s a goal for many business owners to reach the six- or seven- figure money mark, it’s much more important to have a business that’s debt free, so that the profits you make are yours to keep. And to do that you need to manage your cash flow. Here’s how you can create a debt free business using proper cash flow techniques.

A business credit card can help your business. As long as you can pay your bill in full, here are some of the advantages to having a business credit card.

You start your business and there is so much investment in the beginning. You may need to buy a new computer, a new printer, perhaps new office equipment. Then you may need a new website, branding, logo design. Next you sign up for newsletter software, teleseminar services, customer relationship software. You do your best to learn everything you can and get clients as quickly as possible to keep up with all of the mounting expenses. But despite your best efforts, you just can’t keep up with all of the expenses.

Should you invest in your business or should you invest in an IRA for retirement? My simple shpiel? You have to do both.

The way we get into credit card debt in the first place is by spending more money than we have. For some reason, some of us decide that we will deal with the debt later, or that it will magically go away. Poof! But it doesn’t and the feeling of getting out of debt weighs on us. It takes real discipline to get out of credit card debt and even more discipline to stay out of debt. Let me give you a few ideas to get you in the right position to reduce your debt.

Taxes, tax planning, estimated tax payments, your CPA. Feeling nauseous yet? Need a brown paper bag? It doesn’t have to be this way. Like most people, you are not wired to deal with this tax stuff. You are not supposed to be great at tax planning! You are busy doing other stuff.

Here are four common mistakes entrepreneurs make when it comes to retirement planning. Start now and you can avoid and/or correct these pitfalls.

How many times have you opened your bank account and seen nothing there? Every dollar that comes in seems to go out. You pay your assistants. You pay your coaches. You pay for supplies. You pay for client gifts. And at the end of the day, it can be quite saddening when there is nothing left for you.

You need to be saving in order to create wealth for you and your business. Discover some positive reasons you should be saving.

The money fight. It is all too common. You the entrepreneur would like to invest in your business and your partner just doesn’t understand. He wonders why you want to spend more in your business when you aren’t bringing enough money in. Monica shares some suggestions on how to handle the money conversation with your partner.

There’s no question about it: if you’re running a business (or thinking of starting your entrepreneurial venture) then debt is likely something that’s on your mind. It’s important to remember that debt, like money, is just another mirror of how much you believe in YOU. The main point is not whether or not you have debt, but how you handle it.

There is not a single large company out there that does not have some sort of debt on the books. And, most companies start with a loan or funding to help them get through the first three years. Credit cards (especially interest-free ones) can serve as a short-term loan in your business. But you have to make smart decisions on your investments and you must create a plan to pay off those investments within 6-12 months. So how do you make a smart spending decisions?

I did a One Day Intensive with a new platinum client and in the middle of the session she asked me: how do you do day to day management and monthly management of your money? I suddenly realized how important it was for me to teach systems around this ever-important component of running a business. How does a business owner manage money?

Want to ensure your financial success? Of course you do! But to help you achieve that you need to know exactly where you are in your business financially. And in this issue's brand new article I'm going to share with you three key financial reports that you must have in place.

Summer flew by, and tax time is closer than you think. Before your calendar fills up with holiday parties, trips, and other end-of-the-year festivities, now’s the time to gather your tax paperwork and get organized. Follow these steps to help ensure that tax season runs smoothly.

If you’re a sensitive, caring entrepreneur then you’re likely to face a situation with a client that I call, “Emotional Money Dumping.” This is where your client’s money issues suddenly become yours, leaving you feeling responsible, guilty or stuck. Let me share with you my ONE most powerful strategy for preventing Emotional Money Dumping from happening to you, including a word-for-word script you can use to ease the situation with love, caring and compassion.

Signing up new clients is a joy…unless their payment bounces. If that happens to you, you’re likely to feel guilty, uncomfortable and wonder what you did wrong. To top it off, a client whose payment bounces is likely to avoid contacting you, leaving you to wonder what to do next. Let me give you my 3 “best practices” tips for resolving client payment situations and eliminating any feelings of guilt, discomfort or self-blame in the process.

There’s this big myth out there... Once you reach “6 figures” (or beyond), all will be well. The truth is far from that. Revenue is great, profits are better. Learn about the 6 Figure Myth and how to discover the truth for your business.

Keeping your business going in this challenging economic environment takes business savvy, customer skills, and careful attention to detail. Keeping your business growing in this challenging economic environment is another matter entirely. To ensure business growth in tough times, you need to effectively manage your cash flow.

The first few years of being in business, the idea of “paying myself first” sounded insane. It seemed a lot more important to pay my mortgage, my web hosting fees and the telephone bill. You know what I mean, right? If you’re in the same boat I was, where you always seem to have more “month than you have money” then you MUST read these 3 simple tips right now. They’ll help you pay yourself first, plus help you quickly increase how much you keep each month.

An important part of being a savvy businesswoman is knowing which business connections are worth your time and energy. Unfortunately, in the rush to stay competitive and maintain strong connections to clients, many business owners don't take the time to prune dead-end clients, which can cost them substantial amounts of time and money as a result. Or perhaps they know which clients are dead weight, but they can't bring themselves to cut the cord for fear of creating an income drought. Here's how to avoid that trap and liberate yourself from unprofitable clients.

Investing in yourself is the key to a successful business. A car cannot run without gas, a stock cannot rise without being purchased and a business cannot run without investment fuel. But how do you determine the best investment for your business? Read on...

Although the credit crunch is still weighing on millions of people, it doesn't mean the end for every small or medium-sized business. In fact, this is a great time for savvy entrepreneurs to grow a business and prosper by thinking creatively and strategically. To make sure your business thrives during the downturn, you need to take a good hard look at your business.

There is more to increasing your profit than just increasing your revenue. The other side of the balance sheet is expenses. Decreasing expenses in all areas of your business will also help boost profit. The first step is to list every overhead expense in your business from your rent right down to the copier paper.

Big Yawn . . . am I right?  Forecasting can seem a daunting and labor intensive business activity, but one that must be done nevertheless.  Simply put, financial projections are just a way for businesses to budget and set goals for the year, similar to doing a personal budget.  It is a great way to get motivated and excited at where your business is going and growing.  It also acts as a measuring stick for staying on track to your goals, or make adjustments throughout the year as needed.  The secret is to break it down into these simple and manageable steps.

With all the news and media talking about how the sky is falling over and over again, it's vital that you protect your energy. Keeping your spirits up is a simple way of calling you forth to notice your beliefs that you think about over and over. This one area alone will impact the actions you take - or don't take in your business.

One problem I often see with small business owners is that they're not making more money simply because they're letting it slip through their fingers.

In every potential client conversation there is a "money moment" when it's time for you to quote money moment arrives your heart sinks and your stomach does a quick somersault. (I'm right, aren't I?!) So what can you do?

Here are 6 quick tips to gracefully and authentically handle sticky business money situations.

If you're serious and determined to build a small or home based business that will do more than pay your basic bills; a business that will create financial freedom for you, then you'll need to find some money to get it going to the next level.

The US Tax Code can be pretty rough on the self employed. But there are a few provisions that can save you thousands. Here's one self employment tax deduction strategy that you can't afford to overlook. Your heartburn over outrageous health insurance premiums and skyrocketing medical expenses may be about to go away!

One of the big "wake up calls" I had last year was about my mo'ney integrity. You see, up until then I figured being honest was all there was to having mo'ney integrity. Boy, was I wrong!

Money is an emotionally loaded word. Discover what your "money speedometer" is and how that is related to your success.

Small business start-ups often ask me how they can launch their business with little or no money. Having started up four successful businesses myself, and having coached hundreds of small business owners, this is what I've learned.

Navigating the holiday season as a small business owner can be tricky, but it doesn't have to be that way. Here are 10 steps that will help you in this year's holiday season, and in years to come.

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