Managing personal finance is difficult for anyone. Whether you have one or multiple properties, loans, credit cards, and other expenses to track it can be really difficult to stay on top of everything. Pair that with the demands of a career and family, and I’m willing to bet that you will spend a lot of your free time keeping your bills and other financial commitments organized.

Unveiling the new Tesla cybertruck, design lead Franz Von Holzhausen winds up and throws a baseball into the concept car’s “bullet proof” glass. And … shatters it.

I chatted recently with a friend who had finished in the top 10 in a local poker championship. Congratulating him on his win, I asked him what he attributed his success to.

CEOs know it’s important to study their Financials. They look at their balance sheet and everything looks great. Margins are increasing! Debt is low! Then they recall the famous quote, “It’s a write off, just write it off” without thinking about their COA. And before they know it, they‘ve set off a dreadful nightmare for their accountant, one that will be expensive and tedious to fix.

I am more interested in helping you manage 70 cents than 30. When companies are only interested in mitigating tax liability, they miss out on the operational advantages that can be made by closely examining and monitoring that much larger piece of the pie.

As small business owners, we are constantly looking at our bank accounts - reviewing bills to pay and trying to remember which customers still need to pay us. It is essential to ensure we have the funds needed for expenses and growth. It is a daily chore to review bank balances, statements, and transactions. Without cash in the bank, our business may abruptly stop. We all know Cash is King.

Last week the president signed the 5594 page Coronavirus Relief and Spending Package. Your Breakaway advisor is here to help you if you have any questions or are wondering if the “new PPP” applies to you. If you want to learn a little more before you chat with them, keep reading!

I have consulted many business owners on entity choice. The first question is always should I be an LLC or an S Corporation? This is a multi-layered discussion depending on number of owners, income levels and goals for the business in the future.

When you manage the books for a small business owner, you know that the process of filing the annual 1099-MISC Form is not fun. Gathering and keeping the W-9 forms for each eligible recipient is a task that, if you aren’t helping them keep up with all year, feels overwhelming on January 15 (when you only have 2 weeks left until the filing due date of January 31).

A few short months (ok, it seems like several years) ago, I wrote a blog about Why I Don’t Do Tax Returns. In that article, I pointed out that accountants who do tax returns often have to choose between spending time getting a complete and accurate tax return completed and finding tax strategies for their clients, versus having a positive ongoing relationship.