4 min read
What Should You Do to Get Your Business Ready to Sell?
Fix your financial records first. When you sell, the buyer runs a due diligence process that includes a quality of earnings study, and every question...
4 min read
How Does Donating Appreciated Stock to Charity Work?
Donating appreciated stock directly to a church, charity, or nonprofit gives you a charitable deduction for the full market value of the shares, and...
3 min read
Somebody Is Going to Check Your Numbers Eventually
This post is taken from the latest Mire Group Newsletter. Sign up here to get 2 of these per month in your inbox.
2 min read
What your bank account won’t say about your tax bill
Four questions came up more than anything else this month.
5 min read
Phantom Income Explained
Phantom income is income that gets allocated to you for tax purposes even though you never received the cash. It shows up most often in flow through...
5 min read
Does an S Corp Election Actually Save You Money?
There is no income threshold that makes an S corp election automatically worth it. The election works by moving part of your profit out of...
4 min read
How Does Self-Employment Tax Work?
Self-employment tax is the same Social Security and Medicare tax that comes out of a W-2 paycheck. As an employee you pay 7.65% and your employer...
4 min read
LLC Distributions Explained
Contributing your own money to an LLC is not taxable income to the business and not a deduction for you. Taking profit distributions out later is...
4 min read
Why Can’t Your CPA Do Tax Planning Without Good Bookkeeping?
Tax planning depends on knowing what your business is earning while the year is still open. If your books are behind, incomplete, or unreliable,...
4 min read
How Should a Small Business Owner Read a P&L?
Read it for cost behavior rather than line items. The structure of a profit and loss statement runs revenue, cost of goods sold, gross profit,...