Posts by damon

• Sink Your Teeth Into This One

  Posted on 09/20/2017 in Business, Taxes

  “You better cut the pizza in four pieces because I’m not hungry enough to eat six.” Yogi Berra The calendar is full of little-known commemorations that probably escape your attention, and this month is no exception. Some of them are just silly, like September 19’s International Talk Like a Pirate Day. (Although, really, if you don’t think pirates are cool, what’s wrong with you?) Some are obscure, like September 23’s Restless Leg Awareness Day. But some of those special days resonate with everyone. And that brings us to September 20: Pepperoni Pizza Day. Yes, it’s really a thing, and yes, it’s magnifico! Just about everyone loves pepperoni pizza. Even vegans can enjoy it with dairy-free cheese and meatless pepperoni substitutes. (Don’t mock it until you’ve tried it!) Americans eat over 100 acres of pizza per day, and 36% of those pies have pepperoni on top. We eat over 250 million pounds of pepperoni on our pizza every year. Naturally, tax collectors love it . . . so let’s see how they take their slice or two of the pie. Pizza is a $44 billion industry here in the U.S. The top 50 chains, led by Pizza Hut, Domino’s, Little Caesars, and Papa John’s,…

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• Help With Help

  Posted on 09/13/2017 in Taxes

  Ordinarily we use this space for lighthearted stories that poke fun at the tax system and some of the clever ways that people endeavor to make it work for them, successfully or not. But the recent stories coming out of Harvey-ravaged Texas and Irma-ravaged Florida suggest a more serious tone for a change. Today we’re going to walk through some tax-related opportunities when it comes to reaching out to storm victims. You might be surprised to see how our friends at the IRS are jumping in to help, too: If you want to deduct your contributions, make sure you’re giving to a properly registered 501(c)(3) nonprofit. There are more than 1.5 million of them, and many are making extra efforts to help storm victims. These include local groups in affected areas, faith-based groups, and even animal-welfare groups dedicated to rescuing pets displaced by the storms. Many national groups have established special funds for Hurricanes Harvey and Irma, which let you earmark your contributions. Be careful before you join crowdfunding efforts on sites like GoFundMe. While you can certainly find links to registered 501(c)(3) organizations, most individual campaigns won’t qualify for tax deductions. Don’t be afraid to do some homework on…

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• What’s Keeping You From Succeeding?

  Posted on 09/07/2017 in Business, Goals, Success

  In my business, I have business growth goals.  I have a number of services that I perform as follows: Strategic Planning and Execution Strategic Tax Planning Tax Preparation Accounting Payroll This summer I made the decision that I would only work on growing the Strategic Planning and Execution and Strategic Tax Planning service lines.  These are the two areas of service that I excel at and that are the most valuable to my clients. Once I decided that I would focus on Strategic Planning and Execution and Strategic Tax Planning, I also made the decision that I was going to limit the growth of  Tax Preparation, Accounting and Payroll.  The reason why I decided to limit the growth on Tax Preparation, Accounting and Payroll is because I want to focus my energies and resources on the service lines that I deem to be the best growth areas of my business. One of the fundamental principles of economics is that we have limited resources.  We have limited finances.  We have limited time.  I still have yet to meet one person who has more than 168 hours a week.  Because I have limited resources, I have to prioritize the use of those…

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• Opportunities They Are a Knocking

  Posted on 09/06/2017 in Business

  I’m going to place two bills on the ground.  One bill has George Washington on the face.  It is a One Dollar Bill.  The other bill has Benjamin Franklin on the face.  It is a One Hundred Dollar Bill.  Which bill are you going to pick up?  Are you going to pick up the One Dollar Bill or are you going to pick up the One Hundred Dollar Bill? That’s an easy question, I’m going to pick up the One Hundred Dollar Bill.  That seems like the logical choice.  It is worth more.  It will allow me to get more of the things I want with it.  If I pick the One Dollar Bill, I could buy a candy bar.  However, if I pick the One Hundred Dollar Bill, I could have a nice dinner with a friend at a fancy restaurant. It’s easy to see when we put things in monetary terms that some choice are really simple.  If I choose the One Hundred Dollar Bill, I will be better off than if I chose the One Dollar Bill. Many people say they want the One Hundred Dollar Bill, however their actions betray their intentions.  When it comes time…

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• $50 Million, Hut!

  Posted on 09/05/2017 in Taxes

  The 2017 college football season kicked off this week, and for most people that means talk of pre-season polls, Heisman trophy hopefuls, and BCS championship prospects. But we’re not “most people,” are we? So today we’re going to ignore all that boring on-field action and see how one coach’s financial advisors lined up the X’s and O’s to outwit the defensive line at the IRS. Here’s a little-known fact that might offend your sense of priorities. Seven-figure salaries are almost unheard of in academia. But the average major university’s football coach makes $1.81 million per year. In fact, in 39 states, the highest-paid academic or public employee is a college football or basketball coach. (And how many of them do you think have performance bonuses tied to graduation rates?) Alabama’s Nick Saban would seem to top that list with over $7 million per year. And why not? He’s rolled his Crimson Tide to four national championships in 10 years. But here’s the problem, at least as far as his salary and performance bonuses are concerned. The linebackers at the IRS are out for their share, too. And they’re not satisfied with a pick-six — they’re looking to intercept over 40%….

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• What Do I Do When I Fail at My Goals? – Part Two

  Posted on 08/31/2017 in Goals, Success

  In my previous post I discussed the reasons why I believe people fail at New’s Years Resolutions.  The biggest reason they fail is because they are using a broken process.  Here is the process I use. Start with a 3-5 year vision.  The 3-5 year vision is where I determine what I want my life to be like in the future.  This is the most important step in the goal setting process.  Remember where I stated earlier that most people underestimate what they can accomplish in five years.  The 3-5 year vision establishes where I want to go and what I want to become. Now that I have my 3-5 year vision I break my 3-5 year vision into yearly goals.  I determine what must occur each year in order for me to achieve my 3-5 year vision. Annually, I look at the next twelve months.   I know what my goals are for this year.  I develop a strategy to accomplish this years goals.  The strategy enables me develop a plan of action that will lead to me successfully achieving my yearly goals. Quarterly, I develop my quarterly priorities.  The quarterly priorities detail what I must do over the next…

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• What Do I Do When I Fail at My Goals? – Part One

  Posted on 08/30/2017 in Goals, Success

  Most people overestimate what they can accomplish in one year and underestimate what they can accomplish in five years. Every year we get a fresh start. In America we have this phenomenon known as the New Year’s Resolutions.  Business Insider posted an article this year on the failure rate of New’s Years Resolutions.   They claim that 80% of New Year’s Resolutions fail by February.  Assuming this is correct why do people keep setting New Year’s Resolutions? It’s natural to look at a new year as a clean slate.  We’ve had a chance in December to review our life over the last year.  We tally our successes and our failures.  We get a chance to spend time with family and friends on a more concentrated basis during the holidays.  For some of us spending time with family and friends is a wonderful time and for some of this it can be a painful time where old wounds are reopened. As we go through this introspective time in December it’s natural to gain motivation and declare next year is going to be better.   I’m going to be a better person.  I’m going to accomplish more.  I’m going to improve my relationships.  I’m…

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• A Match Made in Dallas

  Posted on 08/29/2017 in Taxes

  Where is “home”? Home is where the heart is. Home is wherever you make it. Home is wherever I’m with you. And, of course, I’ll be home for Christmas. But what does the tax man think of all of this? In 2009, Greg Blatt was Executive Vice-President, General Counsel & Secretary of InterActive Corp (IAC), which ran 150+ web sites including About.com, Vimeo, and The Daily Beast. Blatt’s title sounded impressive, but IAC had reorganized him out of much of his responsibility, and he started looking for a new position. IAC didn’t want to lose him, so they made him CEO of Match, a collection of dating sites including Match.com, OKCupid, Tinder, and PlentyofFish. There was just one problem with the new gig — it was headquartered in Dallas. That held no appeal for the New York-based Blatt. So he worked out a deal to manage Match from New York. (Just another long-distance relationship, really.) He would keep his corporate position with IAC, spend most of his working time in New York, and keep his West Village loft and his boat in the Hamptons. They say no battle plan survives initial contact with the enemy, and Blatt’s was no exception….

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• The Benefits of Gratitude

  Posted on 08/24/2017 in Success

  It’s easy to get caught up in the hustle and bustle of daily life.  There’s a never ending list of items on the to do list.  I’ve got all these commitments and responsibilities.  There is never enough time in the day.  It’s easy to get caught up in this spiral. Over the past year I’ve made a concerted effort to stop and think about my life.  If I were to draw a line down the middle of a piece of paper and make two lists it would be quite eye opening.  On the left hand side of the paper I list the good things that happened to me today.  On the right hand side of the paper I would write down the bad things that happened to me.  Most days the good list far outnumbers the bad list. It is quite amazing to think about for a minute.  All the good things that happened.  First I woke up and am alive.  I have good health.  I have a career I love that makes a difference in people’s lives.  I have a wonderful family and loving wife.  I have a roof over my head.  I have clean water to drink everyday. …

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• TurboTax Made Me Do It

  Posted on 08/23/2017 in Taxes

  One of the highlights of living in our technologically-advanced age is the ability to buy tools to do almost anything. If your kid fractures his arm playing baseball, you can hop on over to Amazon and order an orthopedic bone saw for less than the cost of a tank of gas. Then you can (probably) head over to YouTube and watch a video explaining how to smooth off the rough edges and set it for best results. You might not want to do that all yourself. But the tools are there if you want them. Here in the tax business, there’s no shortage of similar tools you can use to help satisfy your obligations with your friends at the IRS. TurboTax, TaxCut, and similar programs give you much the same power as professional tax-prep systems. If your circumstances are simple enough, and you’re familiar with the process, you might be able to do a perfectly serviceable job of preparing your own return. You might not want to write off an entire weekend wrestling with the various questions, forms, and procedures — but the tool is there if you want to. But sometimes, doing it yourself really isn’t the best idea….

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