Financial Gravity Podcast – Episode 52: Lori Jones — Integrated Marketing Communications

Lori Jones is the President and CEO of Avocet Communications, a company founded by her father almost 40 years ago. Avocet focuses on increasing customer count through integrated marketing communications for their customers to ultimately increase revenue. Lori talks about what it means to be an entrepreneur, while juggling other life commitments, and the changes that she’s witnessed in her 28 years in the industry. Tune in for some great insights about the importance of approaching marketing without any preconceived notions.

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Who Should I Consult About Tax Savings?

As a small business owner, finding legal and ethical ways to increase your tax savings shouldn’t be a full-time job in itself. Unfortunately, most accountants, attorneys, or business consultants aren’t taught to master the myths standing between you and your money. In fact, the financial industry benefits from small business owners not understanding tax myths.

Wait, my accountant can’t help me with tax planning and tax savings?

The CPA exam is focused on General Accepted Accounting Principles and has nothing (absolutely NOTHING) to do with taxes. Your accountant may be a lovely human being, but they aren’t the ones you should be consulting about tax savings.

So if I can’t turn to my CPA to help me find ways to pay less tax, who can I turn to?

Well, you have a couple of options. You could read all 70,000+ pages of the Tax Code. (Though this option will likely be zero fun for 99% of the people on the planet.)

Who is this option for?

People who have too much time on their hands and a passion for onerous, complicated, and bloated text.

No, thanks. I’ll pass. Any other options?

You could download the Tax Myth eBook, a book that our CEO, John Pollock, put together outlining 10 of the most damaging misconceptions about taxes — and then read it. This free eBook will help you prevent further loss (in taxes) or prevent you from losing money in the first place.

Who is this option for?

Do-It-Yourself-ers who want to lower their tax liability…quickly, legally and ethically, and who make under $100,000 gross income. 

What if I make more than that, what should I do?

Get in touch with us. At Financial Gravity, we have expert tax planners and tax specialists who not only understand the tax code and the available “green lights” you can use to reduce your taxes but who will help you engage in proactive tax savings and tax planning.

Who is this option for?

Business owners who have a shortage of time, zero desire to learn about the Tax Code and either pay $20,000+ in personal income taxes or make $100,000+ gross income.

If you’re a small business owner, taxes are your single biggest expense and they will get bigger if you don’t have a sound strategy in place to mitigate them. 

*Photo by Ante Samarzija on Unsplash

Financial Gravity Podcast – Episode 51: Gorgi Nikkaran — Revolutionizing Exercise

Gorgi Nikkaran is the inventor of Gravocore, a revolutionary exercise tool that packs all the benefits of a full-sized gym into a compact seven-pound product that can be used anywhere. After suffering an injury that prevented him from exercising using traditional equipment, Gorgi set out to create a device that would help him solve his pain, and wanted to share his invention with as many people as possible. Tune in to this episode to find out more about Gravocore and Gorgi’s entrepreneurship journey that has led to it.

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Mileage is Not the Only Tax Write-off You Can Use for Your Car

Writing off the mileage for the business use of your car is so common now and days that there’s even “an app for that.”

When you reach your destination, you can swipe left if it was a personal trip, or right if the trip was business related. Gone are the days when you had to keep a clipboard on the dashboard to record your every movement. Let’s not mention the headaches involved if you happened to forget to log your mileage for a few weeks (or months.) OH, THE AGONY!

But just because writing off your business mileage is easier than ever, doesn’t mean it’s the only tax write-off you can use for your car. In addition to writing off your mileage, the Internal Revenue Code allows you to write off your leased car (but not a loan.)

Say, what?

Yes, it’s true. Buying a brand new $65,000 Tundra for your landscaping business is unwise, even if you plan on using it as a tax write off. A better option would be to lease the Tundra and then use THAT as a tax write off (and if you don’t want to take the depreciation hit, you can always lease a used car instead.)

So there you have it, paying cash for a car is not always the best decision when it comes to saving money on taxes.

As always, the previous financial advice isn’t a one-size-fits-all approach. If you want your own personalized tax planning strategy, please get in touch with one of our tax professionals today. 

Want to read 10 of the most damaging misconceptions about taxes? Download our free eBook here. 

Just Because There’s Food Involved, Doesn’t Mean It’s A Meals and Entertainment Expense

What is a Meals and Entertainment Expense?

The IRS recognizes that wining and dining customers, vendors, or potential employees is a vital way to grow your business, which is why they offer a 50% deduction of all qualifying Meals and Entertainment expenses. You can deduct food as a business expense if you can 1/ verify that these expenses are business related, and 2/ document these expenses (in case of an audit).

Ok so if there is food involved, then it must be considered a Meals and Entertainment Expense right?

Not necessarily. In some cases, you can deduct 100% of the cost, like this example. A few years ago, I spent over $50,000 on hosting educational seminars to attract clients and grow my business. Though the seminars included food, they were far more educational than entertaining. I was able to claim a 100% deduction because I filed the expense as a marketing one, not a meals and entertainment one.

So, how do I know whether it’s a Meals and Entertainment Expense or not?

Answer the following questions:

1/ Was the food bought as part of a marketing expense?

2/ Was the food bought while traveling?

3/ Did you order pizza for your employees during a “working lunch?”

4/ Did you buy coffee and donuts for an early staff meeting?

Depending on your answers, you might be able to deduct the full amount instead of the standard 50%. Want to find more ways to lower your tax liability? Download our free Tax Myth eBook here.

*image by Gabriel Gurrola

Financial Gravity Podcast – Episode 50: AJ Wilcox — Link In to LinkedIn

AJ Wilcox is a marketer and LinkedIn Guru. He is the founder of the ad agency B2Linked, which shares information, strategies, and tips about advertising on LinkedIn. AJ was challenged to improve advertising on LinkedIn at his previous job, where he learned as much as he could, and became an expert in the field, before starting his own ad agency when he was let go. In this episode, he talks about the differences between search and social media advertising, the art and science of advertising, and whether LinkedIn Ads are for you. Tune in to find out more about how LinkedIn Ads could be changing your business.

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Here are Four Legal, Moral, and Ethical Ways to Write Off Your Home Office

It’s not uncommon for entrepreneurs to start conducting business from their home office (at least in the beginning). Not only is it a great way to minimize office space rental costs, but you can also save money on commuting and dining out (if you can keep your trips to the refrigerator to a minimum, that is.) If you are conducting business at home, you can also write off your home office to reduce your tax liability.

If your accountant has ever told you that a home office deduction will put you at an immediate risk for an audit, please consider hiring a new accountant. Not only is a home office deduction LEGAL, MORAL, and ETHICAL, but there are four different ways (YES, FOUR!) to do it. If writing off your home office was risky, why on earth would the IRS give you four ways to do it?

Here are Four Legal, Moral, and Ethical Ways to Write Off Your Home Office:

  1. 1. Depreciation – Don’t do this one; VERY rare when this is best.
  2. 2. 14 -Day rental rule – Rent your house (to yourself even) for 14 days, there is an actual box on your tax return for this one, it says “14 Day Rental” next to it.
  3. 3. B.U.P. 1 – Business Use Percentage based on square footage (better for smaller homes)
  4. 4. B.U.P. 2 – Business Use Percentage based on number of rooms (better for Texas-sized homes)

So as you can see, writing off your home office is not only legal, moral, and ethical, but it’s also pretty smart. At Financial Gravity, reducing your tax liability is ALWAYS a green light.

Want to discover more LEGAL, MORAL, and ETHICAL ways to reduce your tax liability? Download our eBook today. Did we mention that it’s FREE?

*image by Gabriel Beaudry 

Financial Gravity Podcast – Episode 49: Marcedes Fuller — America’s Imagepreneur

Marcedes Fuller is a millennial who is a speaker, life coach, and author. His tagline is ‘America’s Imagepreneur,’ and he helps people understand themselves personally and how this affects their public perception, and correlates to their professional image. He is invested in seeing people move forward and pursue what they believe is their best right now. On this episode, he talks about his own transformation and process, and how this has helped him coach individuals, organizations, and professional associations. Tune in to find out more about why branding isn’t just for brands, but for people too!

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Financial Gravity Podcast – TAX TUNE UP 013: Clean Tax Savings Here

We all know that the makers of the Epipen have increased their prices, and despite being met with widespread outrage, they’re definitely making more profit. So how is it possible that they are making even more in compounding tax benefits?

Key Takeaways:

[:22] Capitalism generally establishes equilibrium prices between knowledgeable buyers and willing sellers.

[:38] Sometimes the equilibrium breaks down and prices soar, particularly in the pharmaceutical industry.

[:51] A parasite drug and the Epipen have both seen extreme price raises.

[2:34] More money for the drug companies doesn’t necessarily mean more money for the IRS.

[4:38] One company made far more in compounding tax benefits than they did in operating profit.

[4:55] Call Financial Gravity when you’re ready to stop wasting money on taxes that you don’t have to pay.

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Financial Gravity Podcast – Episode 48: Lindsey Anderson — Facebook and Email Marketing

Lindsey Anderson runs, and is an expert at Facebook marketing and email marketing. Lindsey and her husband started off as web developers, but she began asking herself what people were actually lacking — which wasn’t a website; it was traffic to their website, and leads that convert to clients. Tune in to this episode to find out why your business needs Facebook and email marketing, and how you can start getting traffic and leads too!

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