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Most entrepreneurs are hands-on people. Because they are doers by nature, they often believe no one can perform a task as well as they can, so outsourcing doesn’t usually cross their minds. Small business owners end up doing everything themselves – even simple tasks that can be outsourced to subcontractors.

Guess what happens?

Plates overflow, nerves fray, and things fall through the cracks. Sometimes important things. Outsourcing can prevent all of this.

What is Outsourcing?

Outsourcing refers to delegation of duties or tasks to an organization or individual outside of the company. Subcontractors and virtual assistants easily fill the gap.

With growing numbers of self-employed service providers in the marketplace, there is certainly no shortage of assistance. Some work by … Read more →

Here’s an idea: Why not purchase a motorhome or recreational vehicle and deduct it as a business expense?

As long as you use it for business this could be a really sweet deal. And if you just happen to use it for pleasure once or twice, that’s no big deal, right?

You won’t be the first person to think of this and if you don’t follow the IRS rules, you won’t be the last to experience the consequences. The courts and the IRS have battled this discussion out several times. Both have been challenged trying to confirm when the motor home is a business vehicle and when it is a business lodging facility.

Does it matter?

It does. The business … Read more →

It was one of the greatest financial bets of all time. Hedge fund manager John Paulson bet big against subprime mortgages ahead of last decade’s financial crisis, earning billions in profits for his funds. It was a gamble that, in the long run, didn’t pay off.

Along with the $4 billion he earned for himself, he nailed a second record-breaking honor when he was slapped with one of the largest personal tax bills in history.

According to people close to the firm, Paulson used a tax provision available at the time to hedge fund managers. After deferring the bulk of taxes on the profits, Paulson’s personal tax bill came due on April 17th when he was required to pay about … Read more →

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