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Want the attention of the IRS? All you have to do is make personal transactions on your business account. RED FLAG!

It’s called comingling funds, and it can get you into big trouble at tax time.

No, pleading ignorance will not save you.

 

What’s The Difference?

Expenses associated with personal products or services, living expenses or family expenses are not business expenses and generally non-deductable. Buying a new TV, even if you watch a program or two focused on your industry, is no more a business expense than taking Grandma to dinner.

However, if you have expenses that are partly personal and partly business, as long as you divide the total cost appropriately, the IRS permits deduction of the … Read more →

Time is running out. Two of the most beloved generations are fading away fast and taking their hard-learned financial wisdom with them.

Members of the G.I. Generation, otherwise known as “The Greatest Generation” (born 1901-1924), were children during World War One and young adults during World War Two and the Great Depression.  They learned the importance of frugal living out of necessity and taught their children, members of the“Silent Generation” (born 1925-1945), the importance of living within their means—especially since how little their “means” were.

Somewhere along the way, those financially-conservative values were forgotten.  The Boomers were born between 1946 to 1964 and this generation became known as rebellious, suspicious, greedy and materialistic.  Often referred to as “workaholics,” they worked … Read more →

NFL players make more in a year than most people will see in an entire lifetime.

Don’t believe me? In 2016:

Ben Roethlisberger made $17,750,000, Philip Rivers made $22,000,000, Tom Brady made $28,764,705, Von Miller made $25,100,000, and the New Orleans Saints paid Drew Brees a whopping $31,250,000.

 

Meanwhile, the average annual salary in America is $51,539. That means that you would have to work for more than 600 years to make as much as Drew Brees made last year.

Despite the fact that they make so much more than you do, sometimes it seems like they pay virtually nothing in taxes, doesn’t it? Now, the truth is that a lot of them use pretty shady, sometimes even bordering … Read more →

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