Author: Tyler Virgin
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Income Statement Simplified and Defined
The Income Statement Simplified The purpose of the income statement is to present revenues, expenses, net income, and earnings per share for an accounting period. For the income statement the earnings are normally measured on an accrual basis so the income reported on it is not the same as cash generated during the accounting period. However…
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What is a 1099 Form and why should a small business care?
So what is a 1099 form? The dreaded Form 1099-MISC may be one of the worst, most-time consuming requirements that the IRS puts on small businesses. However, we are all compelled to send out the forms although if I was you I would outsource the crap out of it. Even if you outsource the filling-out…
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Make a Difference: By Dragging One Donkey Up Hill At A Time
Last night I was faced with a dilemma that many of us are forced into almost everyday, however this one proved to be very public. On our way home from a father’s day party my family and I were traveling on the highway when we passed a donkey running the opposite direction down the hill. My first…
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Starting a Small Business – 9 Step Checklist
There are many reasons that keep people from starting a small business and taking control of their lives. I want to give you nine steps that you need to follow when initially starting a small business. The goal of this is to relieve anxiety caused by the fear of the unknown in regards to state and federal…
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College Savings Options Coverdell ESA vs 529 Plan
I was thinking about family financial planning and wanted to make sure that you were aware of a couple really good college education savings options. This has been a topic in my household as our oldest child has started preschool so now the private school and college planning has unfortunately become a reality. I had to…
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Feed Your Brain – Create Mind Bullets With Seven Steps
What the heck does it mean to feed your brain? As I continue to study the path to success, the theme of feeding your mind keeps reoccurring. I have to admit that I enjoy eating so this idea struck me as something that I could probably do well. However, what exactly does this abstract concept of feeding…
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Itemized Deductions – The Seven Categories
Standard Deduction vs. Itemized Deduction There is often confusion during tax time when talking about how or when to take itemized deductions. The standard deduction is applicable only if it exceeds a taxpayer’s allowable itemized deductions. The basic standard deduction depends on your filing status and is adjusted for inflation. For 2014, the standard deductions are: $12,400…
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Setting Goals – Turn Brain Crack into Pure Awesomeness
Setting goals may seem easy but sometimes we fail to realize the goals. I come from a family of dreamers with varying degrees of idealism but this has instilled in me that I can achieve whatever I put my efforts toward as long as I work hard. This may seem like a bold statement because obviously…
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5 Reasons Small Businesses Fail
I am sick of watching the various reasons small businesses fail. In many small towns we see dreams crushed over poor financial decisions. I know accounting is not the sexiest thing however it can really hold a small business owner back.
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High W2 Income Tax Planning – Five Tax Saving Strategies
High W2 Income Tax Planning. Earning a high W2 income is both a blessing in the economic sense and a curse when talking taxes. In the current environment making more money means paying additional taxes. This is especially true starting in 2013 with two new taxes for high wage earners.