by Leif Jensen | Mar 1, 2023 | Running a Business |
I recently had a client meeting where I have been telling the client he is under billing for services, especially when he needs to utilize outside specialists. I gave him a basic formula to follow, it is far from perfect, but should set him up to get a better handle...
by Leif Jensen | Dec 6, 2022 | Running a Business |
The IRS has simplified per diems for lodging, meals and incidentals for 2023. Employees can get up to $297 tax-free daily in high-tax areas; $204 in other locales. Firms using this method can apply the new rates on Oct. 1 or wait until Jan. 1, 2023. For meals and...
by Leif Jensen | Dec 5, 2022 | Running a Business |
Surprise! A shareholder can’t deduct a payment made on behalf of an S corporation, according to the Tax Court. Two individuals, who owned all the stock in an S corporation, personally paid the company’s utility bill and property taxes and deducted the amounts on their...
by Leif Jensen | Nov 14, 2022 | Running a Business |
I have had a number of clients over the years ask me what they should be charging for their product or service. There are times when I can assist them and other times not so much. I had one entrepreneur whom I told her, she needed to quadruple her rate; she was...
by Leif Jensen | Nov 9, 2022 | Running a Business |
Years ago when I was in college, one teacher (not a professor) was bragging about his apparent wealth, one item that he mentioned struck me as a smart investment. He boasted about being an owner of an auto repair shop. This way his autos would always be in excellent...
by Leif Jensen | Nov 8, 2022 | Running a Business |
It seems that the death knell is ringing on the small independent autobody shop. In 2021 alone, 327 independent shops were acquired by owners of multiple shops, according to Focus Advisors, a mergers and acquisition advisory firm that tracks the industry. With...
