This is the time of year when I have to chuckle when people get excited they are getting their tax refund.
It's like a gift from heaven our benevolent federal government sends you a refund, just at the right time when you need it!
Few people realize if they are getting a refund they were paying too much in taxes all year long.
Our brilliant lawmakers have saddled the American public with a tax code that is over 55,000 pages in which even the most astute tax professionals can't agree how to interpret.
Over the years Congress has picked winners and losers using the tax code to reward cronies and punish enemies. It doesn't take those in a tin foil hat to realize the IRS can be weaponized - and is on a regular basis.
When you have a small business that is not incorporated, you file a Schedule C with your income taxes that details the profit and loss from your business. If you operated at a loss, it is a direct reduction of your taxable income. A family making $50,000 per year in taxab...
Bootstrapping a business startup is an art. It can be a lot of fun if approached the right way.
No matter how well-funded your business startup may be, the fundamentals of bootstrapping should never be forgotten - and should always be applied.
Bootstrapping is not the same thing as being "cheap". Cheap is penny-wise but dollar foolish. In my second venture in the air freight forwarding business I needed a cargo van to pickup client shipments, but to also use it as a rolling billboard for my business. I couldn't afford to go out and spend over $30,000 at the time for a new van. I searched and searched until I found a used cargo van for $1,200. It had a lot of miles on it but I had a mechanic check out and, with no immediate mechanical issues that he could find, I bought it.
Next I took it to body and paint shops for estimates where I found one willing to paint the exterior and put my logo on the van for $600. For less than $2,000, I got a cargo van, that...
The need to strike a balance in life between work and family is not lost on the entrepreneur.
The effort required to get a startup over the hump to profitability can take months or even years.
During this time, there is a very focused and intense effort to get the job done. But - it is also important that all affected family members are pulling in the same direction and know what the overall family objectives are. The "business" was always the "family business" even though Rose and the kids weren't materially involved in the day-to-day operations.
During my air freight forwarding days, we ran so lean that we couldn't get the billing done on a daily basis, therefore I would have to come in over the weekend to rate invoices and get them sent out to our customers. If I didn't get them out on time, it would effect our cash-flow - therefore it was imperative we billed timely and regularly.
Beside the long twelve to sixteen hour days during the week it was also not unusual for me to en...