Business Sense

by Carl Marzolf, CPA As a taxpayer, knowing when to pay tax deductable expenses can significantly lessen your individual tax burden.    When computing your taxable income, the IRS gives taxpayers two options:  take the standard deduction set by the IRS, or itemize your deductions (which includes...

Frederick J. Sitzberger The American Jobs Creation Act of 2004 has created a new tax deduction for businesses that engage in production activities in the United States. This deduction will provide a significant tax break for many businesses. The new deduction for domestic production activities is available...

Frederick J. Sitzberger Many times during the year-end planning for our clients they ask me, “Fred, is there one item I should concentrate on for my financials for the bank?” Since I am paid by the hour, I say, “Let me ponder this.” What is most important, current ratio, inventory...

Frederick J. Sitzberger In a previous article, we explained the reasoning behind the line-of credit. Let’s move one more step and discuss the intermediate term loan. This is a three to five year term with a fixed or variable interest rate. The lesson of the term loan was taught to me by a client...

Frederick J. Sitzberger We help many small businesses in our firm from start up to mature businesses-fifteen to twenty years from inception. With all new businesses, I try to always say “Your Banker is your best friend,” as this can provide your company with bridge financing to help during...

Frederick J. Sitzberger Ten years ago, as I restarted my public accounting career, I was amazed by the amount of money a client was making. He was in my high school and I never ever imagined he would be this successful. Inquisitive, I asked him how he ever did it. He stated, Fred if you’ve been...

Frederick J. Sitzberger We are approaching the tax season. This is the happiest time of the year for us. We have the pleasure of experiencing the positive consequences of proper tax planning for our clients. As previously mentioned, we believe our banker is our best friend. We try to mix taxes paid,...

Frederick J. Sitzberger Has it ever happened to you? The handcuff is a situation where someone else thinks they have you in the box unable to make any other decision but what they want. For instance, the employee says, “give me a raise or I will quit.” If you look at my picture above you...

Frederick J. Sitzberger It is an uncomfortable situation when we, as business owners, have to let someone go. I have been let go a few times, once for economic and once for personality. Looking back, these were some of my best experiences and they can be for the person if done right. Usually, everyone...

Frederick J. Sitzberger Yes, as crazy as it might sound - especially now - your banker is your best friend, and understanding their tools helps us become more successful business people. The line-of-credit is a short term credit facility. It should be paid off at least for thirty days each year. From...