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Watch On YouTube Good records are the foundation of a successful business, and they are not optional—they're required by the IRS. The either/or dilemma is often between neglecting records (easier now) vs. ensuring compliance/growth (better later). A Sound strategy does both. A solid recordkeeping system
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Watch On YouTube Before chasing returns, you must deal with the cost of your financial environment. The either/or dilemma is between chasing growth while ignoring debt or focusing on a Safe, foundational strategy first. A Safe foundation is non-negotiable . Soil represents your Financial Health. If your cash flow is
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Watch On YouTube Bookkeeping's ultimate purpose is to provide the accurate figures needed for your annual tax return. The either/or dilemma is often between struggling to reconcile monthly figures at tax time vs. using a simple, clear Annual Summary. The Sound approach uses an Annual Summary. Just
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Watch On YouTube Everyone in business must keep records. The either/or dilemma is often between viewing records as a chore for the IRS or viewing them as the source of your business's financial intelligence. A Sound methodology uses records for both compliance and intelligence. Good records are
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Watch On YouTube Choosing your accounting method is a foundational decision, but ensuring compliance requires adherence to a few fundamental rules. The either/or dilemma is often between using what is convenient internally and what is required externally. A Safe and sound strategy requires internal books to match external tax
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Watch On YouTube One of the biggest hurdles for new business owners is Decision #1: Business Structure. The confusion comes from contradictory advice about LLCs, Sole Proprietorships, and Partnerships. The either/or dilemma is between overthinking the legal structure or choosing one blindly. Our course, informed by a ChFC® and
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Watch On YouTube Paralysis often sets in when new entrepreneurs believe their first decision—like choosing an LLC—is a permanent, irreversible identity. This false belief, the Permanence Trap, is a major source of anxiety. The either/or dilemma is between getting it perfect now or failing later. Our course
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Watch On YouTube The general rule is clear: if your business has an inventory of items for sale, you generally must use an accrual method of accounting. This rule can feel restrictive to small business owners who prefer the simplicity of the Cash Method. The either/or dilemma is between
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Watch On YouTube For many businesses, the choice between the Cash Method and the Accrual Method is not a matter of personal preference; it’s a matter of compliance dictated by one single factor: inventory. The either/or dilemma is often between using a preferred, simpler method and following a
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Watch On YouTube The most immediate point of failure in a 'ghost plan' is Access: digital passwords, account numbers, and the location of physical documents are completely lost. The either/or dilemma is between privacy now and panic later. The solution is establishing Shared Access. This includes using
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Watch On YouTube It is completely normal for one person to take the lead on finances, often from a place of love and responsibility. However, this well-intentioned approach creates a hidden fragility. The entire financial plan becomes a library inside one person's skull, creating a single, catastrophic point
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Watch On YouTube The exclusive use test is the most common reason business owners fail to qualify for the home office deduction. However, there are crucial exceptions. The either/or dilemma is often between assuming the exclusive use test is absolute vs. understanding the nuances of the law. A Sound