FTC compliance

On a recent trip, I met a network marketing distributor who has been working his business part time for about 10 years. When I asked him how he was doing, he answered, “I am not making any money yet.” A recent notice from the Federal Trade Commission regarding the recent settlement with an established network marketing…

business vs hobby

There is no better way to enjoy tax benefits than starting up a small or home-based business. This is why Chapter I of my book, Lower Your Taxes—Big Time is entitled, “Why you would be brain dead not to have a home-based business.” The reason is that the government gives you great deductions that employees don’t normally…

gift giving

That gift-giving season is here again. Giving gifts is one of the best parts of the holiday season.  But, it can also be expensive. Whether you’re buying for friends and family or for business associates, there is a good chance you may be able to deduct some gifts as a legitimate business expense. There are…

It has been said that we are the sum of our moments. Upon reflection, however, there are probably four defining experiences that have shaped what my destiny has become. The first and perhaps most important experience began innocently and unexpectedly. I was working for the government as an attorney. As with most employees, we usually…

Don’t you LOVE how technology has helped make life so easy? “How did we live before the era of smartphones,” I wonder sometimes! With declining prices of entry-level smartphones, everyone seems to have at least one, if not two, these days. Industry research shows that in 2011, for the first time, more smartphones were sold…

You submitted your tax return and now you get a call from the IRS or Canada Revenue Agency to come in for a chat. What should you do? Here are 8 steps that you should know in preparing for the audit: 1. Always assume that you will be audited when you initially prepare your tax…