What Do You Give the Man Who Has Everything?

Matthew Person, CPA  Todd Wilson, CPA Person CPA Group 3200 Lake Villa DriveMetairie, LA 70002(504) 780-8299 Fax 1-800-799-1292www.personhuffcpa.com  New York Yankee shortstop and future Hall-of-Famer Derek Jeter has played his last Major League Baseball game. In his last game,he chopped a single to third in the third inning to drive in a run, then took himself out for good. That final …

Managing Your Charitable Donations

Matthew Person, CPA Todd Wilson, CPA Person CPA Group 3200 Lake Villa Drive Metairie, LA 70002 (504) 780-8299 Fax 1-800-799-1292www.personcpa.com Berkshire Giveaway Someday, the financial wizards who run things on Wall Street will realize there’s “paper to be stacked” opening an Investor Hall of Fame. (Hey, the  Rock and Roll Hall makes $40 million a year, and it’s in Cleveland.) And …

7 Ways to Avoid a Tax Audit

“You’re being audited” is probably on just about everyone’s Top 10 List of Most Dreaded Things to Hear!  But,  there are 7 ways to lower your risk of being flagged by the IRS for an audit. And believe it or not, they are pretty basic things to do. 1.  Do NOT round numbers on your tax return. It’s better to …

Does Your Business Cash Flow Need a Tourniquet?

Ok, you’ve stopped the bleeding from high overhead cost. So why are you still hemorrhaging cash? It could be due to TAXES.  The typical business pays most of these taxes: Income Tax (highest rate of 39%) State Income Tax FICA, or self-employment, taxes (highest 15.3%) Property Tax (about .1% of assessed value) Unemployment Tax (6.2%) Sales Tax (about 9% in LA) …

Call the Medics! My Business is Bleeding!

Overhead and taxes are necessary evils. Many business owners fail to plan for them. Without a written budget or a commitment to stick to a budget, the cash flow bleeding begins. After the Sales Analysis, the second most overlooked part of running a business is controlling cash flow. As a marine, I was taught how to Stop the Bleeding when …

5 Point Profitability Check-Up

The Person CPA Group 5 Point Profitability Checkup The following items are reviewed on a regular basis to pin point ways to help you make more money.   Taxable Income Analysis The first part of the profitability checkup is a review of year to date taxable income. Taxable income is then compared to projections and a determination is made regarding …