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The Money Guy Show | Investing, Tax, Estate, Retirement, Insurance, Spending, Saving, and Wealth Building Advice

Brian Preston and Bo Hanson, fee-only financial planners and wealth managers, go beyond common sense as they help you make smart financial decisions. Their professional credentials, sophisticated topics, and approachable style have attracted thousands fans and made them a personal finance phenomena. Learn more about Brian and Bo, read, listen, or watch the show, follow the blog, and connect directly to go beyond common sense at www.moneyguy.com.
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Now displaying: July, 2007
Jul 27, 2007

I have spent the last two weeks preparing for the IRS. Unfortunately, I still do a small number of business tax returns (old habits are hard to get away from). One of my small business tax clients was selected for a full examination (Audit). I have over over 10 years of experience in completing tax returns, and this is the first business return that has been selected for an audit. I guess it was my turn to sit on the hot seat. We had the IRS agents here in the office on Wed. and then we met at the client’s business on Thursday for a site evaluation and Q&A session. I am elated that we made it through the audit without any problems and the client did not have to pay any additional taxes, but as you can imagine it has been a stress that has caused a few nights of restless sleep. I knew that we had nothing to hide, but you never know where there might be a difference of opinion on deductions.

 

For more information, visit the show notes at http://www.moneyguy.com/2007/07/attn-small-business-owners-a-legal-way-to-hide-money-from-the-tax-man

Jul 13, 2007

I’m a straight talker, so please don’t hate me for a harsh, but true statement: when people are falling short of their financial goals, it’s almost always because of their own actions and decisions.

Examples:

  • Putting off investing in your Roth IRA or maximizing your 401k at work (“I need the extra money to fake success for my friends and family”)
  • Hating your boss and job, but doing nothing to change your situation (“I’m scared to try something new and the interviewing process for a new job is stressful”)
  • Putting off the dream of being self employed (“Where will I get clients from and how do I get started?”)
  • Renting your life and not having an ownership mentality (“I really like my low rent payments and driving a flashy car”)
  • Taking foolish risks (“They’ll figure out Social Security’s problems by the time I retire”)

THE SECRET TO SUCCESS IS THROUGH DEFERRED GRATIFICATION AND TAKING THE ROAD LESS TRAVELED

 

For more information, visit the show notes at http://www.moneyguy.com/2007/07/are-you-on-the-road-to-wealth-and-independence

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