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Wayne J. Belisle, CPA
El Paso, TX
I own a local CPA firm, have been married for 30 years and have three great kids.
Interests: reading, losing at video games to my kids, fan of hockey, redsox fan, small business advocate, dallas cowboy fan
Recent Activity
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Once you reach 70 years of age, you are required to take a minimum distribution from your IRA accounts (RMD). Failing to do so will expose you to a 50% penalty on the amount not distributed. You won’t need to... Continue reading
Posted Jun 16, 2018 at Small Business Profit Maximizer!
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The Tax Cuts & Jobs Act (TCJA) of 2017 eliminated the deduction of home equity loans. Under the old law you could deduct mortgage interest for your qualified principal residence and one other home (such as your vacation home or... Continue reading
Posted Jun 13, 2018 at Small Business Profit Maximizer!
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When I took my accounting classes and passed the CPA exam (the first in 1976, the second in 1977—dang, I’ve been doing this a long time!) I learned the definition of business profit as promulgated by GAAP (Generally Accepted Accounting... Continue reading
Posted Jun 11, 2018 at Small Business Profit Maximizer!
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Previously, if you converted a traditional IRA to a Roth IRA and the value of the investments dropped, it was a very common strategy to revert the conversion and avoid the tax hit. You had until October 15th of the... Continue reading
Posted Jun 7, 2018 at Small Business Profit Maximizer!
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I have read probably thousands of business books in my 40-year accounting career. Because of that, it is unusual for any book to be so innovative that I recommend it to all of my business owners. Profit First by Mike... Continue reading
Posted Jun 6, 2018 at Small Business Profit Maximizer!
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It seems that most business owners measure their business success based almost solely on total sales or total billings. But is this a true measure of success? I do business tax returns and can compare two construction companies that both... Continue reading
Posted May 28, 2018 at Small Business Profit Maximizer!
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Reducing your income tax expenses is a key component of profit maximizing. Remember your bottom line is your profit after income taxes. Unfortunately, very few business owners do anything to reduce their income tax bill. Most business owners assume that... Continue reading
Posted May 24, 2018 at Small Business Profit Maximizer!
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You likely have heard the saying “Sales is for vanity, profit is for sanity, and cash is king! This highlights the main reason for the change. Too many business owners fixate on their company sales. When I ask them how... Continue reading
Posted May 23, 2018 at Small Business Profit Maximizer!
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Even though we were just selected as one of the top 25 Best Accounting Blogs by Accounting Degree Review (https://www.accounting-degree.org/top-accounting-blogs/) it is time to change the focus of this blog. The name of the blog has changed from Small Business... Continue reading
Posted May 21, 2018 at Small Business Profit Maximizer!
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The new 20% Qualified Business Income Deduction (20% QBID) is a HUGE tax break for most small business owners. In fact, this may be the biggest tax break to come down from Washington that mainly applies to small businesses in... Continue reading
Posted Mar 5, 2018 at Small Business Profit Maximizer!
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The new tax reform law passed in December of 2017 (the “Tax Cuts and Jobs Act” or TCJA) is the biggest overhaul of the federal income tax code since 1986. It will have huge effects on business owners in 2018... Continue reading
Posted Mar 2, 2018 at Small Business Profit Maximizer!
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The new tax reform law passed in December of 2017 (the "Tax Cuts and Jobs Act” or TCJA) is the biggest overhaul of the federal income tax code since 1986. It will have huge effects on individuals in 2018 and... Continue reading
Posted Mar 1, 2018 at Small Business Profit Maximizer!
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I have been working with and studying small business owners for over 40 years. This has given me the opportunity to discover why some business owners are highly successful and why others fail or are continually struggling. Even with businesses... Continue reading
Posted Feb 27, 2018 at Small Business Profit Maximizer!
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In business, profits aren’t just important; profits are the only thing that counts. Your business profits provide you, the business owner; the ability to attract top talent, eliminate debt, give back to your community, plan for retirement, comfortably support your... Continue reading
Posted Feb 26, 2018 at Small Business Profit Maximizer!
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When I meet with my clients I always ask them, “How is your business going this year?” No matter how they answer, my next question is, “What are you doing differently this year to grow your business profits?” Invariably, business... Continue reading
Posted Feb 25, 2018 at Small Business Profit Maximizer!
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It is always a bit of a challenge with everything going on in your life to keep tax planning in your thoughts throughout the year. The good news is that if you work with an accountant he or she will... Continue reading
Posted Feb 2, 2018 at Small Business Profit Maximizer!
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If you go by the SBA (Small Business Association) definition of a small business being under 500 employees there are 28 million businesses in this category. However, if you look at businesses that just employ one person, a sole owner/employee... Continue reading
Posted Jan 31, 2018 at Small Business Profit Maximizer!
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Working with an accountant is a great way to help proactively and positively plan for your financial future as well as budget on a yearly basis. Too often, individuals see accountants as only necessary for the wealthy or only professionals... Continue reading
Posted Jan 29, 2018 at Small Business Profit Maximizer!
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The vast majority of people only see their accountant once a year, and that is typically between New Years and April when they are turning in their tax documentation for filing. While preparing and filing your taxes is an important... Continue reading
Posted Jan 26, 2018 at Small Business Profit Maximizer!
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Preparing for your annual visit to your accountant for tax season doesn’t have to be a stressful time in your life. In fact, if you have kept organized records, or at least have all your receipts and documentation in one... Continue reading
Posted Jan 24, 2018 at Small Business Profit Maximizer!
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When you are working with an accountant to do your taxes you are really hiring them to complete a service. This means that you have the opportunity, and should take advantage of, the chance to ask at least a few... Continue reading
Posted Jan 22, 2018 at Small Business Profit Maximizer!
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There are a lot of simple ways anyone can incorporate into their daily activities and money management strategies that can add dollars a day to your bank account. While dollars may not seem like much, over the years they can... Continue reading
Posted Jan 19, 2018 at Small Business Profit Maximizer!
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Kids are naturally very interested in money and financial transactions as they apply to getting things they want. This is a terrific teachable moment, and activities and games to do with money are interesting for younger kids with even with... Continue reading
Posted Jan 17, 2018 at Small Business Profit Maximizer!
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Every year a large percentage of people get tax returns. Some get a lot and some just get a little, but what you choose to do with your return may have a big impact over time. Different individuals have different... Continue reading
Posted Jan 15, 2018 at Small Business Profit Maximizer!
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If you have any expenses for businesses not covered by your employer, you may be able to file the IRS Form 2106 that allows you to make these deductions on your taxes. It is important to remember that this form... Continue reading
Posted Jan 12, 2018 at Small Business Profit Maximizer!