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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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Do you have a plan for dealing with all the new taxes affecting business owners in 2018? Failing to meet with your tax advisor can result in you paying much more in taxes than legally required. I had a client... Continue reading
Posted 2 days ago at Small Business Profit Maximizer!
Why are some businesses highly successful and other's aren't. In this episode I share an illustration of two companies who were in the same industry but one failed and the other became highly successful. Watch and discover what one thing... Continue reading
Posted 3 days ago at Small Business Profit Maximizer!
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Year-end tax planning has always been one of the few guarantees a business owner will ever get. I just completed a tax plan that will reduce someone's 2018 tax bill by $64,495. And this isn’t a one-time occurrence—in the past... Continue reading
Posted 6 days ago at Small Business Profit Maximizer!
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Our clients have been peppering me all year with questions about the new tax law that was passed in December 2017. Here are some of the most common ones I have received. Is the ObamaCare penalty for not having health... Continue reading
Posted 7 days ago at Small Business Profit Maximizer!
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First, don’t panic. The majority of audits are done by mail, focusing on one or two items. The letter will ask you to mail in records and other information justifying the item they are questioning. Simply include copies of your... Continue reading
Posted Nov 13, 2018 at Small Business Profit Maximizer!
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Cash shortages seem to just occur for business owners the way natural disasters do—with little warning and huge consequences. In truth, the vast majority of cash flow problems in businesses are a result of either a major decrease in sales... Continue reading
Posted Oct 25, 2018 at Small Business Profit Maximizer!
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For 2018, the new tax law doubles the credit to $2,000 for each dependent under the age of 17. Up to $1,400 of the credit is refundable for low-income taxpayers. The income level where the credit is phased out is... Continue reading
Posted Oct 24, 2018 at Small Business Profit Maximizer!
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I have often joked that I should have a sign over my conference room that says, “No Pain, No Change!” As business owners, we all fall into this trap at some point. When things are going well and the money... Continue reading
Posted Oct 23, 2018 at Small Business Profit Maximizer!
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The IRS is warning taxpayers about a new phone scam in IRS Internal News Release IR-2018-103, 04/24/18. The scammers are using telephone numbers that show they are calling from the Taxpayer Assistance Centers (TAC) to trick taxpayers into paying non-existent... Continue reading
Posted Oct 22, 2018 at Small Business Profit Maximizer!
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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!