If you’re a successful business owner, your tax bill will likely be higher this year. Lawmakers last year responded to the “fiscal cliff” with new laws and modified rules and rates that are projected to raise an additional $600 billion, and the new Medicare tax on investment income goes into effect this year. These tax increases are on the individual side of the tax code, but they may also have a dramatic impact on your business, as we’ll explain below.
I used to read every business book, advice book and self-help book I could get my hands on. I took every opportunity to learn from successful people. I’ve had lunch with Warren Buffett, breakfast with Fr. Theodore Hesburgh, and met (and heard speak) Lou Holtz, Harvey McKay, John McCormack (former Inc. Entrepreneur of the Year), and countless other entrepreneurs and CEOs. I soaked up the advice, asked questions, took notes, and revisit them on occasion. My searching has waned. It’s long since time to implement. For what it’s worth, here are the biggies I’ve retained.
I’m a businessman, just like you. I’ve been a business owner since 1997. Not that long, I guess, but long enough to make some mistakes and learn a few things. I founded a consulting business and purchased this publication. I’ve also invested in other businesses, commercial real estate, oil and gas, and publicly traded securities. […]