: After 20 years in the U.S. Navy, Jim Edwards has been a tax practitioner since 1974, having personally prepared more than 10,000 income tax returns. His focus has always been on small business owners, helping them to understand the income tax system and perpetuating free enterprise.
I was involved in a pretty toxic IRS audit of the tax return of one of my clients (a plumber who was operating his business as a Sole Proprietorship) a while back. The auditor seemed pretty intent on not allowing his business deductions as business expenses because, although his income had been steadily going up, his [...]
I was involved in a rather toxic IRS audit of one of my client’s tax return (a plumber who was operating his business as a sole proprietorship). The auditor was intent on not allowing my client’s business deductions because, although his income had been steadily increasing, his expenses had increased also. This had happened largely [...]
Why I Love Martial Arts Fitness
I’ve recently been reflecting on the impact my programming has had on people and the difference between what I hear my students say today as opposed to when I taught only a traditional martial arts program. In the past, the compliments were mostly about how a child improved in school or how much more confident [...]
Protect your Assets with the Right Business Entity, Part 1
As I wrote in my August/September column, the best way to keep what you have is not to have anything in your name. To implement that strategy, you must choose the right business entity (or entities) to limit exposure of your assets to (successful) lawsuits and separate your asset ownership. This month, I’ll explain Sole [...]
When I served my three tours of military duty in Southeast Asia, we used multiple layers of defensive methods, or multiple redundancy defenses, to protect an installation. For example, my job as a dog handler was to be the first level of defense, encountering the enemy outside the perimeter of the installation. We were also [...]
