Tax Breaks for Military Personnel
Members of the Armed Forces put their lives on the line to defend our country and the values of freedom all over the world. For that they are offered a few incentives, like the VA hospitals and base housing, the GI Bill.
There are also tax breaks for Military personnel that not all Veterans and Active Duty personnel may know about.
For Example Military personnel who are on active duty in a combat zone are entitles to extensions on their tax returns. There are restrictions to this, so give us a call if you have a friend or family member in a combat zone.
If you have left the military and are entering the civilian work force, you may be able to deduct a portion of your job hunting expenses. Keep your receipts and a log of your various appointments for when it comes time to file your tax return.
When in a combat position, you are entitled to a higher compensation, or combat pay. Your W2 should only reflect your regular pay and deductions, not your combat pay.
In the state of Florida, disabled Veterans are also entitled to certain tax breaks on the real property as well. And many companies who are hiring are giving preference to our men and women who have served in the military.
Pete DiSalvo
CPA – DiSalvo Logo
Stick With Your Core Business
Running a CPA Firm is something I love. Most of my clients only come to me at Tax Time, and that is okay, but another part of my business which is more challenging and rewarding is helping people to build and grow their business.
So often, once these business owners begin to experience some degree of success, they get carried away and move beyond their core business. As someone who sees the financial workings of businesses, I can tell you that while expansion works well in some instances, often what it really does is dilute the core of their businesses.
Sometimes, when I offer advice about this subject, business owners will listen, but sometimes they don’t and it’s sad to watch a business that was once thriving begin to struggle. This article in Inc. magazine speaks to the fact that every so often a business owner gets it. Do what you do better than anyone else, keep service levels high, and stick to your core business:
“Alli Webb’s mobile hair-styling business led to an idea for a salon that offers only wash and blow-dry services. Since it opened in 2010, Drybar has become so successful–with 42 salons nationwide and counting–that the copycats are proliferating. Webb explains how she stays ahead of the pack.
–As told to Liz Welch
From the beginning, we’ve stayed very true to what we do–give great blowouts. Many investors have said, “We have this captive audience. That’s a huge opportunity to sell a lot of other things.” I’ve always resisted that–and I think it resonates.
Our clients know they’re not going to be pitched to or bombarded by our stylists to buy products. It’s hard to be really great at a lot of things. I have never entertained the idea of adding on services–but I have seen all of our competitors do that. Let them.
From an outside perspective, the barriers to entry appear very low: Hire stylists, build a space, and you have a blow-dry bar. But we have spent a lot of time and money to make the experience great, which includes everything from the spacing of our chairs to the lighting and the iPhone chargers at each station. We could put up to 10 more chairs in most salons, but we don’t, because the space is built in a special way, so it feels like you are sitting at a bar. “
So remember, working hard and building your business on sound financial underpinnings is a great dream. Just don’t stray too far from the business model that brought you success in the first place.
Pete DiSalvo CPA
CPA – DiSalvo Logo
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