Saving of the Green

"There are two proven paths to building wealth: You can increase the amount of money you make, or you can increase the amount of money you keep."

With tax time approaching this CNN Money article has some great tips on reducing your tax burden and staying out of trouble with the IRS. Generally I find these types of articles a little complicated, but I learned three new things right off the bat:

1. The IRS increased audits on small companies from 7,000 in 2004 to 18,000 in 2006. Ouch!
   
2. Hold our strategic meetings at a restaurant and gain a 100% deduction
3. Business trip hotel stays are 100% deductible as "lodging" but commonly categorized as entertainment which is only 50% deductible. Our accountant knows this, but I didn't.

Which leads me to my own tip: Get an accountant. I am really trying to concentrate on building teams this year and for our financial team we have a great accountant, Elizabeth Whitworth of On Point Solutions
~Will