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Just Good Business – Curate Your Tech Stack
We’ve all done it. And most other business owners are doing it, too. What is “it”? Succumbing to the promise of “there’s an app for that” and registering for technology of all kinds – and then not using them. You should review and curate your tech stack at least once a year. Why? Because in business, plans often change. Priorities change, new challenges arise, and new opportunities appear. Curating your tech stack annually is just good business. Curating isn’t simply about getting rid of products and services that aren’t meeting your needs it’s also about mindfully adding technology that will help your business to grow (if that’s your goal), help you provide better customer service, and help you manage your business in a way that, one hopes, frees up your time for other activities whether those activities are business- or life-related. Nevertheless, it’s often necessary to clear bandwidth-sucking technological clutter before shifting our focus to identifying problems that tech can solve. Too much tech clutter (like too much physical clutter) can prevent you from seeing problems (and potential solutions) clearly. Additionally, this is an activity that can cut unnecessary expenses from your bottom line and improve upon technological advances. It is possible since the time you first subscribed to an application that there are better, cheaper alternatives. Here’s what to consider step-by-step to grow your take home pay and improve your business practice.
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CURRENT EDITION
Lessons Learned from the Tax Court: The Root of the Issue
When is a business really a business? As Supreme Court Justice Potter Stewart said in 1964, “I know it when I see it.” The US Tax Court, however, maintains a slightly less subjective standard. The Roots were pretty sure they were running a bona fide business; the IRS, however, didn’t share the sentiment. And since we’re reading about them in a segment called “Lessons Learned,” one should assume it did not go the way the Roots would have liked.
The Lessons From The Supreme Court Zuch Opinion
There is a great scene in the movie On The Basis Of Sex. The actors portraying Ruth Bader Ginsburg and her husband, Martin Ginsberg, a very high-level tax attorney, early in their careers are reading in separate rooms. He comes in with something he wants her to read and she snaps that she doesn’t read Tax Court cases. In that moment she showed her future as a Supreme Court Justice. Not many Tax Court cases reach the Supreme Court. So when one does it’s exciting. And, as it happens, Commissioner of Internal Revenue v Zuch contains some practical lessons worth considering.
Fractional Art Investing Is Real — How To Advise Your Clients On The Tax Consequences
In mid-November a portrait of a young Vietnamese woman by the artist Gustav Klimt, which was part of the estate of the late Leonard Lauder (the cosmetics billionaire), was sold at a Sotheby’s auction for $236.4 million. It set the record for the most expensive work of modern art ever sold at auction according to Bloomberg. That’s probably out of reach for most of our clients. But what if they could join together to buy an interest in the painting with an entity holding the asset? That’s the idea behind the burgeoning fractional art market. While, in general, the art market has been struggling for a few years, the fractional art market has been expanding. According to the website Digital Original, “Fractional art ownership is no longer a niche concept – it’s a growing investment trend that’s accessible, flexible, and supported by cutting-edge technology.” What, you may be asking, does this have to do with taxes? It may be more than you think for your high-net-worth clients. As a trusted advisor it’s important that you are aware of both the types of investment opportunities your clients may be buying into and the tax consequences.
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Think Outside the Tax Box provides tax reduction strategies along with practical
implementation advice in order to reduce your clients’ federal tax bill with ease.
