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Author Archive for: ‘Charles P Myrick CPA’

Posted by: Charles P Myrick CPA Posted on: Jul 23 2019

Can Your Nonprofit Benefit From a Cash Flow Projection?

When I work with nonprofit leaders, I hear about the challenges they face with cash flow. Nonprofits have historically faced a unique funding situation due to the variability of grant funding cycles and donor contributions. I recommend a tool – cash flow projection – that can help organizations maintain financial viability today and in the future.

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Posted by: Charles P Myrick CPA Posted on: Jul 16 2019

How Can You Benefit From Hiring a Property Manager?

When I meet with clients for tax planning, I show them how the tax code favors small business. Even if they have a good job, adding a side business is beneficial. Investing in rental properties is one example. But, real estate investing is not for everyone - managing property or being a good landlord takes practice. That’s why many successful real estate investors and landlords depend on their property management companies. 

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Posted by: Charles P Myrick CPA Posted on: Jul 02 2019

How to Use Tax Planning for Wealth Building

I tell all my tax preparation clients that the true key to building wealth lies in building assets. A savings account in a bank is not the answer. Bank accounts have low interest rates, so you will barely make any money. However, a solid investment strategy and smart tax planning will allow your money to work for you.

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Posted by: Charles P Myrick CPA Posted on: Jun 25 2019

Five Ways to Boost Church Giving in the Summer

Through my work with churches I know that it's common for churches to experience a lull in giving during the summer months. Members go on vacation and don’t donate money while they’re away, or they sometimes neglect to give during the summer in order to save for other activities. 

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Posted by: Charles P Myrick CPA Posted on: Jun 18 2019

The Security Value of Investing in Real Estate

Lately I have been talking with my clients about the value of having multiple streams of income. It's a way to protect yourself from the financial damage of job loss. As a small business owner you can't be fired or retired from your source of income. Moreover, adding additional income to your budget is an effective way to boost your wealth building and security in uncertain times.  

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Posted by: Charles P Myrick CPA Posted on: May 21 2019

Do I Need a Small Business Advisor to be Successful?

You are ready to dive into your new business venture, but you have one question that is holding you back. Do you need a business advisor? Small business colleagues have differing points of view. Here are some questions to consider that will help you decide if you should hire an advisor for your small business.

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Posted by: Charles P Myrick CPA Posted on: Apr 09 2019

How to Make Money in Real Estate

Some of my clients have been successful in real estate investing. As landlords and property owners they are using assets to build wealth. Do I think real estate investing is a sound way to make money? Yes, for those who understand the fundamental factors of economics and risk, real estate can be a solid investment.

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Posted by: Charles P Myrick CPA Posted on: Apr 02 2019

Nonprofits Have Unique Needs for Cash Flow Management

In my work with nonprofits I see that any organization without a substantial base of operating cash can experience cash flow problems. What causes them? There are many factors unique to the nonprofit business model, such as seasonal fundraising, annual grant payments, and reimbursement-based contracts. I advise nonprofit leaders to focus on the organization's cash flow. 

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Posted by: Charles P Myrick CPA Posted on: Mar 26 2019

How Can Millennials Focus on Building Wealth?

I look at the millennial generation and see incredible opportunities for financial planning and wealth building. There's something about the spirit of this young generation. Many are exploring the possibility of early retirement and are eager to reach financial independence in order to do so. My advice is always to focus on acquiring assets. 

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Posted by: Charles P Myrick CPA Posted on: Mar 19 2019

Will Your Church Have to Pay the Parking Lot Tax?

Many of the church leaders I know and work with have been puzzled about an obscure provision in the Tax Cuts and Jobs Act of 2017 known as the parking lot tax. This provision deals with parking provided to employees. Some leaders are concerned that these parking spaces have become a potential tax liability. As frequently happens with a change in the tax code, there is lots of confusion about the intent and its consequence.

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