What’s Kenner French Thinking!

You asked for a 2023 quick reference guide to retirement planning for the small business owner — so here you go. Some plan options for small entities and the self-employed include SEP-IRAs, SIMPLE IRA plans, SIMPLE 401(k) plans, and individual 401(k) plans. Each plan has specific features, requirements, and contribution limits that should be considered when choosing the right plan for your business.

2. SIMPLE IRA Plans (Savings Incentive Match Plan for Employees)

3. SIMPLE 401(k) Plans

4. Individual 401(k) Plans (Solo 401(k))

Keith Andrews, a commercial real estate expert. Keith shares his background and experience in the industry and discusses the benefits of joining EXP Commercial.

He also provides insights on transitioning from residential to commercial real estate and the earning potential in the commercial sector. Keith emphasizes the importance of building relationships and offers advice on sales strategies.

He introduces the concept of the seven groups to grow your business and concludes with his contact information for those interested in joining his community.

AI is changing everything and it's essential for businesses to implement AI to stay competitive. Vast Solutions Group specializes in helping businesses implement AI.

They offer tools and services to automate processes, onboard clients, and provide value to customers. AI can automate social media, automate client onboarding, and provide automated responses to customer inquiries.

It's important for businesses to stay ahead of the curve and leverage AI to improve efficiency and growth.

Entrepreneurs often miss deductions which means they are leaving money on the table. What is the number one missed deduction? Hmm, read on…

One of the most commonly missed deductions for entrepreneurs is the home office deduction. This deduction allows business owners who work from home to claim a portion of their home expenses, such as mortgage interest, property taxes, and utilities, as business expenses.

To claim the home office deduction, business owners must use a dedicated space in their home exclusively for business purposes. This space must be used regularly and exclusively for business, and cannot be used for any personal purposes.

In order to claim the home office deduction, business owners must also keep detailed records of their home office expenses, including receipts, invoices, and other documentation. They must also calculate the percentage of their home that is used for business purposes, and only claim a deduction for that percentage of their home expenses.

Overall, the home office deduction can be a significant tax savings for entrepreneurs who work from home, but it is commonly missed due to the requirements and limitations of the deduction. It’s important for business owners to familiarize themselves with the rules and requirements for claiming this deduction, in order to maximize their tax savings.

R. Kenner French, is a small business contributor at Forbes.com, author of three books, an executive at both VastSolutionsGroup.com and VastHoldingsGroup.com, a keynote speaker, and a Dave Matthews Band fan!

Kenner and Lily introduce themselves as co-hosts of the podcast 'The Vast Voice: Telling Business Secrets to Entrepreneurs.' They discuss the benefits of podcasting for entrepreneurs and the importance of choosing a co-host who can connect with the audience. They also talk about the logistics of podcasting, including the technology and platforms they use. Kenner shares his experience of how podcasting has helped strengthen relationships with clients and increase brand visibility. They encourage entrepreneurs to start their own podcasts and embrace the vulnerability and excitement that comes with it.

This conversation is an introduction to captive insurance, a strategy that can help business owners lower their tax liability and mitigate risk. R. Kenner French, explains that a captive insurance company is a privately owned property and casualty insurance company that allows business owners to customize their own coverage. By setting up a captive, business owners can write a check to their own insurance company, lower their tax liability, and keep the assets within their control. The conversation also covers the benefits of captive insurance, such as risk reduction, wealth accumulation, and asset protection. The speaker emphasizes the importance of compliance with regulations and the need for a feasibility study before setting up a captive.

You may choose any recordkeeping system suited to your business that clearly shows your income and expenses but, yes, YOU NEED TO KEEP RECORDS, per the IRS. The business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should include a summary of your business transactions. This summary is ordinarily made in your business books (for example, accounting journals and ledgers). Your books must show your gross income, as well as your deductions and credits. For most small businesses, the business checking account is the main source for entries in the business books.

In this episode of the Vast Voice, we sit down with Matthew Coates, an industry leader, to explore three key areas for thriving in today's world. We delve into the rise of Artificial Intelligence (AI) and its impact on the field of architecture, design and investing. Matthew offers insights on how architects and real estate investors can leverage this technology to enhance their work.

Next, he unpacks the secrets to success for aspiring and established architects alike. From navigating the industry to honing your skills, Matthew provides valuable advice for achieving your architectural goals.

Finally, the conversation shifts to the ever-evolving creative landscape. Matthew equips listeners with strategies to spark innovation and stay ahead of the curve in today's competitive marketplace.

Whether you're an architect, a design enthusiast, or simply someone who enjoys thought-provoking discussions, this episode is packed with valuable takeaways. Tune in!

Kenner, discusses who controls the Artificial Intelligence (AI) market. He claims that Microsoft and Google are the dominant forces, with everyone else being minor players. Microsoft's investment in OpenAI and Google's TensorFlow are given as examples.

Kenner then dives into who might control AI in the future. While open source AI offers possibilities, its lack of regulation is concerning. Since Google and Microsoft are the ones influencing current regulations, they are likely to remain in control. This raises concerns about how much power these two corporations will hold over AI's future.

The takeaway is that Microsoft and Google are the current and likely future leaders in AI, with significant influence over its development and regulation.

People think April 15th is Tax Time but actually if you get things organized at that time it is too late. Get ready now! Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think if you attack it the right way.

Here is 2024 Top 10 Tax Tips the IRS designed to make your filing easier:

1. Organize. Take time throughout the year (summer!) to store and organize your records, canceled checks, and receipts in one place. Remember to include the income, deduction, or tax credit items that you reported the previous year. Organizing and maintaining a filing system will keep everything conveniently together, and make filling out forms that much simpler.

2. Report all income. Gather all of your W-2 Forms, Wage and Tax Statements, and 1099 income statements to report your income when you file your taxes. Keep them with your other records to make sure you can easily find them when you need them.

3. Visit the IRS website. At www.irs.gov, you will discover many sources of information. You can download and print tax forms, access tax law information and changes, find a list of answers to frequently asked questions, and access numerous online tools and filing tips.

4. Use Free File. Everyone has at least one option available to prepare and e-file a tax return free of charge. IRS Free File uses brand-name tax software or online forms and is available at www.irs.gov. You qualify to use free tax software if your income is a certain amount; if your income was higher, you can use Free File Fillable Forms, the e-version of IRS paper forms. Go to IRS.gov/freefile to see your options.

5. Understand your filing options. There are several options for filing your tax return. For example, you may choose to file your taxes yourself or go to a tax preparer for help. In addition, you may be eligible for free help at a volunteer location. Decide which filing option works best for you. Consult with a tax professional if need be to get the ball rolling. You will be glad you did.

6. Try E-file. E-filing presents an easy and convenient method of filing your taxes. Errors are reduced and refunds are returned faster than mailed documents. Last year, more than 80 percent of taxpayers used IRS e-file, and many tax preparers are now required to use it.

7. Get answers to your questions. Visit the Interactive Tax Assistant tool on the IRS website to get answers to your questions pertaining to tax deductions and credits. Again, consult with a tax advisor if you can afford it. Having a tax professional by your side now can save you money now and later.

8. Use direct deposit. If you are to receive a refund, the direct deposit option will allow for a faster return, and it may decrease chances of theft. When you enter information for this option, take the time to double-check your bank account number to avoid errors.

9. Check out Publication 17. Publication 17, Your Federal Income Tax, on www.irs.gov is a complete tax resource that includes important information, such as whether you need to file or how to choose your filing status. Few people review this. It WILL help you.

10. Double-check your return. When you have finished with your forms, take a couple of extra minutes to double-check your information, especially your Social Security number. Also check your spelling and math. If your forms are hand-written, make sure they are legible.

These easy-to-follow steps may help to prevent any unnecessary tax apprehension, and they can help to make the filing process that much smoother. Starting early and organizing throughout the year can greatly reduce chances of error and stress.