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Why Your Winery Chart of Accounts Is Important

Posted by on Sep 24, 2018 in Accounting, Wine Business | 0 comments

Why Your Winery Chart of Accounts Is Important

As a winery owner, you wonder why your chart of accounts is important. Wait, you don’t? Well, sometimes you do but you have many other demands on your time and energy, so you may not. When an accountant says “chart of accounts” most people quickly lose interest. That’s understandable. So why, you may ask, should winery owners think about their winery’s chart of accounts? What Is a Chart of Accounts? First, let’s get an understanding of what we mean by “chart of accounts.” Accounting Coach defines a chart of accounts as “a...

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Family – From Eight Weeks to Eight Decades

Posted by on Sep 17, 2018 in Family Business, Personal Freedom | 0 comments

We celebrated my father’s 80th birthday last weekend with family and friends at the gorgeous Bluefield Inn. All three of his sons were there as were his daughter in-laws and five grandchildren. Tears of joy were shed when we met the newest additions to our family, his beautiful twin great-granddaughters, my great-nieces. The twins are only eight weeks old. There was a striking comparison of a life well lived for eight decades with the promise of lives that lay ahead. Basking in the love that swirled in the air, the celebration reminded me...

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“To Be, or Not To Be” – (The Great Entity Question)

Posted by on Jan 12, 2018 in Accounting, Financial Freedom | 0 comments

“To Be, or Not To Be” – (The Great Entity Question)

Which entity should you choose for your business? Corporation                    Yes             No               Maybe Partnership                     Yes             No               Maybe LLC                                   Yes             No               Maybe All of the above              Yes             No               Maybe If you are a business owner...

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Freedom and the Black Pearl – Bring Me That Horizon!

Posted by on Jul 5, 2017 in Freedom, Personal Freedom | 0 comments

Freedom and the Black Pearl – Bring Me That Horizon!

Over the Independence Day weekend, a celebration of freedom, our family re-watched the first Pirates of the Caribbean movie The Curse of the Black Pearl. Somehow, I forgot that the theme of the movie was freedom and how that touched me in a personal way. This theme of freedom, along with the journey of adventure, discovery and courage is a big factor in the movie’s popularity with viewers. At one point, when they are marooned alone on a small island, Captain Jack Sparrow explains to Elizabeth Swann, “Wherever we want to go,...

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Take your winery to the next level – 2015 Wine Tourism Conference

Posted by on Jul 31, 2015 in Wine Business | 0 comments

Take your winery to the next level – 2015 Wine Tourism Conference

If you’re running your own winery, or thinking of starting one, we have some news that may help kick-start a new opportunity for your business. The 2015 Wine Tourism Conference is being held in northern Virginia on November 18-20! This conference will offer you  a full three days learning a whole lot more about the business side of running a successful wine tourism venture. If you’re serious about realizing the full potential of your winery, looking at the potential for diversifying into wine tourism really is a no-brainer. As a...

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Mid-Year Tax Planning

Posted by on May 21, 2015 in Tax, Tax Planning | 0 comments

Mid-Year Tax Planning

Getting your tax return in order for 2015 The 2015 tax year is already nearly halfway through (where does the time go?). So we thought now would be a great time to remind you of some of the more important tax issues to consider when planning your return for this year. Changes to the repair and capitalization regulations There’s been an ongoing debate over the need to change the new repair and capitalization regulations – and small businesses have lost this particular battle with the IRS. The new regulations from the IRS mean you now have...

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Affordable Care Act

Posted by on Apr 1, 2015 in Health Care Reform | 0 comments

Affordable Care Act

Obamacare: the tax impact of the Affordable Care Act explained You’ve no doubt heard of ‘Obamacare’, the neat buzzword for the Affordable Care Act. But what is it? And how is it likely to affect your tax return? Congress passed the Affordable Care act back in 2010 and, at the time, the potential impact seemed a long way off. But the 2015 tax filing season is now upon us and it’s clear that there are some very direct effects. And they’ll impact on every American – including you. Getting qualified health insurance To begin with,...

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An Accountant Studies The Business of Wine

Posted by on Mar 10, 2015 in Personal Freedom, Wine Business | 0 comments

An Accountant Studies The Business of Wine

An accountant who is fascinated by the business of wine. Isn’t that fascinating? Recently, I discovered the opportunity to gain a greater understanding of vineyards, wineries, and the wine business in general by studying for my Wine Business Management Certificate through Sonoma State University in California. This certificate was inspired by the Sonoma State University Wine Business MBA, and my reason for taking this course is an utter fascination with this entire market. I’m keen to learn more about it, and hopefully to work with those...

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Arranging Your Finances to Reduce Your Taxes

Posted by on Feb 16, 2015 in Accounting, Financial Freedom, Tax, Tax Planning | 0 comments

Arranging Your Finances to Reduce Your Taxes

Planning your tax year and arranging your finances may not sound like the most interesting thing you’ll do this year, but we are certain it will be much more interesting if by doing so you discover that you have less tax to pay. In an ideal world, every year you will have managed your financial affairs so that your taxes are minimized as much as possible. We realize that this can be incredibly difficult to do. It’s already February, so before you know it April will be upon us and there will be no more tax planning to do. If you can spare...

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Is your cash flowing IN more than it flows OUT?

Posted by on Jan 12, 2015 in Accounting, Bookkeeping, Financial Freedom | 0 comments

Is your cash flowing IN more than it flows OUT?

The cash within your business is often referred to as the lifeblood – that which enables your business to not only survive, but also prosper. Just as your body will survive for a time without food or water, but without blood it will die, the same applies to your business. It can survive for a short time without sales or profits, but if it doesn’t have cash it will die. As a business owner you have a rough idea in your head at all times about how much cash you have. You can check your bank balance – even on your phone – and either...

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