Jun 082014

This week, I’ve been inundated with clients asking about Gray Area Tax Deductions. What?

It appears my local competitor has determined that certain business deductions are “gray area” and won’t risk a red flag from IRS to take the deductions. And I’m still sitting back asking myself what-the-heck?

If you need to make a purchase for your business, it’s an authentic need, you purchased the item, you are using the item, and you have a receipt – how is it a “gray area deduction”?

Some of these so called, gray area deductions were listed as:

Calculators (because the client has a computer)
Daytimer (because the client could use the computer)
Coffee Grinder (ground coffee is cheaper)
Television (used for training videos in the office – considered ‘entertainment’)
Business Cards (because client changed addresses and needed to replace them)
Communications Networks (because they’re ‘excessive’)
Digital Cameras (because they can be used for personal use)

If the item on your list is used for your business, and is required for you to conduct business, it is deductible. For instance, the coffee grinder – while it probably isn’t necessary for my business to have a coffee grinder, I personally don’t drink much coffee (rarely if ever, if I don’t have clients). My clients often bring gifts of coffee beans, in small packets, as a Thank You for my services (I’m not sure where the custom came from, but it’s sweet). When they come for more services, I take a handful of coffee beans, grind them up, make a pot of coffee, and serve it while we do their business. It isn’t a big thing, and I could probably live without the deduction, but it is a business expense.

My tax client who asked about her coffee grinder, operates a very small, but lucrative Bed and Breakfast in my hometown. Of course she serves fresh ground coffee to high end visitors in her Bed and Breakfast, so of course, the coffee grinder is deductible. Ground coffee may indeed be cheaper, but since when did IRS have a bounty on high end expenditures? IF that were the case, would there not be more Executives traveling coach?

Next time you need a piece of equipment and you have good reason to purchase it for business, remember… It’s Deductible!

 Posted by at 11:15 am
May 232014

Renting commercial offices in Naperville and the surrounding areas is a popular choice for small business owners as well as CEO’s of large corporations. Located between I-88 and I-55, this central location is a beneficial attribute for business owners who lease space in Naperville. When leasing space, those in the Chicago area seek out locations which are easy to get to, offer great features to employees and customers alike and have many amenities close by. Naperville offers all this and more.

Great Reasons to Choose the Naperville Area for Leasing Office Space

Naperville is a central location near Chicago which features great amenities, easy access and a suburban feel. Whether you are searching for Naperville space or wish to lease an office in nearby Aurora, Lisle, Woodridge or Warrenville, the area is an excellent one to choose. Woodridge space is prevalent as are offices for lease in Aurora, Warrenville and Lisle. The location of all of these cities is suburban in nature yet still provides easy access to and from Chicago. The location of Naperville itself is extremely easy to get to and if you have customers coming in from out of town or out of state, they can get to your office in Naperville.

One will also find plenty of nearby amenities when they lease commercial office rentals in Naperville, Warrenville, Woodridge, Lisle and Aurora. There are many historical sites to visit, great restaurants to dine at and fun shops to buy items at as well. After all, one can’t be in the office at all times and when you lease space you want to be close to various amenities for purposes of lunch breaks as well as shopping and dining options before and after the workday. The Main Street Promenade is especially popular.

When you lease commercial space in the Naperville area you will also have well-known commercial business neighbors by your side. Some of the companies which have offices and/or the office headquarters in and around the Naperville area include Kraft Foods, OfficeMax, Nicor, BP America and more. When you lease space for your company in Naperville, you will have great company regarding other businesses in the area.

Another excellent factor about leasing offices in the Naperville area is that it is a continually booming business area. More and more companies are opening up shop in Naperville and obtaining Naperville space. With the constant influx of new office space tenants and purchasers, this means that the customer base is expanding as well. You are sure to love the commercial advantages which leasing space in the Naperville area provides to you and your company. When customers come to Naperville offices for other business, they may just find their way to your company as well.

If you are searching for Naperville office space to lease, you are taking a good step in the right direction to obtaining an office location which may reap lucrative benefits for you and your company. Whether you are seeking office space to lease in Lisle, Woodridge or Naperville itself, moving your company to this area is a wise choice to make.

 Posted by at 9:02 am
May 082014

If I aim to have a net worth of at least one million dollars, it is an excellent analogy for me to think of my entire life like a wheel. My life can be divided into ten individual yet inter-related areas, within which I need to establish fierce objectives if I am to attain huge financial success.

Each of the ten areas of my life is a separate spoke within the wheel. Depending upon how successful my life is in any one area, this will determine how long and solid that particular spoke is. An ideal, harmonious life will result in a round fully inflated wheel with ten complete spokes. Fully inflated is the full ten marks out of ten for each area of my life.

These ten areas of my life are:

1. Physical

2. Financial

3. Business

4. Career

5. Mental

6. Social

7. Spiritual

8. Family

9. Material

10. Adventure

Once each area has been identified and analyzed, it is imperative to start thinking about what objectives I hold for my life within each area. It is the achievement of my aspirations that will fill me with a dynamic sense of growth, and drive me forward to a magnificent and compelling future. Following are examples of goals that can be placed within the realm of each area, both short-term and long-range.


This area encompasses my health and wellbeing, my fitness and stamina, my body and my looks, and everything to do with my physical condition and state of wellness.

# Stop smoking immediately

# Achieve the weight of 160 lbs by July 1

# Run the London Marathon in less than four hours

# Be healthy and dynamic at one hundred years of age


Included in this area is everything to do with money and income as it relates to my life. Earnings, savings, investments, stocks, bonds, accumulated wealth and financial freedom are all facets within the realm of the financial area of my life. What levels of financial abundance do I desire to achieve?

# Invest $10,000 in the NYSE this year

# Seek an annual fifty percent total income increase

# Save ten percent of my earnings in a special account

# Accumulate one million dollars net worth by age fifty-five


The business area is best defined as my financial vehicle for a lifetime income, as opposed to a career that is basically a day’s work for a day’s pay. If I am self-employed, my own business is the vehicle within which I have my career. Do I desire to be a tycoon, running a global empire? What are my grandest business aims?

# Develop a business that positively benefits mankind

# Set up a fully equipped professional office in my home

# Establish my own multi-million-dollar global business empire

# Arrange a corporate partnership with a Japanese conglomerate


My career is what I do for a day-to-day income. A career can be a job for a day or a profession for a lifetime. If I am self-employed, my career is the occupation I have within my own business. What is the dream career that ignites my fires of desire?

# Become the Managing Director for this company

# Reach an annual income level of US$250,000 per year

# Be the #1 sales person for my company during this decade

# Author a series of best-selling empowerment books for children


My mental area relates to every activity involved with my mind. It concerns my mental state of being and my emotional welfare. All learning, studying, attitudes, skills, intelligence, knowledge and emotions are found within this very important area of my life.

# Earn a university degree in psychology

# Learn to speak and write fluent Portuguese

# Strengthen my mind until I gain entry into Mensa

# Read one hundred personal achievement books this year


The social area includes many of the recreational activities and pastimes related to society. Playing golf, as an example, whilst it can be an adventure, is a social activity because it involves an informal gathering of people and revolves around the golf course and social clubhouse. Most hobbies and amateur activities are socially related.

# Become President of the local Rotary Club

# Shoot eighteen holes of golf in under eighty strokes

# Organize a twenty-five-year school reunion party for July

# Play the lead role in the amateur drama annual pantomime


This area concerns itself with church and charitable matters. The spiritual area centers on what I can personally contribute to the good of humanity and society. It revolves around the improvement of the world in general. With wholehearted purpose, I can make a positive difference in people’s lives.

# Attend church every week during this year

# Tithe ten percent of my total income to charity

# Organize a sponsored litter clean-up in my neighborhood

# Establish a worldwide charitable foundation for abused women


The area of family, simply stated, as it relates to me, encompasses all of the circumstances, events, happenings and relationships within my immediate family, extended family and all my relatives, now and in the future.

# Treat my wife to a second honeymoon in Japan

# Send my three children to study at university in Europe

# Develop special relationships with all close family members

# Spend every Sunday this year playing sports with my children


All the possessions I could possibly imagine owning are included within this area. Material comprises all assets and belongings, not including monetary wealth. The likes of cars, houses, boats, jewelry, furniture, electronics, clothes and sporting equipment all count here.

# Own a deluxe 40-foot catamaran and name it ‘Top Cat’

# Purchase a one-carat diamond bracelet for my lovely wife

# Live in a seven-bedroom luxury villa overlooking the ocean

# Give an ocean-cruise to my parents for their anniversary gift


This area encompasses all of the exciting activities and daring undertakings I have ever dared dream for my life. Most fun objectives and unusual pursuits are included within this area of adventure. Travel and vacations, especially, are included here.

# Learn to scuba dive in the Red Sea

# Hike in the Himalayan Mountains of Nepal

# Go white water rapid rafting through the Grand Canyon

# Travel to Europe this summer and ride on the Orient Express


May be useful for all our visitors.

 Posted by at 3:29 pm