Succession Planning: Timing Is Everything
Whether a business exit is decades in the future or just a few years away, planning for who will take over your company – and how – can be a process fraught with uncertainties. Some questions you…
Category: Blog
Let Your Financial Statements Guide You to Optimal Business Decisions
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and…
Family Business Succession Planning: Integrating Estate Planning into the Mix
We originally published this article in late 2020 but thought it relevant to re-share. We updated data for 2022. According to Family Enterprise USA, 87 percent of businesses in the United States are family-owned. Annually, these companies…
Seven Tips for Passing on the Family Business
Bringing up your next generation of leaders In a family business, bringing up the next generation of leaders can be a difficult and politically-charged endeavor. So it’s crucial to get it right if you want your business…
Guide to Succession Planning: How to Start a Succession Plan for Your Business
Why Is a Succession Plan So Important? Business leaders and owners typically are good at building their companies and realizing success in their positions and respective industry (ies), just as was envisioned at the startup stage. But…
Businesses With Employees Who Receive Tips May Be Eligible for a Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your…
IRS Increases Standard Business Mileage Rate for 2022
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently…
How Real Estate Investors Can Defer Their Taxes With a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather…
2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
PREPARE YOUR BUSINESS WITH THESE TAX DEADLINES Below is a list of first quarter 2022 tax deadlines for business and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that…
Providing a Company Car? Here’s How Taxes Are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees…
Could a Family Limited Partnership Fit Into Your Succession Plan?
Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to…
Small Businesses: There Still May Be Time to Cut Your 2021 Taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 taxes. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery, or…
