Tax planning is often viewed as a task to address during the final weeks of the year or, worse, only when filing returns in the spring. However, individuals who take a proactive, year-round approach to personal income tax planning gain significant advantages in financial clarity, tax savings, and long-term wealth preservation. Here are the key
As a business owner, you’ll likely need to have your company appraised at some point. Appraisals are essential in the event you decide to sell or merge the business, create or update a buy-sell agreement, or devise or refine your estate plan. A good way to preempt the uncertainties of the appraisal process is to
Fraud can be a devastating blow for any business, but small businesses are particularly vulnerable. Limited resources and lack of specialized staff make it challenging to implement extensive anti-fraud measures. However, there are practical steps small business owners can take to protect their assets, reputation, and future. Here are 15 tips to help you prevent
For many small business owners, managing the books often takes a backseat to managing customers, staff, and day-to-day operations. It’s easy to view financial statements as something only “big companies” need to worry about. But in reality, clean, accurate, and up-to-date financial statements are essential for businesses of all sizes – especially the smallest. Whether
As the second quarter begins, it is the perfect time to reassess your business’s financial health. The start of the year often brings unexpected expenses, revenue fluctuations, and shifts in strategy that can impact overall financial stability. By taking a proactive approach now, business owners can ensure that cash flow remains strong, expenses stay under
This list demonstrates how working with a business coach can profoundly benefit individuals and organizations, leading to growth, enhanced leadership, and sustained success. Personal Development Clarity of Vision – Helps articulate personal and professional goals with precision. Accountability – Keeps you focused and accountable for achieving your objectives. Enhanced Decision-Making – Improves your ability to
2025 won’t bring about many huge changes. Most of the key tax changes going into effect in the new year amount to adjustments to income or contribution limits. As of this article’s writing, the tax cuts ushered in as part of the Tax Cuts and Jobs Act of 2017—related to income tax and the estate
As the year comes to a close, it’s the perfect time for business owners and individuals to start organizing their financial documents and preparing for tax season. Proper preparation ensures a smoother and less stressful experience when working with your accountant. Here are some key tips to help you get ready for tax time. Organize
The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for tax year 2025 of greatest interest to many taxpayers include the following dollar amounts: Standard Deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction
An estimate of value and a full business valuation represent two different tiers of understanding the worth of a business. An estimate of value offers a broad, general approximation of what your business might be worth in the current market. This is typically derived using a limited amount of financial data, some comparable business sales,
