Planning Your Exit Strategy
Planning ahead is an integral part of running a business. Developing an exit strategy might seem like too many steps ahead, but it’s actually essential to plan your exit from the start.
Do You Need a Fractional CFO?
A fractional CFO is a financial expert with considerable experience in high-level corporate finance roles. They provide the same advanced financial strategy services as a traditionally employed CFO, but on a less-than-full-time basis.
Hire Your Kids the Right Way: Avoid Tax Pitfalls
Have you heard of the Kiddie Tax? Before 1986, wealthy taxpayers shifted some of their wealth to their children to take advantage of their lower tax bracket. The Kiddie Tax, which was a part of the Tax Reform Act of 1986, put an end to that tax-avoidance loophole.
UPDATE: Tax Deadline Extension
Last week, the Treasury Department and the IRS extended the 2020 income tax filing deadline from April 15, 2021, to May 17, 2021.
The Key Functions: Employee Benefits Plan Audit
Companies that provide retirement benefits to at least 100 employees must conduct an annual audit of their plan. The complexity of the regulations and the requirements can be so overwhelming. The Employee Benefits Security Administration recently performed a study to assess the quality of employee benefit plan audits. They determined that 39% of audits conducted contain major deficiencies.
Use Depreciation to Your Benefit
Think back to your college days. You went to the college book store at the start of the semester to buy your books, and went back just four short months later to sell them. The value was never the same. Not even close. As a penny-pinching college student, depreciation was your enemy. As a business owner, depreciation is your friend.