Ways to Keep Adult Children from Becoming a Financial Liability
This article explains several scenarios where your child may be asking you for financial help. First, they may have taken many loans and want your help with EMIs. The author suggests turning the child to a financial advisor to keep your finances intact. Secondly, the child may want a loan to help with a start-up…
Tax Deductions and Credits to Consider in 2022
This article discusses how there are two main strategies that individuals can take advantage of in order to lower their tax bills, deductions, and credits. While tax deductions lower your taxable income, tax credits are “a dollar-for-dollar reduction to your tax bill.” However, many people do not know of or forget about all the things…
Estate Planning Should Include What Happens to Digital Assets and Cryptocurrency
This article explains how the assets people own have become more complicated, making it a little more difficult to include everything in your will. Only about 46% of Americans have made provisions for how their money and estate should be handled, according to a 2021 Gallup poll. Abby Schneiderman, co-founder and co-CEO of Everplans, which…
Embracing a New Era of Innovation in 2022
This article explains the importance of building your company’s online structure in a growing technological world. Technology is more powerful than ever challenging a business to restructure in new ways where it can sustain itself in a new market. It offers an opportunity to grow in every aspect because every facet of your brand can…
The Benefits of Business Valuation for Small Businesses
This article demonstrates the possibilities a small business can pursue after receiving a valuation. A valuation can give small business owners benefits such as tracking progress and “a road map to deliberate decision making.” Some other benefits that come along with a business valuation include access to more investors, better decision making to improve your…
A Cost Segregation Study Is One Way To Boost Cash Flow
If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reducing your taxes and boosting your cash flow. Even if you’ve invested in real property in previous years, you may have an opportunity to do a lookback study and catch up on…
The importance of Having a Plan When Including Family in Business
In this article Jolene Brown, a family business consultant points to four major mistakes when breaking down a family business. She firstly points out that assuming all genetic relationships equal good working relationships is wrong. Brown says “acceptance in a family should be unconditional, but acceptance into a business should be conditional and is not…
When Can You Deduct Business-Related Meals . . . And How Much Can You Deduct?
The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct any of the cost of taking clients out for a round of golf, to the theater or for a football game. But the TCJA didn’t specifically address the…