When to consider outside payroll help
Every thriving business experiences growing pains when it comes to “keeping the books” at some point. It doesn’t take much for payroll and other expenses to get complicated. In fact, one of the first things we do when small businesses hire us is to help the business owners regain control of their books and payroll. […]
End-of-year tax savings
Taxes may be the last thing on your mind as the holidays roll around, but they shouldn’t be. There are unique tax-saving opportunities only available before year’s end. For just a moment, set down your pumpkin spice latte and roll up your sleeves. The following tips could truly make this the most wonderful time of […]
Five IRS audit mistakes to avoid
The IRS audits about one million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner […]
YOU are not your business
When it’s time to sell your business, you might discover you’re tied too much of yourself into it. Your money, assets—even your reputation—can be so entwined in the business that they’re difficult to separate. Unwinding those ties can be costly and confusing. Save yourself the trouble and consider the following areas to address while creating […]
Passing down your family business
Last month we talked about retiring from your business and the succession planning it requires. This month, I’d like to focus on keeping the business in the family. Is it your dream to pass your business down to a son, daughter or another family member? Maybe your dream is for several heirs to one day […]
Passing down your family business
It’s a shocking but common statistic for business owners who retire: More than half the sale price of your business could be lost to the IRS when you sell it or pass it down. The scenario can play out in various ways depending on how your business is structured. A retiring C Corp owner, for […]