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For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you’re leaning toward a business sale, here are seven ways to prepare: 1. Develop or renew your business plan. Identify the challenges and opportunities of your company and...
Read moreTax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits. 1. Credit for paying health care coverage premiums The Affordable...
Read moreAs a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for strategic planning. Lost in the weeds Business owners put off strategic planning for many reasons. New initiatives, for example, usually don’t begin to show tangible results for some time, which...
Read moreThe Internal Revenue Service released a new tool Wednesday designed to help millions of Americans ensure they’re not dramatically underpaying or overpaying their taxes under the new Republican tax law. The online calculator allows taxpayers to compare how much their employer is withholding for taxes on their pay stub to a government projection of how much should be withheld. The tool makes that calculation based on income, household size, and other variables....
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