Either You Have It, or You Need to Get it
Business owners planning for a successful future should always begin by identifying and understanding their primary objectives for themselves, their families, their ownership and their businesses. In this exercise, you might include, among other things: The date you wish to exit; The amount of cash you want upon exit; and Your choice of successor. Today,…
Tax Strategies for High-Income Individuals
There are several provisions in the U.S. income tax laws that make high income individuals also high income tax individuals as well. As income increases, so does the percentage of income that is paid in income and other taxes. Among the most common culprits that raise the rate of taxes paid by high income individual…
‘Cadillac’ Tax Looms Large for Employers
More than one in four employers will be affected by the so-called “Cadillac” tax, a nondeductible 40 percent excise tax set to take effect on high-cost healthcare benefits in 2018, according to The Kaiser Family Foundation. A survey by the International Foundation of Employee Benefit Plans puts the percentage much higher – at nearly 60…
Appraiser Shortage Looms as Requirements Stiffen
The real estate market is rebounding, but a critical piece of the puzzle is missing – appraisers. After the boom went bust in 2007, appraisers left the field in droves as the work essentially stopped. Industry associations estimate that appraiser ranks declined almost 30 percent. Now rising demand for their services is revealing that there…
Donor-advised Funds – the Pros and Cons
Donor-advised funds have their fans and their critics. Both sides are passionate in their feeling about these charitable-giving devices. In essence, a donor-advised fund (DAF) is a philanthropic vehicle established as a public charity. The donor may make a charitable contribution to the fund, receive an immediate tax break and then recommend grants from the…
Special-Use Valuation Can Save Taxes
If your estate potentially could be subject to federal estate tax, and you own a family farm or closely held businesses, you’ll want to know about special-use valuation. Estates smaller than $5.43 million are not subject to federal estate tax in 2015, but once the tax kicks in, the rates can be as high as…
Is the Bank With You or Against You?
Many business owners have mixed feelings about their banks and their banking representatives. They are unsure about whether they can be completely honest about their business without a negative impact on the bank relationship. On a daily basis, you do not spend much time thinking about your banking relationship. When the time comes to tell…
Money for Good 2015 Advice: Segment Donors
There is both good and bad news when it comes to giving in the United States. Although donations and gifts have rebounded to pre-recession levels, the total still hovers about 2 percent of gross national product, where it has been since the 1970s. That’s according to Money for Good 2015 study, which examines the “giving…
Signs a Business May Be Cooking the Books
The impulse to present things in a better light isn’t limited to personal photographs or online profiles. Some companies can’t resist the temptation to tweak their financial statements. This may happen when seeking financing or an investor, or when selling the business. It can also be a sign of more than a subtle facelift to…
Key Issues in Choosing a Valuation Expert
Whether dealing with estates, divorces or business law, owners often face the issue of valuing their business. For millions of self-employed people, a business represents their largest asset as well as their future livelihood. For partners to be bought out, heirs to sign off or spouses to settle, a value must be identified and agreed…