The following outline of a typical business plan can serve as a guide that you can adapt to your specific business: Introduction Marketing Financial Management Operations Concluding Statement Q: What should be included in the introduction to my business plan? A: The introductory section of your business plan should give a detailed description of the business…
Transferring the family business requires the family to make a determined effort to do the following: Create a business strategic plan. Create a family strategic plan. Prepare an Estate Plan. Prepare a Succession Plan, including arranging for successor training and setting a retirement date. These are the four plans that make up the transition process.…
Less than one-third of family businesses survive the transition from first to second generation ownership. Of those that do, about half do not survive the transition from second to third generation ownership. At any given time, 40 percent of U.S. businesses are facing the transfer of ownership issue. Founders are trying to decide what to…
Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud – and you from identity theft. Credit Evaluation Factors Many…
Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims. What is an Identity Protection PIN? An identity protection personal identification number (IP PIN) is a six-digit number assigned to eligible taxpayers…
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2021, a number of tax provisions are affected…
Why QuickbooksQuickBooks is the ideal business accounting software for small to mid-sized business owners. Here’s 10 reasons why you should be using QuickBooks.QuickBooks TrainingOnce QuickBooks is setup and working properly, we can train you or your employees to properly operate QuickBooks specifically for your business.QuickTuneupWhether you need to prepare your books for tax time, a…
Levies can really do a lot of damage and even ruin your life. A levy is the IRS’s way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If…
Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own. The lien can be…
The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large portion of the payroll taxes are your employees’ withholdings. Not paying your company’s payroll taxes is tantamount to stealing your employees’ money in the eyes of the IRS. As a result, penalties for failing to pay your…