Sales velocity: What every businesses should know

It is not easy to own and operate a business. You wait for strategies to play out. You wait for materials, supplies or equipment to arrive. You wait for key positions to be filled. But, when it comes to sales, how patient should you be? A widely used metric called “sales velocity” can help you […]

Getting divorced? Here are six tax issues to consider

There are a number of difficulties presented with a divorce, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if […]

Do I need a buy-sell agreement?

If you are considering buying a business that will have one or more co-owners or if you currently own one fitting that description, you may need to consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and […]

Key Areas of Focus for Companies Seeking Cost Control

Effective cost control is essential for every business, but the strategies and priorities can evolve based on economic conditions and operational challenges. In this article, we delve into practical strategies and metrics that businesses can leverage to effectively control costs and achieve long-term growth. A recent report from the Boston Consulting Group highlighted the ongoing […]

Considering Estate Planning? Remember the Impact of Income Taxes

With the current federal estate tax exemption soaring to $13.61 million in 2024, many individuals may feel reassured that their estates will escape estate taxes altogether. This significant increase has shifted the focus of estate planning discussions towards income tax considerations for heirs. While estate tax concerns may seem less pressing, it’s crucial to recognize […]

Understanding the Tax Implications of Selling Business Assets

Understanding the tax implications when selling property used in your trade or business is crucial for navigating the complexities of tax law. No matter what you’re considering selling, the rules governing these transactions are multifaceted and can significantly impact your tax liability. In this discussion, for simplicities sake, we’ll assume that the property you want […]

Is a 412(e)(3) retirement plan a good fit for your business?

When companies reach the point where they are ready to sponsor a qualified retirement plan, the first one that may come to mind is the 401(k). But there are other, less commonly used options that could suit the distinctive needs of some business owners. Case in point: the 412(e)(3) plan. Nuts and bolts Unlike 401(k)s, […]

Maximize your impact: Did you know there are charitable donations that allow you to avoid taxable IRA withdrawals

If you are a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from your traditional IRA, you may want to consider making a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to […]