Is A Business Valuation Useful? Absolutely!

For many business owners, a business appraisal or “valuation” can furnish vital planning information and help mitigate risk. Consider the following: * Establishing a verifiable value for your business can show whether assets have appreciated at a reasonable rate. If not, the firm’s strategy may need to be adjusted. * Business valuations furnish documentation to support new financing. Lenders need strong evidence that their loans are properly secured, and a business appraisal can supply that evidence. An independent evaluation of business assets also may encourage lenders to offer favorable interest rates. * If you decide to sell the business, a
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Are You Overpaying Your Taxes?

Diane Gardner Interviewed By Jim Palmer (The Newsletter Guru) During this Podcast Diane discusses the big question, Are You Overpaying Your Taxes? Main Questions Asked What is a tax coach and why do small business owners and entrepreneurs need one? What are the biggest mistakes you see entrepreneurs and small business owners make when it comes to tax? How would a small business owner work with someone like yourself? Are there any general rules about LLC versus S-CORP? How does a business owner decide what type of business they should have? If someone is a solopreneur, how do they decide
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Incorporate or Not To Incorporate – That Is The Question!

One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade-off is that there is a cost to incorporate and, in some cases, tax consequences. Should you incorporate? You might not need to incorporate. Depending on the size and type of your
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Who Owes Self Employment Tax?

If you earned $400 or more of net profit during 2013 (as an example) from work as a sole proprietor or independent contractor, you may owe self-employment tax. That’s true no matter what your age – even if you’re receiving social security benefits. The tax is assessed on your net earnings from self-employment, which can include income from qualified joint ventures and partnerships, as well as fees you earn working as a director for a corporation. In this context, “earnings” generally means your income after deducting expenses incurred while operating your business. If you have multiple businesses, you combine the
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Dealing With Death, Disability & Departure in Business

Every business should give serious consideration to how the company would deal with the death, disability, or departure of one of the owners. Like a will, a buy/sell agreement (also known as a business continuity contract) spells out how assets and other business interests will be distributed should an owner quit, become disabled, or die. Without such an agreement, complications arising from ownership succession may capsize an otherwise thriving company. The remaining owners might be forced to share management and profits with unskilled or contentious outsiders. They may be embroiled in legal disputes over business assets and liabilities. A firm’s
Read More

Why Didn’t My CPA Tell Me About That???

Denise Griffitts interviews Diane Gardner, “Your Tax Coach”. Did you know that taxes are our biggest expense?  And did you know that owning your own business – even a startup or sideline business – is the best tax shelter in America? Are you taking advantage of every opportunity to lesson your tax burden? If you are like most of us, taxes are not only your biggest single expense but also your biggest nightmare. Can you imagine what you would do with an extra $15,000 per year? Sadly, that is the average amount small business owners waste in taxes that they just
Read More

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Is A Business Valuation Useful? Absolutely!

For many business owners, a business appraisal or “valuation” can furnish vital planning information and help mitigate risk. Consider the following: * Establishing a verifiable value for your business can show whether assets have appreciated at a reasonable rate. If not, the firm’s strategy may need to be adjusted. * Business valuations furnish documentation to support new financing. Lenders need strong evidence that their loans are properly secured, and a business appraisal can supply that evidence. An independent evaluation of business assets also may encourage lenders to offer favorable interest rates. * If you decide to sell the business, a
Read More

Are You Overpaying Your Taxes?

Diane Gardner Interviewed By Jim Palmer (The Newsletter Guru) During this Podcast Diane discusses the big question, Are You Overpaying Your Taxes? Main Questions Asked What is a tax coach and why do small business owners and entrepreneurs need one? What are the biggest mistakes you see entrepreneurs and small business owners make when it comes to tax? How would a small business owner work with someone like yourself? Are there any general rules about LLC versus S-CORP? How does a business owner decide what type of business they should have? If someone is a solopreneur, how do they decide
Read More

Incorporate or Not To Incorporate – That Is The Question!

One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade-off is that there is a cost to incorporate and, in some cases, tax consequences. Should you incorporate? You might not need to incorporate. Depending on the size and type of your
Read More

Who Owes Self Employment Tax?

If you earned $400 or more of net profit during 2013 (as an example) from work as a sole proprietor or independent contractor, you may owe self-employment tax. That’s true no matter what your age – even if you’re receiving social security benefits. The tax is assessed on your net earnings from self-employment, which can include income from qualified joint ventures and partnerships, as well as fees you earn working as a director for a corporation. In this context, “earnings” generally means your income after deducting expenses incurred while operating your business. If you have multiple businesses, you combine the
Read More

Dealing With Death, Disability & Departure in Business

Every business should give serious consideration to how the company would deal with the death, disability, or departure of one of the owners. Like a will, a buy/sell agreement (also known as a business continuity contract) spells out how assets and other business interests will be distributed should an owner quit, become disabled, or die. Without such an agreement, complications arising from ownership succession may capsize an otherwise thriving company. The remaining owners might be forced to share management and profits with unskilled or contentious outsiders. They may be embroiled in legal disputes over business assets and liabilities. A firm’s
Read More

Why Didn’t My CPA Tell Me About That???

Denise Griffitts interviews Diane Gardner, “Your Tax Coach”. Did you know that taxes are our biggest expense?  And did you know that owning your own business – even a startup or sideline business – is the best tax shelter in America? Are you taking advantage of every opportunity to lesson your tax burden? If you are like most of us, taxes are not only your biggest single expense but also your biggest nightmare. Can you imagine what you would do with an extra $15,000 per year? Sadly, that is the average amount small business owners waste in taxes that they just
Read More

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Categories