Tax/Accounting
Why People Still Don’t Know Their 401(k) Costs
On February 3, 2012, the Department of Labor published final regulations on fee disclosure for retirement plans. The final regulations were supposedly going to finalize the process where the DOL began to expand disclosure of compensation paid to service providers of ERISA-subject plans. In short, the idea of this regulation was to offer the consumer…
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When is the Right Time to Sell Your Business?
There are different reasons why business owners decide to build a business. Some do it for their family legacy. Some do it for the potential of a big cash-out down the road. Some just build a business so they don’t have to work for the man, and get the business to generate enough income to…
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Does Your Business Have a Beneficiary?
Working as a financial planner, I see a multitude of mistakes when it comes to will preparation. One of the most common mistakes I see is when people make their wills and don’t coordinate the will with the overall beneficiary designations they have chosen. Many entrepreneurs forget to consider their business. What will happen to…
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Can I Expense That?
You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. An ordinary expense is one that is common and…
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The Ultimate Holiday Tipping Guide
If I’ve learned one thing in business, it’s that you take care of the people who take care of you. Yet year after year we are faced with the same problem. The dreaded question of how much to tip those who keep us going throughout the year? It’s enough internal dialogue to make you think…
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Tax Credits: General Business Credit
Your general business credit for the year consists of your carry forward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carry back of business credits from later years. You subtract this credit…
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Can I Hire My Kids?
For most business owners, there is always a blurred line between your personal life and your business life. Despite your best efforts (or because of them) your children often end up getting involved somehow. But let me ask you a question: is your child better at Instagram, Facebook, and other social media platforms than you? What…
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3 Times to Take on Debt for Your Business
Everybody has heard the stories of business financing gone wrong. Taking out lots of money on an idea that hasn’t been fully thought out. Paying for one loan by taking out another, and getting caught in a cycle of debt—not that small businesses have exclusive ownership on that mistake. But just because there are some…
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How Does the Incorporation Process Differ in Canada?
The incorporation process in Canada is quite similar to the United States. However, two differences are apparent. First, Canada has a federal corporations statute that allows businesses to be incorporated as a Canadian corporation (as opposed to a provincial or state corporation). Second, provincial corporation laws are generally similar to one another (except Quebec), and…
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Consultant’s Corner: Should I Buy a Company Car?
Question: As the sole owner of an LLC, what are the benefits and downsides of purchasing a company car through the business? There are many things to consider when it comes to purchasing a vehicle through your company. Business Vehicle Ownership We do not know the tax status of your sole owner LLC – sole proprietorship, C corp…
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