Today, many people and small businesses are operating in survival mode. In addition to managing the effects of the pandemic, they’re now struggling with skyrocketing inflation and other financial concerns. In November, the consumer price index (CPI) was up 6.8% over the prior year, the…
Instant brand recognition and the security of belonging to a group with a track record can be appealing. But there are also disadvantages to consider before buying a franchise. Here’s a look at the pros and cons of taking this route to going into business for yourself.
Wining and dining customers can provide tax deductions. In fact, the deduction for business meals has been doubled from 50% to 100% of the cost of restaurant-provided food and beverages for the 2021 and 2022 tax years. The temporary deduction includes sales tax, delivery charges and tips. Recent IRS guidance extends this favorable tax treatment to the meal portion of travel per diems paid or incurred for the 2021 and 2022 tax years.
Don’t wait one moment longer. Succession planning for family businesses is often complicated and even emotional. Creating a clear and cohesive plan for how ownership will pass to the next generation is critical to avoiding conflicts that could harm or even end the company. This article discusses strategies that family business owners should consider when developing a solid succession plan.
Some types of insurance coverage are essential, such as auto insurance if you drive a car or a homeowner policy if you own a home. But other types are strictly a matter of priorities and depend on factors such as your age, health, and family members. How can you begin to sort it out?
Charitable giving is often rewarded with federal income tax breaks. Recent legislation includes four temporary expansions of the breaks for individuals and businesses that donate to qualified charities through the end of 2021. Here’s an overview of these provisions, which Uncle Sam hopes will encourage you to make additional charitable contributions during the COVID-19 pandemic.
What are the ingredients of a great workplace — the kind of place where employees stick around and work hard? They may not be what you think, and you don’t have to be a huge “hip” company like Google or Apple to make it happen. The Gallup Organization has been studying the question for years, and has come to some conclusions. Read on to find out what Gallup has discovered — and what you can do to leverage the research firm’s insights.
Required minimum distributions (RMDs) from qualified retirement plans and IRAs were suspended for the 2020 tax year under the CARES Act. But the reprieve was only temporary. So, people who previously took RMDs must resume distributions in 2021, while anyone who turned 72 last year or will turn 72 this year must start taking RMDs. Here are answers to common questions about the RMD rules.
Don’t rock the boat! This rather trite saying has been in use for generations, and many family business owners take it to heart. But maintaining outdated practices or continuing to employ under-performing family members are generally detrimental to the bottom line. This article urges family business owners to take an objective look at their operations and make adjustments accordingly.
Water and air might be the only specific “products” that everybody wants. Unless you’re selling those, and don’t have an unlimited marketing budget, targeted marketing is the way to go. But are you pursuing that strategy effectively? It might be a good idea to review your marketing practices.