Category Archives: Financial Planning

Choosing a Retirement Destination: Tax Considerations

retirementWith health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. Continue reading

Taking Early Withdrawals From Retirement Accounts

early withdrawalWhile taking money out of a retirement fund before age 59-1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Continue reading

Six Tips for Starting Your Own Business

new store openingStarting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help. With this in mind, let’s take a look at what you need to know before you start a new business. Continue reading

PROTECT TAX RECORDS BEFORE DISASTER STRIKES

DisasterNatural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: Continue reading

EXITING A BUSINESS: WHICH OPTION IS RIGHT FOR YOU?

Exiting a BusinessSelecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you.

There are only four ways to leave your business and the more you understand about each one, the better the chance is that you will leave your business on your terms and under the conditions you want. With that in mind, here’s what you need to know about each option: Continue reading

Q & A: RETURNING AN ECONOMIC IMPACT PAYMENT

Stimulus PaymentAccording to the Treasury Department, more than 159 million individuals have already received their Economic Impact Payments; however, a recent audit found that the IRS sent $1.4 billion in stimulus checks to deceased individuals. As such, many people may have received a payment for a deceased family member or another taxpayer who is not eligible to receive a payment and may have questions about what to do. Here are some answers: Continue reading

SMALL BUSINESS FINANCING: SECURING A LOAN

open_smallAt some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Continue reading

PAYING OFF DEBT THE SMART WAY

Debt FreeWith a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, for most people – especially those of pre-retirement age – this is unrealistic. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you won’t have to shell out every cent of your hard-earned money to your lender or feel like you’re always on the verge of bankruptcy. Continue reading

PREPARING AN EFFECTIVE BUSINESS PLAN

Business PlanA business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to gain a thorough understanding of how resources (financial and human) will be used to carry out that vision and goals. Continue reading