Should I Consider Combining Long-Term Care and Life Insurance?
We have an aging population. It’s not uncommon for people to spend more than a third of their lives in retirement. You work hard and save money so you can enjoy those years and pass something down to your children. But what happens if you get sick for a long period of time? Most health […]
Collecting Sales Tax in the Wake of Wayfair: What You Need to Know
For years, if your company sold products online, a state could only require you to collect state sales tax if you had a physical nexus (offices, distribution centers, payroll, etc.) in that buyer’s state. The Supreme Court ruled in 1967 and again in 1992 that this physical presence test would apply. For example, if a […]
What Is a Lien and What Should You Do About It?
When the average person hears the term “lien,” they probably think of a lien on a house that can slow down the sale of a home. Liens are fairly common in the world of real estate, but they can be granted in a wide range of transactions that involve borrowing money to make a purchase. […]
Have Foreign Bank Accounts? Know the Rules and Tax Implications or Else
It’s common, and perfectly legal, for Americans to have bank accounts in foreign countries. Many Americans are or were citizens of foreign countries and visit those countries often, while others live abroad full-time. They might have a family, own property and pay bills in another country. Some people just travel frequently to certain destinations and […]
The Value and Core Components of a Business Plan
Think of a business plan as a roadmap for a new company. An effective business plan is a document that provides an overview of your operations, objectives, and expectations for the next three to five years, as well as an explanation of your strategy for achieving those goals and meeting those expectations. Maybe you want […]
7 Questions to Ask when Planning Your Exit Strategy
When you mention “exit strategy,” the average business owner hears “cha-ching.” In other words, “my exit strategy is to sell my company for a huge profit.” That may very well be the end result, but it’s not the only exit strategy, and many things need to happen before you get to that point. Here are […]
What Are the Differences Between a Traditional IRA and a Roth IRA?
An IRA, or individual retirement account, is a great vehicle for building wealth and saving for retirement. Although there are many different types of IRAs, each with their own pros, cons, and rules, the two most common IRAs are traditional IRAs and Roth IRAs. Traditional IRAs were introduced in the Employee Retirement Income Security Act […]
Understanding the Basics of Charitable Giving
There’s a reason why nonprofits devote so much time and energy to end-of-year fundraising campaigns. According to Network for Good, 30 percent of all charitable giving happens during the month of December. In fact, 12 percent of all giving happens in the final three days of the year. While many people are in a giving […]
Virtual CFO: What It Is and Why You Might Need One
As businesses grow, their financials become more complex. As financials become more complex, it becomes more difficult to measure and manage cash flow, inventory, production costs, payroll and other critical financial information and tasks. This is why many companies grow themselves right out of business. They’re unable to maintain the financial controls and systems required […]
What Should Your Company Do When Cash Gets Tight?
Every business goes through ups and downs. Many have mechanisms and safeguards in place to compensate for the “downs.” However, even the best-laid plans sometimes don’t pan out due to unpredictable events, and the result can be a temporary cash shortfall. Some businesses get dangerously close to the point at which they won’t be able […]