There isn’t a single person who isn’t impacted by the spread of COVID-19, in some way. With the sheer number of businesses, public spaces, and school closings, we are all finding ourselves in positions we very likely have not planned for very well. This is a time unlike any other that we have experienced, and we’re seeing it hit the job market in a big way. Thousands of people have been laid off across the Read More
Three Reasons Coronavirus Makes Estate Planning More Important Than Ever
These unprecedented times are scary for us all. Though the numbers are still out, it seems that while coronavirus is mainly life-threatening only for the elderly and immunocompromised, it can also in some cases claim the lives of the young and the healthy. For many, this is a wakeup call. Between accidents and undetected medical issues, the young and seemingly healthy have never been death-proof, but the highly Read More
Accessing Research and Development Credits
Many small business owners are not aware of a tax credit they can take advantage of: the Research & Development (R&D) Tax Credit. The purpose of this is to encourage innovation from small businesses by offsetting their costs of research and development. It was also implemented to help keep skilled workers in the U.S. Up to $1.25 million (or $250,000 each year for up to five years) in tax credits can be Read More
The SECURE Act’s Impact On Estate and Retirement Planning—Part 2
On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it could have big implications for both your retirement and estate planning strategies—and not all of them are positive. Last week, we discussed three of the SECURE Act’s most impactful provisions. Specifically, we looked at the SECURE Act’s new requirements for the distribution of assets from Read More
4 Estate Planning Documents No Entrepreneur Should Be Without
Though most entrepreneurs understand the value of effective business planning, fewer are aware of the critical role estate planning plays in their company’s success. Yet considering what would happen to your business upon your death or in the event of your incapacity is one of the single-most important things you can do for your business. Indeed, without a proper estate plan, the business you worked so hard to Read More
How Will The Coming Wealth Transfer Affect Your Family and Business?
Whether it’s called “The Great Wealth Transfer,” “The Silver Tsunami,” or some other catchy-sounding name, it’s a fact that a tremendous amount of wealth will pass from aging Baby Boomers to younger generations in the next few decades. In fact, it’s said to be the largest transfer of intergenerational wealth in history. Because no one knows exactly how long Boomers will live or how much money they’ll spend before Read More
4 Ways To Scale Your Business for Sustainable Growth
Scaling your business is about effectively planning and preparing for growth, so as your operation gets bigger, your costs and workload don’t increase to unsustainable levels. To properly scale your business, you should be increasing revenue at a rapid rate, while increasing costs at a much slower rate. Growth is only sustainable if you have the systems and resources in place to support expansion. In other words, Read More
Explaining Cost Segregation Studies
Saving money on taxes can mean using some creative methods. One of these methods in California is a cost segregation study (CSS), which is a detailed analysis of your business’s assets that identifies items that can be untangled from real property. The primary purpose of a CSS, also referred to as an accelerated depreciation study, is to find components of real property, or related personal property, that may have a Read More
5 Simple Asset Protection Strategies to Protect Your Family’s Assets
While most people assume only the extremely wealthy need to worry about asset protection, those with less wealth and fewer assets may be at even greater risk. For example, if you’re a multi-millionaire, a $50,000 judgment against you might not be that big of a burden. But for a family with a modest income, home, and savings, it could be catastrophic. Asset protection planning isn’t something you can put off until Read More
The SECURE Act’s Impact On Estate and Retirement Planning—Part 1
On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it represents the most significant retirement planning legislation in decades. Indeed, the changes ushered in by the SECURE Act have dramatic implications for both your retirement and estate planning strategies—and not all of them are positive. While the law includes a number of taxpayer-friendly Read More
