Building a Fortress Balance Sheet

  The best way to weather a storm is often by being prepared before the storm hits. In the case of small businesses, this means building a fortress balance sheet. What is a fortress balance sheet? This long-standing idea means taking steps to make your balance sheet shockproof by building liquidity. Like a frontier outpost…

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Don’t Run the Risk of a High Tax Bill! Know when you should ask for professional help.

  Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking…

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Is a Tax Time Bomb Lurking in Your Paycheck?

      Does your paycheck look a little higher than normal? If so, it could be a tax time bomb.   The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take…

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A Gift of Stock: Information is key when using this tax planning strategy

  You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider.   Value of the Gift When you gift stock there are not one, but…

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The Casualty Loss Problem

Tax laws severely limit who can deduct losses on their tax return caused by a catastrophic event. Now unless a loss is in a presidentially declared disaster area, victims are on their own to pick up the pieces. This is creating problems for those on the fringe of a major disaster and those who have…

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4 Key Elements of Great Business Books

Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and maintain a healthy bookkeeping system: Select the proper accounting method There are two…

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Watch Out! 7 Vacation Costs That Sneak Up on You

Going on vacation is a time to get away, relax and enjoy new experiences. But if you don’t pay close attention, extra costs can sneak up on you like tiny money-stealing ninjas. Here are seven sneaky vacation costs to watch out for: Covert airfare increases. Airline pricing algorithms are programmed to store your browsing history…

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How to Raise a Financially Savvy Child

If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to impart your wisdom. Here are some age-relevant suggestions to help develop a financially…

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How to Correct Common Financial Mistakes

You’re working at the office, getting stuff done around the house, or hanging out with family when – wham! – a phone call, email or text alerts you that something is wrong with your finances. When a negative financial event hits, don’t let it take you down. Here are some common mistakes and steps to…

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Tips to Protect Yourself From Tax Scams

Too many people downplay the threat of identity theft because it hasn’t been witnessed or experienced firsthand. This false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers: 1. Be naturally suspicious. Understand that there are people out there trying to get…

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