Pay Yourself First No Matter What As a business owner, you’re often working hard to cover all the expenses of the business. Whatever those expenses are, don’t forget to pay yourself first no matter what!
As a business owner, I often think my business is doing great and every aspect of it is running beautifully. It reminds me of an old adage my dad used to say, “Son, you never tell a woman that the baby is ugly or you might get slapped.” However, that’s a problem for business owners looking to succeed. Mismanagement in business is clearly visible. Their “baby” is ugly as it can be; it looks like it fell out of the ugly tree and hit every branch on the way down. Ofttimes, the ugly tree hits us and we don’t even realize it. Suddenly our business isn’t as attractive to potential buyers as we think. So, here is four strategic questions to ask yourself when approaching a potential exit plan. Even if your 10-15 years out these questions will benefit your future plan. 1. IS YOUR MANAGEMENT SYSTEM BILLED TO CONTINUOUSLY […]
Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. The Taxpayer Bill of Rights takes the many existing rights in the tax code and groups them into 10 broad categories. That makes them easier to find and to understand. You can find a list of your rights and the IRS’s obligations to protect them in Publication 1, Your Rights as a Taxpayer. Taxpayer Bill of Rights The Right to Be Informed. Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes. The Right to Quality Service. Taxpayers […]
When it comes to owning your own business, there are many perks to keep you going for years. However, at some juncture, every business reaches a stage where the owner needs to plan for the next stage of their life and the life of the business. In the world of financial planning, we call that Exit Planning. According to the Exit Planning Institute, the average business owner has around 80% of their net worth tied up in the business. If retirement is part of their life plan, then they’ll need that 80% to live off of. So how do you make those plans and get everything you want out of your business? Is your business sexy? Here are some things to think about as you formulate your exit strategy. Getting Out Whether your plan involves selling, handing down or going out of business altogether, you need a strategy in place to […]
Many students get summer jobs. It’s a great way to earn extra spending money or to save for such things as a car or your school. Here are some tips for students with summer jobs need to know about taxes: