It’s tax day! Obviously, the best option is to file your taxes on time, even when you can’t pay what you owe. This will save you from the failure to file penalty. However, if your best efforts left you falling flat on finalizing your taxes today, all hope is not lost. You can file an extension, but you will still need to pay in order to not face fines or penalties. Here are some tips on how to handle things if you can’t finish today.
When it comes to owning a business, it’s been stated that 80-90% of our net worth is tied up in our business. Many times business owners will go out and hire an investment advisor and pay them 1% to manage small portion. Yet, we’ll look all around trying to figure out how to grow the value of your business.
We’ve all heard the old adage about assumptions. It makes an—well you get the point. Recently I was part of a meeting between a client and their employee. While I sat back and watched the two of them dispute of minute details, I could see both of their sides. They, however could not. Which lead me to ponder assumptions and their worth.
To ensure your tax obligations are met, it is essential that you file an accurate tax return. If you make an error on your tax return, it will likely take longer to process and could delay your refund. Most of the common tax return mistakes can be avoided if you file electronically using the IRS Free File, the most accurate way to file. But if you don’t, here are the eight most common issues you might make when preparing your tax return:
You have finally reached the stage where the actual selling of your business begins. One of my attorney friends actually calls this stage “the first of many battles” in the “war we’re going to wage.” Your potential buyers become intentional buyers. Once they see the value of your business, buyers will issue a Letter of Intent to purchase your company. Negotiations begin. If buyer and seller teams reach agreements beneficial to both parties, you win the first battle in the formal business sale. As I’ve done before, let me implore you to listen to your legal counsel. Rely on your transition team to guide you through the landmines. This is an exciting time! However, don’t let the thrill of a Letter of Intent to buy your business cost you. Take this first step in the formal business sale cautiously.
We’ve been discussing the actual sales process in our Building a Sellable Business series. Once you’ve assembled your team and hired a sales facilitator, you all work together towards the end. You estimate your business’s actual value. Then, you identify your ideal type of buyer. As you prepare your pitch book and practice your sales presentation, it’s time to choose the best way to sell your business… can you make the most money by selling your company through a public auction or a private sale?