September 19, 2017

The Storm Passed: What’s Next?

The recent hurricanes have dealt low blows all across the southern U.S. along with many of the beautiful Caribbean islands. Just last week millions of Floridians, Georgians, and Carolinians evacuated ahead of the massive storm Hurricane Irma. Just prior to her brutality, Houstonians and others along the coast of Texas broke down as Hurricane Harvey crippled the nation’s 4th largest city. Now, even today, we watch and wait to behold the devastation Hurricane Maria leaves in her wake, as she tramples the U.S. Virgin island of St. Croix. Natural disasters are horrendous. They not only bring about physical devastation but a hurricane of emotions with them as well. Knowing what to do after the storm is just as important as prepping for it too. Now that the storm passed, what should you do once you return home? Well, if you come back to your house and find everything in disarray, there […]
August 30, 2017
recasting financial statements

Recasting Financial Statements for a Successful Small Business

If you’re a business owner, you’ve likely heard the term EBITDA tossed around before. EBITDA is an acronym which stands for Earnings Before Interest Taxes Depreciation and Amortization. Recently, a client approached me wanting to know what their EBITDA was and how should it be used for valuation purposes? So let’s break that down a little more. Recasting Financial Statements So, when we talk about EBITDA, it’s important to realize that your profit and loss (P&L) statement may or may not be out of whack. In order to find the accurate valuation of your business, you need a normalized EBITDA. That’s where recasting financial statements come in. It is figuring out the true benefit a business owner receives from the business. It is used in calculating the value your business and is often referred to as recasting or normalizing the financial statements. In the past, I have seen business owners […]
August 17, 2017
volatility in the markets will come

Volatility in the Markets Will Come

Somone recently asked me, “What is volatility?” I explained it is simply the rapid rise or fall in price. The last little bit, the stock market has been steady and boring, nothing special or crazy. It hasn’t really been in the news lately and because of that, I’d say we as investors are a bit lackadaisical at this point. This isn’t going to happen forever though. While we have smooth sailing right now, that won’t always be the case. Volatility in the markets will come because that’s part of investing. A recent fishing trip reminded me these five lessons when it comes to dealing with a volatile market place. Go fishing!—While we are seeing smooth seas right now, rough choppy waters are ahead but don’t be afraid to invest because of that. If you do you may miss out on some of the best returns you’ll ever see. We don’t know […]
August 10, 2017

Achieving Charitable Desires While Increasing Your Net Gain

When it comes to philanthropic giving business owners are often at the top of the list. Giving allows them to experience personal satisfaction as well as shelter some of their proceeds from Uncle Sam. Not only do they give on a regular basis, but many of my clients want to give a portion of their proceeds to their favorite charity upon the sale of their business. These donors/business owners are firm believers that they need to give some of the proceeds to a charity. Those charities run the gamut. Some are based on religious beliefs, while others are merely philanthropic desires.
August 8, 2017

Tips to Protect Taxpayers from Identity Theft

Eight Tips to Protect Taxpayers from Identity Theft Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they are victims of identity theft when they submit their tax returns. That’s because the IRS lets them know someone else already used their SSN to file. The IRS continues to work hard to stop identity theft with a strategy of prevention, detection and victim assistance. So far, the agency has stopped millions of dollars from getting into the hands of thieves. Check out these eight tips on how to protect against identity theft: 1. Taxes. Security. Together. The IRS, the states, and the tax industry need everyone’s help. The IRS launched The Taxes. Security. Together. awareness […]
July 11, 2017
active and passive strategies

Active and Passive Strategies

In life, there are active people. You know, the ones that grab the bull by the horns and do everything in their power to tame the beast. Then there are passive people. Those that sit on the sidelines cheering on the bull tamers. Both are relative and necessary to make the world go around. Quite honestly, it’s the same when it comes to financial planning and investing. Both active and passive strategies are necessary to conquer your goals. For example, the realm of financial planning. A good financial plan implements budgeting, risk analysis, taxes, retirement accounts, college funds, long-term care, estate planning and more. Let’s look at a couple of these individually and how active versus passive fits into the grand scheme of a financial plan. Active and Passive Strategies for Budgeting It’s imperative to a good financial plan. If you don’t take an active approach to this and keep an […]