4 Key Elements Of a Small Business Owner’s Estate Plan

4 Key Elements Of a Small Business Owner’s Estate Plan

If you’ve dreamed of leaving your company to your family but haven’t sufficiently included your business in your estate plan, that dream could become a nightmare for your heirs—and for your business’ team members and clients, too.

To ensure your company is passed to your family in exactly the way you desire, you want to create a comprehensive estate plan. The plan will likely include some of these key elements: 

Four Cryptocurrency Risks and Scams and How to Navigate Them

Four Cryptocurrency Risks and Scams and How to Navigate Them

Cryptocurrency is one of the hottest topics in today’s business sector. The first and most well-known cryptocurrency was Bitcoin. Launched in 2009, Bitcoin went from something only computer geeks and hackers talked about to a global phenomenon that’s transformed how the entire world views money. 

As of November 2017, a single Bitcoin was worth more than $10,000, with the currency’s total market capitalization at roughly $158 billion. Bitcoin’s explosive success spawned a legion of other coins, known as “altcoins,” such as Ethereum, Litecoin, and Ripple, and the global market value for all cryptocurrency is currently more than $300 billion.

With such huge amounts of money transitioning into the world of cryptocurrency, it’s no wonder entrepreneurs are flocking to it, whether they’re using it to conduct business transactions, raise funds for their startup, or as an investment vehicle. However, because it’s largely unregulated, involves extremely complex technology, and offers significant anonymity, the cryptocurrency market has also become a haven for cyber criminals. 

The brief history of cryptocurrency is littered with stories of people losing major money through hacking, along with a variety of other traps and scams. As with any new technology, the key to safety when dealing with cryptocurrency is education. While business owners should do their own research before dipping their toes into the “crypto” waters, this article discusses four of the most common scams to look out for and how to know whether investing in or using cryptocurrency is right for you and your business or family.

Business Owners May See Potential Windfall From New Tax Bill

Business Owners May See Potential Windfall From New Tax Bill

Due to its highly touted “business friendly” nature, the new Republican tax bill—which recently passed both the House and Senate—has been highly anticipated by many business owners. Known as the “Tax Cuts and Jobs Act,” both the House and Senate versions reduce tax rates, adjust tax structures, and revamp tax benefits for businesses to stimulate economic growth.

While it’s uncertain what the final bill will include, or if it will even pass, both versions include common elements, which prudent business owners should be aware of when planning 2017’s year-end taxes. For example, you can adopt tax-saving strategies like deferring income to 2018 or accelerating deductions into 2017 if your business’s marginal tax rate is likely to be lower in 2018, or do the exact opposite if your rate will be increased or if certain tax deductions will not be available to you in 2018. Just keep in mind—nothing is set in stone, yet.  

One thing is clear though, proactive planning with a trusted advisor can help you navigate the changes, once they are set. Those who are educated and plan ahead can make the most of whatever the tax law does become through re-structuring or structuring new entities. So even if you are reading this and it’s “too late” for 2017, contact us now so we can begin planning for 2018 early in the year. 

New Bill is Potential Game Changer for Your Family’s Tax Strategy

New Bill is Potential Game Changer for Your Family’s Tax Strategy

If you follow the mainstream or social media news, you likely know the new Republican tax bill, which recently passed both the House and Senate, is a potential game changer for tax planning. Known as the “Tax Cuts and Jobs Act,” both houses of Congress passed different versions of the bill, so it’s unclear what the final legislation will include, or if it will even pass. 

That said, both versions include some common elements, and since we’re close to year end, it’s important to understand what these potential changes might mean for your family’s tax planning. For example, if you are a W-2 employee, you may want to start a side-line business in 2018 to offset some of the potential negative impact of the tax law changes, and we may be able to help you with that.  If you have specific questions on personal impact to you, contact us prior to year end so we can discuss. 

You can use this knowledge to implement tax-saving strategies—by potentially deferring income to 2018 or accelerating deductions into 2017—if you take action before year end.  

But keep in mind: None of this is set in stone, yet. By the time this article is published, we’ll certainly have more information. And one thing is for sure, knowledgeable, proactive planning is always wise, especially when supported by a trusted advisor who can guide you.

For Maximum Success, Make Hardship and Change Your Business Partner

For Maximum Success, Make Hardship and Change Your Business Partner

“Everything happens for a reason.”

Even if you firmly believe in this quote, it can still be annoying when people say this in the aftermath of a particularly distressing hardship. When the business you worked so hard to build goes into bankruptcy or you find yourself caught in the trap of a huge conflict you didn’t foresee, the last thing you want to hear is someone smugly tell you that your failure is part of some grand cosmic plan. Surely, some traumatic events happen simply to make us miserable.

Given enough hindsight, though, even the most horrific occurrences can have a silver lining—even if it’s just to teach you not to make the same mistake again. And with maturity, most of us discover that it’s not our successes that define our character and lead to growth; it’s our failures. 

That said, it’s critical to point out that surviving failure doesn’t necessarily ensure you’ll become better for having had the experience. Our personal evolution is intimately tied with our reaction to such events. Indeed, the most important thing to keep in mind isn’t that mistakes occur from some larger reason—it’s that there’s absolutely no value in letting anger, fear, and depression keep you from moving on.