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If you’ve reached an age when you really want to start working on your estate plan, one arrangement to consider is a revocable living trust. Perhaps you’ve heard of one, but you’re fuzzy on the details. Here are the basics. You create a revocable living trust while you’re alive and can cancel it at any […]

A gradual decline in expected gross profits over the course of a project is known as “profit fade.” It not only undermines the financial performance of construction companies, but also may raise red flags with sureties and lenders. For these reasons, contractors face an operational imperative to recognize why profit fade happens and know what steps they […]

A business can enjoy a healthy additional revenue stream by owning commercial property and renting out space to other companies. However, it’s important to remember that a commercial real estate lease, like any other contract, can be negotiated — something your tenants will likely let you know right away. This is why you probably shouldn’t use a […]

Do you own real estate that will produce a big capital gain when you sell it? Fortunately, you may be able to realize significant tax benefits by negotiating an installment sale of the property. However, there are several potential tax traps to avoid. How do you qualify for installment sale reporting? It’s relatively easy. All […]

Payroll fraud is a threat to any business that pays employees or contractors. Unfortunately, this type of financial crime can go undetected for months — even years — and inflict significant losses. Findings from Recent Study The Association of Certified Fraud Examiners (ACFE) defines payroll schemes as, “A fraudulent disbursement scheme in which an employee causes […]

Have you given any thought to your retirement? Even if you don’t expect to retire anytime soon, the earlier you start planning how you’ll transition from work to retirement, the more likely you’ll be to meet your personal and financial goals. Here are several questions to answer before you call it quits. What Do You […]

There was once a time when a retiring doctor could easily sell a thriving practice to a hospital or practice management company. These days, many practice management firms are out of business and hospitals are more likely to be selling than buying. So if you’re heading for retirement and planning to put your practice up […]

While preparing your succession or estate plan, it’s critical to value your family business both internally and externally. You might wonder what that means because, understandably enough, you may assume your company has just one value. In fact, it can have multiple values depending on the valuation standard used. The different results can help you determine whether […]

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or […]

When people are young, saving for retirement is often the last thing on their minds. But starting early and saving every month can translate into a huge difference in your net worth at retirement — all through the power of compounding. It’s a simple concept: Compounding allows you to earn profit on your profit, or […]