The COVID-19 pandemic, uncertain market conditions, and potential tax law changes continue to impact small business owners and their families nationwide, and our community is no different. It has left many owners unsure of what the future may hold for their business and what planning they should consider to keep their business viable for years […]

As a business owner, if you are considering partnering with a personal financial specialist (PFS), you are on the road to mastering your financial future. You may have reached a position in your small business where you have accumulated enough assets and feel the need to work with an expert.  And most importantly, you want […]

Many small businesses lack the capacity and the financial muscle to manage specific functions effectively. Preparation of financial statements and complying with the federal tax laws are among the most challenging functions that can put small businesses at risk.​​As a business owner, do you find yourself wondering if your business is maximizing profit? Do you […]

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased for certain taxpayers Is fully refundable (meaning you can receive it even if you don’t owe the IRS) May […]

Natural and human-made disasters can strike anywhere and anytime. Here are ways your business can be prepared. Identify all your risks. Hurricanes, floods and wildfires may be on your list. But consider prolonged power outages and cyber threats. Develop an emergency plan, communicate employees’ responsibilities and have alternate locations where you can work. Design a […]

Knowing how much your business is worth can do more than figure out how much money you can get when you sell it. Creating an accurate valuation is part of an ongoing business strategy. COMPARING AND PROJECTING Think of a business valuation as an appraisal, which is generally created by analyzing a company’s tangible and […]

When it comes to managing your personal finances, you need the right financial professional on your team. Knowing the differences between the various professional designations will help. CPA (Certified Public Accountant): One of the more widely recognized certifications. These professionals are tax and accounting specialists who can help with reducing taxes, preparing tax returns, and […]

The American Rescue Plan Act, signed into law in March 2021, made significant changes to the child tax credit for 2021 only — unless Congress extends these changes. OLDER CHILDREN COVERED The tax credit now includes children who are age 17 as of December 31, 2021. INCREASED AMOUNT The credit amount increased from $2,000 to […]

Applications are now open for restaurants and other eligible businesses that have been impacted by COVID-19. The Restaurant Revitalization Fund (RRF) was established under the American Rescue Plan Act and provides up to $10 million per business and no more than $5 million per physical location for pandemic-related revenue loss. Businesses will not have to […]

From a mortgage to credit cards, interest rates affect nearly everyone’s budget. Understanding how interest rates are set and how your credit score affects the rate you receive can show you ways to potentially pay less. HOW RATES ARE SET The twelve Fed members of the Federal Open Market Committee set the federal funds rate. […]

The December 2020 stimulus package provided a few noteworthy tax breaks for companies. A temporary tax break for 2021 and 2022 allows businesses to deduct 100% of business meals eaten at a restaurant, up from the usual 50%. For businesses hard hit by the COVID-19 pandemic, the Employee Retention Tax Credit is available for the […]