When a business doesn’t have a clear idea of its annual budget, it runs the risk of spending more money than it earns that year. You may have been running smoothly for years, and then decide to expand or replace
Imagine the IRS offering an apology with your tax refund: Sorry, here’s your money back. In the 2022 tax season, more than 110 million taxpayers received a tax refund — and bragged about it! The average refund was $3,252. Instead
If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion’s
It is difficult — but not impossible — to find funding for a business in volatile economic times: Some investors are always looking for new opportunities. These investors might find a business attractive if it is in a sector that
If you’re thinking of transferring assets to your children, grandchildren and distant descendants, you may want to consider using a grantor retained annuity trust (GRAT) or an intentionally defective grantor trust (IDGT). Both estate planning tools can be used to
The sooner you plan, the more prepared you’ll be for life’s unexpected twists and turns. You can start now, regardless of your net worth. You might still be paying off student loans or credit cards for the foreseeable future. Surprisingly,
The prospect of developing and adhering to a financial strategy can be overwhelming. However, it does not have to be so complicated. Consider taking the following three steps: Measuring your current financial status can be accomplished by preparing a personal
The concept of retirement is stressful for many people. Retiring in and of itself can be worrisome because it essentially entails a life where you no longer work yet you still need to support yourself. In addition to worrying about
The Tax Cuts and Jobs Act (TCJA) made many changes to the Tax Code, including dramatically increasing the standard deduction. The result is that fewer taxpayers will itemize their deductions. Taxpayers who do continue to itemize, generally high-net worth individuals,
Effective January 1, 2023, the age for stating required minimum distributions (RMDs) increased from 72 to 73. You must make required minimum distributions from your traditional IRAs after you reach age 73. However, you may delay taking money from your