Business · April 08, 2024
Starting or expanding a small business brings critical financial decisions, notably choosing between a business line of credit and a bank loan. Each option serves different needs: lines of credit offer flexibility and repeated access to funds, ideal for managing cash flow or unexpected expenses, but often come with higher interest rates. On the other hand, bank loans provide a lump sum with lower interest rates, suitable for significant, one-time investments but lack borrowing flexibility.
Business · March 22, 2024
Selecting your business successor is more than a choice—it's a future-defining moment. Ensure your legacy flourishes by steering clear of common yet critical mistakes in the process. It's not just about replicating your leadership style but finding someone with the right vision, adaptability, and ability to connect with your team. Dive deeper into how to make this pivotal decision without compromising your business's future. As your trusted LIFTed Business Advisor, let me guide you through a sea
Business · March 15, 2024
As tax season rolls in, it’s crucial for small business owners to navigate the complexities of tax filing with precision. This blog highlights three common tax mistakes to avoid: miscalculating payroll taxes, misclassifying employees as contractors, and improperly deducting personal expenses as business expenses. With detailed examples and solutions, including the importance of clear payment policies and maintaining separate financial accounts, it provides actionable advice to ensure compli
Business · February 12, 2024
Building a business is a journey filled with passion and dedication, mirroring the love you have for your family. But have you pondered the future of your enterprise and the well-being of your loved ones in your absence? Our latest blog delves into the essence of succession planning, a crucial step not just for the longevity of your business but as a profound gesture of care for your family. It outlines the necessity of a clear strategy to ensure smooth transitions, safeguarding your legacy and
Business · February 05, 2024
Incorporating your children into your family business isn't just a smart financial move; it's a valuable life lesson. This strategy not only fosters work ethic and financial literacy in your kids but also offers significant tax savings. With the right setup, their earnings up to $13,850 are tax-free, fostering early savings while reducing your tax bill. It's a win-win: your business gains dedicated helpers, and your family enjoys more quality time together.
Business · January 26, 2023
Many challenges may arise both during startup and after you've established your business. You have to safeguard assets and cut your losses as much as possible because of the possibility of legal action or bankruptcy. And yet, how would you handle them? In this article, I'll go through four essential asset protection vehicles you may use to safeguard your personal finances while you establish and grow your company. Learn more.
Business · January 19, 2023
According to the latest study, more than sixty percent of businesses operate from funds from individual accounts. That's risky! Using your money and resources in a business might lead to many unexpected outcomes. If you want to lessen the blow to your financial security, here are five simple, no-cost measures you can take now. Learn more here.
Business · January 12, 2023
Parents want their kids to work for them, but many are concerned about the potential of litigation from having minors on their payroll. But there are several benefits to hiring kids in your business. Learn how parents can keep their businesses strong, and kids gain the job experience they want without the risk. Read more...