This article discusses how hard it is to ensure that your family business survives to the next generation. With the help of these best practices like setting boundaries, dividing roles and responsibilities, and treating family members fairly, your business could be on its way to a healthy future.
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It may be hard to believe, but the end of the year is upon us. During this time, many of us might reflect on the year and tally up the good and the bad, the pros and the cons of the past 12 months. In a society that focuses on success and getting ahead, probably the most common thing to do is zero in on what you didn’t accomplish, or what went wrong. But science tells us that if you’re smart, you’ll look back with gratitude. And the best news is: it’s good for our health.
Gratitude Changes Your Brain – For the Better
When you give thanks for positive things in your life and show appreciation, it literally changes the structure of your brain, according to UCLA’s Mindfulness Awareness Research Center. It keeps the gray matter functioning and causes synchronized activation in multiple brain regions, lighting up parts of the brain’s reward pathways and the hypothalamus. It’s kind of like an anti-depressant: it boosts neurotransmitter serotonin and causes the brain stem to produce dopamine, a chemical that mediates pleasure in the brain. In short, thinking about what you’re grateful for is kind of like free therapy.
Make a List of Your Successes
So now that you know how gratitude works, make a list of what you’ve accomplished this year. It doesn’t have to be big and dramatic; for instance: you ate at home more often. You decided to recycle. You drank more water. However, if you got a promotion and raise, by all means write it down and feel good about it. Besides, there’s more that happens: when you’re feeling grateful, you generate higher levels of activity in your hypothalamus, the area which controls a large array of essential body functions, like eating, drinking and sleeping. According to the National Institute of Health (NIH), this activity prompts you to exercise more, get better sleep and, best of all, decreases depression and bodily aches and pains. How’s that for some motivation to put pen to paper?
Keep a Journal for Next Year
As you can see, being grateful is beneficial, both mentally and physically. So why not keep a journal for the upcoming year? It doesn’t have to be fancy. Granted, a journal helps organize your thoughts and can be your go-to source should you start feeling down. But practicing gratitude can be as simple as jotting down your thoughts on a sticky note and posting it on your mirror. Another way to do this is to pick a gratitude buddy. When you think of something you’re thankful for, text or email a friend. Don’t worry about it sounding right, just do it! Chances are, it’ll not only make you feel better, it might brighten your friend’s day, too.
Just Look for Positive Things
According to Dr. Alex Korb in his book “Upward Spiral,” the simple act of seeking things to be grateful for has as much if not more benefit than the things you are actually grateful for. Korb says that the search “forces you to focus on the positive aspects of your life. This simple act increases serotonin production in the anterior cingulate cortex.” This area of the brain not only regulates blood pressure and heart rate, it’s also responsible for decision making and evaluation processes. Serotonin is good stuff: it’s known as the happy chemical. See how good this gratitude thing is?
So, in the coming year, if you start feeling blue and negative, here are some quick remedies:
1) Look in the mirror and name five things you like about yourself.
2) Write someone a thank you note.
3) When something bad happens, think of something good that’s happened.
4) Give someone a compliment. The act of giving is soul-nourishing: to give is to receive.
Here’s to looking back and feeling good, then moving forward with positive vibes!
Sources
https://thriveglobal.com/stories/how-gratitude-actually-changes-your-brain-and-is-good-for-business/
https://www.news-medical.net/health/Dopamine-Functions.aspx
http://ebooksdownloadfreeed.blogspot.com/2016/04/the-upward-spiral-pdf-free-download.html
https://www.alleydog.com/glossary/definition.php?term=Anterior+Cingulate+Cortex
Eric Schmidt, former Google CEO, made a prediction in September 2018 that the internet will split in two – one part being led by China and the other by the United States. The reasoning behind this involves China’s active monitoring of all internet activities, as well as technological products and services from the country. Other reasons include a different leadership regime, controls and censorship.
Although it's just speculation, the splinternet phenomenon has been around since the 1990s. Also known as cyber-balkanization, the concept is slowly taking root as governments seek to fence off their internet to create national internets.
How Realistic is Splinternet?
The United States has maintained dominance over the internet since its inception and going public. But in the modern digital landscape, rules and regulations are expected to curb the global internet into smaller networks. The idea is being driven by nationalism as well as concerns surrounding digital colonization and privacy issues.
China is one country known to be taking steps to compartmentalize the internet through its Great Firewall. Other countries that have taken steps to control domestic access to the internet include Russia and Iran. Europe is also taking steps toward reducing U.S. dominance by increasing regulations that require data localization. They have facilitated this with the 2018 introduction of General Data Protection Regulation (GDPR).
In the United States, there is a drive to increase internet fragmentation to reduce the domination of large companies. This is because of the need to increase personal data protection and reduce data control by large companies. With the world becoming more global, we continue to see cases of large companies like Facebook or Apple having more influence as well as centralized power.
Though a small fraction of the internet interactions, this provides a good example of the splintering. With such fragmentation of the internet increasing, it’s bound to have an effect on economic interests.
How a Split Internet Would Affect Businesses
Data has become a critical resource, from influencing purchasing decisions, behavior dynamics, health and other aspects. But with the changing internet landscape, businesses could be affected in one way or another. Businesses have had an easy time operating in a standardized web. But with the unity of the internet shattered, they would have to adjust their planning and metrics to fit into the new environment. For instance, due to China’s domestic internet control, it’s impossible for some companies in the United States to carry out business operations in China.
This situation presents a challenge for businesses – and especially those whose operations are purely internet based. Increased regulation means disruption of operations.
For small companies expanding to other countries, it would be difficult due to the overhead costs of compliance to various regional regulations. As a business, failing to comply with the laws of a different region would subject it to hefty fines.
Be Prepared
Whether this is going to be a reality or not, the fact is there are big changes happening on the internet. The days of an open internet are dwindling with different countries and companies erecting digital walls on the internet every other day.
Unless we have a new set of global rules that enhance openness and public interest, businesses and consumers will have to navigate complex laws and regulations that will not only affect the economy, but also disrupt seamless communication.
Since data today plays a big role in the digital economy, businesses can’t afford to ignore the possibility of a splinternet. As a business owner, you need to stay steps ahead as it would be a challenge connecting with your customers when caught up in the changes.
Businesses need to know how to follow consumers to new environments – and this could mean a bigger budget is required for development and testing different markets. Given that technological changes happen gradually, it’s advisable to keep tabs on tech trends and adjust accordingly. 
This article discusses how utilizing some best practices can go a long way when evaluating a business. Examining stock prices, assets, cash flow, and the surplus in debt, should be considered each and every time a business is valued. In addition, bringing in a professional can make it easier on you and ensure that the process is done correctly.
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The markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale. If you’ve held the stocks for more than a year, then they will qualify for the more favorable long-term capital gains tax (instead of being taxed as ordinary income rates for short-term sales). But the total tax due can still be enough to warrant some tax planning. Luckily, the tax laws provide for several ways to defer or even completely avoid paying taxes on your securities sales.
1. Using Tax Losses
Utilizing losses is the least attractive of all the options in this article since you obviously had to lose money on one security in order to avoid paying taxes on another. The real play here is what is often referred to as tax-loss harvesting. This is where you purposely sell shares that are at a loss position in order to offset the gains on profitable sales and then redeploy this capital somewhere else. You’ll need to carefully weigh where to put the money from the sale of the shares sold at a loss as you can’t just buy the same stocks back. This is considered a “wash sale” and invalidates the strategy.
2. The 10 Percent to 15 Percent Tax Bracket
For taxpayers in either the 10 percent or 12 percent income tax brackets, the long-term capital gains rate is 0 percent. The income caps for qualifying for the 12 percent income tax rate are $39,375 for single filers and $78,750 for joint filers in 2019 ($40,000 and $80,000, respectively in 2020). Also, keep in mind that the stock sales themselves add to this limit – so calculate carefully.
Aside from selling appreciated securities yourself, another way to take advantage of the 0 percent bracket is to gift the stock to someone else instead of selling the securities and then giving the cash. Beware, however, as trying to do this with your kids can disqualify the 0 percent treatment because the kiddie tax is triggered on gifted stock sold to children younger than 19 or under 24 if a full-time student.
3. Donate
Donating appreciated securities is where we start to get into the more beneficial strategies. This technique only makes sense if you were already planning to make charitable contributions. Say you are planning to donate $10,000 to an organization and are in the 25 percent tax bracket. In order to write a donation check for $10,000, you would have had to earn $13,333 in income to sell the same amount of stock in order to have $10,000 left after taxes to make a cash donation in that amount.
If you donate appreciated stock instead, you only need to donate securities valued at $10,000 and you get to deduct $10,000 as a charitable deduction. That avoids the capital gains tax completely. Plus, it generates a bigger tax deduction for the full market value of donated shares held more than one year – and it results in a larger donation.
4. Qualified Opportunity Zones
This is the newest and most complicated (as well as controversial) way to defer or avoid capital gains taxes. Opportunity Zones were created via the Tax Cuts and Jobs Act to encourage investment in low-income and distressed communities. Qualified Opportunity Zones can defer or eliminate capital gains tax by utilizing three mechanisms through Opportunity Funds – the investment vehicle that invests in Opportunity Zones.
First, they offer a temporary deferral of taxes on previously earned capital gains if investors place existing assets into Opportunity Funds. These capital gains defer taxation until the end of 2026 or whenever the asset is disposed of – whichever is first.
Second, capital gains placed in Opportunity Funds for a minimum of five years receive a step-up in basis of 10 percent – and if held for at least seven years, 15 percent.
Third, they offer an opportunity to permanently avoid taxation on new capital gains. If the opportunity fund is held for at least 10 years, the investor will pay no tax on capital gains earned through the Opportunity Fund.
Again, the caveat here is that the details of Opportunity Zone investments can be extremely complicated, so it’s best not to attempt this one on your own. Consult with your tax advisor.
5. Die with Appreciated Stock
Unfortunately, while probably the least popular method for readers, this is certainly the most effective. When a person passes away, the cost basis of their securities receives a step-up in basis to the fair market value to the date of their death. As an example, if you purchased Amazon stock for $50 per share and when you pass away it is worth $1,700 per share, your heir’s basis in the inherited stock is $1,700. This means if they sell it at $1,700, they pay no tax at all.
Conclusion
None of the above methods are loopholes or tax dodges; they are all completely legitimate. However, your ability to take advantage of these techniques will depend on your income level, personal goals and even your age. As a result, it’s best to consult with your tax advisor to see what makes sense for your personal situation.
This article discusses how technology is changing the way small businesses operate on a day to day basis. From working from home to social media marketing, these tech advancements are vital to staying up to date as your business grows. 
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When you graduated from school, you probably thought you were done studying, cramming, and taking tests that make you sweat. Unfortunately, to become a CPA, Financial Advisor, or Fraud Specialist (among others), you must take certification exams in order to achieve those designations. 
These exams are a difficult, but necessary, step to advance your career in the accounting profession. But have no fear! We have gathered our top five tips for taking accounting exams to help you succeed. 
Below are the best ways to help you avoid the anxiety and late night grinds associated with preparing for accounting exams: 
Choose a prep course. Make sure you check out sample videos. Find something that engages you and keeps your interest throughout the course work. 
Create a study strategy. These exams cover a lot of material. You need a way to identify which concepts you know well and which ones need work. We suggest making good use of multi-colored pens and highlighters to mark concepts you know and concepts you need to review. 
Focus, Focus, Focus. Did we say focus? Sometimes life has too many distractions. If you can’t focus right now, think about taking the exam at another time. You should be able to put aside a few hours every day (to study) and if you can’t commit to that, it might not be the best time to take the exam. 
Figure out which exam to take first. Everyone has a different strategy. If you don’t know, pick your strong suit and start there.
 Timing. We suggest taking the exam towards the end of test window, because you will get your scores back sooner. Every day you have to wait for your score is excruciating, especially after your first exam! 
Of course the standard tips apply – eat healthy and get plenty of rest. Cramming the night before a test never worked in college and trust us – it won’t work now! And remember focus, focus, focus! 
Once you pass your first exam, you will know what it takes for you to be successful. It’s a real confidence booster! Remember what tactics worked and apply those to your next set of exams. Before you know it, you’ll be done and you will have a designation you’ll be proud of!
This article discusses how marketing has changed over the years and what you can expect/need to know heading into the new year. Whether it is the use of A/B split testing or integrating AI to do simple, repetitive tasks, marketing is changing the way businesses are operated.
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This article outlines the best practices that your business can take in order to increase growth. The best part is that none of them require more money! Whether it is billing faster or streamlining your marketing message, these tips can really propel your business as we approach the new year. 
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This article discusses the instant gratification that we seek when it comes to the business industry. We want to buy low and sell high as soon as we can, but that may not always be the best move. From establishing autonomous operations to leaving your own unique footprint, these tips can help you sustain growth as we head into the new year.
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