Protecting Your Business from Cyberattacks and Fraud in 2022

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Protecting Your Business from Cyberattacks and Fraud in 2022

This article discusses how most companies today rely heavily on the Internet and other technology to operate. Although these tools are vital and can be useful, they also pose the threat of cybercrime. However, by utilizing strategies such as encrypting your data, investing in artificial intelligence, and utilizing your forensic accountant, your business should be able to detect fraud in its early stages. No matter the industry that you operate in, cyber security is a growing area of concern and should be dealt with head-on. Be sure to check out this link for more information!

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Determining If Your Vacation Rentals Are Really Commercial Real Estate

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Determining If Your Vacation Rentals Are Really Commercial Real Estate

This article discusses the ins and outs of a tax strategy known as a cost segregation study, and in particular, for those that own a vacation rental real estate. When the property is leased out for less than 30 days at a time, it could be recognized as non-residential real estate property. Therefore, taxpayers should undertake a cost segregation study on their property in order to take bonus depreciation and meet passive activity loss grouping rules. If your short-term vacation rental property qualifies, conducting the study can save a significant amount of money each year. Be sure to check out this link for more information!

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Ways to Keep Adult Children from Becoming a Financial Liability

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Ways to Keep Adult Children from Becoming a Financial Liability

This article explains several scenarios where your child may be asking you for financial help. First, they may have taken many loans and want your help with EMIs. The author suggests turning the child to a financial advisor to keep your finances intact. Secondly, the child may want a loan to help with a start-up company. If the child has mentioned this scenario before, then hopefully it makes sense for the parents to hand out a loan without interest with a direct time frame on when it needs to be paid back. Another scenario involves a child who wants frequent handouts. The author suggests getting a financial advisor or even seeking counseling. For more guidelines to help with your family business issues, click the link.

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Tax Deductions and Credits to Consider in 2022

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Tax Deductions and Credits to Consider in 2022

This article discusses how there are two main strategies that individuals can take advantage of in order to lower their tax bills, deductions, and credits. While tax deductions lower your taxable income, tax credits are “a dollar-for-dollar reduction to your tax bill.” However, many people do not know of or forget about all the things that can qualify as either a deduction or credit. For example, tuition and fees deductions, educator expenses, and home office deductions are just a few. No matter the industry that you operate in, be sure to check out this link for the full list and to save as much money as possible this tax season!

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Estate Planning Should Include What Happens to Digital Assets and Cryptocurrency

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Estate Planning Should Include What Happens to Digital Assets and Cryptocurrency

This article explains how the assets people own have become more complicated, making it a little more difficult to include everything in your will. Only about 46% of Americans have made provisions for how their money and estate should be handled, according to a 2021 Gallup poll. Abby Schneiderman, co-founder and co-CEO of Everplans, which helps people create accounts to store their wills, passwords, and funeral wishes, suggests taking an inventory check of your digital assets and making sure that the assets are accessible at all times by sharing the passwords of your phone and computers with someone else. She also suggests making a plan for pets as well as plans for sentimental items. Providing access to online financial assets to someone you trust is especially important for cryptocurrencies, because if you are gone and nobody else knows how to access it, then it will be gone forever.

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Embracing a New Era of Innovation in 2022

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Embracing a New Era of Innovation in 2022

This article explains the importance of building your company's online structure in a growing technological world. Technology is more powerful than ever challenging a business to restructure in new ways where it can sustain itself in a new market. It offers an opportunity to grow in every aspect because every facet of your brand can be tracked. The key element to success is finding a mission to stand behind which can build up you and the people you work with.

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The Benefits of Business Valuation for Small Businesses

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The Benefits of Business Valuation for Small Businesses

This article demonstrates the possibilities a small business can pursue after receiving a valuation. A valuation can give small business owners benefits such as tracking progress and “a road map to deliberate decision making.” Some other benefits that come along with a business valuation include access to more investors, better decision making to improve your business value, sale value, understanding where your business fits in the industry, and finally obtaining a true company value. Business valuation is great from an investor's standpoint because it will allow them to see where the money is going and if their investment will generate a smart return. A valuation will also enable the owners of the business to see where their progress lies on a national scale.¬†

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The importance of Having a Plan When Including Family in Business

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The importance of Having a Plan When Including Family in Business

In this article Jolene Brown, a family business consultant points to four major mistakes when breaking down a family business. She firstly points out that assuming all genetic relationships equal good working relationships is wrong. Brown says “acceptance in a family should be unconditional, but acceptance into a business should be conditional and is not a birthright.” Her second suggestion is to stop believing that the business can financially support any and all family members who want to work together. Brown suggests checking your business‚Äôs financial ratios to see if you are financially capable of paying them. Brown's third tip is to stop assuming others should change, but not themselves. Her final tip is to avoid presuming a conversation is a contract. Brown mentions how if the contract is verbal then it does not count until it is written on ink.

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What the End-of-Work Landscape Looks Like Now

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What the End-of-Work Landscape Looks Like Now

This article discusses how the coronavirus pandemic forced many employees to look towards their 401(k) plan in order to borrow cash for personal financial burdens. However. “About 47% of employees who took a retirement loan say they ended up taking more than they needed,” according to research from Voya Financial. Through the years, more and more employees are expecting that they will have to work part-time in retirement because of financial instability. However, as an employer, offering a good retirement plan, using automatic enrollment, and utilizing government programs can all help your employees be in the best possible position when the time comes for retirement. Be sure to check out this link for more information and details!

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Things to Consider When Planning Your Family Business Succession

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Things to Consider When Planning Your Family Business Succession

This article explains why family businesses continue to generate 70-90% of global GDP annually. Ernst and Young reported that “the largest 500 family businesses constitute the third-largest economic contribution in the world by revenue and employ 24.1 million people worldwide.” Family businesses will thrive if they continue to follow four categories: the nature of change, talent in transition, the advisor advantage, and the not-so-secret family recipe for success. In the ‚Äúnature of change‚Äù category, digitalization, changing priorities, and passing the torch play key roles in family business success. Digitalization has become extremely important since the Covid-19 pandemic arose. Within the ‚Äútalent in transition‚Äù category some key concepts include professionalization, strengthening governance, succession, and bringing outsiders in. Some concepts to look for in ‚Äúthe advisor advantage‚Äù category are confidentiality, objectivity, attracting talent, understanding the family and the business, and diversity. The ‚Äúnot-so-secret family recipe for success‚Äù includes the long view, family control, and values. Following these fifteen considerations can help a family business continue to be successful.

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