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Are You Worried About A Stock Market Crash Again?

“Our imagination is the most important faculty we possess. It can be our greatest resource or our most formidable adversary. It is through our imagination that we discern possibilities and options. Yet imagination is no mere blank slate on which we simply inscribe our will. Rather, imagination is the deepest voice of the soul and can be heard clearly only through cultivation and careful attention”- Pat Allen (source: notable-quotes.com). Our brains are constantly being fed information about the stock market every day. The end is coming. The run will continue. Get in. Get out. For most of us, this noise can be information overload and send our brains into a virtual state of shock. With markets hitting all-time highs this year, many people have become concerned that we will see a repeat of dot-com bubble crash in 2000 and the recent 2008 market crash. So if you are worried about a 3rd Armageddon in the past 15 years, what smart ...

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Personal Finance 101 – Funding Your Buy-Sell Agreement

Part of any good business plan is an exit strategy if the unexpected happens.  A good Buy-Sell Agreement should anticipate certain unfortunate but foreseeable events, and make sure a fair and reasonable plan is in place. When a triggering event occurs, everyone should be fully comfortable and prepared to move forward with the plan. The most critical detail of the Buy-Sell Agreement to the company’s survival is how to pay the purchase price for a departing owner’s interest.  If the company or other owners do not have adequate assets, cash reserves, or credit available to fund the payment obligations, then they cannot fulfill their side of the agreement.  This isn’t good for anyone – the departing owner (or his estate and family), the company itself, or the remaining owners. Insurance. Since death and disability are two of the most basic triggering events in any Buy-Sell Agreement, life and disability insurance can be the most attractive methods for funding the payment ...

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Personal Finance 101 – What Is A Buy-Sell Agreement?

For many business owners, the value of their business is one of the largest components of their overall net worth, and the business itself is the result of years of hard work and investment.  Most business owners want to preserve the built up value of the business for themselves and their family while also ensuring that the business legacy they have helped create continues for years to come.  The best solution is a well-considered Buy-Sell Agreement. A Buy-Sell Agreement is a contract entered by owners of a business that specifies when and how ownership in the business will be sold or transferred.  The agreement can be a stand-alone agreement or incorporated into a partnership or operating agreement for your business. Buy-Sell Agreements are not “one size fits all”, so careful attention should be given to the details. Most business owners have heard of the importance of a good Buy-Sell Agreement, but many push this planning to the “back burner” to ...

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Great Small Business Tax Deductions

Don’t miss these fourteen tax deductions for your small business. It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. Also, in addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost, or a combination business trip and vacation. It all depends on paying careful attention to IRS rules on just what is — and isn’t — deductible. When you’re totaling up your business’s expenses at the end of the year, don’t overlook these 14 common business deductions. 1. Auto Expenses If you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of keeping it on the road. Mastering the rules of car expense deductions can be tricky, but well worth your while. There are two ...

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