It is important to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements because getting an accountant’s blessing is especially useful when you are applying for more credit from a bank. This is important for […]
How do you get from the dream to fundraising to business plan to opening? Successful business owners recount how their meetings with potential investors helped them revise their business plan, refining the numbers and focusing on the culture they wanted to create. First and foremost, lay the proper groundwork before launch. Develop a plan so […]
The tax reform passed at the end of 2017 runs to about 70,000 words. It’s a large and complicated piece of legislation, and we can look forward to additional guidance and clarifications. For now, here are summaries of some of the key provisions: Key changes for individuals Standard deduction amount increased. For 2018, the standard deduction […]
Running a business, or thinking of starting one? You may need investors. Here are the top suggestions for securing the interest of investors and eventually raising funds: Create a realistic budget to gain traction. To show investors you have what it takes, you’ll need a budget to get your first customers and to make sure that […]
Tax avoidance? Accelerating tax deductions, deferring income, changing one’s tax status through incorporation, and setting up a charitable trust or foundation. All of these are legal tax shelters. Tax evasion — that’s a different story. In tax evasion, you plan to reduce tax payable through illegal means. Abusive tax shelters reduce taxes, promoting the promise […]