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If your family owns a vacation home, address it carefully in your estate plan
For many people, the disposition of a family home is an emotionally charged estate planning issue. And emotions may run even higher with vacation homes, which often evoke even fonder memories. So, it’s important to address your vacation home carefully in your estate plan. Keeping the peace Before you do anything, talk with your loved…
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Why some small businesses are switching to tax-basis reporting
Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year — some private companies are seeking a simpler alternative to U.S. Generally Accepted Accounting Principles (GAAP).…
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Don’t overlook these two essential estate planning strategies
When it comes to estate planning, there’s no shortage of techniques and strategies available to reduce your taxable estate and ensure your wishes are carried out after your death. Indeed, the two specific strategies discussed below should be used in many estate plans. 1. Take advantage of the annual gift tax exclusion Don’t underestimate the…
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You’ve received a sizable inheritance: Now what?
If you’ve received, or will soon receive, a significant inheritance, it may be tempting to view it as “found money” that can be spent freely. But unless your current financial plan ensures that you’ll comfortably reach all your goals, it’s a good idea to have a plan of action for managing your newfound wealth. Take…
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If you’re married, ensure that you and your spouse coordinate your estate plans
Estate planning can be complicated enough if you don’t have a spouse. But things can get more difficult for married couples. Even if you and your spouse have agreed on most major issues in the past — such as child rearing, where to live and other lifestyle choices — you shouldn’t automatically assume that you’ll…
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6 tried-and-true strategies for improving collections
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry ways. (These enterprises face many other challenges, of course.) For other types of companies, it’s not so easy. Collections can be particularly challenging…
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Addressing pay equity at your business
Businesses today are under increased pressure to fully understand and thoroughly respond to the issue of pay equity. And neither of these two broad undertakings is particularly easy. First, fully understanding what pay equity is and whether and how it’s played out at your company calls for research, analysis and perhaps some difficult discussions. The second…
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How to battle back against brandjacking
As individuals, we’re warned repeatedly about the dangers of online identity theft. Well, as a business owner, you’re in double jeopardy because a hacker might not only steal your personal identity, but also — or alternatively — hijack your company’s brand. It’s sometimes called “brandjacking.” Essentially, a fraudster copies or recreates a business’s digital assets and then…
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How to use QuickBooks as a fraud detection tool
Many businesses and nonprofits use QuickBooks® as a cost-effective solution to manage their accounting processes. However, the software’s capabilities extend beyond organizing and streamlining your company’s accounting. QuickBooks can also help you detect fraud. Here’s an overview of the software’s fraud detection and prevention features: Transaction audit trails QuickBooks creates audit trails that capture user…
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Achieving the right balance of working capital
Working capital — the funds your company has tied up in accounts receivable, accounts payable and inventory — is a critical performance metric. During times of rising inflation and interest rates, managers search for ways to free up cash and eliminate waste. However, determining the optimal amount of working capital can sometimes be challenging. Balancing…
