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Group Blog Series: Post Tax Season Tips for Business Owners
Now that the April tax deadline has come and gone, this is the perfect time for business owners to use the insight they gained during filing season to their advantage. Nothing gives you a bigger financial leg up than proactive planning. Many of our team members weighed in on the prompt just below. Keep reading to take away valuable insight and helpful tips:
Now that filing season is in the rearview mirror, what are some things business owners should focus on now to kick-off proactive tax planning and financial success for next season?
To be successful and proactive in…
Understanding the Jock Tax
Pro athlete earnings have the potential to soar beyond the average paycheck. However, with great salaries come great taxes, and for athletes, it's not about where they live, but where they play.
The 'Jock Tax' is always a topic of discussion in the world of sports finance. It is infamous for its complexity and the stress it induces in athletes and their financial advisors.
In simple terms, the Jock Tax is the income tax imposed by states, cities, and even some countries on visiting athletes who earn money within their jurisdiction. It's a slice of the athlete's income allocated to…
Options to consider if you chose the wrong successor for your family business
Hopefully, your family business has chosen a great successor. But if you’re in the midst of training your successor — or even beginning to hand off the reins — and regretting your choice, how can you take a bad situation and turn it around? There are several options you might want to consider.
Bring in a family business consultant
Before you “fire” your chosen successor, discuss the matter with your board of directors and an objective party, such as a trusted advisor such as your accountant or a family business consultant. After all, it’s possible that your perception may be…