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News and insights From Reynolds + Rowella

GROWING A BUSINESS FROM REVENUE TO EXIT

Most businesses start with an idea that is brought to market. Customers purchase the product or service and the business begins to grow. Eventually, if the company grows enough it acquires ‘value’. And it is that ‘value’ that a buyer will purchase in an exit transaction. This newsletter is written to help business owners think […]

How to get the most bang for your tax buck
for your meal expenses.

Everyone loves a free meal – especially employees. However, your business tax return will be affected differently depending on the circumstances of the mealtime experience. While you can generally deduct only half the cost of meals related to your business activities, the tax code includes specific exceptions that allow a deduction of 100 percent of […]

Do you have too much of your employer’s
company stock in your 401(k)?

Employees often have too much of their employer’s company stock in their 401(k) or other retirement plan. That’s because employees tend to feel like they know their companies best. Here’s the problem: they may be overlooking the risks of having too much of an investment in any one company. Here are some of the risks […]

Cutting business costs is no easy tasks
but here are 4 smart ways to save money.

Keeping costs under control is crucial in today’s challenging business environment. Without a doubt, one of the quickest ways for a business to cut costs is through staff reduction. But cutting jobs is not always the best cost-cutting strategy. Drastic job cuts can lead to a vicious cycle of reduced productivity, followed by even slower […]

EXIT DEALS HAPPEN WHEN PARTIES BECOME
‘EQUALLY UNHAPPY’

Business owners who are considering an exit from their business should consider the negotiations that are likely to ensue through the process. This newsletter is written to help owners of privately-held businesses anticipate and prepare for what lies ahead with an exit transaction and, by understanding the other party’s concerns, to anticipate how the negotiations […]

Get paid tips? Learn how to create a good system for your reporting needs.

If you are like millions of taxpayers who work in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions: Think 1-2-3. Proper tip reporting has three […]

Thinking about selling your company?
Here is where to start.

If you’re thinking of selling your company, a proper appraisal is a necessary starting point to ensure your business is priced properly and you will be able to attract potential buyers. Well before you’re ready to sell your company, you’ll want to determine its fair market value as a starting point for negotiations. Of course, […]

The rules for withdrawing from a 529 college savings plan

After years of putting money in your 529 college savings plan, you’re ready to start taking withdrawals to pay tuition bills.Do you know the rules for keeping the withdrawals tax-free? Here’s an overview of three types of 529 plan distributions. • Qualified withdrawals. When you take money from the account to pay for college education […]

4 Steps to Prepare for an IRS Audit

Most of us will never be audited. But when it does happen, it might feel a little scary. The truth of the matter is IRS auditors do audits every day. They know what to look for and can ask questions that you may easily answer incorrectly. Here’s how you can be more prepared if it […]

What is Fair Market Value (FMV) Anyway? Tips to defend in case of an IRS Audit

So what is fair market value (FMV)? According to the IRS, it’s the price that property would sell for on the open market. This is the price that would be agreed on between a willing buyer and a willing seller. Neither would be required to act, and both would have reasonable knowledge of the relevant […]

6 Receipts You Need to Keep for your Taxes

When it comes to taking qualified deductions on your federal tax return, three things must happen: -Recognize that an expense might be deductible on your tax return. -Keep a record of the expense in an organized fashion. -Obtain the proper (and timely) documentation to support your deduction. This might be obvious to most people, but […]

Thinking of structuring your cash transactions?
DON’T!

If people manipulate cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. In an effort to identify questionable illegal transactions, financial institutions are required to report any monetary amounts over $10,000 to the Treasury Department. If someone knowingly structures transactions to avoid this reporting, the Bank […]

Haven’t checked your credit score lately?
Here’s why you should.

If you haven’t checked your credit report lately, this may be the time. Wrong or old information on your report can affect your credit score – and not in a good way. Your credit score helps lenders determine your credit-worthiness and can impact the interest rate you pay on loans, or even whether you can […]

The Problem with “The 5-Year Exit Plan”

Most business owners who are asked about their exit plans will reply that they want to exit their business ‘in about 5 years’. Often times, 5 years later, the same owner will give the same answer to the same question. In reality, the 5-year window is a subconscious resistance to beginning the process of planning […]

Preparing to Adopt?

Preparing to Adopt? You may qualify for a special break on your income tax return. If you are preparing to adopt a child, you know your life will change for the better. And, you may have also experienced the financial commitment adoption requires. However, take note, because as an adoptive parent, you may qualify for […]

News and insights From Reynolds + Rowella

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