You don’t have a choice about paying taxes, but you can avoid making the mistake of overpaying them. While it’s hard to imagine anyone intentionally paying too much in taxes, the IRS estimates that more than one billion dollars is overpaid in taxes each year. That’s no surprise when tax laws change every year—even in years when no major tax legislation is enacted.
How much of that money is yours? Wouldn’t you rather see those funds in your bank account or put aside for your retirement or other financial goals?
Succession & Continuity
Many small business owners have most of their life and identity tied to their business. So it’s alarming that a study by Wilmington Trust in 2017 found that 58% of small business owners had no succession plan. This finding is shocking considering a plan can provide multiple benefits to the business, its employees, and the owner’s family. Many owners claimed to be too busy and don’t want to think about a world without their business.
Having a succession plan doesn’t mean the end is near. It likely means you have:
- More Flexibility
- Improved Tax Efficiency
- Protection
- Higher Valuation
- Greater Peace of Mind
We partner with CPAs, attorneys, and your other advisors to tailor a plan fit for you.
Source: The Power of Planning, by Wilmington Trust 2017
Going into business without a business plan is like going on a mountain trek without a map or GPS support – you’ll eventually get lost and starve.Kevin J. Donaldson