Minimize inventory, services to make your financials shine

The strength of your business financials, both now and in the future, is important. One fundamental way of making your cash flow statement shine is to minimize inventory so you have just enough to fulfill demand. Taking stock of, and perhaps cutting back on, excess inventory reduces costs and makes tracking easier. (Up-to-date software helps,…

Who should own your life insurance policy?

If you own life insurance policies at your death, the proceeds will be included in your estate. The way around this problem is to not own the policies when you die. Ownership by your children can be a good option when your primary goal is to pass wealth to them. Proceeds aren’t subject to estate…

Are your retirement savings secure from creditors?

A primary goal of estate planning is asset protection. If you have significant assets in IRAs and other retirement plans, it’s important to understand the extent to which those assets are protected against creditors’ claims. For example, the asset protection available for IRAs depends in part on whether the owner is involved in bankruptcy proceedings.…

Choosing the best way to reimburse employee travel expenses

Reimbursing employee travel expenses can provide tax benefits to both your business and the employee. Your business can deduct the reimbursements (subject to a 50% limit for meals and entertainment), and they’re excluded from the employee’s taxable income. But the expenses must be legitimate and the reimbursements must comply with IRS rules, generally by using…