You don’t have to be fabulously wealthy to benefit from a trust. For many people, a trust is a great financial planning tool. What Is a Trust? A trust is a legal arrangement between the person who sets up the trust and transfers property to it (the “grantor”) and the individual or institution that agrees to manage the trust assets (the “trustee”). The grantor specifies who is to benefit from the trust (the “beneficiaries”) both during his or her lifetime and at death, if applicable, names the trustee, and spells out in the legal document creating the trust how the trust assets are to be manage ..read more

In the realm of business, the terms “leadership” and “management” are often used interchangeably, but they represent distinct approaches that play crucial roles in the success of an organization. While both are essential, understanding the differences between leadership and management can unlock new perspectives on how to effectively guide teams, drive innovation, and achieve organizational goals. In this article, we explore the nuanced differences between leadership and management and delve into the unique contributions each makes to the dynamic business landscape. Leadership: Guiding with Vi ..read more

Running a small business comes with a multitude of responsibilities, and one crucial aspect is managing taxes. Small business owners often find themselves grappling with the complexities of the tax system, from understanding different tax obligations to maximizing deductions. In this article, we’ll delve into the world of small business taxes, offering insights and tips to help entrepreneurs navigate the tax landscape more effectively. Different Types of Small Business Taxes Small businesses are subject to various types of taxes, each with its own rules and regulations. Some common types of ta ..read more

As the vibrant colors of autumn paint the landscape, the fall season invites us to reflect on the changes in nature and consider the changes we can make in our own lives. Estate planning, often overlooked, is a vital aspect of ensuring a secure future for your loved ones. Just as leaves fall and transition, estate planning in the fall season presents an opportunity to make necessary arrangements. In this article, we’ll explore why fall is an ideal time for estate planning and offer valuable tips to help you navigate this important process. Why Fall is an Ideal Time for Estate Planning Fall ser ..read more

Cryptocurrency, once a niche concept, has now become a significant player in the world of finance and investing. Born out of the desire for decentralized and borderless transactions, cryptocurrencies have rapidly evolved from mere digital tokens to complex financial instruments that can be both revolutionary and highly risky. In this article, we’ll delve into the world of cryptocurrency and explore the nuances of investing in this exciting, yet volatile, asset class. Understanding Cryptocurrency At its core, cryptocurrency is a digital or virtual form of money that uses cryptography for secure ..read more

Motivated employees typically perform at a higher level than employees who are disengaged from their work. They are willing to go beyond their job description to see a project through to completion. Very often, their enthusiasm inspires and pushes coworkers to excel. Certain strategies can help foster a culture of motivation and enthusiasm within the workplace. When consistently applied, they can motivate previously disengaged employees while supporting employees who are already self-driven and motivated. Here are five such strategies. Communicate Corporate Goals Engaged employees work toward ..read more

Small businesses can take advantage of dozens of tax deductions to reduce what they owe the IRS at tax time. In this article, we share seven top deductions that you may not know about but should. 1. Property rent If you rent a location for conducting business, you can deduct your rent payments as a business expense. Remember, even if you run a business from a home office, that is not an eligible “property rent” expense for your business. Home office deductions should be made under that category. 2. Software subscriptions If you purchase or subscribe to business-specific software, those purchas ..read more

As a small business owner, tax time can be stressful. That’s why ensuring you’re garnering every benefit possible is essential. Many small businesses overlook some huge benefits when it comes to tax credits. This article reveals five of the most overlooked tax credits for small businesses. Read on to determine if any of these apply to your business. Tax Credit vs. Tax Deduction Before jumping to five tax credits often overlooked by small businesses, let’s clarify the difference between a tax credit and a tax deduction. While tax deductions reduce your taxable income resulting in you paying a l ..read more

You face plenty of challenges as a small business owner. Finding ways to protect yourself against lawsuits is a major one. You may be able to add protection by structuring your business as a corporation or limited liability company (LLC). Both these entities may shield the owners’ or members’ personal assets from the company’s debts and liabilities. The protection isn’t bulletproof, however. Requirements must be met, and the separation between the owners or LLC members and the business must be clearly established. Evidence to the contrary could spell trouble. The Corporate Veil In the face of ..read more