Business Owners: Beware the Demographic Trap
Who will inherit the family business? What will it be worth when time for transition comes? Why is this issue so difficult to discuss? There are many reasons, but demographic change is bringing it to the forefront and for these reasons, planning needs to happen sooner rather than later, according to a new book by Jenifer Bartman and Evelyn Jacks, entitled Defusing the Family Business Time Bomb.
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Debt and Fear: Tax Season Can Bring Peace of Mind
Tax season provides a trigger for advisors and their clients to have an important discussion: should the tax refund be used for debt reduction or savings? In some cases, the best strategy may be to do a little bit of both. But the big issue to uncover is whether taxpayers understand their credit health well enough.
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Avoid a Tax Trap: Separate Business and Personal Assets
Most people seem to understand that you can’t treat your business’ money as your own . . . or do they? How many small business owners expense personal items from the company general account? This can get you into trouble on a tax audit and worse; significantly erode personal wealth.
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Driving for Uber: Tax Requirements in the Gig Economy
Beware the taxman, Uber drivers. The rise of the gig economy comes with its own unique challenges from a tax perspective, and an appeals case from Uber Canada Inc., currently with the Tax Court of Canada sheds light on the grey areas that exist.
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