For the love of your business

Articles to LIFT Your Life and Business

Q&A: How does a “buy-sell” agreement work?

Q & A: QUESTION ______________________________________________________________________________ Q:    How does a “buy-sell” agreement work? —Curious CFO   ANSWER ______________________________________________________________________________ A:     Dear Curious: If you share ownership of your business with one or more other people, a buy-sell agreement ensures that upon certain conditions—such as your death or permanent incapacity—the other owners are able to […]

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Q&A How can I use legal agreements to establish healthy boundaries with clients?

Q & A: QUESTION ______________________________________________________________________________ Q:    How can I use legal agreements to establish healthy boundaries with clients? —New Business Owner   ANSWER ______________________________________________________________________________ A:     Dear New: To ensure your clients are aware of your boundaries—and the consequences for breaching them—you can incorporate your boundaries in the terms of your legal agreements.  […]

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Q&A What are some easy ways to reduce my new company’s expenses?

Q & A: QUESTION ______________________________________________________________________________ Q:    What are some easy ways to reduce my new company’s expenses? —Cost Cutter   ANSWER ______________________________________________________________________________ A:     Dear Cutter: When running a new business with limited revenue, it’s critical to rein in spending. Some easy ways to reduce expenses include encouraging your team to work remotely, […]

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Q&A What is an intellectual property audit?

Q & A: QUESTION ______________________________________________________________________________ Q:    What is an intellectual property audit, and should my company get one? —Cautious COO   ANSWER ______________________________________________________________________________ A:     Dear Cautious: An intellectual property (IP) audit is a comprehensive, systematic review that identifies all of your IP assets and then evaluates all of the potential risks and […]

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Q&A Is the ERC still available?

Q & A: QUESTION ______________________________________________________________________________ Q:    Can my company still qualify for the Employee Retention Tax Credit in 2021?   —Curious CFO   ANSWER ______________________________________________________________________________ A:     Dear Curious:   The Employee Retention Tax Credit (ERC) is a fully refundable tax credit created in 2020 to encourage businesses to keep employees on their […]

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Q&A Can my family take over my business after-death?

QUESTION ______________________________________________________________________________ Q:    How can I make sure that my family will be able to successfully take over my business once I’m gone? —Ready to Retire   ANSWER ______________________________________________________________________________ A:     Dear Ready: There are countless stories of family members assuming control of multi-million dollar companies and running things into the ground in […]

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Q&A How can I determine if the business I’m looking to buy is properly valued?

Q: How can I determine if the business I’m looking to buy is properly valued? —Interested Investor ______________________________________________________________________________ A: Dear Interested: When buying an existing business, determining the true value of the operation is one of the most important factors. In fact, every single other factor about the business can be totally perfect, but if […]

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Q&A How does the Democrats’ proposed tax bill affect the capital gains tax rate?

Q: How does the Democrats’ newly proposed tax bill affect the capital gains tax rate? —Tax Saver ______________________________________________________________________________ A: Dear Tax Saver: The new bill would increase the long-term capital gains tax rate from 20% to 25% on individuals with taxable income over $400,000. The increase is set to be effective for the tax year […]

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Q&A How does the new email phishing scam that targets employee payroll work?

Q: How does the new email phishing scam that targets employee payroll work? —Concerned Business Owner ______________________________________________________________________________ A: Dear Concerned Business Owner: Known as “business email compromise” or “business email spoofing” (BEC/BES), these scams target businesses of all industry types and sizes. The emails typically impersonate a high-level company employee, like the CFO or CEO, […]

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Q&A Will my homeowners insurance policy cover my home-based business?

Q: Will my homeowner’s insurance policy cover my home-based business? —Home Biz Bro ______________________________________________________________________________ A: Dear Biz Bro: You might think that your homeowner’s policy would protect a business run out of your home, but this is a common misconception. Homeowners insurance doesn’t offer coverage for any business property, including both equipment and structures used […]

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Q&A What type of startup costs can I write off on my company’s income taxes?

Q: What type of startup costs can I write off on my company’s income taxes? —Tax Savvy CEO ______________________________________________________________________________ A: Dear Savvy: According to the IRS, there are three categories of startup expenses that are eligible for deductions: expenses for creating your business, expenses for launching your business, and expenses for organizing your business. Each […]

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