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How to Create and Negotiate Successful Business Contracts

Parents of children who have special needs are busy folks, but they would sleep better at night if they took the time to complete these four tasks, which will help protect their children's future. "I have stayed awake worrying about our son's future every night fo...

Will your step-children get any of your property when you die? This has been an issue for decades and the law has been somewhat confusing and complicated regarding Estate Planning and step-children. See references below at 1 and 2. In 1991, the General Assembly repealed Chapter 17 and added the...

Before pulling money out of retirement accounts early, check the rules. The exceptions to penalties can differ depending on which type of account you've got. There is a lot of confusion surrounding the 10% penalty that the IRS imposes on early distributions from retirement plans. Most people...

What is Income Tax? Income tax is a direct tax imposed by the government upon its citizens on the income or profits earned by them within their jurisdiction. The tax law states every taxpayer must file an income tax return for each financial year to determine their tax obligations. Income tax is...

Learn the ins and outs of the capital gains tax, which you may owe if you sell stocks, your home, cryptocurrency, a stamp collection, and much more. Billionaire business owner Warren Buffett once famously commented that his secretary paid taxes at a higher rate than he did. Although there ar...

Home Office Tax Deductions

New government rules will affect the classification. And now is the time to get ready. If your business, like mine, uses independent contractors, then new rules in the works at the Department of Labor may change how we classify these workers. Many of us may be required to classify these contra...

Blurring the lines between business and leisure is never a good idea. The need to separate business and personal finances is imperative when starting a business. It will play a significant role in how your business operates and how the corporate world perceives it. Differentiating between per...

When you're working remotely, you have the freedom to do your job when and where you want to, away from the distractions and productivity drains of an office. However, working from home comes with its own challenges. Here are a few suggestions to help you structure your day as a remote worke...

I just got appointed agent under a financial power of attorney. What do I need to do next?   Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won't be called into action an...

Over-investing in your 401(k) can lead to a taxing retirement. It's one of the biggest mistakes investors tend to make, and it's avoidable. When people meet a doctor at a party, they ask about a pain or a rash. When they meet a financial professional, they'll...

Be careful who inherits your IRA, and be smart about how they are allowed to do it. It could save them a potentially 40% tax hit. People often don't make the time to check their beneficiaries, but if you own any retirement savings accounts, such as an Individual Retiremen...

Many parents fail to get their financial affairs in order, neglecting to take care of such things as wills, living wills and powers of attorney. Many parents fail to get their financial affairs in order, neglecting to take care of such things as wills, living wills and po...

Some situations where you may need to change your will should be obvious to most people. But others just may surprise you. I can't tell you how often I meet with clients who tell me they have been meaning to update their wills for years but never got around to doing it. T...

"Updating Your Estate Plan? Don’t Make These Top Mistakes"

Are you thinking about starting a business with your significant other? Juggling a relationship and a business can be tough, especially if you have children. And if you're both trying to launch a business on the side of full-time jobs, you're going to need a lot of determination to keep at it. ...

Starting a business comes with a list of necessary tasks, but it doesn't have to take months or even weeks anymore.

A trust can solve a lot of problems. But like all tools, it can also be misused. If you're putting together an estate plan, you have no doubt heard about the benefits of a living trust. Assets placed in a trust won't go through probate, a time-consuming and potentially cost...

A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries, and it can significantly reduce the headaches of probate. However, while some assets belong in a trust, others cannot (or should not) go into one. One of the largest financial planning misconcepti...

An owner's illness or death is a common reason for a pet being given up. However, here are some steps you can take to ensure your beloved companion is cared for if something happens to you. Pets are cherished family members, but it's the rare owner who considers what will happen to a four-legg...

Where would your pets go if something happened to you? Who would take care of them, and how would their costs be covered? A pet trust could be the answer. Planning for your four-legged loved ones (better known as your children who wear fur coats) can be just as challenging as planning for your...

What You Should Know: The number of young adults with a will increased by 63% since 2020. In 2021, 18-34 year-olds are, for the first time, more likely to have a will than 35 – 54 year-olds.  Despite COVID-19, the overall percentage of Americans with a will has not significantly changed. ...

Nothing upends your world like the death of a spouse, leaving you at a loss for what to do next. Nothing upends your world like the death of a spouse, leaving you at a loss for what to do next. When death comes before you realize your retirement plans, it can be particularly devastating. Of t...

Even amid grief, it's important to reassess your finances. With the loss of your spouse's income, you may find yourself in a lower tax bracket or that you qualify for new deductions or credits. The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, su...