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Firm also hires two additional employees

Zinner & Co. is proud to announce two employees were recently promoted into management roles, while the firm hired two additional employees to fill important roles.

As a business owner, one often invests much time and energy into the day-to-day operations.  As a result, many owners are likely to sidestep or forget to take the time to establish a long-term plan for the business and simply presume their child will hold the same passion for the business and knowledge in the industry as they have. But, what happens if the child or children have no desire to inherit the business? 

First, having a succession plan in place for the business is just as important as having a will for ones personal assets.  Without a succession plan, the company’s future, assets, and legacy are potentially at risk, regardless of who handles the business when an owner retires. 

Now that income tax filing season is behind us, it is not too early to plan and prepare for 2018. For many taxpayers, the idea of an income tax refund of any amount is welcome, anticipated, and often needed.

Few people think that they have “too much” money, and as taxpayers continue to receive their IRS income tax refund, folks begin to consider paying off credit cards or making a large purchase. Sadly, however, when Sallie Mae is on one’s personal payroll, that shopping spree or big screen TV may be just a virtual reality.  Sallie Mae is the nation's saving, planning, and paying for college company. Their mission is to help American students and families make the dream of higher education a reality through borrowing.

According to a recent article in Time Magazine, about 8 million (education loan) borrowers have given up paying on more than $137 billion in education debts. 

What does this mean? If a taxpayer has defaulted on their federal student loans, their refund may not be issued and instead, applied to what is called a tax refund offset.

Many closely-held business owners devote the majority of their lives to developing a successful business. 

Therefore, as part of their estate planning strategy, small business owners want to ensure that the worth of their business is properly valued, especially if the business must be sold in order to pay estate taxes.  If drafted properly, a buy-sell agreement is an effective tool that can be used to set the value of a closely-held business interest. 

Read more from Deanna Alger, CPA