Understanding what your business is worth and monitoring the trend in the value of your business can be very helpful in determining if you are reaching your financial and retirement goals.

While much has been written about the importance of having a financial plan, still many if not most people don’t even do basic financial planning. Utilizing a professional planner such as a CPA or CFP® professional can be beneficial to the process. However, many will not spend the money to do so. This does not mean most of us can not start with a basic approach.

The Tax Act in 2018 has changed the deductibility of meals and entertainment expenses. Most businesses will now need to track the meals and entrainment expenses in multiple account classifications. Based on public comments from the IRS, and other information, the following is a reasonable understanding of what the deductibility of meals and entertainment, if any, is allowed starting in 2018.

here are times and situations where a business hires independent contractors to address certain business related needs. When the business pays an independent contractor, they receive nonemployee compensation. Nonemployee compensation includes payments of fees, commissions, prizes, and awards for services.

If you are a privately held business, family owned or not, failing to plan for succession can have a significant negative impact on the preservation of the wealth you have built. A solid succession plan can drive growth, reduce taxes, set the stage for retirement and enhance the ultimate value of your business.

Simply put, the Break-Even Point (BEP) can be easily defined, but the calculation can be elusive. BEP can be described as a point where there is no profit on loss, when sales ­covers variable and fixed expenses.