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Business Owners: Put Your Successor in a Position to Succeed

  When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. As such, you’ll have to communicate clearly, show some patience and have a clear conception of what you want to accomplish before stepping down. Here are some tips on… Continue reading Business Owners: Put Your Successor in a Position to Succeed

What Are the Tax Implications of Making an Employee into a Partner?

  In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. But what are the tax implications of making an employee into a partner? If your business is organized as a partnership, however, there are some tax traps you should watch out… Continue reading What Are the Tax Implications of Making an Employee into a Partner?

Could Stronger Governance Benefit Your Business?

  Every company has at least one owner. And, in many cases, there exists leadership down through the organizational chart. But not every business has strong governance. In a nutshell, governance is the set of rules, practices and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal… Continue reading Could Stronger Governance Benefit Your Business?

Hire Your Children to Save Taxes for Your Business and Your Family

  It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family overall.

Enhance benefits’ perceived value with strong communication

  Providing a strong package of benefits is a competitive imperative in today’s business world. Like many employers, you’ve probably worked hard to put together a solid menu of offerings to your staff. Unfortunately, many employees don’t perceive the full value of the benefits they receive.

How to Improve Customer Service with 3 Strategies

  Just about every business intends to provide world-class customer service. And though many claim their customer service is exceptional, very few can back up that assertion. After all, once a company has established a baseline level of success in interacting with customers, it’s not easy to get to that next level of truly great… Continue reading How to Improve Customer Service with 3 Strategies

Bartering May Be Cash Free But It’s not Tax-Free

Bartering may be cash-free, but it’s not tax-free. Businesses must report as income the fair market value of the products or services received. If there are business expenses associated with the transaction, those can be deducted. Any income arising from a bartering arrangement is generally taxable in the year you receive the bartered product or… Continue reading Bartering May Be Cash Free But It’s not Tax-Free

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