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Common Misconceptions Related to Business Valuations
Nathan A. Fyock, CPA, ABV Grand Junction Audit Office Business valuation services are very helpful and many times required for such things as purchase or sale of a business, estimating the value of a business for succession or retirement planning, determining values for gift or estate tax purposes or for
Real Estate Investor vs. Professional: Why it Matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the
Worried About Challenges to Your Estate Plan? Make It No Contest
Estate planning is all about protecting your family and ensuring that your wealth is distributed according to your wishes. So the idea that someone might challenge your estate plan can be disconcerting. One strategy for protecting your plan is to include a “no-contest” clause in your will or revocable trust
Nonprofits: Don’t Gamble with Gaming Fundraisers
Whether you’re planning to raise funds for your not-for-profit with a simple bingo game or raffle, or with a more elaborate casino night, you need to understand and follow the federal rules that govern these kinds of activities. Gaming activities can open the door to unexpected taxes and trigger requirements
Use Pro Formas to Plot Your Route to Success
Running a business is like going on a road trip — and a detailed business plan that includes a set of pro forma financials can serve as a road map or GPS app that improves your odds of arriving on time and on budget. If your plan doesn’t cover the
Acquaint Yourself With the Roth IRA as an Estate Planning Tool
A Roth IRA can be a valuable estate planning tool, offering the opportunity for tax-free growth as long as it exists and requiring no distributions during your life, thus allowing you to pass on a greater amount of wealth to your family. While traditional IRAs are more common, there’s no
Tax Consequences of Bartering
Bartering might seem like something that happened only in ancient times, but the practice is still common today. And the general definition remains the same: the exchange of goods and services without the exchange of money. Because no cash changes hands in a typical barter transaction, it’s easy to forget
Benchmarking Receivables
Accounts receivable represents a major asset for many companies. But how do your company’s receivables compare to others? Here’s the skinny on receivables ratios, including how they’re computed and sources of potential benchmarking data. Starting point A logical starting point for evaluating the quality of receivables is the days sales
Be Aware of the Ins and Outs of Holding Joint Title to Property
Owning assets jointly with one or more children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it can produce unintended — and costly — consequences. Advantages There are two potential advantages to joint ownership: convenience and probate avoidance. If you hold title to property with
Don’t Make Hunches — Crunch the Numbers
Some business owners make major decisions by relying on gut instinct. But investments made on a “hunch” often fall short of management’s expectations. In the broadest sense, you’re really trying to answer a simple question: If my company buys a given asset, will the asset’s benefits be greater than its