Financial: How changes in tax law will affect dealers

February 15, 2018 | Comments Off on Financial: How changes in tax law will affect dealers

February 5/12, 2018: Volume 33, Issue 17 By Bart Basi   (Second of two parts) In my previous column, I broached the subject of the passage of the Tax Cuts and Jobs Act—also referred to as the Tax Reform Bill—and what the changes mean for small businesses and retailers in the floor covering space. In this installment, I will delve deeper into the benefits of the law relative to how a business is structured. One...

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Financial: Tax reform: Information dealers need to know

January 25, 2018 | Comments Off on Financial: Tax reform: Information dealers need to know

January 22/29, 2018: Volume 33, Issue 16 By Bart Basi   (First of two parts) The passage of the Tax Cuts and Jobs Act, a.k.a the Tax Reform Bill, has a lot of flooring dealers scratching their heads. The document itself is more than 600 pages, all single spaces, and some of the words you can’t even decipher. The most important thing for retailers to consider regarding the new changes in the law is the...

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Financial: Estate planning—Leave it to the pros

September 15, 2017 | Comments Off on Financial: Estate planning—Leave it to the pros

September 11/18, 2017: Volume 32, Issue 7 By Roman Basi   We all know the old saying, “Leave it to the experts.” Well, several recent estate tax cases clearly show us individuals who set up estates but are not specialists can create a lot of problems for their clients. Attorneys, accountants and other professionals that do not specialize in this area of the law are warned their actions might hurt clients instead of help them....

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Financial: Valuing your business

January 16, 2017 | Comments Off on Financial: Valuing your business

January 16/23, 2017: Volume 31, Number 16 By Roman Basi (First of two parts) Each year more business appraisals are being created. While statistics are unreliable on the matter, it seems as though the word is getting out. If you are a closely held business, there’s a need to have your business appraised. This article focuses on the what, who, when and how. Many businesspeople are not familiar with what a valuation is, why they...

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Financial: The Family Limited Partnership made easy

January 19, 2015 | Comments Off on Financial: The Family Limited Partnership made easy

January 19/26, 2015; Volume 28/Number 15 By Bart Basi Many people want to enrich their families with wealth and possessions, but face losing control of the assets once given and running into estate tax issues when assets are appreciated. The Family Limited Partnership (FLP) is a solution to this problem. An FLP is a device that allows the grantor to fund the device, transfer value to heirs, keep control over the assets and reduce gift...

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Financial: Why you should get your business valued

January 16, 2015 | Comments Off on Financial: Why you should get your business valued

December 22/29, 2014; Volume 28/Number 13 By Bart Basi Knowing the value of a business is important to anyone who has an ownership interest in a company. Valuing a business is often overlooked until the last minute. At this point, the business owner realizes how vital a valuation is for making important business decisions. Following are some of the major reasons for getting your business appraised. 1. Determine gift and estate taxes When the owner...

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Financial: Starting 2014 the right way

August 14, 2014 | Comments Off on Financial: Starting 2014 the right way

January 20/27, 2014; Volume 27/Number 19 By Bart Basi So far, the consensus is that the economy will be relatively stable in 2014. With an average of 140,000 jobs being created each month last year and most economic indicators showing positives, this year should be better than last. Too often, businesspeople wait until late in the year to do their strategic planning. While there are some actions that can be taken at that point, those...

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Financial: S corporation or LLC? Think about it

November 12, 2013 | Comments Off on Financial: S corporation or LLC? Think about it

Nov. 4/11 2013; Volume 27/number 14 By Bart Basi Bart Basi Today the choice of business structure is not so easy. Generally, the use of sole proprietorships and general partnerships is very limited to home-based businesses. Most businesspeople have the choice between operating as a limited liability company (LLC) or as an S corporation. When deciding which entity to operate under, the business owner must take a lot into consideration. (more…)

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Financial: Disaster planning

September 25, 2013 | Comments Off on Financial: Disaster planning

Sept. 16/23 2013; Volume 27/number 11 By Bart Basi Unfortunately, businesses in this country and all over the world face a gauntlet of peril. From rising fuel and commodity prices to clients filing bankruptcy on their payables to those not paying due to adverse credit climates, maintaining a business is a challenging endeavor for any line of work. However, there are threats even beyond the day-to-day and year-to-year challenges. (more…)

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Financial: Retroactive tax laws

May 20, 2013 | Comments Off on Financial: Retroactive tax laws

By Bart Basi Volume 26/Number 26; May 13/20, 2013 In January, Congress enacted the Taxpayer Relief Act of 2012. Within the law, over 100 changes were made to the Internal Revenue Code. Many of the laws were made retroactive to January 2012. Here is a partial discussion of the more commonly used credits and deductions that have been made retroactive to Jan. 1, 2012. (more…)

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