27Apr 2018 by Fred Crooks
Business Exit Planning

Business Exit Planning

Business Advisory, Fundamentals, Small Business
Business Exit Planning - Planning with the End in Mind There comes a time for every small business owner to exit their business. Properly positioning your business to be sold can be one of the most rewarding aspects of being a business owner, but also one of the most challenging. Failing to plan for the sale or succession can lead to a disappointing, and sometimes catastrophic, ending to what has been an otherwise successful and fulfilling business career. When it comes to developing a business exit plan, those who have worked with some kind of business or strategic plan in the past are at an advantage. Regardless, putting together a workable exit plan is not an impossible task. Start with a self-evaluation of your personal and business needs, goals and…
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22Jan 2018 by Fred Crooks No Comments
Tax Reform Changes

Tax Reform Changes

Business Advisory, Compliance, Tax, Uncategorized
Tax Reform Changes - How will they affect you? When you file your 2018 tax returns - about a year from now - your return will look very different.  Here are a few of the biggest changes that may affect you. Individual TaxIndividual tax rates will range from 10% to 37%.Standard deduction increases and personal and dependent exemptions eliminatedThe Child Tax Credit increased and a new Dependent Credit created.Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:State income tax and property taxes above $10,000 per year in total;Moving expenses (with an exception for certain military);Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;Mortgage interest beyond interest on $750,000 of acquisition debt (if…
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14Dec 2017 by Fred Crooks No Comments
Is your business ill?

Is your business ill?

Business Advisory, Small Business
When a doctor first examines a patient, they’ll typically check their vital signs. This includes the pulse or heart rate, body temperature, respiration rate, and blood pressure. Taken together, these help indicate the state of the patient’s essential body functions. If any - or all - offer some cause for concern, the doctor can start diagnosing the patient more thoroughly, before suggesting a course of action... And now we’ve arrived at the part where you’re wondering why we’re discussing basic medical practice. Well, this idea of ‘vital signs’ is something that can be comfortably extended to your business. Your company’s financial health should be examined regularly to make sure there are no underlying maladies that will only grow worse if left untreated. Knowing What to Look For These financial ‘vital…
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20Jun 2017 by Fred Crooks No Comments
The Four Biggest Questions You’ll Ask Yourself as a Business Owner

The Four Biggest Questions You’ll Ask Yourself as a Business Owner

Uncategorized
There are many reasons for starting a business.  Perhaps you’ve spotted a gap in the market. Maybe you’ve grown weary of working for someone else. Or it might just be the fulfilment of a lifelong dream to be your own boss. No matter your reason for taking the leap as an entrepreneur, you will encounter a number of concerns as you progress. It’s important that you know how to recognize and handle these concerns so as to avoid derailing your business. In dealing with many small and medium-sized businesses over the years, we have been able to distill some of these concerns down to four of the most common questions. At some point in your business journey, you will find yourself asking a variation of the following: How will I…
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11Jan 2017 by Fred Crooks No Comments
Building a strong financial foundation

Building a strong financial foundation

Fundamentals, Uncategorized
If you were planning to build your dream home, you wouldn’t start by designing the loft space and the balcony overlooking the swimming pool. Your first step would be to dig down and build the best possible foundation, to make sure your new house was based on solid ground. Only then would you start building on top, adding rooms and creating the perfect living space for you and your family. The same is true of your business planning. If you start developing grand plans for the future of your enterprise without getting your fundamental accounts and finances in order, you’re building your organization on extremely shaky ground – and that’s not an advisable plan for the long-term attainment of your goals. Getting your financial house in order  At Checkbox, we…
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04Nov 2014 by Fred Crooks

Avoid Tax Surprises

Business Advisory, Tax
Still Time to Act to Avoid Surprises at Tax-Time Even though only a few months remain in 2014, you still have time to act so you aren't surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you'll owe when you file your tax return: Adjust your withholding. If you're an employee and you think that your tax withholding will fall short of your total annual tax liability, you may be able to avoid an unexpected tax bill by increasing your withholding. If you are having too much tax withheld, you may get a larger refund than you expect.…
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