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Tax savvy business owners meet with their tax professional at least once per year and more often if necessary to discuss the tax implications of any major upcoming transactions. These business owners have discovered that to minimize taxes, they must review operations periodically and anticipate and structure major transactions to maximize tax savings. Unfortunately, very few small business owners meet…

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Previously, I discussed the benefits of preparing your net worth statement. Your net worth is the difference between the current value of what you own and what you owe. To increase your net worth, you should acquire assets that increase in value over time while paying off debt. Whether or not you decide to prepare a net worth statement, you…

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1. Your net worth statement will show you a comprehensive picture of your assets and liabilities. Your net worth is the difference between what you own and what you owe. Consider the equity value of your home, which is the difference between what you could sell your home for today minus the mortgage that you owe. Your net worth is…

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