Tax savings for business owners may be found in the Qualified Small Business Stock. As a business owner or professional looking to invest in small businesses, you're likely always on the lookout for ways to optimize your financial strategy. One powerful but often overlooked avenue for reducing tax liability is Section 1202 stock, also [...]
Illinois Governor, J.B. Pritzker, recently signed the Employee Background Fairness Act into law, bringing significant changes to the hiring practices of employers in the state under the Illinois Human Rights Act. This law aims to ensure fairness in the employment process by prohibiting employers from disqualifying job applicants based solely on their conviction records, [...]
Can you handwrite a will? Technically, yes. But SHOULD you handwrite a will? No. Creating a will is an essential step in planning for the future, ensuring that your assets and wishes are properly distributed after your passing. Fans of HBO's popular show Succession, learned this in a shocking episode in season 4. With [...]
There have been updates to overtime pay that employers should know based on a recent case ruling that has implications for employers and high-earning individuals. On February 22, 2023, the United States Supreme Court made a significant ruling, stating that employees earning over $200,000 annually are entitled to overtime pay under the Fair Labor Standards [...]
Tax brackets changes for 2023 have been announced by the IRS in response to rising inflation. Tax brackets play a crucial role in determining how much individuals and businesses owe in taxes. These brackets define the income ranges that correspond to different tax rates, ensuring a progressive tax system where higher earners pay a [...]
As a business owner, you have many responsibilities, and estate planning may not be high on your priority list. However, failing to plan adequately can have significant consequences for your business and family. Estate planning is a complex process that requires careful consideration of various factors, and there are several pitfalls that business owners [...]
As a family business owner, you've worked hard to build a successful enterprise that reflects your family's values and legacy. However, as you approach retirement, it's important to plan for the future of your business and ensure a smooth transition of ownership and management to the next generation. Estate planning for family businesses can [...]
Estate planning strategies for business owners should consider both your professional and personal goals. As a business owner, you have likely invested a considerable amount of time, effort, and resources into building your company and accumulating wealth. However, without proper estate planning strategies in place, much of that wealth may be lost or subject [...]
With the proper planning you can safeguard your business legacy to ensure your business lives on for generations to come. As a business owner, you put everything into building and growing your business. It's not just a source of income, but also a reflection of your passion, hard work, and dedication. However, amidst the [...]
The Gucci family feud is arguably one of the most famous family feuds of our time. Gucci is one of the most iconic and successful luxury fashion brands in the world today. However, there was a time in the 1980s and 1990s when the brand was on the brink of bankruptcy and its reputation [...]
