Finance

Exit Planning

The Two Most Important Days in a Business Owner’s Journey

When asked about the most important day in a business owner’s journey, the initial response might be the day they open their business. However, seasoned entrepreneurs often argue there are two pivotal days: the day they start their business and the day they exit it. These milestones define the trajectory of any entrepreneurial journey, especially …

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How Payroll Taxes Can Impact Your Business

Payroll, typically the biggest expense of any business in the pond and water feature industry, has come a long way since first taxed in 1913. The 16th Amendment to the Constitution gives Congress the “power to lay and collect taxes on incomes.” The Fair Labor Standards Act of 1938 established the minimum wage, overtime, recordkeeping …

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Tax Implications of Disposing of Business Property

It is no surprise that many pond professionals fail to understand the tax ramifications of disposing of business property. Under our current rules, which are often confusing and complex, there are numerous ways to dispose of business assets: selling them, scrapping them, exchanging them for another business asset, or even giving them away, just to …

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