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Life insurance is a critical component of financial planning, providing a safety net for loved ones in case of an unexpected loss. While purchasing a policy is an essential first step, it’s equally important to review your life insurance periodically. Life is dynamic and, as circumstances change, your coverage needs will naturally evolve.

Major Life Events

As a responsible head of the family, you’re likely always on the lookout for ways to secure your family’s financial security. Estate planning is the foundation of endeavors such as this. By putting into place instruments like wills, trusts and other plans, you have the power to help ensure the stability and financial resources of your loved ones a long time after you’re no longer able to manage these things yourself. 

Running a business often means taking calculated risks, including extending credit to customers or offering loans to other businesses. While this can foster growth, it also comes with the possibility of nonpayment. When debts become uncollectible, they are classified as bad debts. Fortunately, the IRS provides some relief by allowing businesses to deduct certain bad debts from taxable income.

When it comes to small business ownership, retirement planning often takes a backseat to the daily grind of running the business. Between managing employees, overseeing operations, and focusing on growth, thinking about retirement might not seem urgent. However, the earlier retirement savings options are set up, the better it is for both business owners and their employees.

One of the best New Year’s gifts you can give yourself is to get out of debt in 2025. It’s totally possible to achieve in a year’s time for many people. Here are some tips to help you spend less and pay down your debt faster.

Curtail Spending

Did you know it’s possible to make your vacation time tax deductible? But before you drag down the suitcases from the attic and pack the family SUV, you should know the legalities of doing this to comply with the IRS. Never do anything that’s against the law, and if you have any questions or confusion about any deductions, consult with your CPA. Here are some tips for making vacation time tax deductible—legally.

Have you ever gone to the store for a carton of milk and come home with a new air fryer, a potted plant, and a throw pillow you didn’t even need? If so, welcome to the club! Impulsive spending has an uncanny way of sneaking into our lives, charming us with shiny objects and limited-time sales. But while it can feel thrilling in the moment, it often comes with regret—or worse—a credit card statement that makes your jaw drop.

One of the responsibilities that business owners have is to ensure compliance with tax laws. Thankfully, your CPA helps with this complex task, but there are some aspects of being a business owner that must be decided as an owner. One of those is compensation. While your CPA can help to guide you, you must determine how much to pay yourself and your employees.

Understanding the differences between an independent contractor and an employee is essential for both businesses and its workers. This classification affects not only the nature of the working relationship but also legal rights, tax obligations and benefits entitlement. Misclassification can lead to unnecessary financial and legal repercussions.

Defining the Two Kinds of Roles