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The 1031 Exchange, also known as the like-kind exchange, is a powerful tool in the arsenal of savvy real estate investors. In its essence, this provision, under the IRS code, allows investors to defer paying capital gains taxes on an investment property when it's sold, as long as another "like-kind property" is purchased with the profit gained by the sale of the first property.

What is a 1031 Exchange?

In an era where traditional compensation packages are evolving, accepting stock options instead of a bonus or a raise is becoming a common practice, especially in the startup and tech industries. Companies often use this approach to conserve cash, motivate employees towards the company's success, and save on payroll taxes.

In an economy where uncertainty has become the only constant, protecting yourself against a recession is of utmost importance. It's an unavoidable fact that economies go through cycles. Periods of growth are often followed by slowdowns or recessions. While predicting the exact timing of a recession is impossible, there are proactive steps you can take to shield yourself financially when one occurs.

At some time or another, almost every small business owner has considered hiring their children to work in the family business. It's an attractive idea. The concept of passing down a business to the next generation is as old as the days of settling the Old West in this country. But things are more complicated now than they were back then.

Financial knowledge is a critical skill that, unfortunately, isn't typically taught in schools. By teaching your children how to save money from a young age, you're setting them up for a lifetime of responsible money management. However, as most parents know, kids often aren’t receptive to straight-out lectures about money from their parents. In fairness, it can feel a lot like more school after they’ve already spent all day in a classroom.

As prices have soared on groceries, automobiles, and everything in between, you may think putting away some money to increase your savings account is out of the question. While it's true this task may be hard, it is not a mission impossible. To make sure you can save up for retirement as well as a rainy-day fund, here are some simple tips you can use to get excellent results.

Track Your Expenses

When you think of a startup business and a small business, you may assume they are one and the same. However, once you learn more about these two types of businesses, you'll discover important differences. If you’re considering going into business for yourself, here are some facts to keep in mind regarding a startup and a small business.

What is a Startup Business?

If you are trying to buy a home, obtain a car loan, rent an apartment, or even apply for a job, the information contained in your credit report will be a big factor in determining your success or failure. While in most cases your credit report will be accurate, many people find negative items on their reports that they didn't even know existed.

Embarking on the journey to financial success can be overwhelming, particularly when faced with multiple goals and competing priorities. But taking the time to prioritize financial goals and then following through with them can reap tremendous and long-lasting benefits. CPAs see firsthand the benefits of establishing a clear and well-organized financial plan.