Q: I have a small business. What is the best way to pass the business on to my family when the time comes?
A: First, there is no one size fits all business succession plan. Service businesses, retail businesses, and wholesale businesses all demand different strategies. Within each type of business, nuances and caveats exist as well. It is best to speak to a competent professional in the area for business succession planning.
Q: I want to invest money into an IRA for 2011, has the opportunity passed?
A: No, individuals have until April 17th this year to make deposits for 2011.
Q: As far as business tax planning for 2012 is concerned, is there anything in particular I should be aware of?
A: There are plenty of new tax laws in place for 2012 and there are many more to be followed as they develop. Among more notable tax changes, Section 179 deductions have been reduced to $139,000. While this is likely to change in some capacity, taxpayer businesses should recognize the large deductions in years past have been reduced for the time being.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors