Estate planning is not just for people who are retiring or the very wealthy. If you have anything of value, whether it be a car, a home, or a sentimental possession, you will want to ensure they are passed down to your loved ones.
How Do I Start Planning for My Estate?
Before you can start deciding what to do with your estate, you need to think about what assets you might have and how you might use them. Assets include any property you own: cars, bank accounts, and any rights or licenses you have. But, estate planning is more than just the distribution of assets. It encompasses establishing guardianship for minor children and providing instructions for care if you are to become disabled. Once you have a record of all your assets, then you must determine how best to secure and allocate them.
How Do You Create a Will?
Estate plans are more than just wills. They encompass a Last Will and Testament, a Living Will, Healthcare Power of Attorney, Financial Power of Attorney, and a Living Trust. A last will and testament allows you to allocate your assets, assign a guardian for your children, and appoint an executor to carry out your wishes. It can be modified throughout your life. However, it does not help you avoid probate court and it cannot be kept private. Similarly, a trust allows you to set aside your assets but allows you to avoid probate court. A trust is best for assets you want passed along privately and quickly. A living will dictates how you will be cared for if you’re incapacitated and cannot make decisions for yourself. You can also assign a person to make these decisions for you by determining a healthcare power of attorney. If you are incapacitated, you can assign someone to make financial decisions for you.
Who Can OSGroup Help You Plan Your Estate?
Now that you know a bit about estate planning, you might be tempted to start this process on your own. While you may be able to get some of this done yourself, it is best to rely on a professional to ensure your documents are prepared correctly. The experienced CPAs at OSGroup can help you plan for your future with peace of mind. If you’re in the Windham area, call us at (603) 329-6408 today.
It can feel like every possibility is on the table when starting a business, which is an overwhelming thought. That is why vision is key. By envisioning the costs and profits associated with a venture, entrepreneurs can set themselves up for success. The following tips for business budgeting can help make the difference between great beginnings and humble resets.
Separate Personal and Business Funds
Keeping business funds and personal funds separate can help an entrepreneur see any spending trends that may get lost in the shuffle—and it also helps come tax season. By tracking each account individually, business owners can gain a greater understanding of business income and costs. Every business requires a certain amount of base income to survive, and that number should become clear if the business properly tracks its spending and funds. It should also help clarify which incurred expenses are tax-deductible. An independent CPA service can help with planning and budgeting to help make it easier to execute.
Consider Tax Ramifications
Speaking of taxes, another important consideration is how much money to set aside to cover the tax bill when that time comes. Take into consideration the tax rates in the area and figure out whether or not the business must file quarterly taxes. Generally, a good rule of thumb is to set aside at least 35% of the business’ income each month. Doing so will help the business avoid IRS late fees and potential audits.
Cheaper Does Not Always Equal Lower Quality
When making purchases for the company, be selective and shop around. It only hurts the business if the market price is met every single time. When it comes to suppliers, see if buying in bulk will net a discount. Buy used when the reward outweighs the risk. Consider the vital elements of the business and spend there, not on smaller priorities. When hiring, consider whether full-time is truly needed or if a freelancer or contractor could suffice. Full-time employees accrue more than just the stated salary. Consider insurance, training, and payroll fees. OSGroup is a full-service CPA firm offering tax services, accounting support, and business advice to clients in New Hampshire and Massachusetts. If you need financial assistance with your startup, our team can help manage your budget and prepare for tax season. Contact us at (603) 329-6408 today to get in touch with a dedicated financial advisor.
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