For the love of your business

Articles to LIFT Your Life and Business

8 Key Provisions to Include in an Employee Severance Agreement

At some point, it’s virtually inevitable that some of your staff will leave your employment. Whether they leave of their own volition or they’re terminated, it’s simply the nature of running a business that not all employees will be around forever. In some cases, it can be a good idea to offer departing employees a […]

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The Cost of Misclassifying Employees as Independent Contractors

The rise of the “gig economy” has led to a dramatic increase in the number of businesses using independent contractors (IC) instead of traditional W2 employees. At the same time, there’s been a sharp uptick in the number of companies being penalized and/or sued for misclassifying workers as ICs. Indeed, within the past 10 years, […]

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New Tax Savings Available Using Section 179 and Bonus Depreciation

With the end of the year approaching, it’s time to think about taxes again. While tax planning might not be the most exciting part of your job, with the right strategies in place, you can keep a lot more of the money your company brings in. Without proper planning, taxes can be your biggest expense, […]

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Do I need a business license as a freelance graphic artist working from home?

Q: I’m a freelance graphic designer, who works alone from home. Do I need a business license? -Inquiring Entrepreneur A: Dear Inquiring: Home-based businesses are booming, but many entrepreneurs overlook the fact that such operations are still subject to license and permit laws. The type of licensing required will depend on your industry and location. […]

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The Tax Benefits of Limited Liability Companies

As its name suggests,  limited liability companies (LLCs) protect personal assets from debts and other business liabilities. But you may not be aware that LLCs can also offer tax savings. As an LLC, you have flexibility in choosing how you’ll be taxed. This allows you to reap a number of benefits unavailable to other business […]

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Choosing the Right Time to Exit Your Business

Like most entrepreneurs, you probably think about the many ways you can help your company take off and grow. But you should dedicate an equal amount of brain power to planning when and how you’ll sell what you’ve built. In fact, deciding when to sell your business can be just as important as deciding when […]

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Fund Your Startup With Zero-Percent Interest Loans Using Credit Card Stacking

Undoubtedly, many budding entrepreneurs have developed winning business concepts over the years, but have ultimately given up due to a perceived lack of funding. This may have even happened to you. Indeed, banks are primarily interested in lending to established companies. Dipping into personal savings or using home equity credit is much too high-risk for […]

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The Basics of Venture Capital Financing

If you’ve come up with a great business idea, but don’t have the money to bring it to market, it may feel like you’re left with few funding options. Banks aren’t interested in loaning to startups that have yet to make any money, and most people don’t have family or friends who are wealthy enough […]

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Can Bankruptcy Save Your Business?

If you’re struggling with debt, but don’t want to shut down your business, bankruptcy might be one way to save your company. While this may sound paradoxical, many big corporations— American Airlines, General Motors, and Kodak—have successfully used bankruptcy to restructure debt and get a fresh start. The main difference between you and a big […]

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Do I qualify for a home office deduction from the IRS?

Q: I work full-time for an employer, but I also run a part-time side business out of my spare bedroom. Do I qualify for a home office deduction from the IRS? -Side Hustler A: Dear Hustler: The answer depends on a few factors, but provided it’s a legitimate business you’re consistently involved with, it’s likely […]

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Protect Your Intellectual Property with Work for Hire Clauses

Rather than hiring full-time employees, you may choose to use independent contractors (IC) to handle the bulk of your creative tasks, such as art, logo design, photography, and content writing. For sure, working with ICs can save your company quite a bit of money, because unlike with W-2 employees, you’re not required to pay your […]

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