If you don’t have a will, take the necessary steps to get one at your earliest opportunity. Even if you’re young or your estate is modest, you should always have a legally valid and up-to-date will. Start the process immediately by obtaining the names of qualified and experienced accountants and estate planning attorneys, checking their references and making an appointment with the one that best suits your preferences.
So you have a business plan for 2014?
A business plan is an essential tool for managing your business. Ideally, a business plan should be prepared and in place at the beginning of the business year, but implementing it mid-year has benefits, as well. The business plan may be comprehensive or only a financial plan depending on the size and complexity of your business.
Just as a good business owner plans the business operations and taxes for the year ahead, you should plan your personal income taxes as well. By planning ahead, you will have the opportunity to better manage your tax situation, consider strategies to minimize your total tax bill in the long run, and be prepared for any balance that may be due.
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