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Tax laws are a continuously changing facet of accounting. New rules and regulations happen frequently. New clients sometimes remark that “my former accountant never told me that.” In those cases, they probably just didn’t realize the new regulations changed and may have offered taxpayers new opportunities.
We know you love your family and there’s nothing you wouldn’t do to help them. One of the best things you can do to secure their future financial safety is to tackle estate-planning! Your loved ones (heirs) will thank you for not having a legal mess to sort out!
When discussing estate planning for individuals, most have heard the terms “will” and “trust,” but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan. Both legal documents allow you to provide for the ultimate disposition of your assets upon your death.
The Tax Cuts and Jobs Act of 2017 (the TCJA) included a substantial increase in the federal estate tax exclusion. The relatively new tax law is even more reason to review any estate planning you have done. However, it is important not to simply undo prior planning, as many aspects of these new laws are set to return to pre-2018 laws at the end of 2025.
An estate consists of everything a person owns, including a home, vehicle(s), additional real estate, bank accounts, stocks, and life insurance. It also accounts for valuable personal possessions like furniture, jewelry, and artwork. Almost every individual has an estate. However, no matter how large or how small your estate is, you can’t take it with you when you die.
The word “accountability” carries the burden of a negative connotation. It is often interpreted as a form of punishment or as an increase in expectations and responsibilities. When most people are told they will be “held accountable,” they cringe in fear! However, when it comes to small business management, accountability is embraced as an opportunity for progress.
Business is more complex today than ever, with lots of moving parts and pieces that require management attention. In small and mid-sized businesses, owners or leaders don’t often have experts in all the functional areas, so they are forced to wear all the hats. Yet, no one can be knowledgeable in every area, so the weight of those responsibilities can make success feel very elusive.
In 2011, a small and medium-sized business survey was conducted by E-Myth and Synotac that revealed fascinating statistics concerning how growth and development of a business are related to Planning. The results of this investigation led to what E-Myth dubbed the “Success Recipe” for businesses.
If you are a small business owner, a time will come when you’ll find yourself ready to exit or sell your business. You’ve probably thought about the possibility in some capacity already. But there are a few questions you need to ask yourself before you start fielding offers from potential business buyers.
At Huberty, we work side-by-side with numerous small and medium-sized business owners. As business coaches, our consulting experts try to express the importance of a particularly desirable goal – build a business that serves your life rather than spending your life serving your business.
One of the administrative requirements of Employee Benefit Plans (EBP) that is not widely discussed is the necessity of annual audits for plans with more than 100 participants. Though mandatory, these audits can actually produce important benefits for the plan and its sponsor or administrator.
At Huberty, our accounting firm puts a strong emphasis on the importance and benefits of Strategic Planning. Our expertise has proven time and time again that developing Strategic Plans leads to prosperity in a lot more than just profits, but in the overall financial health and longevity of a business. However, even the most detailed Strategic Plans provide no benefit without putting the plan into action.
At Huberty, our Accounting Firm helps evaluate and bolster your business’ true worth so that you don’t sell it for a dollar less than you’ve earned.
The best way to find success is to PLAN for success! Whether your business just had a record sales year or if you’re just “above water,” the beginning of the fiscal year is the best time to develop a Strategic Plan.
Perhaps you’ve noticed our new look? Huberty has recently undergone a complete rebranding with the assistance of the branding and marketing experts at Sun Graphics Media in Sheboygan.
Huberty clients hear our advisors use the term “Key Performance Indicators” or see the acronym “KPI” written in the service descriptions on our website. However, not everyone is a CPA, so what exactly is a Key Performance Indicator and how does it relate to your financial outlook?
Michael will be responsible for assisting the firm’s clients with estate planning, trust and estate administration, business consultation, and succession planning.
In his new role, Joshua is responsible for both business and individual clients and specializes in tax planning, transactional advice, compliance, and income tax audit defense.