How to Maximize the Value of Your Business

How to Maximize the Value of Your Business

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Many small business owners wait too long to prepare their business for sale and consequently leave money on the table when selling.  Some owners never plan to sell and others simply get caught off guard by an unexpected illness or unfortunate event.  It is best to start preparing your business for sale as soon as possible.  Here are several tips to help you increase the value of your business over the next year or two.

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IRS Audit Red Flags

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Image Courtsey of Sean Cunningham on Flickr

Many clients are concerned about “red flags” that can trigger an IRS audit.  Since the IRS audits less than one percent of all individual tax returns annually, the odds are pretty low that your return will be chosen for review.  I believe that you should take every legitimate deduction that is available to you, so I am not suggesting that you pay more in taxes than you should just to avoid the small risk of a potential audit.  That being said, the presence of the following factors in your return increases the chances that the IRS will come calling.

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Is the Roth Right for you?

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Image Courtesy of Show EXIF on Flickr

Many financial advisors and accountants suggest contributing as much money as possible to your workplace 401k or traditional IRA.  The money put into these retirement vehicles reduces taxable income and saves taxes today.  For many people, funding a Roth IRA may be a better strategy.

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