There are three approaches to valuing a business: the cost, market and income approaches. In this article, we focus on the market approach, which the International Glossary of Business Valuation Terms defines as: A general way of determining a value indication of a business, business ownership interest, security, or intangible asset by using one or more methods that…
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Important Tax Figures for 2022
The following table provides some important federal tax information for 2022, as compared with 2021. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2022 2021 Social Security Tax Wage Base $147,000 $142,800 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%…
Planning for Special Needs Children
It’s been said that the best inheritance we can give our children is a few minutes of our time every day. It’s also true, though, that our children will not always have us in their lives. Children with special needs may require lifetime assistance, which can necessitate that parents prepare for their child’s care after they…