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What is my Lifetime Income Tax Bill, and how can I try to reduce it?
The media has been full of headlines discussing various income tax proposals, many of which focus on the “wealthy.” Fortunately, many business owners fall into that category, and many are concerned about higher future tax rates. Let’s look at why taxes might increase and how to think differently about your[...]
Family businesses should support one another, here’s how
Lesson #1: Nothing is more important than family. Lesson #2: A family doesn’t need to be perfect – it just needs to be united. Therein lies the challenge. Family businesses and their leaders face tremendous stress. Not only are they dealing with all the challenges of business, but the family[...]
OPINION: Better efficiency makes Northampton’s proposed tax cut possible
The big announcement from my 2022 Budget Address is a proposal to cut the Northampton County Real Estate Property tax by 1 mill. Currently, the County’s millage rate is 11.8. Cutting the rate by one point will result in a revenue loss of approximately $8 million but, thanks to the prudent cuts we’ve made over the last three years, this reduction[...]
Don’t waste the opportunity to plan your exit strategy now
Business owners are facing a number of new challenges. Labor shortages, health mandates, government regulations and increasing taxation. But I propose the largest challenge facing business owners right now is their eventual exit from the business.[...]
COVID-19 pandemic drives innovation in manufacturing industry
The COVID-19 pandemic that began in early 2020 disrupted and provided an extreme stress test to our manufacturing systems and global supply chains in numerous ways. The pandemic exposed old inefficiencies and new vulnerabilities. [...]
Getting back to a three-dimensional (in-person) world
Pandemic. Yes, it really happened. And, yes it has been a major interruption to life as we knew it. It also gave us a moment to pause, redefine priorities and find new ways to connect with the people with whom we share our lives. As the effects of the pandemic touched most of the earth’s inhabitants, what became clear is that we may[...]
So, what color is your work collar?
Today’s businesses and organizations are not homogenous. The workforce is multi-generational with Veterans, Baby Boomers, Next-Gen, Millennials and Gen-Z workers. There are workers that do manual labor, handle a large variety and volume of paperwork, manage others, provide highly specialized services, work in the field rather than the office and[...]
How do we get back to the office?
"I'm fully vaccinated. Can I come and see you in person?" After more than a year of working remotely and seeing clients over Zoom, these requests are starting to come in. Now that COVID is winding down and restrictions are relaxing, organizations and companies have to figure out how to[...]
PERSPECTIVE: Biden to seek tax changes on high earners, capital gains, some businesses
The Biden Administration recently released detailed tax proposals through the so-called Green Book. If approved, there would be big changes for high-income earners, on capital gains and for some business taxes. While these proposals would all have to go through the legislative process and therefore may not pass or may[...]
Op-Ed: How Northampton County can keep the roller coaster on the tracks
Now that COVID-19 vaccines are in wide circulation, people keep asking me when we’re going to return to normal. Unfortunately, “normal” may take a while to arrive. As stated by Newton’s third law of motion, “for every action, there is an equal and opposite reaction.” Last year, oil companies were[...]
How small businesses benefit from partnering with local banks
Over this past year, during the COVID crisis, many bank lobbies have been shuttered, making neighborhood banking seem like a thing of the past. But for small business owners, this crisis has brought home just how important it can be to have a strong partnership with a local bank. Thinking[...]
Here’s three reasons to start a business exit plan now!
“What is your exit plan?” Many business owners think that question is self-serving, intended merely to let the venture capitalists’ figure when and how they will get their return on investment. In truth, however, that question is far more important. An exit plan is a strategic plan with an end[...]
