Entity Choice When Purchasing Appreciable Realty for a Business

By |2021-09-02T11:52:35-05:00September 2nd, 2021|Categories: Better Guidance|

When property is added to a business, depending on the entity type, there will be varying tax implications. Here, we'll talk about what happens when the property is either sold or distributed to the owners. Entity Choice: C-Corporations and S-Corporations Put a building in a C corporation, and it is not coming back out without triggering [...]

Making the Most of Charitable Giving – MO State Tax Credits

By |2021-09-03T15:25:07-05:00September 2nd, 2021|Categories: Better Guidance|

It may be beneficial to consider taking advantage of state tax credits when planning charitable giving. If you contribute to a qualifying charity, you could receive a credit on your state taxes and a deduction for the difference on your federal taxes. For example, if you make a $1,000 contribution to a charitable organization that is [...]

Accrual vs Cash Accounting – Which to Use?

By |2021-09-02T11:09:23-05:00September 2nd, 2021|Categories: Better Guidance|

Setting up a business and deciding which method of accounting has a considerable impact on how your financials look. The critical difference between these two methods is timing. With the cash method, you would recognize revenues and expenses when cash exchanges hands With the accrual method, revenue is recognized when earned, and expenses are recognized when [...]

Creating an Entrepreneurial Mindset: Giving up Security in Exchange for Opportunity

By |2021-07-29T14:55:46-05:00July 29th, 2021|Categories: Better Guidance|

“Entrepreneurs are people who give up security in exchange for opportunity. Unlike most people who are content with a job, a regular paycheck, and clearly defined responsibilities, entrepreneurs are willing to jump into the unknown, betting on their intelligence, expertise, and ability to problem-solve and create solutions in the hopes of generating a profit.” – The [...]

Why You Should Consider Establishing a Donor-Advised Fund

By |2021-07-29T13:51:11-05:00July 29th, 2021|Categories: Better Guidance|

With roots back to the 1930s, donor-advised funds (DAF) have become more popular as philanthropic vehicles to increase giving and reduce tax liability. But what makes a DAF so appealing, how do they work, and how can one decide if it would be the right choice for them? The goal of this blog will be to [...]

Learn by Listening

By |2021-06-11T06:44:38-05:00June 11th, 2021|Categories: Better Guidance|

Listening is an essential communication skill.  One that is often overlooked when thinking about how to further conversation and build relationships.  By using these best practices, you can become a better listener and improve your communication skills as a result. Listen to What Others are Saying Sure, this sounds completely obvious, but when you really stop [...]

Documents Needed to Prepare Your Tax Return 

By |2021-08-30T11:19:23-05:00January 31st, 2021|Categories: Better Guidance|Tags: , , , , , , |

The documents you need to file your tax return depends on your situation and is different for everyone. Some individuals receive a W-2 from their employer, whereas others own a business and the documentation required can be more complicated. Consider what, if any, changes happened during the year.  Did you get a new job?  Did you [...]

Providing and Accepting Constructive Feedback with a Mature Mindset

By |2021-01-29T21:33:48-06:00January 29th, 2021|Categories: Better Guidance|

Have you ever had constructive feedback for a co-worker, but were afraid it might hurt that person’s feelings? Have you ever received criticism from a supervisor or co-worker that upset you? Chances are that we’ve all encountered these two situations. Why is it so difficult to offer or accept constructive criticism? The answer is simple. If [...]

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