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How to Value Your Small Business
What is your small business currently worth? It is difficult to put a price tag on a business that is not publicly traded. Typically, the value of a family-owned business will exceed the total value of the hard assets, such as equipment and inventory. In addition, assigning a value to intangible assets such as goodwill is a difficult proposition, at best.
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How to Put Time on Your Side
Frequently, business owners deal in “commodities,” such as the goods that the company might produce or sell to the general public. Yet they may pay scant attention to one of the precious commodities: time. Successful businesspeople understand this concept and treat time as one of their most valuable resources.
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Does Anyone Know Your Passwords?
In the not-so-distant past, it was relatively easy for the loved ones of a deceased person to retrieve vital information from a “letter of instructions” held by an attorney. But technology has complicated the process. In fact, certain computerized data may be off-limits to anyone else if it is protected by a secret password. It may be difficult, if not impossible, to obtain the password from the administrators of a secure location even if you can prove that you are related to the decedent.
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Collect Miscellaneous Deductions at Year-End
As the year quickly draws to a close, you may be looking to increase your itemized deductions to offset highly taxed ordinary income. What about those random expenses that often seem to fall through the cracks? If you qualify, you may be able to deduct a portion of your miscellaneous itemized expenses.
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Take Five Steps Forward in Telecommuting
Business managers may recognize the benefits of working from home. You can roll out of bed, get in front of your laptop and run a meeting, all while you are still in your robe and slippers. Most employees seem to quickly adapt to telecommuting, too, although some may miss the social aspects of going to an office. And hardly anyone regrets the lack of a commute.
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