Cone & Company PC

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We know your business is something you want to last, and planning ahead will help you achieve that success. Old wisdom is clear: The critical issue concerning succession was to identify, develop, and install the successor to the business's top executive. That seems simple, but most people don't consider all the other elements like non-family executives and advisors. The predominant family business statistic has been that only 30 percent of family businesses survive the second generation.

First, you must provide an outstanding product and service. Then, ask your customers for help. Interview your customers about what they really like about your product and the service you provide. What do they especially like about working with you and your company? Ask if they would write what they told you in a letter or if you can write it for them for their approval. Ask if you can tape record or video record your interview. If you make a presentation, request that the audience complete evaluation forms. Some of the comments could be valuable testimonials.

If you are in a partnership or a shareholder-employee in a regular C or S corporation, and you have to work overtime, your company can, on occasion, provide you with dinner. The cost of such a dinner is 100% deductible for your company, and you don't even have to pay personal income tax on the value of the meal! On top of this, your company does not have to provide this fringe benefit to other employees who work late. But your company does not have to directly pay you for the meal. Instead, it can provide you with supper money.

Equal under the law is one of the core principles of the American legal system. It?s been a revered keystone of our body of laws and taxes for over 200 years. With that in mind, it may surprise you that there are effectively, two sets of federal estate tax laws. But there is one set for those who are either ignorant of them or who take no action and another for those people who both understand these laws and act to take advantage of the tax-saving opportunities provided by them.

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