December 21, 2023 by Shannon McIntosh, Manager
Welcome back to The Bright Side for the last blog post of 2023. Is it just me or did this year fly by? For this edition, we’re going to look back at the year and all the challenges that were overcame and provide some strategies to plan for 2024.
December 18, 2023 by Bud Arnold
When purchasing a farm, sometimes the property includes a house for the farm family to use as their primary residence. Families in this position often overlook the tax complications of buying a farmhouse that is part of their farm property, but how they decide to hold that farmhouse could significantly impact their tax obligations. This article outlines several farm business structures and the farmhouse tax obligations in each case.
December 15, 2023 by Sarah Netley, Francesca Loreto
It’s the holiday season, a time of giving, so we’re jumping back into our conversation about estate planning with today’s focus on charitable giving.
December 6, 2023 by Luther VanGilst
When the immediate expensing rules were introduced in 2021, they allowed incorporated businesses to start fully expensing purchases, claiming up to $1.5 million in tax depreciation on eligible property acquired annually. This applies to a broad range of purchases, including tractors, combines, planters, cultivators and processing equipment – almost everything in a farm context except buildings, paving and quota – but corporations will no longer be able to access this opportunity in 2024.
November 30, 2023 by Shannon McIntosh, Manager
In this edition of The Bright Side, we focus on a particularly important topic for small business owners – how to best compensate yourself for the work you do.
November 29, 2023 by Thomas Blonde
Given the all-consuming complexity of any farm business, it’s not uncommon for farmers to overlook the importance of retirement planning. The constant need to reinvest in these businesses means there’s rarely a good time to think about saving for the future.
November 15, 2023 by Brenda Scott
Technology is evolving so fast. Some might say that’s exhilarating, while others might see it as exhausting. With Artificial Intelligence (AI) being integrated into businesses at an unprecedented rate, it’s easy for a company to feel out of shape as it tries to keep up with technology trends, in order to remain current and competitive.
November 14, 2023 by Craig Hoover
If you’re an agri‑food processor or manufacturer, there are a number of valuable government incentives available to your business. However, to access these programs, you will need to navigate a complex web of requirements.
November 9, 2023 by Sarah Netley, Francesca Loreto
As a business owner, it’s important to have a strategy in place to protect your assets from potential creditors. Several instances can arise that put your business assets at risk – the most common being a lawsuit.
October 26, 2023 by Shannon McIntosh, Manager
In this edition of The Bright Side, we focus on a particularly important topic for small business owners – how to best compensate yourself for the work you do.
September 25, 2023 by Shannon McIntosh, Manager
Welcome to the new edition of The Bright Side with Shannon McIntosh. This month, I interviewed two Baker Tilly Catalyst clients, sisters Jodi Willoughby and Carolyne McIntyre-Jackson, who turned their dream of a bakery into the successful business Crave Cookies and Cupcakes. Let’s dive into how it all started, the hurdles they’ve overcome and more.
September 18, 2023 by Sarah Netley, Francesca Loreto
While thinking about what happens when you pass away can be an emotional and challenging exercise, putting a plan in place can give you peace of mind by knowing that your estate plan will meet the goals that are important to you and your loved ones. This two‑part podcast will help you better understand why planning ahead is important and how to get started.
September 1, 2023 by Shannon McIntosh, Manager
Welcome back to The Bright Side! This month’s blog post explores the evolving state of cloud accounting and all the positive ways businesses that migrate to the cloud can benefit from this shift, including new access to efficiencies and savings. All the time and money you devote to data entry could be eliminated almost overnight with a shift toward automation, and significant new possibilities are emerging with each passing month. Cloud accounting ultimately frees business owners to focus more on what they do best. If you’re not sure cloud accounting is right for you, allow me to explore The Bright Side.
July 19, 2023 by Sarah Netley, Francesca Loreto
This episode concludes our miniseries for owner‑managed businesses, so if you haven’t heard parts 1‑3, we recommend you check those out!
June 27, 2023 by Shannon McIntosh, Manager
Welcome to this month’s edition of The Bright Side. This time around, we’re diving into key aspects of taking your business to the next level as a new entrepreneur. These include how much to charge your clients, how to set and achieve big business goals and building strong client relationships.
June 12, 2023 by Sarah Netley, Francesca Loreto
Maximizing your business valuation doesn’t have to be a mystery.
May 24, 2023 by Shannon McIntosh, Manager
Welcome to this month’s edition of The Bright Side. If your goal is to be a mom while running your own business, this blog entry is for you. There are plenty of ways to balance the dream of motherhood without extinguishing the flames of entrepreneurship. Don’t doubt yourself, you can do it all. Though it is a lot of work, the best things always are!
May 8, 2023 by Sarah Netley, Francesca Loreto
It seems weird to plan an exit strategy for a business you just started, but planning your exit can give you peace of mind and save you time and money when the time comes to leave.
May 8, 2023 by Sarah Netley, Francesca Loreto
Welcome to part one of a four‑part miniseries where Frankie and Sarah will focus and highlight key areas of interest for owner‑managed businesses.
May 8, 2023 by Sarah Netley, Francesca Loreto
In this inaugural episode, Frankie and Sarah introduce themselves, and share a little bit about Baker Tilly.