LIVINGSTON, NJ — Michael H. Karu, CPA/CFF and Charles Ott CPA/MBA, Members, Levine, Jacobs & Company, LLC, were recently featured guests on the award-winning “The Doctor Joy Show,” where they shed light on a variety of topics business owners should be aware of.
When it comes to business planning, Karu advised it is beneficial to have a professional on your team to navigate the different tax laws. He also suggested important questions business owners should ask their accountant, “Do I qualify for the QBID [Qualified Business Income Deduction]; and if I do, how do you calculate it, and what do I need to do to increase it?”
Additionally, both Karu and Ott offered insight into the importance of business owners having a proper succession plan in place.
“A lot of business owners use their business as a retirement plan,” said Ott. “They might not have had the extra cash to save into a 401K like anybody else, like any W2 employee. It’s very important to have a succession plan in place for these reasons because it’s a huge part of a business owner’s retirement plan or their estate plan. Proper planning is crucial for business owner’s children and future generations.”
The full interview can be seen below:
To speak with and/or set up an interview with Levine, Jacobs, contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or firstname.lastname@example.org.
Levine, Jacobs & Company, LLC, headquartered in Livingston, maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.” Click HERE to learn more.