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Tax

Can Tax Planning Increase Personal Wealth?

At Whittaker CPAs, we believe tax planning isn’t just about paying less, it’s about building more. While most people treat taxes as a once-a-year event, the most financially successful individuals take a different approach. They treat tax planning as a year-round strategy to preserve wealth and grow it over time. Here’s how you can use

Whittaker

June 25, 2025

Advisory|Strategic Guidance|Value Building

How Poor Record Keeping Can Kill Your Wealth

At Whittaker CPAs, we see the same issue every year, poor financial record keeping leads to missed deductions, compliance issues, and unexpected tax bills. It also keeps business owners in the dark when it comes to profitability and cash flow. If you don’t know your numbers, you can’t make confident decisions. Worse, you could be

Whittaker

June 18, 2025

Value Building

The Financial Benefits of Hiring a Virtual CFO

Small businesses and growing companies often reach a point where financial complexity demands more than a bookkeeper but doesn’t yet justify a full-time CFO. Enter the virtual CFO (vCFO) — a strategic partner who offers executive-level financial insight without the six-figure price tag. In today’s fast-paced business world, understanding the financial benefits of hiring a

Whittaker

June 11, 2025

Uncategorized

Why Business Owners Need a Tax Planner, Not Just a Preparer

We recently sat down with a potential new client for a tax consultation. Within 15 minutes of reviewing their previous year’s tax return, we found a $20,000 mistake, a mistake that could’ve been avoided with one simple move. They didn’t do anything wrong. They worked with a competent tax preparer. But that’s the problem, they

Whittaker

June 4, 2025

Advisory|Strategic Guidance

Is Your Business Financially Healthy? 5 Key Metrics to Track

Long-term business growth starts with understanding your financial health. The best way to do that? Measure what matters. Financial key performance indicators (KPIs) give you the clarity and control needed to manage cash flow, improve profits, and make confident decisions. Here are five essential KPIs every business should monitor—and how tracking them leads to lasting

Whittaker

April 23, 2025

Strategic Guidance|Tax

Regulatory Compliance: A Wealth Protection Strategy

In today’s evolving business environment, regulatory compliance is more than a legal requirement, it’s a wealth protection strategy every business must prioritize. Failing to stay compliant not only exposes your company to penalties, it also puts your financial health and reputation at risk. Why Compliance Is a Strategic Financial Move Regulatory compliance ensures your business

Whittaker

April 16, 2025

Advisory|Strategic Guidance

Cash Flow vs. Profit: What Business Owners Don’t Know

Cash Flow vs. Profit: Why Business Owners Need to Understand the Difference Understanding the distinction between cash flow vs. profit is critical for business success. Many business owners make the mistake of equating profit with cash in the bank, but these two financial metrics serve different purposes, and confusing them can lead to costly consequences.

Whittaker

April 9, 2025

Strategic Guidance|Tax

How Strategic Tax Planning Can Fuel Business Growth

Tax planning shouldn’t be a last-minute scramble. In fact, if you give us a call a month before the deadline there is nothing we can do. Businesses that prioritize year round tax strategy reduce their tax burden and unlock critical capital for reinvestment. At Whittaker CPAs, we help clients shift from reactive filing to proactive

Whittaker

April 2, 2025

Advisory|Tax

Common Tax Mistakes that can cost your Business

Many business owners overpay in taxes each year without realizing it. At Whittaker CPAs, we work closely with companies in manufacturing, technology, and real estate, and we’ve seen firsthand how costly common tax mistakes can be. These industries offer powerful tax-saving opportunities, but only when your CPA knows how to uncover them. Here are the

Whittaker

March 26, 2025

Advisory|Strategic Guidance

What is the Missing Link Between Profit and Wealth?

Many business owners assume that profit automatically leads to wealth. But the reality is more complicated. Without a sound financial strategy, profit alone won’t get you there. In fact, businesses can be profitable on paper and still struggle with cash flow, growth, or long-term value. That’s where financial strategy becomes the missing link between profit

Whittaker

March 19, 2025

Advisory|Financial Reporting|Strategic Guidance

What’s in My Financial Statements? A Guide for Business Owners

Financial statements are the backbone of any business’s financial health. Whether you’re a startup owner or a seasoned entrepreneur, understanding these reports can help you make informed decisions, secure funding, and plan for growth. This guide breaks down the three main financial statements, profit and loss statement, balance sheet, and cash flow statement, so you

Whittaker

March 12, 2025

Advisory|Financial Reporting|Strategic Guidance

Why Financial Reporting is the Foundation of Family Wealth

In 2025 Whittaker is going to build our client families wealth in a number of ways. We are going to put out a blog post a week around how we are doing this if you want to join along for the journey of growing you business and families wealth. Statistically 70% of wealthy families lose

Whittaker

March 5, 2025

Advisory|Tax

Strategic Guidance|Tax

Why an S-Corp Might Be Right for You

When structuring a business, choosing the right tax designation can significantly impact your tax liability, compliance obligations, and long-term financial benefits. Two of the most common options are LLC taxation (default) and S-Corporation (S-Corp) taxation (an election made by an LLC or corporation). LLC Taxation A Limited Liability Company (LLC) is a business structure that

Whittaker

February 26, 2025

Advisory|Financial Reporting|Strategic Guidance

Why an LLC Might be Right for You

When structuring a business, choosing the right tax designation can impact your tax liability, compliance obligations, and long-term financial benefits. Two of the most common options are LLC taxation (default) and S-Corporation (S-Corp) taxation (an election made by an LLC or corporation). S-Corp Taxation An S-Corporation (S-Corp) is not a business entity but a tax

Whittaker

February 19, 2025

Strategic Guidance|Tax

Beginners Guide to Business Deductions

What does it mean to write something off? For business owners, “writing something off” means deducting an expense from your taxable income. This lowers the amount of income you are taxed on, ultimately reducing your tax liability. To be deductible, an expense must be ordinary (common in your industry) and necessary (helpful for running your

Whittaker

February 12, 2025

Strategic Guidance|Tax

The Best Tax Strategies for High-Income Earners

For high-income earners, tax planning is essential to minimize liabilities, protect wealth, and maximize after-tax income. With potential tax law changes on the horizon and the scheduled expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of 2025, now is the time to take proactive steps to optimize your tax strategy.

Whittaker

February 5, 2025

Advisory|Strategic Guidance

7 Common reasons that Cause Audits

Common IRS Audit Triggers and How to Avoid Them An IRS audit is something no taxpayer wants to experience. While the chances of being audited are relatively low, certain red flags can increase your likelihood of receiving that dreaded IRS notice. Whether you are a small business owner, a high-income earner, or a self-employed individual,

Whittaker

January 29, 2025

Tax

2025 Tax Law Changes

With every new tax year, adjustments to tax laws and regulations can impact individuals, small business owners, and corporations. As we move into 2025, it’s essential to understand the latest tax changes and how they may affect your tax planning strategy. From updated income tax brackets to potential adjustments in deductions and credits, here’s what

Whittaker

January 22, 2025

Tax

What do I need to know about medical expense deductions?

Understanding Medical Expense Deductions from a Tax Perspective Medical expense deductions can help lower your taxable income if you have significant healthcare costs. However, not all medical expenses qualify, and certain thresholds must be met. Here’s what you need to know when considering medical expense deductions for tax purposes. 1. The 7.5% AGI Threshold For

Whittaker

January 15, 2025

Tax

Uncategorized

When Am I going to Get My Tax Refund

When Will I Get My Tax Refund? How to Check Your Status Waiting for a tax refund can be frustrating, especially when you are counting on those funds. The good news is that both the IRS (for federal tax returns) and the California Franchise Tax Board (FTB) (for state tax returns) offer online tools to

Whittaker

January 8, 2025

Tax

5 things to Know about the New Lease Standards

For years, many businesses kept lease obligations off their balance sheets, particularly operating leases for office space, equipment, and vehicles. But with the introduction of ASC 842, those days are over. Originally impacting public companies in 2019, private businesses are now required to comply with the new lease standard. While some private business owners may

Whittaker

December 18, 2024

Tax

What is (PTE), CA Pass through Entity Tax

California Pass-Through Entity (PTE) Tax: A Key Strategy for Business Owners California’s Pass-Through Entity (PTE) Tax provides an opportunity for business owners to reduce federal taxable income while navigating the state and local tax (SALT) deduction cap. Designed for S corporations, partnerships, and LLCs taxed as partnerships, this tax strategy can lead to significant tax

Whittaker

December 11, 2024

Tax

What Are the 2025 Tax Brackets?

The Internal Revenue Service (IRS) has released the inflation-adjusted federal income tax brackets for the 2025 tax year, applicable to income earned in 2025 and filed in 2026. While tax rates remain unchanged, the income thresholds have been adjusted to account for approximately a 2.8% inflation rate. 2025 Federal Income Tax Brackets Here are the

Whittaker

December 4, 2024

Tax

Standard vs. Itemized Deductions

Standard vs. Itemized Deductions: Which One Saves You More on Taxes? When filing your individual tax return, one of the biggest decisions you’ll face is whether to take the standard deduction or itemize your deductions. The choice you make can significantly impact your taxable income, the amount you owe, and the size of your refund.

Whittaker

November 27, 2024

Advisory|Tax

How to Avoid Capital Gains Tax When Selling Your Home

How to Avoid Capital Gains Tax When Selling Your Home If you’re planning to sell your home, you might be wondering: Will I owe taxes on the profit? The good news is that many homeowners can exclude up to $250,000 (or $500,000 for married couples) of their gain from capital gains tax under IRS Section

Whittaker

November 20, 2024

Tax

What does a 1031 Exchange look like in 2025

A 1031 exchange remains one of the most effective tax strategies for real estate investors, allowing them to defer capital gains taxes when selling and reinvesting in like-kind properties. However, as 2025 unfolds, potential legislative changes could limit this powerful tax benefit. In this guide, we’ll break down how 1031 exchanges work, what proposed changes

Whittaker

November 13, 2024

Strategic Guidance|Tax

What Are The New IRA Contribution Limits

2025 IRA Contribution Limits: What You Need to Know As we head into 2025, the IRS has released the updated contribution limits for Individual Retirement Accounts (IRAs). Whether you’re planning for retirement with a traditional IRA or a Roth IRA, understanding these limits can help you maximize your tax advantages and grow your savings more

Whittaker

November 6, 2024

Strategic Guidance|Tax

What is the QBI Deduction?

Maximizing Your Tax Savings: Understanding the Qualified Business Income (QBI) Deduction If you’re a business owner or self-employed individual, there’s a valuable tax break you may be eligible for the Qualified Business Income (QBI) deduction. This deduction was introduced under the Tax Cuts and Jobs Act of 2017. The QBI deduction allows eligible taxpayers to

Whittaker

October 30, 2024

Tax

Tax Tips when transferring commercial real estate to heirs

How to Plan for Taxes When Transferring Commercial Real Estate to Your Heirs When it comes to transferring commercial real estate to your heirs, the tax implications can be significant. Due to this significance, it is important to plan right which tends to be quite complex. Commercial property is one of the most valuable things

Whittaker

October 23, 2024

Advisory|Strategic Guidance|Value Building

Tax Benefits of Investing in Opportunity Zones

For many business owners and investors, taxes are one of the largest obstacles to maximizing returns. That’s where Opportunity Zones come in—a program that can unlock significant tax savings while encouraging investment in underdeveloped areas across the country. But how exactly do you leverage commercial real estate investments in these zones to benefit from these

Whittaker

October 16, 2024

Advisory|Strategic Guidance

State Taxes Impact on Commercial Real Estate

The Impact of State and Local Taxes on Commercial Real Estate: What Business Owners Should Know For businesses involved in commercial real estate, understanding the impact of state and local taxes is crucial to making informed investment and operational decisions. Whether you’re buying, selling, or managing properties, taxes play a key role in shaping profitability

Whittaker

October 9, 2024

Advisory|Strategic Guidance

How to Lease Commercial Property to my Business

What Are the Tax Implications of Leasing Commercial Property to Your Own Business? Leasing commercial property to your own business can be a smart financial strategy. It can offer both operational and tax advantages but, it’s important to understand the tax implications involved. To ensure you stay compliant with IRS rules and make the most

Whittaker

October 2, 2024

Advisory|Tax

How are Operating Expenses Taxed On Commercial Properties

How Are Operating Expenses for Commercial Properties Treated for Tax Purposes? Operating a commercial property comes with a variety of ongoing costs. From utilities to property management fees, these expenses can add up quickly. However, the good news for commercial property owners is that many of these operating expenses are tax-deductible. With these deductions you

Whittaker

September 25, 2024

Advisory|Tax

10 Potential Tax Breaks for Commercial Real Estate Owners

Commercial real estate owners have numerous opportunities to reduce their taxable income through various deductions. Understanding and applying these deductions can significantly improve profitability and cash flow. In this article, we’ll explore key tax deductions available to commercial property owners, helping you keep more of what you earn. Commercial real estate owners have numerous opportunities

Whittaker

September 18, 2024

Uncategorized

Can I Use A 1031 Exchange For Commercial Real Estate

Unlocking the Potential of Commercial Real Estate with a 1031 Exchange If you’re an investor in commercial real estate, you’re probably always on the lookout for opportunities to maximize returns and defer taxes. One powerful tool that can help you achieve these goals is the 1031 Exchange. This strategy allows investors to defer paying capital

Whittaker

September 11, 2024

Advisory|Tax

What are the tax implications of selling commercial real estate

Understanding Capital Gains Tax Implications When Selling Commercial Real Estate Selling commercial real estate can be a profitable venture, but it’s crucial to understand the tax implications associated with such a transaction. One of the most significant considerations is capital gains tax, which can impact the net proceeds from the sale. Here’s a comprehensive guide

Whittaker

September 4, 2024

Tax

Bonus Depreciation Sunsets in 2025, What Does That Mean?

Understanding Bonus Depreciation Deductions for 2023, 2024, and 2025 Bonus depreciation has been a powerful tool for businesses looking to accelerate their tax deductions. This provision allows businesses to immediately deduct a large percentage of the cost of eligible assets. Some of these assets such as machinery, equipment, and certain improvements, rather than depreciating those

Whittaker

August 28, 2024

Advisory|Strategic Guidance|Value Building

How to Maximize Your Education Savings

Maximizing Your Education Savings: A Comparison of 2023 Education Tax Incentives Investing in education is one of the most significant steps you can take for your future, but it’s no secret that the costs can be daunting. Thankfully, the U.S. tax code offers several education tax incentives designed to lighten this financial load. Understanding these

Whittaker

August 21, 2024

Tax

What Happens When I Sell a Vehicle My Company Owns?

When your company sells a vehicle it owns, there are several critical steps involved. One of the most important things to consider is the tax implications are particularly significant. The sale of a company-owned vehicle not only impacts your company’s financial records but also triggers various tax consequences. Continue reading or get in touch with

Whittaker

August 14, 2024

Advisory|Strategic Guidance|Value Building

How A Business Can Donate Inventory to Receive Tax Deductions

Donating inventory can be a strategic move for businesses looking to manage surplus goods while supporting charitable causes. This process not only helps communities but also provides potential tax benefits. Here’s how businesses can donate inventory and what they need to know about tax deductions. Steps to Donate Inventory Identify Eligible Charitable Organizations: Ensure the

Whittaker

August 7, 2024

Advisory|Strategic Guidance

What is a 529 Plan?

Understanding the 529 Plan: A Comprehensive Guide A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. Named after Section 529 of the Internal Revenue Code, these plans are sponsored by states, state agencies, or educational institutions and offer significant tax benefits to contributors. Let’s delve into how these

Whittaker

July 31, 2024

Advisory|Strategic Guidance|Value Building

How Can Financial Benchmarking help me

In today’s competitive business landscape, financial benchmarking has emerged as a critical tool for organizations seeking to optimize their performance and gain a competitive edge. By comparing financial metrics against industry standards, companies can identify strengths, weaknesses, and opportunities for improvement. This blog post delves into the best practices of financial benchmarking, exploring its steps,

Whittaker

July 24, 2024

Advisory|Strategic Guidance|Value Building

Deductible Company Expenses

Understanding Deductible Company Entertainment Expenses Running a business involves various costs, some of which can be deducted from your taxable income. Among these deductible expenses are company entertainment costs, which can provide opportunities to strengthen business relationships and boost employee morale. However, navigating the rules around what constitutes a deductible entertainment expense can be tricky,

Whittaker

July 17, 2024

Advisory|Strategic Guidance

What are Travel Tax Deductions?

As a business owner, travel can be a significant part of your operations. Whether you’re meeting with clients, attending conferences, or scouting new locations, travel expenses can quickly add up. Fortunately, the IRS allows you to deduct many of these expenses, which can help reduce your taxable income. Understanding these deductions and how to properly

Whittaker

July 10, 2024

Advisory|Strategic Guidance|Value Building

Why Outsourced CFO?

Small and medium-sized enterprises (SMEs) often encounter significant challenges in managing their financial operations efficiently. This is particularly true for companies in the high-tech, manufacturing, and distribution sectors, where financial complexity can be high, and resources are often limited. One effective solution gaining traction is the outsourcing of Chief Financial Officer (CFO) services. This approach

Whittaker

July 3, 2024

Advisory|Strategic Guidance|Value Building

Why Do I Hold Real Estate and My Company In Separate Entities

When managing both a business and real estate investments, structuring your holdings wisely is crucial for protecting your assets. It is also important to consider when optimizing for financial management, and enhancing operational efficiency. One highly recommended strategy is to hold your real estate and your company in separate entities. Let’s explore why this approach

Whittaker

June 26, 2024

Advisory|Strategic Guidance

How can a Virtual CFO Optimize my Cash Flow?

Cash Flow Analysis and Forecasting It’s no secret that running a business can be challenging at times. This includes trying to understand and better your cash flow especially if your business doesn’t have a controller or CFO. An outsourced Chief Financial Officer (CFO) brings a wealth of experience and a fresh perspective, providing the strategic

Whittaker

June 19, 2024

Strategic Guidance|Tax

How Can My Business Pay Less Taxes

Navigating the complexities of business taxes can be daunting, but ProActive Tax Planning can significantly reduce your tax burden. Every year we have people asking how they can lower their tax bill. The NUMBER ONE THING you can do is plan ahead. This is how you can actually reduce your tax bill because there are

Whittaker

June 12, 2024

Advisory|Strategic Guidance|Value Building

What are the risks of an entity guaranteeing a loan for another?

In the world of business, guaranteeing a loan for another entity can be a strategic move. However, it comes with significant risks. Understanding the potential consequences if the other entity becomes insolvent is crucial for making informed decisions. In this blog post, we’ll explore what happens when your business guarantees a loan and the borrower

Whittaker

June 5, 2024

Advisory|Financial Reporting|Strategic Guidance

How a Virtual CFO Helps Navigate Financial Success

In today’s competitive business landscape, effective financial management is crucial for success. Using a virtual CFO or controller has emerged as a strategic solution for companies aiming to optimize their financial operations. This ensures that they can focus on their core business activities. This comprehensive approach offers numerous benefits, including access to specialized expertise, cost

Whittaker

May 29, 2024

Advisory|Strategic Guidance

Key Performance Indicators

Mid-market company invests in Key Performance Indicators and increases bottom line by 1734% to $6.2 million in 18 months. CLIENT’S KEY CHALLENGE “I feel like I am the captain of a ship in a dense fog without any electronics and all I have is a compass,” the Company’s CEO told us. From the CEO’s perspective,

Whittaker

May 29, 2024

Advisory|Tax

How much money will a cost segregation study save me?

If you own commercial or residential rental properties, cost segregation could be your ticket to substantial tax savings. This powerful tax strategy accelerates depreciation deductions, enhancing your cash flow and optimizing your financial returns. Here’s how cost segregation works, the types of properties that qualify, and what kind of tax savings you can expect. How

Whittaker

May 22, 2024

Tax

How does making the “pass-through entity tax” election save taxes

It is no secret that tax laws are confusing and frustrating. However, one strategy that can offer significant tax savings is the “pass-through entity tax” election. This election can be particularly beneficial for owners of S corporations, partnerships, and LLCs. Understanding how this election works and how it can save you money is crucial for

Whittaker

May 15, 2024

Advisory|Financial Reporting|Strategic Guidance

What is a Virtual CFO? and What is it Not?

In today’s rapidly evolving business landscape, small and medium-sized enterprises (SMEs) often face the challenge of managing their financial affairs effectively without the resources to hire a full-time Chief Financial Officer (CFO). Enter the virtual CFO – a solution tailored to meet the strategic financial needs of businesses without the commitment of a full-time hire.

Whittaker

May 8, 2024

Tax

What are Debt-Financed Distributions in Partnerships?

Introduction: It is no secret that pass through businesses entities are common. They actually make up about 94 percent of business forms in the United States. On top of that, there are about 2.2 million partnerships in the United States (via The Tax Foundation). They are so popular because they offer flexibility and shared responsibilities

Whittaker

May 1, 2024

Advisory|Strategic Guidance

The Best KPIs for Manufacturing Businesses to Increase Profit

Staying ahead necessitates not only efficient operations but also a keen eye on key performance indicators (KPIs) that directly impact profitability. For manufacturing companies, understanding and leveraging these metrics can significantly contribute to the bottom line. Let’s delve into the top seven KPIs that manufacturing businesses should prioritize to drive profit growth. KPIs are important

Whittaker

April 24, 2024

Advisory|Strategic Guidance|Value Building

How to Maximize Your Customer Value

Maximizing Customer Value: Strategies for Manufacturing, Distribution, and High-Tech Businesses In manufacturing, distribution, and high-tech industries, increasing the dollar value of each customer sale is crucial for sustaining growth and building a loyal customer base. While attracting new customers is essential, maximizing the value from existing customers can lead to higher profitability and stronger relationships.

Whittaker

April 17, 2024

Tax

What’s the Difference Between Tax Credits and Tax Deductions

Introduction: Navigating the intricacies of taxes can be daunting, especially when it comes to understanding the disparities between tax credits and tax deductions. While both serve the purpose of reducing your tax bill, their mechanisms and implications differ significantly. In this comprehensive guide, we’ll delve into the distinction between tax credits and tax deductions, provide

Whittaker

April 16, 2024

Advisory|Strategic Guidance

How to Increase the Efficiency of my Manufacturing Operations

Streamlining your operations has become more important than ever in the industrial landscape. Whether you are in manufacturing, distribution, or tech, operational excellence is crucial. Staying ahead of the curve means constantly seeking ways to enhance efficiency, reduce costs, and improve overall performance. There are four pivotal strategies that can elevate the effectiveness of your

Whittaker

April 10, 2024

Advisory|Strategic Guidance|Value Building

How to Increase Manufacturing Purchases from Customers

In today’s fast-paced business environment, staying ahead of the competition requires more than just offering top-notch products or services. For manufacturing, distributing, and high-tech companies, maximizing customer engagement, sales revenue, and operational efficiency are paramount. To achieve these goals, here are strategies tailored to address key areas of focus: Frequency of Customer Purchases: Personalized Loyalty

Whittaker

April 3, 2024

Advisory|Strategic Guidance

4 Ways to Increase the Amount of Manufacturing Customers

For manufacturing, distributing, or high-tech companies looking to increase their customer base, adopting a multifaceted strategy that leverages both traditional and innovative methods can be highly effective. Here are four strategies that such companies can employ: Innovate and Diversify Product Offerings Innovation: Continuously improve and innovate products to meet emerging market needs or to create

Whittaker

March 27, 2024

Advisory|Strategic Guidance|Value Building

The Impact of Remote Work on Taxation

In the wake of the global shift towards remote work, the landscape of employment has undergone a significant transformation. While remote work offers unparalleled flexibility and convenience for employees, it has also brought about complexities in taxation for business owners. The Remote Work Revolution Remote work has emerged as a defining feature of the

Whittaker

March 20, 2024

Advisory|Strategic Guidance|Value Building

What are the Benefits of Outsourcing Your Accounting?

Let’s face it, staying competitive requires more than just offering a great product or service. This means that efficient financial management strategies and optimizing resources are a must. One such strategy that has gained significant traction in recent years is outsourced accounting. When we investigate how outsourcing your accounting functions can revolutionize your business

Whittaker

March 13, 2024

Advisory|Tax

Tax Implications of STR and MTR: Can Losses Offset W-2 Wages?

In recent years, the rise of short and mid-term rentals through platforms like Airbnb, VRBO, and others has revolutionized the hospitality industry. From spare rooms to entire homes, individuals have found lucrative opportunities to capitalize on their properties. However, amidst the allure of extra income, many overlook the crucial aspect of taxation. Understanding the tax

Whittaker

March 6, 2024

Advisory|Financial Reporting|Strategic Guidance

What Does a Controller do and How Much Does it Cost to Hire One?

Why Would you Hire a Controller? The role of a Controller in an organization primarily focuses on overseeing the accounting operations. This includes the production of periodic financial reports, maintenance of an adequate system of accounting records, and a comprehensive set of controls designed to mitigate risk. They enhance the accuracy of the company’s reported

Whittaker

March 1, 2024

Strategic Guidance|Tax

What is a Tax Consultant?

Introduction: Navigating the complexities of taxation can be daunting for individuals and businesses alike. Whether you’re facing tax filing deadlines, planning for the future, or dealing with IRS audits, having expert guidance can make all the difference. In this blog post, we’ll explore the role of a tax consultant. We will cover how they can

Whittaker

February 28, 2024

Advisory|Strategic Guidance|Value Building

How much does it cost to Hire a CFO?

Understanding the Cost of a Full-time CFO In the ever-evolving business environment, the decision to hire a Chief Financial Officer (CFO) full-time is a pivotal one. It ultimately involves a considerable financial commitment. A comprehensive analysis of data from four authoritative sources as of early 2024 sheds light on the financial implications of such a

Whittaker

February 21, 2024

Advisory

Understanding Revenue Recognition

In the world of accounting, there’s a fundamental rule that guides how companies record their sales or services as earned revenue: revenue recognition. This principle serves as the bedrock for accurately portraying a company’s financial health and performance. Let’s look into what it is and why it’s so crucial for businesses. What is Revenue Recognition?

Whittaker

February 16, 2024

Advisory|Strategic Guidance|Value Building

How Cash can be found in Your Accounts Receivable

The Importance of Accounts Receivable Accounts receivable (AR) represents the money owed to a business by its customers for products or services rendered on credit. It’s a fundamental component of working capital and can significantly impact a company’s cash flow and financial health. The Cash Conundrum Despite its significance, accounts receivable often harbors hidden cash

Whittaker

February 14, 2024

Advisory|Tax

How to Navigate Manufacturing Equipment Depreciation

Introduction: In the dynamic landscape of manufacturing, businesses often find themselves investing in state-of-the-art equipment to stay competitive. While these technological advancements boost efficiency, navigating the depreciation of manufacturing equipment is crucial for sound financial management. In this blog post, we will delve into the types of equipment manufacturing businesses typically purchase, the duration of

Whittaker

February 7, 2024

Advisory|Financial Reporting|Strategic Guidance

When is it Time to Outsource my Accounting?

What is Outsourced Accounting? Outsourced accounting is just what it sounds like. Its accounting made simple. Outsourced accounting can be anything from bookkeeping to a Virtual CFO. One of the many benefits is you don’t need to pay a 12 month salary plus benefits. No bonus at the end of the year. You don’t have

Whittaker

January 31, 2024

Advisory|Financial Reporting|Strategic Guidance

Invoicing: How to Increase Cash Flow with Better Invoicing

As a business owner you want to be paid on time, because who doesn’t? One of the best way to not only keep your accounting up to date, as well as put money in the bank is timely payments. While this is ideal, it isn’t always the case. Sometimes payments are late or seemingly impossible

Whittaker

January 24, 2024

Advisory|Tax

What Tax Incentives or Credits are Available for Manufacturing Businesses?

In the dynamic world of manufacturing, success isn’t just about producing quality goods, it is also about navigating the complex tax landscape. For California-based manufacturers, understanding and leveraging available tax incentives and credits can significantly impact the bottom line. As the heartbeat of innovation and industry, the California offers a range of opportunities for businesses

Whittaker

January 17, 2024

Tax

How Are Lottery Winnings Taxed in California?

When the lottery is at the highs it has been recently, everyone is buying a ticket in the hope that they might be the one to win the millions if not billions of dollars. Around these times a very common question is asked is, “how are lottery winning taxed in California.” Although many California residents

Whittaker

January 10, 2024

Tax

2024 Tax Deadline Calendar

As the new year rolls in, so does another tax season. For businesses, staying informed about each tax filing deadline and important dates is crucial to ensure compliance and avoid penalties. Whether you’re a seasoned entrepreneur or just starting out, understanding the tax calendar can help you plan and prepare effectively. In this guide, we’ll

Whittaker

January 5, 2024

Advisory|Strategic Guidance|Value Building

Navigating the New Year: Setting and Tracking Business Goals with KPIs

As we step into a new year, it’s a perfect time for businesses to chart their course towards success. This period of corporate planning is crucial, offering a fresh start and a chance to set ambitious yet achievable goals. Key Performance Indicators (KPIs) play a vital role in this process, serving as the compass that

Whittaker

January 3, 2024

Strategic Guidance|Tax

What are the Tax Implications of Different Investment Types?

Introduction: Investing is a powerful tool for wealth creation, but it’s crucial for investors to be aware of the tax implications associated with different investment types. Whether you’re a seasoned investor or just getting started, understanding how your investments may be taxed can significantly impact your overall financial strategy. Continue reading to explore the

Whittaker

December 20, 2023

Advisory|Financial Reporting|Strategic Guidance

5 Must Do’s before the end of the year

Introduction: As the year comes to a close, it’s the perfect time to review your financial situation and make strategic moves that can positively impact your future. Whether you’re planning for retirement, managing your business finances, or looking to optimize your tax situation, taking action before the end of the year can lead to significant

Whittaker

December 13, 2023

Advisory|Tax

Are Office Parties Deductible?

Office parties are a time-honored tradition in the business world. Whether celebrating a successful year, your annual Christmas party, or marking a special occasion, these events contribute to a positive work culture. As business owners prepare for such festivities, a common question arises: Are office parties tax deductible? In this blog post, we explore the

Whittaker

December 6, 2023

Advisory

SUCCESS STORY: TOTTEN TUBES

With Whittaker’s advice, we’re as secure as we ever were but growing at the same time. Here’s how. Totten Tubes is America’s most diverse and specialized steel tube & pipe company, serving clients across the entire west coast of North America. We talked to Greg Totten, 3rd generation co-president, on how switching to Whittaker 10

Whittaker

November 30, 2023

Strategic Guidance|Tax

Qualified Charitable IRA Distributions

As we approach the year-end tax planning season, it’s crucial to explore smart strategies that can both support charitable causes and provide tax advantages. We are lucky enough to have great group of clients that give year after year. One such strategy worth considering is the Qualified Charitable Distribution (QCD) from your Individual Retirement Account

Whittaker

November 29, 2023

Advisory|Tax

Maximizing Your Year-End Finances: 5 Potential Tax Savings Strategies

As the year draws to a close, it’s not just the holiday season that’s on everyone’s minds; it’s also a critical time for financial planning. The good news is that ProActive Tax Planning can offer substantial benefits, helping you optimize your finances and potentially save on your tax bill. Here are five potential tax savings

Whittaker

November 22, 2023

Strategic Guidance|Tax

All New: IRS Income Tax Brackets for 2024

As we usher in the year 2024, it’s time to familiarize ourselves with the changes in the tax landscape. Understanding the new tax brackets is crucial for individuals and businesses alike, as it directly impacts how much we contribute to the government’s coffers. In this blog post, we’ll look into the key highlights of the

Whittaker

November 15, 2023

Advisory|Tax

The Tax Benefits of Charitable Donations

Introduction: Holiday season is fast approaching and many business owners make charitable donations. As a business owner, you understand the importance of supporting your community and giving back to causes that matter. What you might not fully realize is that charitable donations can offer significant tax benefits that can strengthen your business’s financial position while

Whittaker

November 8, 2023

Advisory|Financial Reporting|Strategic Guidance

How to Turn Roadtrips into Tax Deductions for Your Motorhome

Owning a motorhome or recreational vehicle (RV) can be a ticket to adventure and the freedom to explore the open road. But did you know that it can also provide you with some valuable tax deductions? In this blog post, we’ll dive into the intricate world of tax deductions for motorhomes and RVs. We will

Whittaker

November 1, 2023

Strategic Guidance|Tax

How Can I Use Income Splitting to Pay Less Taxes???

Tax planning is an integral part of financial management One effective strategy to minimize your tax liability is income splitting. This process involves redistributing your earnings among family members in a way that leverages lower tax rates or takes advantage of tax credits available to certain individuals. In this blog you will learn about

Whittaker

October 25, 2023

Family Business: How to Navigate Compensation

Advisory|Financial Reporting|Strategic Guidance

Uncategorized

Family Business: How to Navigate Compensation

Introduction Family businesses are the backbone of economies worldwide, representing a significant portion of global enterprises. However, one of the most challenging aspects of running a family business is managing compensation, as it often involves the intersection of professional performance and familial dynamics. In this blog post, we’ll explore the complexities of compensation in family

Whittaker

October 18, 2023

Strategic Guidance|Tax

The Augusta Tax Loophole: A Unique Opportunity for Tax Savings

Introduction In the world of taxation and wealth management, there exists a little-known gem that could significantly benefit homeowners and small business owners alike: the Augusta Tax Loophole, also known as the Augusta Rule IRS exemption. Named after Section 280A(g) of the Internal Revenue Code, this loophole allows homeowners to exclude up to 14

Whittaker

October 11, 2023

Advisory|Financial Reporting|Strategic Guidance

The Key to Success: Understanding Your Financial Statements

Introduction Do you feel like your financial statements are just a bunch of lines of words and numbers with no meaning? This is something very common for most business owners since they never had the opportunity to learn. Well these confusing words and numbers can actually tell a story about your business and can be

Whittaker

October 4, 2023

Advisory|Financial Reporting|Strategic Guidance

Rental Property Repairs Vs. Improvements: A Tax Perspective

Introduction Investing in rental property can be a lucrative venture, but it comes with its fair share of responsibilities and financial considerations. One crucial aspect of managing rental property is understanding the difference between repairs and improvements and how these distinctions can impact your taxes. In this post, we will dive into the world of

Whittaker

September 27, 2023

Advisory|Strategic Guidance|Value Building

Tax

What is the Home Office Deduction?

Introduction With the current norm of remote work and the increasing number of people operating businesses from their homes, the home office has become more important than ever. Beyond the convenience and comfort it offers, your home office can also be a source of potential tax savings. With the information found in this blog you

Whittaker

September 20, 2023

Strategic Guidance|Tax

How to Reduce Your Risk of Audit with ProActive Tax Planning

Introduction Here at Whittaker our clients almost never get audited. Although, a question we get from non-clients all the time is, “how do I reduce my risk of being audited?” Well, ProActive Tax Planning is one of the best ways to do that. Tax season is a stressful time for many individuals and business owners.

Whittaker

September 13, 2023

Strategic Guidance|Tax

Value Building

Tax-Deductible Business Travel

Introduction Traveling for business purposes is an essential part of many start-ups and established businesses. Whether you’re attending conferences, meeting clients, or exploring new markets, these business trips often come with significant expenses. The good news is that many of these costs can be tax-deductible. You can help your company save money while expanding its

Whittaker

September 6, 2023

Advisory|Financial Reporting|Strategic Guidance

Why is it Important to Understand Financial Statements?

Not being able to understand your financial statements is something most business owners struggle with. Many people think they are just numbers on a page, but in reality they tell a story about your business As a business owner, you have a multitude of responsibilities that shape the success of your business. From product development

Whittaker

August 30, 2023

Advisory|Strategic Guidance|Value Building

Understanding Key Performance Indicators (KPIs)

In the dynamic landscape of business management, keeping track of your progress and performance is essential for achieving your goals. This is where Key Performance Indicators (KPIs) come into play. KPIs are integral tools that help businesses measure their success and effectiveness in achieving specific objectives. KPI’s are great because they can be used to

Whittaker

August 23, 2023

Advisory|Strategic Guidance

Who can be owners of an S-Corp? Why does this matter?

Who Can Be an Owner? An S-Corporation (S-Corp) is a type of business entity in the United States that offers certain tax benefits, like a partnership or LLC, while maintaining some of the limited liability features of a traditional corporation (C-Corp). However, S-Corps have specific ownership requirements to maintain their favorable tax treatment. Individuals: Generally,

Whittaker

August 16, 2023

Advisory|Strategic Guidance|Value Building

How to Leverage Tax Planning to Increase Your Wealth

Background What I want to offer in this article is a conversation about how to think about reducing your taxes and creating family wealth with that savings. The fact of the matter is that nobody enjoys paying taxes and we would all appreciate a zero-tax bill. I have over thirty years of experience as

Whittaker

August 9, 2023

What is the Difference Between an Audit, Review, and Compilation

Advisory|Strategic Guidance|Value Building

Financial Reporting|Strategic Guidance

What is the Difference Between an Audit, Review, and Compilation

Audit, review, and compilation are three different levels of services provided by accountants or auditors when examining financial information. Each level offers a varying degree of assurance regarding the accuracy and reliability of financial statements. Let’s explore the differences between an audit, review, and compilation. Compilation A compilation is the simplest and least extensive of

Whittaker

August 2, 2023

Advisory|Strategic Guidance|Value Building

What is the Right Accounting Fit For Me?

When it comes to choosing an accounting firm for your business, making the right decision is crucial. Entrusting your financial matters to professionals who understand your unique needs and can help you achieve your goals is essential. In this blog post, we will explore the top questions that should be asked when selecting a new

Whittaker

July 26, 2023

Advisory|Tax

What is section 1202 stock and how does it apply to my business?

As a business owner, it’s essential to stay informed about the various tax provisions that can impact your company’s growth and financial success. Section 1202 of the Internal Revenue Code, commonly known as the “qualified small business stock” is one of them. What is Section 1202 Stock? Section 1202 was introduced as part of the

Whittaker

July 19, 2023

Advisory|Strategic Guidance|Value Building

What is A Buy-Sell Agreement? Why is it Important?

If you are a business owner, then chances are you have heard of a buy-sell agreement. What most people don’t understand is what it really is, or why it is important. Simply put, they are exit strategies for business owners. To fully understand what it is, you must know what they entail. What Is It

Whittaker

July 12, 2023

Advisory|Tax

What is Double Taxation, and How Does it Apply to C-Corporations?

How does it work when a C-Corporation has double taxation? When we say that a C-corporation is subject to double taxation, it refers to the fact that the corporation’s profits are taxed twice. Once at the corporate level and again at the individual shareholder level when the profits are distributed as a dividend. Here’s a

Whittaker

July 5, 2023

How to Handle IRS or other Tax Agency Notices

Financial Reporting|Strategic Guidance

Strategic Guidance|Tax

How to Handle IRS or other Tax Agency Notices

Receiving a notice from the Internal Revenue Service (IRS) or any other tax agency can be a stressful experience for most individuals. However, it’s essential to approach these notices calmly and systematically. Just because you have received a notice doesn’t mean you are in trouble. Understanding the Purpose of Tax Agency Notices Tax agency notices

Whittaker

June 28, 2023

How do I know if my tax return is correct?

Advisory|Financial Reporting|Strategic Guidance

Advisory|Tax

Strategic Guidance|Tax

How do I know if my tax return is correct?

This is not a question that we hear often, but I want to address it because it has led to many people seeking our services and occasionally client frustrations. I would preface this with the fact that when you are signing your tax return or authorizing your CPA to electronically file your tax return, you

Whittaker

June 21, 2023

Advisory|Tax

Strategic Guidance|Tax

Are there different types of CPA’s?

A Certified Public Accountant (CPA) who prepares tax returns and a CPA who focuses on tax planning have distinct roles and responsibilities. While both are knowledgeable in tax matters, their primary areas of expertise and the services they provide differs. CPA That Prepares Tax Returns A CPA who prepares tax returns is primarily focused on

Whittaker

June 14, 2023

Advisory|Strategic Guidance

Cash Cycle Vs. Operating Cycle

Intro Financial metrics are very important when it comes to analyzing how efficient your business is. Both cash cycle and operating cycle are a great way to measure your businesses financials. Often people think they are the same thing. While they are very similar, they have small differences that make them each very useful. What

Whittaker

June 7, 2023

What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?

Advisory|Tax

Strategic Guidance|Tax

Tax

What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?

What is the difference between an amended tax return and a net operating loss carryback? During recent years with the ever-changing tax laws and updates related to COVID we have seen a dramatic uptick in the number of clients filing amended tax returns and net operating loss (NOL) carryback claims. This post explains the difference

Whittaker

May 31, 2023

Advisory|Strategic Guidance|Value Building

Should I hire a CFO or Controller

Should I hire a CFO or Controller? When it comes to managing the finances of a company, two roles that often come up are that of a controller and a chief financial officer (CFO). While these two positions may sound similar, they have distinct differences. They differ in terms of their responsibilities and the level

Whittaker

May 24, 2023

Advisory|Strategic Guidance|Value Building

What Does a CPA do Outside of Taxes?

What is a CPA? A Certified Public Accountant (CPA) has a lot of different roles when it comes to their job description. Most people think that CPA’s only do taxes but that isn’t always the case. While tax preparation and planning are common areas of expertise for CPA’s, they possess a wide range of skills

Whittaker

May 17, 2023

Advisory|Tax

What creates income tax nexus for businesses?

When does our business need to file income tax returns in other states? When a business operates in multiple states, it can be challenging to determine its state income tax obligations. One of the most critical concepts to understand is state income tax nexus. This refers to the connection or level of presence that a

Whittaker

May 10, 2023

Advisory|Strategic Guidance

What to do When a Family Member or Business Owner Dies

Dealing with the loss of a loved one or a business owner can be an overwhelming and emotional experience. While you may be struggling to come to terms with your loss, there are several important steps to ensure that the necessary financial arrangements are made. Some of these steps need to be done right away

Whittaker

May 3, 2023

Advisory|Financial Reporting|Strategic Guidance

Advisory|Strategic Guidance

Internal Vs. External Accounting

A Question we often get asked is whether a business should hire an in house accounting team or outsource their accounting work. This can vary depending on the business but there are pros and cons to each option. Outsourcing With some of our clients, we see the business owners are primarily responsible for their accounting

Whittaker

April 26, 2023

Reasonable Compensation for S Corporation Shareholders

Advisory|Strategic Guidance|Value Building

Financial Reporting|Strategic Guidance

Strategic Guidance|Tax

Uncategorized

Reasonable Compensation for S Corporation Shareholders

S-corporations are a popular choice among small business owners. They offer a range of tax benefits, such as avoiding double taxation and passing profits and losses onto shareholders. However, S-corporation shareholders must ensure they receive reasonable compensation for their services to the corporation to avoid triggering tax penalties from the Internal Revenue Service (IRS).

Whittaker

April 19, 2023

Advisory|Strategic Guidance

Uncategorized

How To Fix A Journal Entry Error?

Why Is It Important to Correct Journal Entries? Accounting is a critical aspect of any business, as it helps in recording and tracking financial transactions accurately. While the process of recording transactions can be straightforward, it is not uncommon for errors to occur. These mistakes can have a significant impact on a company’s financial records,

Whittaker

April 12, 2023

Advisory|Financial Reporting|Strategic Guidance

What Should I Do With Obsolete Inventory?

Different Types of Obsolete Inventory When it comes to dealing with obsolete inventory, the solution isn’t always the same. Every company has some form of inventory that they might be deemed as obsolete. Because of this, it is important to determine why the inventory is considered Obsolete. It is also not usually just one item.

Whittaker

April 5, 2023

How Should You Think About Your Supply Chain?

Advisory|Strategic Guidance

Value Building

How Should You Think About Your Supply Chain?

Why Your Supply Chain is Important. Supply chain management is a crucial piece of a business’ success. An effective supply chain is important for various industries including manufacturing, retail, and logistics. When it is well managed, it ensures that goods and services are delivered to customers in a timely and cost-effective manner. It also helps

Whittaker

March 29, 2023

Advisory|Tax

What is a Charitable Lead and Charitable Remainder Trust

This article is going to explore two different types of trusts that we utilize with our clients in planning for income taxes and estate taxes. These two trusts are the Charitable Remainder Trust and the Charitable Lead Trust. Both trusts are considered “split-interest” trusts because the assets of the trust, and the trust income, are

Whittaker

March 22, 2023

Advisory|Tax

Uncategorized

What is Section 179?

Background On Section 179 Section 179 allows you to depreciate certain assets fully in the first year that you purchase them. These deductions must be for business related assets such as vehicles, equipment, and software. Section 179 cannot help you create a loss so you must have the required net income to allow for the

Whittaker

March 15, 2023

Advisory|Tax

Tax Deadline Moved to October 16, 2023

As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. The IRS and California franchise board released information surrounding filing extensions and the recent California Storms. FTB has extended filing and payment deadlines for many individuals and businesses in California. We are notifying

Whittaker

March 8, 2023

What is a Real Estate Professional For Tax Purposes?

Strategic Guidance|Tax

Uncategorized

What is a Real Estate Professional For Tax Purposes?

Overview For tax purposes it can be beneficial to be considered a real estate professional. Being a real estate professional offers benefits but also has requirements. If you can qualify as a real estate professional, then you avail yourself many tax advantages and tax savings opportunities. Let’s clarify what a real estate for professional tax

Whittaker

March 1, 2023

Advisory|Strategic Guidance|Value Building

What Is The Best Way To Hold Real Estate?

Overview Real estate is a great place to invest your money and is often used by many people for this reason. When it comes to holding real estate it is important to do it in the smartest way. We see a lot of our clients holding real estate and there are always a few things

Whittaker

February 22, 2023

Advisory|Strategic Guidance|Value Building

Uncategorized

The Basics Of Estate Tax

What is Estate Tax While only six states currently have estate tax, California is not one of them. California is not subject to state level estate tax, but it is still subject to federal estate tax. Estate tax is basically a tax on your right to transfer property at your death. Your estate may consist

Whittaker

February 15, 2023

Advisory|Tax

Strategic Guidance|Tax

Should You Buy Or Lease A Car?

Overview One of the biggest decisions that entrepreneurs and business owners must make is whether to buy or lease a car. Both options have their pros and cons. The decision comes down to several factors, including the business’s financial situation, the intended use of the vehicle, and the tax implications. Buying

Whittaker

February 1, 2023

Advisory|Tax

How Much Can I Reduce My Taxes?

Background What I want to offer in this article is a conversation about how to best think about reducing your taxes and what may be possible. The fact of the matter is that nobody enjoys paying taxes and we would all appreciate a zero-tax bill. I have over thirty years of experience as

Whittaker

January 25, 2023

Advisory|Financial Reporting|Strategic Guidance

Advisory|Tax

California Storm Victims Tax Update

Tax Relief Information As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. This declaration extended tax payment and tax return filing deadlines to May 15th, 2023, as discussed below. We are notifying you of this recent

Whittaker

January 16, 2023

Advisory|Tax

2023 Standard Mileage rates

Standard Mileage Rates for 2023 At the end of December, the IRS issued the 2023 optional standard mileage rates. The rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The rates for 2023 have increased for normal business and medical purposes. The

Whittaker

January 11, 2023

Advisory|Tax

Important Tax Dates for 2023

With the new year starting it is important to keep all the tax filing deadlines in mind. The dates are similar every year except for holidays or weekends. Here are a few of the important ones. The table below will also be linked at the so that you can download and print it out as

Whittaker

January 4, 2023

Advisory|Tax

The Difference Between Tax and Accounting Depreciation

What is the Depreciation of Assets? As a business owner, you may be considering purchasing a new asset for your business. Maybe you are looking for a refresher on the concept of depreciation and how it will impact your financial statements and income taxes. While deprecation can be a simple concept, it

Whittaker

December 28, 2022

What are the Different Types of Cash Flow?

Advisory

Advisory|Financial Reporting|Strategic Guidance

What are the Different Types of Cash Flow?

What is Cash Flow? When it comes to understanding cash flow there are a couple of different things you need to be aware of. Cash flow specifically refers to the amount of cash going in and out of a business. There are three distinct categories of cash flow that each refer

Whittaker

December 21, 2022

Strategic Guidance|Tax

Tax

How to Qualify for R&D Tax Credits

What is R&D The research and development tax credit is a federal incentive that allows companies to reduce income tax liability in the current year dollar for dollar when they are preforming activities related to the development, design, or improvement of things like products, software, process, etc. Many businesses, especially smaller

Whittaker

December 14, 2022

Advisory|Tax

Strategic Guidance|Tax

Tax

Should I Have an HSA Account?

What is an HSA? Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.

Whittaker

December 7, 2022

Strategic Guidance|Tax

What is Cost Segregation?

What is Cost Segregation? Cost Segregation is a tax deferral strategy for commercial real estate owners. It allows them to utilize accelerated depreciation deductions to create more cash flow. The aim of a cost segregation study is to identify the personal property components of a building that can be depreciated and

Whittaker

November 30, 2022

What is Basis in an S‐Corp and how does basis work?

Advisory|Tax

Tax

What is Basis in an S‐Corp and how does basis work?

What is Basis? Basis measures the amount that the property’s owner is treated as having invested in the property. In most situations, the basis of an asset is its cost to you. The cost is the amount you pay for the property in cash, debt obligations, and other property or services.

Whittaker

November 23, 2022

What is Partnership Basis and how does basis work?

Advisory|Tax

Tax

What is Partnership Basis and how does basis work?

What is Basis? There are two distinct types of basis that apply to the partnership and to each partner. Outside basis refers to a partner’s interest in a partnership. Inside basis refers to a partnership’s basis in its assets. Generally, basis measures the amount that the property’s

Whittaker

November 16, 2022

Advisory|Strategic Guidance

What Type of Entity Should You Form?

Why Does Entity Type It Matter? When it comes to starting a business, it is crucial to form the right entity. A specific entity can affect many things from tax rates, personal liability, and what it takes to keep up with it. All these including more are important factors to think

Whittaker

November 9, 2022

Advisory|Strategic Guidance|Value Building

What is the Knoster Chart for Managing Complex Change?

Knoster Model For Managing Complex Change If you are trying to implement new changes to your team, as a leader is important that they have the right tools to succeed. Often times we wish there was a plan or formula for success, well when we look at the Knoster chart we are given

Whittaker

October 31, 2022

COVID-19 Resources|Strategic Guidance|Tax

Uncategorized

Is The ERC Real?

What is the ERC? The employee retention credit, better known as ERC is a refundable tax credit designed for businesses who continued to pay their employees during shutdown or decline in gross receipts due to the Covid-19 pandemic. Eligible taxpayers can claim this credit from March 13, 2020, to December 31, 2021[1], on an

Whittaker

October 25, 2022

Advisory|Strategic Guidance

Uncategorized

What Are My Retirement Plan Options?

Overview As a leader of a successful business, you may be in the position that you are looking to create a retirement plan for you and your employees. Maybe you are looking to make sure that you have the right plan for your situation. Well, every year we help clients determine the best plan

Whittaker

October 13, 2022

How Can I Defer Taxes on the Sale of My Residence and Vacation Home?

Advisory|Tax

Uncategorized

How Can I Defer Taxes on the Sale of My Residence and Vacation Home?

How can I defer the taxes on the sale of my residence or vacation home? We recently had a client move out of California and purchase a new residence in another state. They want to sell their California residence AND their vacation house that is also in California. Both properties have taxable gains of more

Whittaker

September 30, 2022

Advisory|Tax

How to Qualify For New Clean Air Vehicle Tax Credit

Will my new car qualify for the New Clean Vehicle Credit? You must be excited. You are either looking for a new vehicle or you have just purchased one. With the passing of the Inflation Reduction Act of 2022 on August 16, 2022, there have been changes to the tax rules around which

Whittaker

September 15, 2022

Will My Used Car qualify for the Clean Air Vehicle Tax Credit?

Advisory|Tax

Uncategorized

Will My Used Car qualify for the Clean Air Vehicle Tax Credit?

Credit of Previously-owned Clean Vehicles If you are in the market for a new to you clean vehicle this may be of interest to you and help you reduce your taxes. With the passing of the Inflation Reduction Act of 2022 on August 16, 2022, there is a new tax credit available for the purchase

Whittaker

September 15, 2022

2021 Tax Return Due Dates and 2022 Tax Estimate Due Dates

Advisory|Tax

Strategic Guidance|Tax

Tax

2021 Tax Return Due Dates and 2022 Tax Estimate Due Dates

Many times throughout the year our clients inquire as to when their tax returns are due or when their estimated tax payments are due. The chart below lists the 2021 filing dates and 2022 estimated tax payment dates for the returns that we frequently encounter. Find the pdf. for the table above here. If you

Whittaker

August 29, 2022

Advisory|Tax

Tax

Meals & Entertainment Tax Deductions

Prior to 2017, Meals and Entertainment related expenses were typically 50% deductible. In 2017, the Tax Cuts and Jobs Act, what is known as the Trump Tax Laws, changed that. In the image below we’ll walk through the new rules from 2018 through 2023: Prior to 2017 entertainment was 50% deductible. As you can see

Whittaker

August 15, 2022

Advisory

Advisory|Financial Reporting|Strategic Guidance

Advisory|Tax

Rapid-Fire FAQs – Tax Laws

Throughout the year we get many inquiries on annual changes in tax laws. This post is a summary of the more frequently asked questions around tax laws in a rapid-fire format. IRS Mileage Rate First will be the IRS standard mileage rate for reimbursement. This would typically be how much a business reimburses employees if

Whittaker

July 29, 2022

Advisory

Financial Reporting|Strategic Guidance

How to read Financial Statements numbers

Clients ask accountants quite often questions around the condition of their numbers. Business owners want to know what their financial statements are saying. There is a desire to understand what is going on with their business numerically, and how to make decisions based around that. Are my numbers good or bad? Do I need to

Whittaker

July 25, 2022

Advisory

Advisory|Tax

Strategic Guidance|Tax

Tax

What does pass-through entity tax mean for my small business?

You may recall before the 2017 Tax Cut and Jobs Act, you were able to deduct your state and local taxes on your individual tax return. The 2017 Tax Cut and Jobs Act imposed a deduction limit of $10,000 of state and local taxes on your personal tax return. This has been referred to as

Whittaker

June 30, 2022

Advisory

Advisory|Strategic Guidance|Uncategorized

Advisory|Strategic Guidance|Value Building

Advisory|Tax

Strategic Guidance|Tax

Tax

Uncategorized

What do changes in depreciation rules mean for me in 2022-2023?

Most taxpayers have gotten very used to taking 100% bonus depreciation. Most of the time, people have been getting used to taking 100% bonus and writing off whatever they’re spending on capEx. This has been the case since the Tax Cuts and Jobs Act in 2017 – the Trump tax cuts. You may be thinking

Whittaker

June 15, 2022

What our rebrand means to your family owned business

Uncategorized

Value Building

What our rebrand means to your family owned business

An evolution has been taking place at Whittaker over the last year. If you’ve known us for a long time, you’ll have noticed things looking a little visually different on our website and communications. Maybe you’ve landed on this blog as a complete newbie to Whittaker, and you’re trying to figure out what we’re all

Whittaker

March 3, 2022

Uncategorized

STREAMLINING OF ACCOUNTING RECORDS

Streamlining of financial records was key for this business, who came to us with so many records, tax issues and strategic questions they weren’t sure where to start. They had three separate sets of financial records and we worked with them to come up with one. Because we did that, their property taxes were properly

Whittaker

February 3, 2022

Uncategorized

How can Whittaker help during an audit?

This company came to us in the middle of an IRS audit. “Everything was a disaster,” they recalled later, “and we didn’t even realize it.” Whittaker worked together with the company’s highly qualified team to put the pieces together, stabilize the accounting records, provide guidance, and work with the team on how to move forward.

Whittaker

February 3, 2022

Uncategorized

TRUE FINANCIAL PICTURE SOLVES LONG-STANDING ISSUES

This company had an opportunity for his business to be acquired, and asked us to be a sounding board throughout this process. We held a meeting with the owner and his management team. “I was able to state my specific vision for each team member in a way I was never able to before,” he

Whittaker

February 3, 2022

Uncategorized

FINANCIAL VISIBILITY RESULTS IN MASSIVE PROFITS

For this business, the powerful results of seeing profits go from $500k to $6.7 in a period of 18 months were primarily the result of implementing a financial dashboard, and holding monthly meetings. It sounds simple, but these two solutions are based on what we know works for businesses of this type. First, it’s critical

Whittaker

February 3, 2022

Tax

Business Deductions for Meals and Entertainment Expenses

The Tax Cuts and Jobs Act (TCJA) imposed new limitations on business deductions for meals and entertainment expenses that were incurred or paid after December 31, 2017, the effective date of the applicable Tax Cuts and Jobs Act (TCJA) provisions. The Consolidated Appropriations Act of 2021 (CAA) allows a 100% deduction for certain business meal

Whittaker

February 3, 2022

Value Building

Mountaineering with spreadsheets – Daniel Sohn

Whittaker & Company Senior Manager Daniel Sohn moved a lot when he was younger. Born in Korea, Daniel later moved with his family to Vancouver, Canada. Next they swapped coasts for New York City, then hopped back west to a variety of cities in Orange County. The constant change likely informed his aversion to stasis.

Whittaker

February 3, 2022

Financial Reporting|Strategic Guidance

To Understand Cost Segregation Studies, Start at the Beginning

Cost segregation—“cost seg” to a tax accountant—can be a potent strategy for owners of commercial real estate to take advantage of the faster depreciation schedules applicable to qualified components of their properties. The basic contours of today’s approach to cost segregation were established in 1997 by the United States Tax Court in its decision in

Whittaker

February 3, 2022

COVID-19 Resources|Financial Reporting|Strategic Guidance

Tax Strategies In Turbulent Economic Times

Surprisingly few businesses take a proactive approach to tax planning. For many, the time for thinking about tax strategies is during the preparation of tax returns. By then, many of the most impactful tools for lowering tax liability and improving cash flow are no longer available. There is never a bad time to start being

Whittaker

February 3, 2022

Financial Reporting|Strategic Guidance

Approaches for Improving the Outlook of a Cash-Strapped Business

If your business is facing a cash crunch, you’re not alone. In good economic times and bad, businesses in every industry can find themselves struggling to maintain financial balance from month to month or even week to week. Cash challenges can come from a number of directions. Perhaps a key customer has stopped or delayed

Whittaker

February 3, 2022

Financial Reporting|Strategic Guidance

The Federal R&D Tax Credit is an Untapped Resource for Many Businesses

How much time and money does your business spend figuring out how to do something new or something better? We talk to businesses all the time who don’t know their activities could qualify for the federal research and development (R&D) tax credit. Meeting the requirements of the credit takes effort and planning, but a business

Whittaker

February 3, 2022

Financial Reporting|Strategic Guidance

Lessons from a Less-than-Ideal Cost Segregation Analysis

A cost segregation study categorizes the component parts of a commercial property for tax purposes, which allows the owner to optimize depreciation claims. A textbook cost seg analysis takes place not long after a property is acquired or a new building is completed, so the owner can begin taking full advantage of depreciation in the

Whittaker

February 3, 2022

COVID-19 Resources|Financial Reporting|Strategic Guidance

How to Choose the Right KPIs During an Economic Crisis

In challenging economic times, an agile business can not only survive, but thrive. With so much of the business environment turned upside down by the pandemic, executives in every industry are scrambling to reimagine the plans they brought into 2020. As they make adjustments, business leaders should double check that their key performance indicators (KPIs)

Whittaker

February 3, 2022

Strategic Guidance|Tax

How can I control my accounts payable?

Summer is heating up, but an economic snowball is growing larger every day. Many businesses are seeing wild fluctuations in revenue and cash flow, which may translate into ballooning accounts payable (AP) ledgers and could have you wondering, “how can I control my accounts payable?”. The cascading effect of interconnected businesses not paying their bills

Whittaker

February 3, 2022

COVID-19 Resources|Strategic Guidance|Tax

The Accounting and Tax Implications of PPP Loans

Many of our clients have taken advantage of the Small Business Administration’s Paycheck Protection Program (PPP). PPP loans are providing essential relief to businesses that might otherwise be forced to cut staff, or worse. With the cash in hand, now is the time to understand how the loan should be treated for accounting and tax

Whittaker

February 3, 2022

Advisory|Strategic Guidance

A Simple Approach to Analyzing the Source of a Business’s Cash Crunch

The economic shock of the coronavirus pandemic is starving many businesses of cash. The crisis has radically disrupted the flow of payments that usually lubricates the interconnected world of business. Especially impacted are smaller firms that rely on revenue from a few customers to balance the books at the end of each month. A surprising

Whittaker

February 3, 2022

Advisory|Strategic Guidance

Key COVID-19 Stimulus Resources for Businesses

Whittaker & Company is here to help businesses affected by the COVID-19 crisis. The Association of International Certified Professional Accountants (AICPA) has released several useful resources related to programs the Small Business Administration (SBA) is administering to assist businesses during this challenging time. In the links below you will find the AICPA’s tools as well

Whittaker

February 3, 2022

Advisory|Strategic Guidance|Uncategorized

3 Steps to Performing Your Breakeven Analysis

Finding out what sales volume you need to achieve to at least breakeven is critical to managing your business. Once you know what your variable costs and fixed costs are, finding your breakeven point is easy. Variable costs are directly related to your sales levels in dollars or units sold. For example, materials and supplies,

Whittaker

February 3, 2022

Advisory

3 Things to Consider When Creating Business Goals

Strategic planning is important for your business because it provides a sense of direction and outlines measurable goals to keep you and your business on track. In order to make the most of strategic planning, your business should give careful thought to the goals it outlines and then back up these goals with realistic measures

Whittaker

February 3, 2022

Advisory|Strategic Guidance

Why Forming a Mission Statement is Critical to Your Marketing Strategy

If you don’t know the answer to this question, your customers surely won’t either. More importantly, if you don’t know, you won’t be able to tell your customers why they should choose you over your competitors. Answering this simple question is critical to forming a mission statement and creating your marketing strategy. Undoubtedly when you

Whittaker

February 3, 2022

Advisory|Strategic Guidance

Designing Your Business to Meet Your Financial & Personal Goals

Very few businesses start ‘with the end in mind’ and design it from the ground up. Most businesses grow by default with people, systems, culture, clients, numbers, habits and attitudes. If you take a good hard look at your business today, is it exactly what you want it to be? We would suggest that you

Whittaker

February 3, 2022

Advisory|Strategic Guidance|Value Building

18 Value Drivers That Increase Your Business’ Value

According to the annual Business Reference Guide written by Tom West, 70-80 percent of businesses do not sell. One of the reasons this happens is because many business owners focus on current income generation as opposed to building the value of the enterprise. Profit or income does not automatically translate to enterprise value. Enterprise value

Whittaker

February 3, 2022

Advisory|Strategic Guidance

The Death Grip of Managing Your Business (and How to Release It)

Are you a business owner with no work life balance? Are you always at work? Thinking about work? Worrying about work? The fact is, that’s no way to live your life. It’s not healthy, and what’s more, it can have a detrimental impact on your business. Sooner or later you’ll physically and mentally burn out,

Whittaker

February 3, 2022

Advisory|Financial Reporting|Strategic Guidance

Which Key Performance Indicators Should Your Business Be Monitoring?

When you get behind the wheel of your car, you’ll see a row of gauges on the dashboard that give advance warnings of potential problems with oil pressure, engine temperature and other measurements. These gauges enable you to spot signs of potential danger at a glance and take corrective action. Likewise, business owners should monitor

Whittaker

February 3, 2022

Advisory|Financial Reporting|Strategic Guidance

Get Ahead of the Pack by Improving Your Business Systems

All businesses have systems – both formal and informal. They make the wheels of your business turn. However, informal systems can keep your business wheels from turning smoothly when it comes to day-to-day operations such as closing sales and ultimately from easily selling or passing down your business to the next generation (succession planning).

Whittaker

February 3, 2022

Advisory|Financial Reporting|Strategic Guidance

Is Your Accounting System Giving You the Answers You Need?

In today’s Information Age, we expect granular numbers right away, However, often times many business’ accounting systems have limitations and can‘t deliver the kind of information that owners need, or the functionality has not been built in for the information to be tracked. In this post, we’ll show you why you need to make the

Whittaker

February 3, 2022

Advisory

Small Improvements in Your Business Can Drive Big Results

What’s the difference between water and steam? At 99 degrees water is merely hot, at 100 degrees it turns to steam and can move locomotives. Just one degree—a one per cent change—makes the difference. This is a great metaphor for business. In this short article we look at the impact that small improvements in the

Whittaker

February 3, 2022

Advisory

Four Common Financial Mistakes Small Businesses Make (and How to Avoid Them)

Many small business owners are entrepreneurs who are passionate creators that had an idea for a product or service, but they don’t always possess financial acumen. As a result, some business owners make financial mistakes which can jeopardize their dreams. Here are four of the most common mistakes and how business owners can avoid them.

Whittaker

February 3, 2022

Uncategorized

Three Ways to Reduce Corporate Taxes

https://www.youtube.com/watch?v=j3bOWeZYC44

Whittaker

February 3, 2022

Advisory

How to Free Up Cash by Reducing Receivables

The most effective way to manage receivables in your business is to put into place a system that allows management the ability to: Provide credit to eligible customers only Keep track of receivables in a timely manner Trigger follow-up calls/emails/letters for reminders/past due/legal action and Trigger when management intervention or legal recourse becomes the next

Whittaker

February 3, 2022

Advisory

What a Business Plan Can Do For You (and How to Use It)

Business plans are not only for those just setting out on their journey in the marketplace. They are useful when acquiring a new business, forecasting growth, introducing a new product or service, entering a new market, responding to changes in the market or changing a significant aspect of your business. And like any other map,

Whittaker

February 3, 2022

Advisory|Tax

With Proper Planning, Taxes Can Be a Controllable Business Expense in 2017

Thanks to the tax laws enacted late 2015, your company’s tax liabilities can actually be viewed as a controllable expense, rather than something over which you have no control whatsoever. For the past several years, the uncertainty with regards to tax laws cast a long shadow and hindered our ability to undertake proper, effective tax

Whittaker

February 3, 2022

Uncategorized

Why Tax Planning is Year-Round

https://www.youtube.com/watch?v=7qpm63NdZ7s

Whittaker

February 3, 2022

Uncategorized

New Job at Whittaker

Whittaker

February 3, 2022

Job Posting

Staff Accountant

Includes primarily accounting duties with a lot of room to grow. Responsibilities of the position include: After the fact write-up services This is a critical part of the position. Our clients are successful closely held family businesses. In many cases they have some level of accounting personnel on their internal teams. However, they require our

Whittaker

February 3, 2022

Tax

Tax return filing deadlines for 2016 tax year

A few of the tax return filing deadlines for the 2016 tax year (filed in 2017) have changed, and we wanted you to know. Below is a handy list of 2017 tax return and information form filing deadlines we’ve put together that you can download for future reference. Download 2017 tax filing deadlines as

Whittaker

February 3, 2022

Advisory

3 Ways Inaccurate Financials Are Preventing Your Business from Getting to the Next Level

What would happen if you were driving down the freeway and your speedometer wasn’t telling the truth? What if you were actually traveling faster than you thought? It wouldn’t be long before you had some blue lights flashing in your rearview mirror. And what if your fuel gauge wasn’t quite right? You could be speeding

Whittaker

February 3, 2022

Advisory

How Do You Know If You Have the Right CPA?

Whether you’re manufacturing high-tech parts, distributing food products, or building luxury homes, growing a business is all about relationships. Building and growing your network is so important that “it’s not what you know, it’s who you know” ought to be the official motto of small/medium sized business owners and entrepreneurs everywhere. But the importance placed

Whittaker

February 3, 2022

Job Posting

Senior Accountant (Audit) – 3-5 years experience

Includes primarily auditing/accounting duties with a lot of room to grow. Responsibilities of the position include: Attest Engagements Lead attest engagements such as audit, review and compilation procedures with minimal supervision. Organize and collectively work on engagements as a team. Tax Engagements Become proficient in the preparation of corporate, partnership, individual and fiduciary tax

Whittaker

February 3, 2022

Advisory

How Are You Generating Revenue From Your Customers?

One of my all-time favorite business books, Business Model Generation by Alexander Osterwalder and Yves Pigneur, discusses revenue streams, or the money a company generates from customer relationships and customer segments. When evaluating your company’s revenue streams, there are a few key questions to consider: What do your customers value? What do they currently pay

Whittaker

February 3, 2022

Tax

Year End Tax Planning: Why We’re Big Fans of the PATH Act

For several years now, we’ve been unable to effectively employ our tax planning strategies to our own high standards due to the Government’s late action on tax laws. And this action usually came at a time when most companies should be considering the tax impact of their financial decisions. For example, there are companies who

Whittaker

February 3, 2022

Advisory

What Are the Key Resources That Drive Your Business?

In one of my all-time favorite business books, Business Model Generation by Alexander Osterwalder and Yves Pigneur , they discuss the key resources that drive business. I really enjoy this topic because it speaks not only to the financial assets that a company owns, but also to the non-financial resources as well. Many accountants understand

Whittaker

February 3, 2022

Advisory

What Value Do You Deliver to Your Customers?

I have studied Value Propositions in Michael Porter’s Five Forces framework and in Chan Kim and Renee Mauborgne’s Blue Ocean Strategy. In Blue Ocean Strategy, Kim and Mauborgne suggest moving beyond the bloody waters where the sharks are and developing core differentiators that the marketplace cannot compete with. In one of my all-time favorite books,

Whittaker

February 3, 2022

Advisory

A Better Way to Compensate Salespeople?

A while back, I read an article in the Harvard Business Review titled A Radical Prescription for Sales, exploring the possibility that compensating salespeople with the traditional commission model is based more on tradition than logic, and the model can sometimes do more harm than good to a business by hindering growth and limiting profits.

Whittaker

February 3, 2022

Advisory

How to Keep Your 2016 Business Action Plan on Target

How are you progressing toward the plans you set for your business this year? Most all business owners and management teams start each year with a set of goals/objectives they intend to achieve for the year. Those goals/objectives are supported by strategies, and those strategies are supported by action plans. Now that we’re about one-third of

Whittaker

February 3, 2022

Advisory

The Questions You Ask Convey Your Values and Concerns

A while back, I listened to a leadership podcast and the topic of the episode was ‘Questions Good Leaders Ask’. The speaker stated “the questions we ask communicate our values and what is important to us.” This is true at work and at home. As the leader of a business, group, team, family, etc., you

Whittaker

February 3, 2022

Advisory

Measuring What Matters in Your Business

Many business owners know that they need more sales, better cash flow and higher profits, but they don’t know what drives those results or necessarily the quickest path to get there. My assessment is that you need to know what matters in order to achieve you goals timely. Your sales typically come from two areas:

Whittaker

February 3, 2022

Advisory

Earning Greater Profits on the Margin of Your Business

For several years I have heard successful business leaders say that profits are earned on the margin, meaning that profit is earned on the outskirts of your business, or not necessarily on the core of your offering. It could be your competitive advantage, your unique core differentiator, or your value added product or service that

Whittaker

February 3, 2022

Advisory

What Advice Would You Give Your Successor If You Were Going to Hand Over the Reins on January 1, 2016?

As 2015 comes to an end and you are planning for 2016, there are many things to consider. You can revisit the planning that you do each and every year: setting goals, budgets, getting the team on board, reviewing and updating your vision, mission and values, etc., but I have one question for you to

Whittaker

February 3, 2022

Advisory

Affordable Care Act Responsibility Provisions That Apply to Your Business

The Affordable Care Act contains specific responsibilities for employers. The size and structure of your workforce — small, large, or part of a group — help determine what applies to you. Employers with 50 or more full-time equivalent employees will need to file an annual information return in early 2016 reporting whether and what health

Whittaker

February 3, 2022

Advisory

How to Encourage Employee Cooperation During Business Sale

Companies are made up of individuals. It’s easy to overlook this fundamental fact when you’re deep in negotiations with a potential buyer. But if you ignore employee fear and anxiety about a merger, the individuals who compose your company can make a smooth integration difficult, if not impossible. Silence is the enemy Throughout the sale

Whittaker

February 3, 2022

Advisory

What Can You Learn From Pirates About Business?

When I am on vacation or travelling, I often pick up a new business book to learn more about management, marketing or leadership. This time I decided to pick up a book and read for sheer pleasure. As I walked through LAX, a book called Pirate Hunters by Robert Kurson caught my eye. The book

Whittaker

February 3, 2022

Advisory

Oops … My Family Business Chose the Wrong Successor

Hopefully, your family business has chosen a great successor. But if you’re in the midst of training your successor — or even beginning to hand off the reins — and regretting your choice, how can you take a bad situation and turn it around? There are several options you might want to consider. Bring in

Whittaker

February 3, 2022

Advisory

How Family Businesses Can Benefit From an Advisory Board

All businesses can benefit from outside advice. But it can be especially valuable to family businesses, which tend to be more insular. After all, in many cases management is made up of family members who’ve worked in the business for decades, perhaps never having been employed elsewhere. In addition, family dynamics can create conflicts that

Whittaker

February 3, 2022

Uncategorized

What Buyers Will Look at When It’s Time to Sell Your Business

After working for many years to grow your business, you may have reached the point where you’re thinking about selling. Maybe retirement is on the horizon and you’re counting on proceeds from the sale of your company to help support you. Eyes wide open Your business is possibly the most valuable transferrable asset you will

Whittaker

February 3, 2022

Advisory

Planning For a Smooth Leadership Transition During Business Succession

It’s never too early to start thinking about a succession plan. Whether retirement is years away or just around the corner, you want to protect the value of your business by ensuring that any leadership transfer will be smooth. Begin exploring the process by considering the following issues: Employee buy-in. A successful succession hinges on

Whittaker

February 3, 2022

Advisory

Which Key Performance Indicators Should You Be Monitoring?

When you climb behind the wheel of your car, you’ll see a row of gauges on the dashboard with needles that give advance warnings of potential problems with oil pressure, engine temperature and other measurements. Such gauges enable drivers to spot signs of potential danger at a glance and take corrective action. Like car owners,

Whittaker

February 3, 2022

Advisory

Three Ways to Increase the Value of Your Business By 30%

Over the last couple of months, we have been working with some of our clients to increase their profit and the value of their businesses. While the questions are simple, the mechanics to implement are not as simple. The three questions to increase the value of your business by 30% or more are: What can

Whittaker

February 3, 2022

Advisory

Why Companies Succeed: 3 Keys to Building a Healthy Business

Businesses fail for complicated reasons — from dysfunctional management to insufficient capital; too-rapid growth to an inability to respond to changing markets. Why businesses succeed, on the other hand, is often easily explained. Regardless of size and sector, most healthy companies share three characteristics: 1) strong revenues, 2) low production costs and 3) low operating

Whittaker

February 3, 2022

Advisory

Important Tax Breaks Extended

On December 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014”, which retroactively extends several tax breaks that had expired at the end of 2013. The President is expected to sign the bill that will extend the credits through the end of 2014. Here is a summary of the changes which are most

Whittaker

February 3, 2022

Advisory

10 Ways to Show Appreciation For Your Team and Employees

With Thanksgiving this week, I thought that it would be appropriate to share different ways that you can show your team that you are appreciative of them. I did some research on the internet and found articles, posts and pictures all about team and employee appreciation. Research shows that feeling appreciated is one of the

Whittaker

February 3, 2022

Advisory

Planning vs. Execution: Implementing Your Strategic Vision For 2015

We are coming to the end of 2014, and the 2015 strategic planning season is in full swing. It is the time of year to reflect on how we have progressed towards the 2014 goals and to determine the strategic vision for 2015. In my experience, there seems to be a disconnect between the goals

Whittaker

February 3, 2022

Advisory

What Every Business Can Learn About Hiring From the Movie ‘Draft Day’: The Three ‘C’s of Hiring

It’s September, the kids are back in school and football is in full swing. We were getting ready for the opening weekend of football and watched the recently released movie Draft Day starring Kevin Costner and Jennifer Garner. I enjoy watching movies and relating them to business situations. Draft Day takes place in a span

Whittaker

February 3, 2022

Advisory

18 Value Drivers That Increase the Value of Your Enterprise

Whittaker

February 3, 2022

Advisory

Eight Ways to Exit Your Business

Through our succession planning work with clients, we frequently have discussions about the ways to exit a business and the pros and cons of each. For privately held companies, there are generally eight ways to exit. Before I launch into the eight options, I want to highlight some recent survey data. In 2013, the Exit

Whittaker

February 3, 2022

Advisory

Is Your Business Ready To Go To The Prom?

I frequently hear business owners and clients tell me that they have someone interested in buying or investing in their business. As they are telling me, there is often enthusiasm and excitement in their voices. Through our years of experience with clients on both the sell-side and the buy-side of transactions, I have learned that

Whittaker

February 3, 2022

Advisory

Exit Strategy IS Business Strategy

I recently spent a week in Chicago to earn a certification in business exit planning. I am now officially a Certified Exit Planning Advisor and I will share a lot more about this as time goes on. This month, I want to share a concept that exit strategy IS business strategy with the following points:

Whittaker

February 3, 2022

Advisory

Eight Leadership Lessons From a Sports Management Legend

As many of my readers know, I enjoy reading the Harvard Business Journal and the research that comes from their organization. This month, I read an article about the eight leadership lessons of Sir Alex Ferguson. Sir Alex Ferguson is one of the most decorated coaches in all of professional sports and was the manager

Whittaker

February 3, 2022

Advisory

Four Steps to Creating a Successful Leadership Model

I have studied organizational management and leadership for more than 25 years. For the last 20 years, I have seen it in action with my own teams and clients. I have come to understand that successfully led organizations are led from the top down and can be characterized as fostering some form of servant-based leadership.

Whittaker

February 3, 2022

Advisory

What Is the Cost Structure In Your Business?

This month we are covering ‘Cost Structure’, the last of the nine building blocks of the Business Model Generation developed by Alexander Osterwalder and Yves Pigneur. ‘Cost Structure’ describes all the costs incurred to operate a business. Here are three things to consider: What are the most important costs inherent in your business? Which key

Whittaker

February 3, 2022

Advisory

What Are the Key Partnerships in Your Business?

This month, we are covering ‘Key Partnerships’, the eighth of the nine building blocks of the Business Model Generation developed by Alexander Osterwalder and Yves Pigneur. ‘Key Partnerships’ refers to the network of suppliers and partners that make your business model work. Companies typically create partnerships or alliances to strengthen their business model, reduce risk,

Whittaker

February 3, 2022

Advisory

What Are the Key Activities That Drive Your Business?

This month, we are covering ‘Key Activities’, the seventh of the nine building blocks in the Business Model Generation as developed by Alexander Osterwalder and Yves Pigneur. ‘Key Activities’ refers to the most important things a company must do to makes its business model work. Key activities focus on operations. While a CEO focuses on

Whittaker

February 3, 2022

Advisory

What Are the Key Resources That Drive Your Business?

This month, I’ll discuss ‘Key Resources’, the sixth part of the nine building blocks in the Business Model Generation by Alexander Osterwalder and Yves Pigneur. I happen to really enjoy this building block because it speaks not only to the financial assets that a company owns, but also to the non-financial resources as well. Many

Whittaker

February 3, 2022

Advisory

How Are You Generating Revenue From Your Customers?

This month I’ll focus on ‘Revenue Streams’, the fifth section of the business model canvas based on the book Business Model Generation by Alexander Osterwalder and Yves Pigneur. ‘Revenue Streams’ represent money the company generates from customer relationships and customer segments. There are a couple of key questions to consider before we review the specific

Whittaker

February 3, 2022

Advisory

How Are You Reaching Your Customers?

In the last two months, I covered the first two sections of the Business Model Canvas. This month, I’ll cover the third section, which is ‘Channels’, or the way that you reach your customers and deliver your value proposition. Companies interact with their customers through communication, distribution and sales channels. Thus, channels are touch points

Whittaker

February 3, 2022

Advisory

What Value Do You Deliver to Your Customers?

Last month I shared the first segment of the Business Model Canvas with you, which was the ‘Customer Segment’. This month, we’ll dive into ‘Value Propositions’, the second segment of the Business Model Canvas. Value Propositions have also been coined “unique selling proposition” or “core differentiators.” For me, this is one of the most exciting

Whittaker

February 3, 2022

Advisory

Who Are Your Most Important Customers?

For the last several years, I have been interested in Design Thinking (a human-centered, prototype-driven process of innovation that can be applied to product, service, and business design) and business models. Recently, I was introduced to a new concept, the Business Model Canvas, and to the book Business Model Generation by Alexander Osterwalder & Yves

Whittaker

February 3, 2022

Advisory

What is the Status of Your Growth, Profit and Hiring?

I recently read a report published by Sageworks, the leading company in the financial analysis of privately held companies. Sageworks reviewed revenue growth and profit margins trends of privately held companies in the United States for the 12 months ended February 2013. Here are the facts: Revenue is growing at an annual rate of 9.7%

Whittaker

February 3, 2022

Advisory

The Value of Peer-to-Peer Groups

I was recently in a meeting with about 40 other business owners who were sharing their experiences in their specific industries. One of the participants noted, “if it wasn’t for my Vistage group, I would have been out of business three times.” I was thrilled to hear him say that, because I believe every business

Whittaker

February 3, 2022

Advisory

Should You Shift Your Business Into a New Industry?

I recently read an article in the January-February issue of the Harvard Business Review titled ‘The Grass Isn’t Greener comparing the prospects of shifting your business into a new industry or focusing on winning in the space that you currently are playing. I speculate through the economic downturn that many businesses have considered a foray into

Whittaker

February 3, 2022

Advisory

If You Were Going to Hand Over the Reins to Your Business on January 1, 2013, What Advice Would You Give Your Successor?

As 2012 comes to an end and you are planning for 2013, there are many things to consider. The purpose of this post is to help propel you forward quicker in 2013 than in 2012. You can revisit the planning that you do each and every year: setting goals, budgets, getting the team on board,

Whittaker

February 3, 2022

Advisory

The Questions You Ask Convey Your Values and Concerns

I was recently listening to a leadership podcast. The topic of the podcast was questions that good leaders ask. Questions are very valuable and good leaders learn from reading and asking questions. Early in the podcast there was a statement made that “the questions we ask communicate our values and what is important to us.”

Whittaker

February 3, 2022

Advisory

A Better Way to Compensate Salespeople?

I recently read an article in the Harvard Business Review titled A Radical Prescription for Sales, exploring the possibility that compensating salespeople with the traditional commission model is based more on tradition than logic, and the model can sometimes do more harm than good to a business by hindering growth and limiting profits. The

Whittaker

February 3, 2022

Advisory

The Keys to Keeping Your Business Action Plan on Target

How are you progressing toward the plans you set for your business this year? Most all business owners and management teams start each year with a set of goals/objectives that they intend to achieve for the year. Those goals/objectives are supported by strategies, and those strategies are supported by action plans. Now that we’re about one-third

Whittaker

February 3, 2022

Advisory

Earning Greater Profits on the Margin of Your Business

Whittaker

February 3, 2022

Advisory

Will You Lose Market Share If You Raise Your Prices?

In times of economic uncertainty we tend to focus on reducing our cost structure and keeping our prices low so that we don’t lose market share. While I advocate that businesses should always contain costs, I also advocate that they should be aware of their pricing structure and terms. Over the last couple of years

Whittaker

February 3, 2022

Advisory

What Type of Customer Relationship Builds Value for Your Business?

This month, we’re moving into ‘Customer Relationships’, the fourth part in a nine-part series on the Business Model Canvas. Customer Relationships are the different types of relationships we can have with our customer segments, how costly they are, and how they align with the rest of our business model. There are six specific categories of

Whittaker

February 3, 2022

Advisory

How Do You Use Technology?

I am sitting in a conference session focusing on small business trends. While the topic of the conference is based on revenue and hiring growth, I can’t help but to sit here and marvel at the way the other attendees are using technology. Let me put some frame of reference around this. We are in

Whittaker

February 3, 2022

Advisory

What Is the “Why” In Your Business?

I just returned from a conference in Sedona, Arizona, one of the most beautiful places I have been. While I was there, I worked on my “why.” Why do I go to work every day? For me this was not a new exercise, but a refresher. I have been through this exercise countless times in

Whittaker

February 3, 2022

Advisory

What Every Business Can Learn From The Movie ‘Moneyball’

I recently watched the movie Moneyball starring Brad Pitt and Jonah Hill. The movie is based on the novel that was written about the 2002 Oakland A’s. They had just lost in the 2001 postseason to the Yankees, and at the end of the season they lost their three top players. The A’s General Manager,

Whittaker

February 3, 2022

Advisory

If the Lakers could make little changes…

Many Southern California residents are Lakers fans, and we know that this year they are not faring so well in the NBA standings. Currently they are 20th out of 30 teams in points per game, even falling far behind the Clippers who are currently ranked 6th. This is clearly disappointing for Lakers fans everywhere. Let’s

Whittaker

February 3, 2022

Advisory

What Are You Holding On To?

Recently I heard someone say “the things that you hold on to hold on to you.” The conversation was referring to physical items, and I can certainly identify with that. I have a box of vinyl records in the garage that I won’t part with because of the sentimental value. My wife, on the other

Whittaker

February 3, 2022

Advisory

Do You Know How to Measure What Really Matters In Your Business?

While working on the content for our firm’s upcoming presentation on benchmarking and key performance indicators, I’ve been focusing on measuring what matters to businesses and how they can measure for the best results. It occurs to me that many business owners and business managers may not know what really matters. Many business owners know

Whittaker

February 3, 2022

Advisory

What Puts Butterflies in Your Stomach?

Last weekend I was at a swim meet with my daughter. Just before her first event she said, “Dad, I’m nervous, I have butterflies in my stomach.” To put this in perspective, she has been swimming competitively for the last six years, and that would amount to several hundred events over that time period, so

Whittaker

February 3, 2022

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