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
Author Archives: Whittaker
Advisory|Financial Reporting|Strategic Guidance
What’s in My Financial Statements? A Guide for Business Owners
12
Mar
Mar
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
Advisory|Financial Reporting|Strategic Guidance
Why Financial Reporting is the Foundation of Family Wealth
05
Mar
Mar
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
26
Feb
Feb
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
19
Feb
Feb
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
12
Feb
Feb
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
05
Feb
Feb
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.
29
Jan
Jan
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,
22
Jan
Jan
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
15
Jan
Jan
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