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Naming the New Year: 2024 “Bucking Bull”

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Like many people, I enjoy a good tradition.

Whether it is a familiar tradition like the family vacation or nightly family dinners, One of our favorite Traditions is Naming the New Year.

The New Year Name is chosen before the new year starts and will reflect important plans, challenges, obstacles, etc. ahead in the New Year.

Typically We’ve used a simple nomenclature = action + name

For instance,

  • 2019 – “Riding Tiger”
  • 2020 – “Running Bear”
  • 2021 – “Soaring Eagle”
  • 2022 – “Hanging Man”
  • 2023 – “Hungry Hummingbird”
  • 2024 – “Bucking Bull”

Why is this important?

In my experience, the tradition of naming the New Year has been at times inspirational, accurate and foreboding.

2023 “Hungry Hummingbird”, for example, was pretty accurate for the volatile Housing Markets and true to form, unexpected but awesome, rebound of the Stock Markets.

As entrepreneurs and business owners, it is important to work IN your business as well as work ON your business. The New Year name helps us associate an idea larger than any 1 person and at the same time focus 100% on the work at hand.

2024 “Bucking Bull” will be a year of energy, enthusiasm and competition. Much like riding a Bucking Bull, Smart Business will navigate uncertain economy and avoid getting dragged into uncontrolled situations. It will be more important then ever to stay enthusiastic and align your journey with competitive advantages.

A lot of people probably stopped reading when I said “nightly family dinners”, but for those of you who appreciate a tradition, We wish you a happy and safe New Year and best wishes in 2024.

Info@mrarrachecpa.com

man riding a black bull
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Income Taxes And Your Social Security Benefit

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LLC vs S Corporation – What’s the difference?

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scorp llc door

Most every business start-up has come across the question “LLC or S corporation?”.

While this is a very common question, the response is often different depending on who you are talking to.

It should be noted that an LLC might work for some while an S corporation could be better for others – there is no “one size fits all” approach to entity selection.

In short, here are a few pro’s and con’s for the LLC and S Corporation entity structure:

 

LLC –

  • PRO – Divide profit as members see fit
  • CON – Passthrough income subject to self-employment tax if member has personal liability for debts of LLC or actively participates in trade or business of LLC

S Corporation –

  • PRO – Passthrough income is not subject to self-employment tax. Only employee-shareholder “reasonable compensation” subject to payroll taxes.
  • CON – Only issue single type of stock and must distribute profit based on percentage of stocked owned

Of course there are many more pro’s and con’s for each entity selection – feel free to call us with any questions and will be happy to discuss more (800) 425-0570.

For more related information visit the following links:

http://tiny.cc/xjz22x   IRS: Partners’ Share Of LLC Income Is Subject to Self-Employment Tax

http://tiny.cc/smz22x  5 Common Objections to Forming a Corporation or an LLC