Tax Management Strategies for Business Owners

With a bachelor’s degree in business management from Eastern Washington University, Cubby Bice completed his MBA from Georgia State University. Cubby Bice is pursuing a Ph.D. in finance at Liberty University in Lynchburg, Virginia. He serves as president of a full-service financial consulting firm that assists clients with their individual and business planning needs, such as tax management.

Tax management is an essential part of running a successful business. Tax planning involves taking advantage of deductions, credits, and other opportunities to minimize your overall tax liability. By proactively planning for your taxes, you can ensure that your business is as efficient as possible come tax time.

Tax management strategies can help you legally reduce your adjusted gross income (AGI) while still complying with the tax code. Some common strategies to reduce AGI include contributing to a retirement account, taking advantage of tax-deductible expenses, and selling assets at a loss.

Deferring taxable income is another popular strategy. This involves delaying receiving taxable income until a later tax year. For example, use your credit card to pay for recurring costs. You can deduct them this year even though you won’t pay the bill until next.

If you think your spouse or kids can help your business, you should hire them. If a child’s earnings fall below the IRS’s set limit, they will not be subject to income tax. In addition, you can put the money you’re paying your kids into a Roth IRA, or savings account for their future. You also won’t have to take out taxes from their pay.

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Two Memorable Moments in Golf History

Cubby Bice serves as head of Bice Wealth Management in Mooresville, North Carolina. There, he oversees the administration of retirement plans for companies, the production of tax returns, the planning of investments, and the calculation of payouts. In his leisure time, Cubby Bice enjoys golf as a hobby.

In terms of global participation, golf is among the top sports. The sport has millions of admirers all across the globe, and each year’s tournaments bring in millions. Many iconic events have helped elevate the sport to high regard.

An example of one of these moments is Nick Faldo’s impressive record in 1990. Nick Faldo set a new record with an 18-under par score, winning him his second claret jug. With scores of 67, 65, 67, and 71, he never trailed and eventually finished five strokes ahead of the runner-up. With this victory, he joined Tom Watson as the only player who has ever accomplished this feat in the same calendar year.

In 1984, another iconic event took place. In St. Andrews, as the last holes of the tournament approached, Tom Watson and Seve Ballesteros were neck and neck for the lead. On the 18th green, Ballesteros required a birdie to win the tournament for the third time in his career. When the Spaniard finally made his putt, he celebrated with a triple fist pump, which would later become his signature move.

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The Origins of the Tough Mudder

Bice Wealth Management president Cubby Bice holds an MBA in finance from Georgia State University and is pursuing his Ph.D. in finance from Liberty University. In his free time, Cubby Bice enjoys testing his physical abilities by participating in distance mud runs such as the Tough Mudder.

Ranging from fast-paced 5Ks to the grueling 24-hour World’s Toughest Mudder, the distance running and obstacle courses of Tough Mudder are widely regarded as some of the most challenging endurance events in the world. Although these events feature different elements, the Tough Mudder remains true to its name by subjecting participants to massive amounts of wet mud.

The origins of the Tough Mudder date back to 2007, when co-founder Will Dean was at Harvard Business School and competing in marathons and triathlons. By 2009, he had shared his idea for a different type of endurance event with his business partner and fellow British native Guy Livingstone. The pair designed an obstacle course that stretched from 10 to 12 miles and would test the physical and mental stamina of those who completed it. They officially launched this concept as Tough Mudder in 2010.

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Liquidity Ratio and Business Capitalization

A member of the Academy of Preferred Financial Advisors, Cubby Bice is an experienced wealth management executive who has served as president of Bice Wealth Management in Mooresville, North Carolina, since 2004. Cubby Bice provides families and business owners with personalized financial planning solutions.

Liquidity planning is an important aspect of financial planning for businesses, since it centers on ensuring that an organization remains solvent over the duration of the plan. Liquidity planning can also serve as an effective element of attracting investors to a business.

A solvent business is a company that has the capacity to settle all its debts. Liquidity ratios can help determine whether a business is solvent and its level of solvency. For example, the current liquidity ratio divides a company’s current liquid assets by its current liabilities. If the current liquidity ratio is one, a business has the same amount of assets that can be used to settle its debts as it has debts. A current ratio of less than one means a business’ liabilities could outstrip its resources and the business could end up insolvent. Current ratio above one means a business could settle its debts and still have resources remaining.

Investors and creditors often prefer to invest in businesses with current liability ratios above one to minimize the risk of losing money to bankruptcy (a liquidity crisis). A business with a current liquidity ratio above two has more than twice the monetary value of its debt in liquid assets and has a low chance of going bankrupt. Because of this prospect, the business can easily obtain capital from other entities to finance projects.

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