MARIELA RUIZ, CPA, PLLC

Helping Individuals and Businesses Financially Thrive.

Maximize Your EV Tax Savings with IRC 45W Commercial Credits in Texas

May 5, 2025 / / 0 Comments

If you’re a business owner in McAllen, Mission, Palmhurst, or Edinburg, TX, there’s never been a better time to invest in electric vehicles (EVs). Thanks to the Inflation Reduction Act and the IRC 45W Commercial Clean Vehicle Credit, you could be leaving money on the table if you don’t take advantage of this generous federal tax incentive. In this month’s blog, we’ll explore more about IRC 45W Commercial Credits.

What Is IRC 45W?

The IRC Section 45W Commercial Clean Vehicle Credit is part of the broader initiative to accelerate the adoption of clean transportation. Businesses can now claim up to $7,500 for light-duty EVs and up to $40,000 for medium- and heavy-duty EVs, per vehicle. This credit applies to new vehicles purchased for business use after January 1, 2023. That’s not just chump change – it could translate into thousands in tax savings when upgrading a company fleet or starting a new one.

Related: Learn more about how to build a strong financial foundation for your business in its first year here.

Who Qualifies?

If your business uses vehicles for deliveries, maintenance, fieldwork, or logistics, you’re likely eligible. That includes industries like HVAC, landscaping, plumbing, or last-mile delivery – big sectors in South Texas. One key point: the vehicle must be used primarily in the U.S. and not for personal use.

According to the Department of Energy, eligible EVs must be made by qualified manufacturers and meet battery capacity requirements.

How Texas Businesses Can Benefit

Let’s say your delivery company in Mission, TX purchases three electric vans. If they each qualify for the $7,500 credit, that’s $22,500 shaved off your federal tax bill—no small potatoes. Even better, Texas may offer additional grants or incentives through the Texas Commission on Environmental Quality (TCEQ) for certain clean fleet upgrades, meaning your savings could stack up fast.

Don’t Go It Alone, Rely on MARIELA RUIZ, CPA, PLLC

Tax laws are as clear as mud for most people. If you’re unsure how to apply the IRC 45W credit, our qualified CPA and tax consultant team in Mission, TX knows the ropes and is here to help. Visit mruiz-cpa.com or call us at (956) 997-0067 to find out how we can help you cash in on the savings. Don’t miss out on this opportunity to future-proof your fleet!

How to Build a Strong Financial Foundation for Your Business in Its First Year

April 8, 2025 / / 0 Comments

Starting a new business is exciting, but it also comes with a host of responsibilities, especially when it comes to managing your finances. The first year is crucial for establishing a foundation for long-term success. Laying a strong financial foundation early can help you make smarter decisions, stay compliant with tax laws, and avoid costly mistakes that can derail your growth. In this blog, we’ll explore the key steps you should take in your first year to build a financially sound business.

1. Separate Personal and Business Finances
One of the first financial steps every entrepreneur should take is opening a separate business bank account. Keeping personal and business finances separate not only helps you stay organized but also simplifies tax preparation and financial tracking. It’s essential to establish your business as a separate legal entity, such as an LLC or corporation, and obtain an Employer Identification Number. This will allow you to properly manage business income, expenses, and deductions without confusion.

2. Create a Detailed Budget and Financial Plan
Budgeting is essential in your first year because it gives you a clear picture of how your money is being spent and what your revenue goals need to be. A good financial plan includes start-up costs, monthly operational expenses, projected income, and a cash flow forecast. Having a well-thought-out budget helps you stay focused on your financial goals and prepares you to pivot quickly if things don’t go as expected.

3. Track Every Dollar and Monitor Cash Flow
Accurate bookkeeping is vital from day one. Use accounting software or work with a professional to track all income and expenses. This allows you to monitor cash flow, spot trends, and make informed decisions. Many businesses fail because they run out of cash—not necessarily because they aren’t profitable. Keeping a close eye on your financial records ensures you can cover expenses and plan for investments as your business grows.

4. Stay Compliant and Plan for Taxes Early
Tax planning should never be an afterthought. From estimated quarterly taxes to payroll and sales tax obligations, staying compliant can save you from penalties and interest down the road. Be sure to understand your federal, state, and local tax requirements. Working with a CPA can be a game-changer here—they can help you identify deductions, prepare filings correctly, and ensure you’re not overpaying or underpaying taxes.

Related: Why Every Small Business Needs a Bookkeeper

Build Smart. Grow Strong. Partner with MARIELA RUIZ, CPA, PLLC
Starting a business is a big step, but building a solid financial foundation is what will keep it standing tall. From separating finances to tax planning and compliance, taking proactive financial steps in your first year pays off in the long run. MARIELA RUIZ, CPA, PLLC is here to guide you through every financial milestone. With expert accounting, tax, and advisory services tailored to small businesses, we’re committed to helping your business succeed from day one. Visit mruiz-cpa.com today and take the first step toward financial clarity and confidence.

Understanding the Difference Between Tax Preparation and Tax Planning

March 3, 2025 / / 0 Comments

Navigating the complexities of taxation is a critical aspect of financial management for individuals and businesses alike. Two fundamental components in this realm are tax preparation and tax planning. While these terms are often used interchangeably, they represent distinct processes with unique objectives. Understanding the differences between them is essential for effective financial strategy and compliance.

Tax Preparation

This is the process of compiling and submitting tax returns to comply with federal and state regulations. This process involves gathering financial records, calculating tax liabilities, and ensuring that all necessary forms are accurately completed and filed by the designated deadlines. Typically, tax preparation occurs annually, focusing on the financial activities of the preceding year. The primary goal is to report income, deductions, and credits accurately to determine the correct tax obligation. This task can be undertaken individually or with the assistance of professionals such as Certified Public Accountants (CPAs) or tax preparers.

Tax Planning

On the other hand, this is a proactive, year-round process aimed at optimizing one’s financial situation to minimize tax liabilities. It involves strategic decision-making to take advantage of tax-saving opportunities, such as timing income and expenses, selecting appropriate investment vehicles, and utilizing deductions and credits effectively. Tax planning requires a thorough understanding of current tax laws and regulations to align financial decisions with long-term goals. Engaging in tax planning can lead to significant tax savings and improved financial outcomes over time.

To effectively address the nuances between tax preparation and tax planning, consider the following approaches:

Engage in Year-Round Tax Planning

Instead of confining tax-related activities to the filing season, adopt a continuous tax planning strategy. Regularly review financial transactions and anticipate their tax implications to make informed decisions throughout the year. This proactive approach can lead to substantial tax savings and prevent last-minute scrambles.

Consult with Tax Professionals

Collaborate with qualified tax advisors who specialize in both tax preparation and tax planning. These professionals can provide personalized guidance, ensuring compliance while identifying opportunities to reduce tax burdens. Their expertise is invaluable in navigating complex tax codes and implementing effective tax strategies.

Related: Learn more about why you need to hire a tax professional here.

Implement Strategic Financial Decisions

Make financial choices that align with tax-efficient practices. This includes maximizing contributions to retirement accounts, utilizing tax-advantaged investments, and planning the timing of income and expenses to optimize tax outcomes. Such strategies require careful analysis and foresight but can result in significant long-term benefits.

Stay Informed on Tax Law Changes

Tax laws are subject to change, and staying updated is crucial. Regularly educate yourself on new tax regulations and adjust your financial strategies accordingly. This vigilance ensures that you remain compliant and continue to capitalize on available tax advantages.

Conclusion:

Distinguishing between tax preparation and tax planning is vital for effective financial management. Tax preparation focuses on accurately reporting past financial activities to fulfill legal obligations, while tax planning is a forward-looking endeavor aimed at optimizing future tax outcomes. By integrating both processes and adopting a proactive approach, individuals and businesses can achieve compliance and enhance their financial well-being. Engaging with knowledgeable tax professionals and staying informed about evolving tax laws are key components of a successful tax strategy. If you’re ready to streamline your financial management, consider hiring a professional bookkeeper service from us today. Contact us at (956) 997-0067 or visit our website http://www. mruiz-cpa.com for more information.

Why Every Small Business Needs a Bookkeeper

February 4, 2025 / / 0 Comments

Running a small business comes with a long list of responsibilities, from managing operations to ensuring excellent customer service. Amidst all these tasks, bookkeeping can often take a back seat. However, maintaining accurate financial records is crucial to the success of any business. Here’s why every small business needs a professional bookkeeper.

1. Keeps Your Finances Organized

A bookkeeper ensures that all your financial transactions are recorded and categorized correctly. This helps you maintain a clear picture of your income, expenses, and overall financial health. Without proper bookkeeping, financial confusion can lead to costly mistakes.

2. Saves You Time

As a business owner, your time is valuable. Bookkeeping is a time-consuming task that requires attention to detail. By hiring a bookkeeper, you can focus on growing your business while leaving financial record-keeping to an expert.

3. Helps with Tax Preparation

Tax season can be stressful, especially if your financial records are disorganized. A bookkeeper keeps your financial documents up to date throughout the year, making tax filing smooth and hassle-free. They also help ensure that you maximize deductions and stay compliant with tax regulations.

Related: Learn more about what to do if you’re a small business preparing for tax season here.

4. Prevents Costly Errors

Errors in bookkeeping can lead to significant financial issues, including penalties, missed payments, and incorrect tax filings. A professional bookkeeper ensures accuracy in your records, reducing the risk of costly mistakes.

5. Provides Valuable Financial Insights

Understanding your financial data is key to making informed business decisions. A bookkeeper can provide reports and insights that help you identify trends, cut unnecessary costs, and improve profitability.

6. Supports Business Growth

As your business grows, so do your financial responsibilities. A bookkeeper helps manage cash flow, monitor expenses, and prepare for expansion. Having a clear financial picture makes it easier to secure loans or attract investors.

Conclusion

A bookkeeper is an essential part of any small business. They help keep your finances in order, save you time, and provide valuable insights that contribute to your success. Whether you’re just starting out or looking to scale your operations, investing in a bookkeeper can make a significant difference. If you’re ready to streamline your financial management, consider hiring a professional bookkeeper service from us today. Contact us at (956) 997-0067 or visit our website http://www. mruiz-cpa.com for more information.

How to Use a 1031 Exchange to Defer Taxes on a Business Sale

January 14, 2025 / / 0 Comments

Selling a business is a significant financial decision, but the tax implications can be daunting. A 1031 exchange is a powerful tool that allows business owners to defer capital gains taxes by reinvesting the proceeds into like-kind property. This strategy can save you money and help you grow your wealth. In this blog, we’ll explore the benefits and process of using a 1031 exchange.

Understanding the Basics of a 1031 Exchange

A 1031 exchange, also known as a like-kind exchange, allows you to defer paying capital gains taxes on the sale of a business property by reinvesting the proceeds into another qualifying property. To qualify, the new property must be of like-kind, which broadly includes real estate used for business or investment purposes. Working with experienced tax professionals can help you ensure compliance with IRS regulations.

Benefits of Using a 1031 Exchange

  1. Tax Deferral: By reinvesting in like-kind property, you can defer paying capital gains taxes, which frees up more capital to reinvest.
  2. Wealth Building: The ability to defer taxes allows you to leverage more funds to acquire higher-value properties, increasing your portfolio’s potential for growth.
  3. Estate Planning: A 1031 exchange can also play a role in estate planning, enabling heirs to inherit properties at a stepped-up basis, and potentially reducing their tax burden.

Key Steps in Executing a 1031 Exchange

  1. Identify Replacement Property: Within 45 days of selling your property, you must identify potential replacement properties in writing.
  2. Close within the Deadline: The exchange must be completed within 180 days from the sale of the original property.
  3. Use a Qualified Intermediary: A qualified intermediary is essential to facilitate the transaction and ensure IRS compliance.

Common Missteps to Avoid

  1. Missing Deadlines: Strict adherence to the 45-day and 180-day deadlines is crucial.
  2. Non-Like-Kind Property: Ensure the replacement property meets the IRS’s like-kind criteria.
  3. Improper Documentation: Accurate records and professional guidance are vital for a successful exchange.

Why work with MARIELA RUIZ, CPA, PLLC?

A 1031 exchange is an excellent strategy to defer taxes and reinvest proceeds from a business sale. However, navigating the complex IRS rules requires expertise. At MARIELA RUIZ, CPA, PLLC, we’re here to help you make the most of this tax-saving opportunity. Contact us today at (956) 997-0067 or visit our website at mruiz-cpa.com to schedule a consultation. Let’s work together to maximize your financial success!

How S Corporation Owners Can Deduct Health Insurance and Save on Taxes

December 4, 2024 / / 0 Comments

Running an S Corporation has its perks, but health insurance benefits can get complex. Unlike employees, S-corp shareholders with over 2% ownership can’t receive tax-free health insurance. In this blog, we’ll outline the steps S-corp owners need to take to access company-sponsored health insurance and correctly deduct these costs.

Understanding Health Insurance Deduction for S Corporation Owners

If you’re an owner of an S Corporation, you can generally deduct health insurance premiums as a business expense. However, the IRS Notice 2008-1 has specific requirements for how these premiums must be reported and deducted. As an owner with at least 2% stake in the company, you can’t claim health insurance deductions the same way your employees do, but you can still enjoy a tax advantage by following these guidelines.

Set Up Health Insurance Under the S Corporation

The first step is to establish a health insurance plan under the company. This is crucial for meeting IRS requirements. Essentially, the company should pay the premiums directly, or you can pay them personally and get reimbursed. If the S Corporation pays the premiums, these payments need to be included in your W-2 wages as taxable income.

Report Premiums on Your W-2

Reporting the premiums correctly on your W-2 is non-negotiable. Health insurance premiums paid by the company on your behalf must be added to your wages as taxable income. This might seem counterintuitive, but adding the premiums to your taxable wages actually opens the door for you to deduct them on your personal income tax return.

Related: Learn more about the difference between gross income before and after taxes here.

Claim the Deduction on Your Personal Tax Return

Once the premiums are reported as income, you’re eligible to deduct them on your Form 1040. Here’s how it works: S Corporation owners who meet the IRS requirements can deduct the health insurance premiums as a self-employed health insurance deduction. This deduction applies to your personal tax return (Form 1040), which reduces your adjusted gross income.

IRS Requirements to Keep in Mind

While it’s exciting to save on taxes, remember that the IRS has strict guidelines for these deductions. Make sure to keep accurate records of premium payments and follow these requirements:

   – Ownership Stake: You must own more than 2% of the S Corporation.

   – W-2 Reporting: Premiums must be reported as taxable income on your W-2.

   – Established Health Plan: The S Corporation must establish the health insurance plan and either pay directly or reimburse you for premiums.

Consult Our Professionals for IRS Notice 2008-01

Given the intricacies of IRS Notice 2008-1 and its implications, consulting with a tax professional is highly advisable. If you need personalized guidance or support in managing your tax strategies, MARIELA RUIZ, CPA, PLLC is here to help. Contact us today at (956) 997-0067 or visit our website at mruiz-cpa.com to learn more about how we can help you make the most of your tax benefits!

Tips for Managing Expenses as a Small Business Owner

November 4, 2024 / / 0 Comments

Starting a small business is often fueled by passion, but managing expenses requires a sharp eye and a steady hand. However, according to a study by Fundera, 20% of small businesses fail in their first year and 30% of small businesses fail in their second year. These statistics underscore the importance of solid financial management from day one. In this month’s blog, we will walk you through some tips to help you manage your expenses effectively and maximize your profits.

Set a Realistic Budget and Stick to It

Creating a budget isn’t just about making numbers match. It’s a roadmap for your business’s financial health. Start by categorizing your expenses, such as operating costs and employee wages. Aim to keep your fixed costs as low as possible in your early stages. Once you’ve laid out a realistic budget, do your best to stick to it. Budgets also help you differentiate between your business and personal expenses, a critical aspect if you’re transitioning from a hobby to a business.

Related: Learn more about accounting considerations when transitioning your hobby into a business here.

Monitor Cash Flow Regularly

Cash flow is the lifeblood of any business. Monitoring it allows you to understand exactly how money is moving in and out of your business. Regular cash flow analysis will show you patterns, like times of the year when revenue is low or when expenses tend to spike. Tracking cash flow on a weekly basis can help you anticipate shortfalls and plan accordingly. You can always use accounting software to automate this process.

Plan for Retirement Early

It’s easy to focus all your energy on your business, but don’t overlook your personal financial future. Planning for retirement should start as soon as possible, even in the early years of your business. Setting up a retirement plan is not only a smart personal investment; it also offers tax advantages for your business.

Related: Learn more about how to plan for retirement as a business owner here.

Keep an Eye on Fixed Costs

Fixed costs are the expenses that remain the same month after month, such as rent, utilities, and payroll. While some fixed costs are non-negotiable, there are ways to manage them smartly. For example, consider using a co-working space instead of renting a full office. The less you spend on fixed costs, the more flexibility you’ll have in managing other expenses.

Final Thoughts

Managing expenses is a cornerstone of any successful business. By following the above tips, you can ensure your business remains financially healthy. If you need further assistance with expense management, MARIELA RUIZ, CPA, PLLC is here to provide expert guidance. Contact us today at (956) 997-0067 or visit our website at mruiz-cpa.com to learn more about our financial consulting services.

The Benefits of Integrating Accounting Software with Other Business Tools

October 21, 2024 / / 0 Comments

In today’s fast-paced business environment, efficiency is key to staying competitive. As companies expand and evolve, the need for streamlined processes becomes increasingly vital. One of the most effective strategies to achieve this is through the integration of accounting software with other business tools, such as Customer Relationship Management (CRM) systems and inventory management solutions. In this blog, we’ll explore the benefits of integrating accounting software with other business tools.

Enhanced Data Accuracy

One of the primary benefits of integrating accounting software with CRM and inventory systems is the improved accuracy of data. When these systems operate separately, manual data entry can lead to errors and inconsistencies. For example, sales figures in a CRM might not align with those in accounting software, causing confusion and inaccurate financial reporting. By integrating these systems, data flows seamlessly between them, ensuring real-time transaction recording. This minimizes errors and equips business owners with reliable information for informed decision-making.

Streamlined Workflow and Increased Efficiency

Another significant advantage of integration is the streamlining of workflows. When businesses use multiple disconnected systems, employees frequently switch between platforms, causing inefficiencies and wasted time. By integrating these systems, teams can access all necessary information from a single interface. For instance, sales representatives can enter customer data into the CRM, which automatically updates inventory levels and financial records. This streamlined workflow saves time and enables employees to concentrate on their core responsibilities, boosting overall productivity.

Better Compliance and Risk Management

With integrated accounting software, businesses can also improve compliance and manage risks more effectively. Accurate and timely data is crucial for regulatory compliance and correct tax filing. Consistent financial data across platforms minimizes non-compliance risks. Integrated systems create an audit trail of transactions, aiding in audits or investigations. This transparency helps businesses spot discrepancies early, enabling them to resolve potential issues before they escalate.

Related: “What To Consider Before Getting Accounting Software Implementation”

Conclusion: Partner with MARIELA RUIZ, CPA, PLLC

In conclusion, integrating accounting software with CRM and inventory systems offers businesses enhanced data accuracy, streamlined workflows, and improved compliance. To stay competitive, leveraging technology is crucial. MARIELA RUIZ, CPA, PLLC, in Mission, TX, can help implement accounting software tailored to your needs. With years of experience, we ensure smooth integration for your business. Contact us at (956) 997-0067 or visit mruiz-cpa.com to take your business to the next level.

What Is Innocent Spouse Relief and How It Can Help You

September 4, 2024 / / 0 Comments

If you’ve ever found yourself knee-deep in tax trouble because of something your spouse or ex-spouse did, you’re not alone. The IRS can seem persistent when it comes to collecting taxes, but there’s a lesser-known way to ease the burden if you’re unfairly caught in the crossfire: innocent spouse relief. 

This IRS provision might be the lifeline you didn’t know you needed. So, what is innocent spouse relief, and how do you know if you qualify? We’ll break everything down in this month’s blog.

What Is Innocent Spouse Relief?

Innocent spouse relief lets you avoid being responsible for tax debt caused by your spouse’s errors on a joint tax return. It allows you to separate yourself from their tax liabilities and start fresh. There are three types of innocent spouse relief available under Internal Revenue Code 6015. These are known as innocent spouse relief, separation of liability, and equitable relief.

Do You Qualify for Innocent Spouse Relief?

Now, before you breathe a sigh of relief, it’s important to know that not everyone qualifies. The IRS doesn’t hand this out easily. There are specific criteria you must meet to be considered “innocent” in the eyes of the taxman:

  • Joint Return Filed: You must have filed a joint return with your spouse, which led to the tax debt.
  • Erroneous Items: The understatement of tax must be due to “erroneous items” on the return. This could be anything from unreported income to improperly claimed deductions or credits. Essentially, your spouse fudged the numbers, and now the IRS is looking to you for the difference.
  • Lack of Knowledge: You must prove that when you signed the joint return, you didn’t know and had no reason to know about the error. The IRS wants to see that a reasonable person in your shoes wouldn’t have caught the mistake either.
  • Equity: Lastly, it has to be clear that it would be unfair to hold you responsible for the tax debt. This is where the IRS weighs all the facts, like your financial situation and the role you played (or didn’t play) in the error.

How to Apply for Innocent Spouse Relief

Applying for innocent spouse relief isn’t a walk in the park, but it’s worth it if you qualify. Here’s the rundown:

  • File Form 8857: This is the official request form for innocent spouse relief. Be sure to include all relevant information and documentation that supports your claim.
  • Time is of the Essence: You need to file for relief no later than two years after the IRS first tried to collect the tax debt from you. However, certain situations might allow for more flexibility.
  • Get Professional Help: Taxes are complicated, and dealing with the IRS can be nerve-wracking. Consider consulting with a tax professional who can guide you through the process and help strengthen your case.

When Relief is Granted

If the IRS grants you innocent spouse relief, it’s like a weight lifted off your shoulders. You won’t be held responsible for your spouse’s tax debt, and the IRS will stop trying to collect from you. But remember, this relief only applies to the specific tax year or years in question. It’s not a get-out-of-jail-free card for any future tax issues.

Conclusion

If you believe you may qualify for innocent spouse relief, we’re here to guide you through the process. Our team is committed to helping you navigate the complexities of tax law, ensuring you receive the support and relief you deserve. Call us today at (956) 997-0067 or visit our website mruiz-cpa.com to learn more about how we can help you achieve a fresh start.

How to Plan for Retirement as a Business Owner

August 7, 2024 / / 0 Comments

As a business owner, planning for retirement involves more than just saving money. It requires a strategic approach to ensure that your personal and business finances are aligned with your long-term goals. This guide will provide you with essential steps to help you prepare for a financially secure and fulfilling retirement.

Evaluate Your Current Financial Situation

The first step in retirement planning is understanding your current financial standing. This includes assessing your personal savings, investments, and retirement accounts. It’s crucial to determine the current value of your business and its potential for growth or sale. Additionally, identifying any outstanding debts or liabilities that could impact your retirement plans is essential for a comprehensive evaluation.

Related: “Tips For Keeping Accurate and Organized Financial Records”

Set Retirement Goals

Clearly defining what you want your retirement to look like is a vital part of the planning process. Decide when you want to retire, as this will influence your savings and investment strategies. You may consider the kind of lifestyle you want in retirement, including travel plans, hobbies, and living arrangements. Estimating your annual expenses in retirement will help you understand how much income you will need to support your desired lifestyle.

Develop a Retirement Savings Plan

Once you have a clear picture of your financial situation and retirement goals, you can develop a savings plan. Maximize contributions to retirement accounts such as IRAs, 401(k)s, and SEP IRAs to ensure you are taking full advantage of tax benefits and compound growth. We also recommend diversifying your investments across different asset classes will help reduce risk and increase potential returns. Reinvesting profits from your business into retirement savings or other investment opportunities can also boost your retirement fund.

Plan for the Sale or Succession of Your Business

Your business is likely one of your most significant assets, so planning for its future is crucial to your retirement. If you intend to pass the business to a family member or employee, creating a detailed succession plan is essential. If selling the business is your preferred option, prepare it for sale by improving financial records, increasing profitability, and enhancing its marketability. Obtaining a professional valuation of your business will help you understand its worth and how it fits into your retirement plan.

Related: “Bookkeeping for Freelancers and Self-Employed Individuals”

Consider Tax Implications

Tax planning is an essential aspect of retirement planning for business owners. Utilizing tax-advantaged retirement accounts can help minimize your tax burden. It’s crucial to understand the tax implications of selling your business and exploring strategies to reduce taxes. Additionally, working with a CPA and estate planning attorney to develop a plan that minimizes estate taxes and ensures your assets are distributed according to your wishes will provide peace of mind.

Seek Professional Advice

Retirement planning can be complex, especially for business owners. Seeking professional advice can help you navigate the process. A financial advisor can provide personalized investment strategies and retirement planning advice tailored to your specific needs. A Certified Public Accountant (CPA) can assist with tax planning, business valuation, and financial management, while an attorney can help with estate planning and legal aspects of business succession or sale.

Conclusion

Planning for retirement as a business owner involves careful consideration of your personal and business finances. By evaluating your current situation, setting clear goals, developing a savings plan, and seeking professional advice, you can create a roadmap to a secure and fulfilling retirement. At MARIELA RUIZ, CPA, PLLC, we are dedicated to helping business owners in Mission, TX, plan for a successful retirement. Contact us today at (956) 997-0067 or visit our website at mruiz-cpa.com to learn more about our financial consulting services.

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