Financial experts from the Milwaukee area told BizTimes which financial planning blunders they see most often and gave tips to help with financial goals.
WICPA member, Timothy Steffen, CPA, director of advanced planning in the Private Wealth Management practice at Milwaukee-based Robert W. Baird & Co. Inc., offered several tips, including separating personal and business expenses.
“Sometimes they [business owners] kind of blur the line a little bit as to what’s a personal expense and what’s a business expense,” said Steffen. “The accounting for that can create some tax issues for them.”
When combining business and personal travel, Steffen suggests diligently tracking which days are spent primarily on business and which are spent on pleasure, and use your personal card for the latter expenses.