Richard

JPMorgan Chase CEO Jamie Dimon says he no longer has any hard feelings toward Elon Musk after lawsuits between the bank and Musk-led Tesla previously interfered with their relationship.

“He came to one of our conferences, he and I had a nice, long chat,” Dimon said at the World Economic Forum’s annual event in Davos, Switzerland. “We’ve settled some of our differences.”

Dimon told CNBC that “Elon and I have hugged it out,” with the timing of the reconciliation unclear. JPMorgan sued Tesla in 2021 over a dispute over a stock warrant deal. Both companies dropped their claims in November after reaching a settlement agreement.

Related: JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Dimon and Musk’s relationship has been fraught with litigation. The issue stemmed from Musk’s 2018 tweet saying he could take Tesla private at a share price of $420 with “funding secured,” and a 2014 contract that allowed Tesla to sell stock warrants to JPMorgan so the bank could buy shares of the company at a set “strike” price. If Tesla’s stock traded above the strike price, Tesla would owe JPMorgan money in the form of shares or cash.

JPMorgan accused Tesla of breaking its contract, and Tesla countersued in January 2022.

^{Jamie Dimon, CEO of JPMorgan. Photographer: Kent Nishimura/Bloomberg via Getty Images}

After announcing at Davos that the two have repaired their relationship, Dimon then praised Musk, calling him “our Einstein” and wishing him “the best” in his efforts to lead the new Department of Government Efficiency, which President Donald Trump created by executive order on Monday. The new department is tasked with downsizing the U.S. government and cutting government spending.

“I think it is completely rational for someone to look at our government and say it’s been ineffective,” Dimon told CNBC.

Now, at the World Economic Forum, Dimon says that he would “like to be helpful” to Musk and his companies.

Dimon Calls U.S. Stock Market ‘Inflated’

Dimon also told CNBC that U.S. stock market prices were “kind of inflated” and were “in the top 10% or 15%” of their historical value.

“You need really good outcomes to justify those prices,” Dimon said.

U.S. stocks were among the world’s most high-performing stocks last year, caused by a strong U.S. economy, a strong labor market, and robust consumer spending, according to Investopedia.

JPMorgan is the biggest American bank, with $3.3 trillion in assets.

Related: JPMorgan Will Reportedly Follow Amazon, Walmart With Strict Return-to-Office Policy

Dimon on Tariffs: ‘Get Over It’

Dimon also said that the tariffs Trump could impose on foreign countries could have pros that outweigh the cons — mainly that they could promote American interests at the bargaining table with other countries.

Global fund managers have expressed concerns that tariffs could lead to higher inflation. But Dimon says that even if inflation does rise, the national security benefits outweigh it.

“If it’s a little inflationary, but it’s good for national security, so be it,” Dimon told CNBC. “I mean, get over it. National security trumps a little bit more inflation.”

Navigating the process of buying or selling a business can feel daunting for entrepreneurs. That’s where Transworld Business Advisors excels, offering expertise that simplifies complex transactions. Ranked #57 on Entrepreneur‘s 2025 Franchise 500 and the top performer in the business services category, Transworld has earned its place as a trusted leader in the industry.

• Overall Franchise 500 rank: 57
• Number of units: 486
• Change in units: +52.4% over 3 years
• Initial investment: $97,000-$122,000

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

Transworld specializes in business brokerage, franchise consulting and franchise development, making it a one-stop shop for those looking to take the next step in business ownership. With a network of more than 300 offices worldwide, Transworld connects buyers and sellers across industries and provides the tools and strategies to ensure successful outcomes.

Transworld’s comprehensive training and support are critical for franchise owners. New franchisees gain access to proven systems, cutting-edge marketing strategies and a network of experienced advisors who help them thrive in their local markets. Transworld’s model emphasizes relationship-building, ensuring franchisees become trusted advisors in their communities.

Related: The One Factor the Top Franchises of 2025 Have in Common

The brand’s growth reflects the increasing demand for professional guidance in business transactions. Whether helping a retiring business owner find the right buyer or guiding an aspiring entrepreneur toward their dream opportunity, Transworld creates meaningful connections that drive economic success. By leveraging its extensive network, industry expertise and personalized approach, Transworld facilitates transactions that not only meet financial goals but also align with the unique aspirations and needs of its clients. This focus on creating mutually beneficial outcomes has cemented Transworld’s reputation as a trusted partner in the business brokerage industry.

Transworld Business Advisors offers a rewarding franchise opportunity for entrepreneurs passionate about helping others achieve their goals. Backed by decades of experience, a strong global network and a proven track record, Transworld is more than a business — it’s a platform for empowering entrepreneurs to succeed.

Related: Explore the full 2025 Franchise 500 list, complete with category rankings.

As an entrepreneur, I’ve learned a hard truth: It’s not just about doing more; it’s about doing less of what doesn’t serve you. I tried to do every little task in my business for years. I thought, “If I want it done right, I should do it myself.” That mentality left me exhausted and my business stagnant. It was then that I realized the key to real growth wasn’t working harder; it was letting go.

By letting the things go that do not have personal touches, you get into bringing better talent, more global specialization and, yes, more time and more money. Alright then, let’s dive in on five things you need to stop doing so that you go from a busy business owner to an empowered leader.

Related: 3 Major Time Wasters for Leaders — and How to Overcome Them

1. Stop doing it all yourself

Doing it all yourself isn’t a sign of strength; it’s a roadblock to growth. Business owners often think no one can do it as well as we can. However, if you hold on too tightly, you’re not allowing others to share their expertise, you’re not saving time by delegating, and you’re not giving yourself the mental space to make strategic decisions.

Take action: Find the tasks that are eating up your day but do not require your direct input. Customer support, social media management, basic accounting — you name it. Delegate these tasks to people who can do it better than you and free up your time to focus on growth and strategy.

2. Don’t limit yourself to local talent

If you’re limiting yourself to within your zip code for where your talent is, that really puts you at a disadvantage against leveraging the massive global talent pool out there that has that exact skill set and tends to be at a more competitive rate. Going global offers opportunities for expertise you just will not find locally, and it affords your company leverage around insights and cutting-edge practice from the world.

Take action: Begin searching for platforms that connect you with global talent. You can find experts in digital marketing or technical support through sites like Upwork, Freelancer or specialized agencies, and many of them have worked for companies like yours.

3. Stop ignoring the benefits of specialization

That’s what the current business world is all about — specialization. You’re trying to manage tasks across accounting, marketing, operations and customer service without experts for each, and you get left in the dust with competitors who know the magic of specialized skills. By bringing such experts in, you acquire not only knowledge but also efficiency, insight and better results in the final analysis.

Take action: Determine where you can leverage outside expertise and determine your company’s core activities. For instance, instead of trying to learn everything about digital advertising, hire a specialist or agency. Specialization is not an expense; it is an investment in excellence.

Related: Should You DIY or Outsource to an Expert? Here’s How to Decide What’s Best for Your Business.

4. Don’t waste time on $10 tasks

Too many business owners spend precious hours on tasks that don’t drive growth: responding to routine emails, scheduling meetings or troubleshooting minor IT issues. This is time you could be spending on developing strategies, networking or innovating. True growth is driven by focusing on high-value activities and letting go of the ones that don’t need your attention.

Take action: Determine the value of your time. If you’re doing something that others can do for you for $10 or $20 an hour is holding you back. It’s holding back your business. Let junior people in your team and virtual assistants handle the small things and give you more time to develop your empire.

5. Do not neglect systems and automation

Stop doing repetitive work manually. Such processes like invoicing, inventory management and sending follow-ups via email are automated in many processes, which reduces the error percentage while saving you a lot of time. Such simple automation tools keep your business working smoothly even when you get busy with bigger things in life.

Take action: Write down all the repetitive tasks and see what tools or software can automate them. From customer relationship management to accounting, programs like Zapier, QuickBooks and HubSpot can take care of everything, so you don’t have to worry about the day-to-day minutiae.

Related: How to Enhance Business Automation and Unlock New Levels of Operational Efficiency

Running a business doesn’t mean you have to do everything. It is knowing what to focus on, whom to trust and using the right tools and people to help you grow. Outsourcing, embracing global talent, specializing, offloading low-value tasks and utilizing automation all help you build a system that works for you rather than the other way around.

Remember, the goal is not to work harder but to work smarter so that you can spend your time on what truly matters — building a billion-dollar vision, growing relationships and enjoying the freedom you set out to achieve.

“Nothing is certain except death and taxes.”

This proverb, often attributed to Benjamin Franklin, has stood the test of time. But if I could add one more piece to this pearl of wisdom, it would be this: “Nothing is certain except death and taxes, but death doesn’t change; taxes are always changing.”

With President-elect Donald Trump’s second inauguration, entrepreneurs and investors are watching closely for those changes. In his first term, President Trump accomplished one of the most significant overhauls to the tax code in decades with the 2017 Tax Cuts and Jobs Act (TCJA). With issues surrounding the economy and job growth front and center, the next four years may bring another wave of change.

With many of the tax cuts in the TCJA set to expire at the end of 2025 absent Congressional action, at least some change is inevitable. However, how much change and what kind is much harder to predict. The current political climate means Republicans will need to drive any tax policy changes, but with a razor-thin majority in the House, any single legislator will have tremendous power.

Despite the uncertainty, there are some things entrepreneurs can likely expect.

1. The corporate tax rate is unlikely to increase

The TCJA slashed the corporate tax rate from 35% to 21% — a pro-business shift that has spurred investment in countless industries. The good news for entrepreneurs is that this change isn’t among those set to expire.

President-elect Trump has publicly floated the idea of reducing the corporate tax rate even further, potentially to 15% for companies that make their products in the U.S. Given concerns over the federal budget deficit, it’s unclear when or if such a reduction could come to pass. But the overall message on corporate taxes is clear: keeping them low is a priority.

2. Individual tax rates will stay roughly the same

While the individual income tax reductions and standard deduction in the TCJA are set to expire at the end of 2025, extending them is widely popular. In a 2023 survey by the Pew Research Center, more than half of U.S. adults said they feel they pay more than their fair share of taxes and that the tax system is frustratingly complex.

Given this public support and President-elect Trump’s advocacy for extending the TCJA, we’re most likely to see individual tax brackets remain roughly the same, and the standard deduction might even increase.

3. Big tax deductions are likely to change

The TCJA introduced or expanded a number of tax deductions that are hugely valuable to entrepreneurs. Here are three to watch:

• Qualified Business Income (QBI) deduction

This deduction allows many owners of pass-through businesses to deduct up to 20 percent of their qualified business income, plus 20 percent of qualified real estate investment trust dividends and qualified publicly traded partnership income. The deduction is available even for taxpayers who take the standard deduction, and it has been a game-changer for small business owners.

Unfortunately for many entrepreneurs who rely on this deduction, its extension may not make the cut in the upcoming tax debate; many Democrats argue it is helping the wealthy at the expense of average taxpayers, and many Republicans will prioritize reductions to the corporate tax rate over the QBI.

Bonus depreciation is a tax deduction the government uses to encourage businesses to invest in certain assets, including some equipment, software, vehicles and rental real estate. The TCJA increased bonus depreciation from 50% to 100% until 2022. Since then, it has dropped by 20 percentage points each year and is set to reach zero by 2027 without Congressional action. President-elect Trump has proposed reinstating a full 100% bonus depreciation deduction, and I expect the new Congress to support this for manufacturing and other equipment purchases. However, real estate purchases seem less certain.

• State and Local Tax (SALT) deduction

Entrepreneurs living in high-tax states have felt the pain of the $10,000 cap the TCJA put on deducting state and local taxes. Intense pressure from lawmakers in certain states with high-income residents will likely lead to an increase in this deduction. Without action by Congress, the cap will expire at the end of 2025. However, given concerns over the budget deficit, it’s more likely that we will see lawmakers opt to increase the cap.

• Fewer, if any, green energy incentives

In recent years, entrepreneurs and investors have made good use of several tax incentives that promote investments in electric vehicles, solar power systems, wind farms and other renewable energy and environmental efforts. The Inflation Reduction Act of 2022, in particular, included significant tax credits for the cost of renewable energy systems.

President-elect Trump advocated for a more oil and natural gas-centric energy policy on the campaign trail, calling President Biden’s energy policy a “new green scam.” So, if the current incentives are part of your tax strategy, it is wise to connect with your tax advisor to discuss alternatives.

That said, it’s also possible that those incentives will remain while others for fossil fuel-related energy projects will return. The president-elect has expressed support for U.S. energy independence, and he named North Dakota Gov. Doug Burgum — who supports both oil and renewable production — his choice to lead a new National Energy Council.

How to prepare

Here is the good news. While most entrepreneurs have little influence over how these policies will shake out following the inauguration, the fundamentals of creating a good tax strategy will not change.

Remember: Your tax is based on your unique set of facts. To change your tax, you just need to change your facts.

How do you do this? The tax law is a series of incentives designed to influence how people earn and invest their money. The key is to pay attention to how the tax law changes and shift your strategy accordingly. Stay informed and work with an advisor who will partner with you on a long-term approach to minimize taxes while maximizing your wealth.

President Trump and the CEOs of OpenAI, Softbank, and Oracle are expected to announce a new $500 billion AI initiative called “Stargate,” CBS first reported.

Sources tell CBS that the plan is to start with a $100 billion commitment and a Stargate data center in Texas, and then build up to $500 billion over the next four years while expanding data centers to other states.

Related: The CEO of Softbank Just Announced He’s ‘Doubling-Down’ on Donald Trump’s Second Term

OpenAI’s Sam Altman, Oracle CTO Larry Ellison, and SoftBank CEO Masayoshi Son are expected at the White House Tuesday afternoon to make the announcement.

Oracle is one of the biggest data center operators in the U.S., per CNN.

Sam Altman has been vocal about the need to build more AI infrastructure and data centers in America.

“Infrastructure in the United States is super important, AI is a little bit different from other kinds of software in that it requires massive amounts of infrastructure, power, computer chips, data centers,” Altman explained in an interview last month with Fox News Sunday. “We need to build that here and we need to be able to have the best AI infrastructure in the world to be able to lead with the technology and the capabilities.”

This is a developing story and will be updated.

Related: Meta Is Building AI That Can Write Code Like a Mid-Level Engineer, According to Mark Zuckerberg

A new study released Tuesday by Hult International Business School and independent research firm Workplace Intelligence found that even when faced with widespread talent shortages, employers would rather hire a robot or AI than a recent grad.

The study surveyed 800 human resources leaders and 800 recent graduates (ages 22 to 27) in business roles, including finance/accounting, marketing, sales, management, operations/logistics, and business analytics/intelligence.

Nearly all HR leaders, 98%, said their organization was struggling to find talent, yet 89% stated that they avoid hiring recent graduates.

Related: AI Could Replace 200,000 Jobs on Wall Street, According to a New Report. These Are the Jobs Most at Risk.

When asked why, hiring managers said that recent graduates lack real-world experience (60%), a global mindset (57%), teamwork skills (55%), the right skill sets (51%), and the proper business etiquette (50%).

Three out of 10 HR leaders would rather leave a position unfilled than hire a recent graduate.

Nearly four out of ten (37%) would rather have a robot or AI do the job than a recent grad while 45% say they would rather hire a freelancer.

Related: AI Can Now Apply to 1,000 Jobs While You Sleep. Here’s How Many Interviews an AI Bot Creator Got in One Month.

At companies that have taken the plunge and hired recent grads in the past year, the majority (78%) have already fired at least some of them.

Meanwhile, recent graduates who have successfully joined companies have found the work experience invaluable. 77% said they learned more in half a year on the job than in four years of undergrad and 87% said their employer provided better job training than college.

Over half (55%) said that college didn’t prepare them in any way for the job they currently hold.

Related: Here Are the 10 Fastest Growing Jobs for 2025, According to LinkedIn.

“Our survey revealed that traditional college programs aren’t providing what students need to be successful in today’s fast-paced and increasingly tech-focused work environment,” Dan Schawbel, Managing Partner of Workplace Intelligence, stated.

So what do recent grads lack that HR leaders are looking for? Technology skills, especially in AI, data analytics, and IT, are important to 97% of HR leaders, but only 20% of recent graduates possess these skills.

“Theory alone is no longer enough,” said Martin Boehm, executive vice President and Global Dean of Undergraduate Programs at Hult International Business School. “Preparing students in new ways, with a focus on building both the skills and mindsets needed for continuous learning, is the future of education.”

Running a team now is like running a kitchen with chefs from all over the world. Each person comes with their own recipe, their own tools and their own approach. Add to that the fact that technology is reinventing the way we get work done every five minutes or so, and you’ve got yourself a situation. But here’s the thing: It’s not about whether anyone is right or wrong; it’s about making sure everyone cooks an excellent meal together.

Let’s cut to the chase about leading teams that span generations and are plugged in. It’s not about understanding which Gen Zs use TikTok or who prefers email to Slack. It’s about navigating different mindsets and working styles while leveraging the tech tools at our disposal. So, let’s get into the nitty-gritty of what really works.

Related: 6 Ways Multi-Generational Workforces Lead to Business Growth

Start with what matters — respect

Before we discuss technology or processes, let’s talk about respect. Managing a multi-generational team (millennials, Gen X, baby boomers and Gen Z) isn’t a question of pandering to stereotypes. Everyone simply wants to feel seen and appreciated. As a manager, if everyone works like they have something to bring, you’ve already won half the battle.

Instead of making assumptions that older folks hate tech or younger folks can’t concentrate, ask questions. “What do you require to do your best work?” is a great place to start. You’d be amazed how frequently the reason has nothing to do with their age.

Set clear expectations for tech use

We all know the type — the one who Slack messages you, emails you and then calls you just to ensure you got the memo. That’s why clear communication rules come into play. How will your team utilize technology? For example:

• Slack or Teams to communicate quick updates and ask questions

• Use emails for long explanations or noninternal discussions

• Establish “tech-free” zones or times if constant pings are turning into a productivity killer

Let them know that it’s not control; it’s efficiency. As soon as they realize it saves time, everyone loves a good process.

Match tech to the task, not the person

Some people are naturally good with tech; others are not. That’s fine. Don’t make the mistake of assuming what technology can or can’t be used based on age. Instead, focus on the task. If you are managing a sales team, Salesforce or HubSpot makes sense. If you’ll be operating a creative team, something like Figma or Adobe Cloud makes sense.

Bring in new tools focused on the job, not the cohort. Offer training sessions that are appropriate for all levels of skill sets. Assemble a team of tech lovers and have them collaborate with those who may require some assistance. It’s not so much age as it is a state of mind.

Recognize different work styles

Here’s the thing: Generations may have a different approach to work, but at the end of the day, everyone has the same desire for success. For example, older members of the team may benefit from detailed, step-by-step instructions. Younger people may flourish with fewer structures and the chance to play around. Neither is wrong.

As a manager, it’s your job to mix these styles. For instance:

• Design hybrid workflows that balance integration and freedom. Using project management tools (e.g., Trello, Asana or Monday.com) makes task visibility easy for everyone involved in the project. Those who thrive on structure will appreciate the timetables and those who thrive on freedom will appreciate the choice of what they prioritize.

Related: How to Navigate Generational Differences and Hybrid Challenges in the Workplace

Make feedback a two-way street

If all you’re feeding back is top-down, you’re missing out. Gen Z and millennials especially value workplaces where they feel as if their voices are heard. On the other hand, older generations have years worth of experience that share the same potential for game-changing work if used correctly.

• Build a two-way feedback loop

• Hold routine one-on-ones to talk about performance, struggles and ideas

• Use anonymous surveys to find out what’s working and what’s not.

• Provide opportunities for cross-generational mentoring. Give a Gen Z employee and a baby boomer a set of ears and watch the learning unfold on both sides.

Tech can’t replace trust

Let’s get one thing straight: Technology is a tool, not a solution. You could have the best project management software or the fanciest AI tools, but if your team members don’t trust you or each other, none of it will make a difference.

Make sure to invest in building relationships. Hold casual team check-ins, celebrate wins (big and small), and don’t be afraid to admit when you don’t know something. Trust is founded on honesty, and that’s free.

AI: Friend or foe?

This is where things get spicy. The landscape is changing with workplace AI tools such as ChatGPT, Notion AI and many others debuting. AI isn’t here to replace jobs; it’s here to augment them. However, how you roll out AI to a team is what matters most.

• Take one step at a time: Use AI for repetition, like scheduling, generating reports and even drafting emails.

• Be transparent: Explain what the tool can and can’t do. This helps mitigate fears, especially among older team members who may view AI as a challenge.

• Encourage experimentation: Have team members play with AI tools. The more comfortable they become, the more likely they’ll figure out how to use them efficiently.

Conflict isn’t a bad thing

If you’re managing different generations … disagreements will happen. One person thinks the old way of doing things is fine, and another wants to take a modern approach. Do not blanket conflict; use it as a way to innovate.

Promote candid conversations about what’s going well and what’s not. Hot debates are a great source of ideas. Just ensure that the conversation remains respectful.

Lead by example

If you run a tech-forward team, you need to talk. If you want your team to utilize a novel CRM, learn it first. To get them to embrace AI, demonstrate how you’re using it. Leadership is not about barking orders; it is about setting the tone.

Related: How to Improve Communication Between Generations in the Workplace

Running multi-generational, tech-driven teams isn’t rocket science but does require work. Respect, communication and flexibility are your best pals. Prioritize what each individual can contribute, not the labels associated with their age. Technology is to make our work easier, not harder. And at the end of the day, do also remember that all human beings really want is to feel like they make a difference.

You have the tools and the talent. Now, it’s time to put it all together.

Strategic entrepreneurs recognize that the new year is prime time to gain a competitive edge. One of the best ways to do this is to take a fresh approach to your tax planning.

Instead of simply closing out your books, carve out time for some high-value strategic work. You’ll come away with a clear vision for your financial future, less stress and, most likely, more money in your pocket.

Here are four steps to guide the process.

1. Figure out where you stand

First things first: If you haven’t already met with your tax advisor to estimate your taxable income and tax liability for this year and next, schedule that meeting as soon as possible. Knowing these numbers gives you a starting point to plan your next moves.

An April tax bill should never be a surprise. If you’ve experienced this, it is a sign that you’re taking a reactive approach to taxes. As an entrepreneur, you should be as proactive as possible. Getting control of your financial destiny starts with knowing your numbers.

2. Identify the right quick wins

Once you know your estimated tax liability, ask yourself: What can I do now to reduce the taxes due next April? One of the first options people jump to is postponing income to the following year. This should not be your first move. Instead, make sure that you and your tax advisor are looking at the whole picture.

Look for things you can do right now that will give you a permanent — rather than deferred — tax reduction. Here are several moves to consider.

• Maximize deductions. Many entrepreneurs don’t take all the deductions for which they qualify, basically donating money to the government. Review all of your expenses, both personal and business, and see if you are leaving money on the table. Two deductions I often see entrepreneurs miss are the home office deduction and business expenses paid from a personal account.
• Give to charity. While it makes no sense to donate to the government by skipping deductions, there are plenty of nonprofit organizations that will do great work with your gifts. The government encourages this kind of giving by allowing taxpayers who itemize their deductions to deduct donations to qualified charities up to a certain percentage of their adjusted gross income. Plus, donations don’t have to be made in cash. You can donate stock, property and even digital currency. When you donate appreciated assets, such as Bitcoin, you can get a charitable deduction for the asset’s fair market value, and you don’t have to recognize the capital gain.
• Use tax credits. In many ways, tax credits are even better than tax deductions because they reduce the taxes you owe dollar for dollar. Many tax credits will require a bit of planning, so you may find more opportunities to reduce your taxes in future years. However, it is still worth exploring as a potential quick win.

3. Get a jump start on 2025 and beyond

With those quick wins secure, it’s time to think ahead. What can you set in motion now to accelerate growth in your business while also permanently reducing your tax burden?

Look for actions that will create lasting benefits and organize them into a roadmap to guide you over the next three to five years. Here are some actions to consider.

• Set up entities strategically. Entrepreneurs unlock significant tax benefits and earning potential compared to employees when they create business entities — especially if they choose the right tax structure. If you move fast, you may be able to create a new LLC, corporation or partnership before the end of the year. If not, start the process now and have the results benefit you as soon as possible. For the best results, coordinate with your attorney, CPA and other advisors.
• Make new investments. The government pays entrepreneurs to make certain kinds of investments by offering tax incentives, often in the form of tax credits or deductions. As you think about your next moves in business, consider where you can invest your money to get both a great return and a great tax benefit.
• Look for lower tax brackets. If you are an entrepreneur with children, they can provide valuable support to your business and give you access to their lower tax bracket. For example, if your child works in your business, they can earn up to the amount of the standard deduction and not have to file a tax return. The child’s salary is a deductible expense for the business and has $0 tax. Sit down with your tax advisor and see what your kids could do within your business and how you can use that money for certain expenses.

4. Prepare for change

With many elements of the 2017 Tax Cuts & Jobs Act set to expire at the end of 2025 and a new administration poised for action, we’re likely to see some significant shifts in tax law. But remember: No matter who is in the White House or Congress, the tax law is a series of incentives available to anyone who chooses to utilize them. As you create your tax strategy, look for ways to stay nimble. That way, you can adjust as new tax policies come into play.

There are things you must look at now, especially around estate planning. Unless there is a change in the tax law, the estate tax exemption will drop back down at the end of 2025 to its 2017 base level. Review your will, trusts, insurance, beneficiary designations and powers of attorney, and consider whether you want to exercise your gift tax exemption this year. For 2024, you can gift up to $18,000 per individual (or $36,000 per married couple) without filing a gift tax return.

Use this time at the beginning of the new year wisely. By taking these simple steps now, you will start 2025 off ahead of the pack.

Is starting a business on your agenda in 2025? If you don’t want to launch one of the roughly 20% of businesses that fail within two years, you should consider all of the factors that make or break success.

And exactly where you start your business is one of the most essential pieces of the puzzle.

Related: Starting a Small Business? Here Are the States Where It’s Most Likely to Survive — and the Least.

Entrepreneurs who strategically choose their business’s state, city or neighborhood can benefit from different taxes, zoning regulations and licensing requirements, according to the U.S. Bureau of Labor Statistics (BLS).

A new study from WalletHub compared all 50 states across 25 key indicators of startup success — factors like labor costs, the availability of human capital and how many hours make up the average work week — to find out where entrepreneurs stand to gain the most.

Related: Want to Start a Small Business? Here Are the Best States to Try (and the Ones to Avoid).

“It’s crucial to establish your business in a state that will maximize your chances of success,” WalletHub analyst Chip Lupo says. “The best states have low corporate tax rates, strong economies, an abundance of reliable workers, easy access to financing and affordable real estate.”

Check out WalletHub’s full ranking of the best and worst states to start a business in 2025 below:

^{Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that state, where a rank of 1 represents the best conditions for that metric category.}

President Donald Trump was sworn in on Monday as the 47th U.S. president.

Incoming White House officials told reporters that Trump would sign executive orders in his first days in office, and possibly at his rally Monday evening. The orders are expected to address economic issues like inflation and tariffs, reiterating remarks made by the President himself at his inauguration.

“Today I will sign a series of historic executive orders,” Trump stated in his inaugural speech. “With these actions, we will begin the complete restoration of America and the revolution of common sense. It’s all about common sense.”

^{U.S. President Donald Trump gives his inaugural address. Photo by Kenny Holston-Pool/Getty Images}

The New York Times estimates that Trump has promised to sign close to 100 executive orders in the coming days.

The first economic executive order Trump addressed in his inaugural speech was related to inflation and energy.

Trump claimed that inflation was due to rising energy costs and government overspending. He stated that he would work to “rapidly bring down costs and prices” by signing an executive order declaring a national energy emergency so that the U.S. could produce and export more of its own oil and gas.

Related: Donald Trump’s Meme Coin $TRUMP Surges to $10.7 Billion Ahead of Inauguration

“We will bring prices down, fill our strategic reserves up again, right to the top, and export American energy all over the world,” Trump said.

White House officials told ABC News reporters that the move would create jobs and reduce regulations around the energy industry.

The U.S. was the world’s largest exporter of motor gasoline in 2023, supplying more than 16% of total global exports, according to the U.S. Energy Information Administration.

No president has declared a “national energy emergency” before, according to E&E News, though President Jimmy Carter did declare regional energy emergencies, including one in Pennsylvania in 1978.

Related: Elon Musk, Mark Zuckerberg and Jeff Bezos Get the VIP Treatment at Donald Trump’s Inauguration–With Seats In Front of the President’s Own Cabinet Picks

Trump is also expected to sign an executive order ending the Biden administration’s electric vehicle mandate, which gave more than $1 billion in incentives through tax credits for purchases of electric vehicles.

“We will revoke the electric vehicle mandate, saving our auto industry and keeping my sacred pledge to our great American autoworkers,” Trump said in his inaugural speech, adding, “We will build automobiles in America again at a rate that nobody could have dreamt possible just a few years ago.”

White House officials said that Trump expects to end the electric vehicle mandate through executive order “as soon as possible.”

Related: Elon Musk Makes a Case for Tesla in X Livestream with Donald Trump

Another economic executive order Trump spoke about in his speech was the establishment of the External Revenue Service, to collect tariffs and taxes from foreign countries.

“Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump stated.

Trump also said he would establish the Department of Government Efficiency, or DOGE, which is designed to reform government bureaucracy and reduce inefficiencies. He first announced the department in November.