Wednesday, July 24, 2013
Retirement Communities May Provide Big Tax Breaks
PHILIP MOELLER for US News World Report writes: The clouds are finally beginning to part for older retirees who want to move into a retirement community. Years of stagnant, if not declining, housing values have deterred people from selling their homes – the most common source of funds to pay the often hefty admission fees charged by some retirement communities.
Now, home prices and sales activity in many parts of the country have steadily improved. While some older seniors (the move-in age at many communities is from the late 70s to early 80s) undoubtedly have changed their minds about their future plans, the pent-up demand and rising numbers of seniors support the inevitability of a healthy recovery at many retirement communities.
Seniors considering or reconsidering such a community should be aware that they may qualify for hefty tax breaks if they move into a retirement community that offers assisted living and skilled nursing support as part of what are considered lifetime care benefits. If their children or other family members provide major financial support for entrance fees and monthly expenses, they also may be eligible for tax deductions.
Many seniors and their families are not aware of this tax benefit, according to Jerry Grant, executive vice president and chief financial officer of ACTS Retirement-Life Communities, Inc., which is based north of Philadelphia and operates 21 continuing care retirement communities in eight eastern and southern states. Grant says nearly all ACTS residents use the benefit once it's explained to them. "In communities where a senior is contracting for services that include health care," he explains, "if the contract is obligating the provider for those services, and if the contract includes a non-refundable entrance fee, then that fee is viewed by the IRS as a pre-payment expense for health care services." If entrance fees are fully or partially refundable, which is the case at many Continuing Care Retirement Communities, known as CCRCs, the expense deduction only applies to that portion of the fee which is not returned to the resident or his or estate, Grant explains. Some CCRCs have fully refundable entrance fees, but even more have a sliding scale, in which entrance fee refunds decline with each month of residency and disappear altogether in several years. In cases in which fees are partially refundable, Grant says residents can take the full tax deduction at the time they pay the entrance fee. But either the resident or the resident's estate would be liable to return a portion of the tax deduction if he or she doesn't reside in the community long enough for the refund period to expire. In addition to entrance fees, a portion of monthly residential fees at CCRCs may also be tax deductible.
The logic underlying both deductions is that payments entitle residents to lifetime health care as part of their residential agreement, so a portion of their expenses really represents the cost of future health care benefits. Some CCRCs have rental contracts for independent living arrangements, with "pay as you go" fees when residents need assisted living and nursing services. In those situations, only payments required for medical services would be tax deductible. The percentage of CCRC payments that may be deducted from taxable income ranges between 30 to 40 percent throughout the country, Grant estimates. It varies by CCRC because communities have different expense structures. At ACTS communities, about 37 percent of entrance fees and 39 percent of monthly fees are deductible in 2013 as prepaid health care expenses. ACTS provided a sample case study of how the tax benefit would work where entrance fees are not refundable. The example is for a couple paying a $250,000 entrance fee and monthly fees of $3,500, which provides them a two-bedroom apartment and access to assisted living and skilled nursing services should they need them. The couple is assumed to be in a 20 percent federal income tax bracket.
Of the $250,000 entrance fee, $94,050 (37.62 percent of $250,000) would be considered a qualifying medical expense. Only medical expenses above 7.5 percent of adjusted gross income may be deducted from income taxes, so the amount of the deduction will depend on the couple's taxable income and whether they have any other qualifying medical expenses. (Note: The threshold for medical expenses was raised to 10.5 percent in the recent tax law, but taxpayers older than 65 will be able to use the 7.5 percent cut-off for a few more years.)
For a couple reporting $100,000 of taxable income (from Social Security, pensions and investment earnings, for example), only medical expenses above $7,500 could be deducted. If the couple had no medical expenses other than their CCRC entrance fee, they could deduct $86,550 ($94,050 minus $7,500) from their taxable income. If they were in the 20 percent tax bracket, this would save them $17,310 in the tax year during which they paid the entrance fee. On an ongoing basis, tax deductions for the monthly fees would work the same way. If the fees totaled $42,000 in a tax year (12 times the monthly fee of $3,500), $16,397 of that amount (39.04 percent of $42,000) would be a deductible medical expense. If the couple had no other medical expenses, the net value of the deduction would be $8,897 ($16,397 minus $7,500). That would be worth $1,779 in tax savings for someone in the 20 percent income-tax bracket. In practice, most people have additional medical expenses, so the CCRC tax benefit would yield larger tax savings.
Grant says if children or other family members provide more than half the total financial support of their parents, they can deduct a portion of the CCRC entrance fees paid for their parents. ACTS advises consumers to consult with their financial advisers or tax preparers to determine the best way to benefit from the tax deductions. Despite this advice, Grant says many financial advisers and attorneys are not familiar with the medical tax deductions linked to CCRC fees. "Many of the tax preparers and accountants are more familiar with it," he says, "but they are not the ones who provide counseling in the upfront stage of this process."
Many seniors and their families are not aware of this tax benefit, according to Jerry Grant, executive vice president and chief financial officer of ACTS Retirement-Life Communities, Inc., which is based north of Philadelphia and operates 21 continuing care retirement communities in eight eastern and southern states. Grant says nearly all ACTS residents use the benefit once it's explained to them. "In communities where a senior is contracting for services that include health care," he explains, "if the contract is obligating the provider for those services, and if the contract includes a non-refundable entrance fee, then that fee is viewed by the IRS as a pre-payment expense for health care services." If entrance fees are fully or partially refundable, which is the case at many Continuing Care Retirement Communities, known as CCRCs, the expense deduction only applies to that portion of the fee which is not returned to the resident or his or estate, Grant explains. Some CCRCs have fully refundable entrance fees, but even more have a sliding scale, in which entrance fee refunds decline with each month of residency and disappear altogether in several years. In cases in which fees are partially refundable, Grant says residents can take the full tax deduction at the time they pay the entrance fee. But either the resident or the resident's estate would be liable to return a portion of the tax deduction if he or she doesn't reside in the community long enough for the refund period to expire. In addition to entrance fees, a portion of monthly residential fees at CCRCs may also be tax deductible.
The logic underlying both deductions is that payments entitle residents to lifetime health care as part of their residential agreement, so a portion of their expenses really represents the cost of future health care benefits. Some CCRCs have rental contracts for independent living arrangements, with "pay as you go" fees when residents need assisted living and nursing services. In those situations, only payments required for medical services would be tax deductible. The percentage of CCRC payments that may be deducted from taxable income ranges between 30 to 40 percent throughout the country, Grant estimates. It varies by CCRC because communities have different expense structures. At ACTS communities, about 37 percent of entrance fees and 39 percent of monthly fees are deductible in 2013 as prepaid health care expenses. ACTS provided a sample case study of how the tax benefit would work where entrance fees are not refundable. The example is for a couple paying a $250,000 entrance fee and monthly fees of $3,500, which provides them a two-bedroom apartment and access to assisted living and skilled nursing services should they need them. The couple is assumed to be in a 20 percent federal income tax bracket.
Of the $250,000 entrance fee, $94,050 (37.62 percent of $250,000) would be considered a qualifying medical expense. Only medical expenses above 7.5 percent of adjusted gross income may be deducted from income taxes, so the amount of the deduction will depend on the couple's taxable income and whether they have any other qualifying medical expenses. (Note: The threshold for medical expenses was raised to 10.5 percent in the recent tax law, but taxpayers older than 65 will be able to use the 7.5 percent cut-off for a few more years.)
For a couple reporting $100,000 of taxable income (from Social Security, pensions and investment earnings, for example), only medical expenses above $7,500 could be deducted. If the couple had no medical expenses other than their CCRC entrance fee, they could deduct $86,550 ($94,050 minus $7,500) from their taxable income. If they were in the 20 percent tax bracket, this would save them $17,310 in the tax year during which they paid the entrance fee. On an ongoing basis, tax deductions for the monthly fees would work the same way. If the fees totaled $42,000 in a tax year (12 times the monthly fee of $3,500), $16,397 of that amount (39.04 percent of $42,000) would be a deductible medical expense. If the couple had no other medical expenses, the net value of the deduction would be $8,897 ($16,397 minus $7,500). That would be worth $1,779 in tax savings for someone in the 20 percent income-tax bracket. In practice, most people have additional medical expenses, so the CCRC tax benefit would yield larger tax savings.
Grant says if children or other family members provide more than half the total financial support of their parents, they can deduct a portion of the CCRC entrance fees paid for their parents. ACTS advises consumers to consult with their financial advisers or tax preparers to determine the best way to benefit from the tax deductions. Despite this advice, Grant says many financial advisers and attorneys are not familiar with the medical tax deductions linked to CCRC fees. "Many of the tax preparers and accountants are more familiar with it," he says, "but they are not the ones who provide counseling in the upfront stage of this process."
Tax Planning for the Future Sale of a Business
BRUCE GIVNER fOR Accounting today writes: Your client has a successful closely held business. Perhaps your client has already indicated that, at some indeterminate point in the future, the business will be sold. Even if your client has not given such an indication, you are well advised to at least broach the topic as a matter of long-term contingency planning.
Keep It Simple: The first consideration is: why do anything to minimize the tax consequences? Isn’t the best approach to pay the tax, pocket the difference and be glad? The answer is, most often, “yes.” Any steps taken to minimize the tax on the sale have a cost, and simplicity includes the elimination of those costs. Take the money and run or, better yet, take the money, put it into an asset-protected vehicle, and sleep soundly.
However, before we dispense with all thoughts of minimizing the tax on a sale, our clients may, at least, want to know the alternatives. That may especially be the case in states like California where the maximum state tax rate of 13 percent creates a capital gains tax rate of 33 percent!
Installment Sale: An installment sale with the buyer is one way to at least regulate the amount of tax recognized each year. There are two potential problems. First, the seller must trust the buyer to make the future payments. Sometimes no amount of collateral will permit the seller to sleep comfortably at night. Second, Internal Revenue Code Section 453A limits to $5 million per person the amount of installment that can be received without paying an interest charge on the deferred tax. Some taxpayers gladly pay the interest on the deferral above $10 million because they can make more on their money (the interest is currently 3 percent, which means a 50 percent bracket taxpayer must earn 6 percent).
There are at least two alternatives to entering into an installment agreement with the buyer. The most attractive is to enter into an installment agreement with an irrevocable trust for the benefit of the seller’s children. This transaction with a non-grantor trust must be consummated more than two years before the sale to the outside buyer. Internal Revenue Code Section 453(e)—colloquially known as the restriction on related party installment sales—does not allow the children’s trust to use the note as its basis if it sells the stock in two years or less from the date that it bought the stock from the parent. Most sellers do not get to use more than two years and a day before the sale—yet another reason why the CPA’s role in counseling is so important.
The other alternative installment sale is to work with one of the firms that will act, for a fee, as the independent third party to buy the asset for a note and later sell it to the cash buyer. Searching the phrase “deferred sales trust” on the Internet reveals more than 30,000 results. Many promote it as an alternative to a Section 1031 exchange. Does it work? One firm promotes its receipt of a private letter ruling. Concerns include whether the seller is so secure that the seller is in constructive receipt.
ESOP: If the business is a “C” corporation, then an employee stock ownership plan is worth considering. Most closely held businesses have not been C corporations since 1986. However, the number is likely to rise given the increase in personal rates. Also, the owner of an S corporation or LLC might change the business to a C were the ESOP benefits to be overwhelmingly attractive.
The primary benefit to the owner is the ability to sell the 30 percent or more of the stock to the ESOP and reinvest the proceeds tax free into the stock or bonds of some other corporation. When IRC Section 1042 was first enacted in 1984, the clients would often buy 40-year General Electric Credit Corporation bonds (then desired for their safety). The client’s basis in the bonds was, of course, the same as the basis in the closely held corporation stock. The plan was for the parent to die owning the bonds and, as a result, the step-up in basis to the date of death fair market value would eliminate the gain.
ESOPs, of course, have other benefits, e.g., the corporation can borrow money to buy corporate stock and, in effect, deduct the repayment of principal on the loan. Also, the corporation can deduct a non-cash contribution (stock) to a retirement plan.
Charitable Bailout: Use of a charity in connection with the sale of an asset is fraught with risk. In Ferguson, 174 F.3d 997 (1999 Ninth Circuit), the taxpayers gave stock to charities before the sale of their business was legally certain. The charities sold the stock, but the IRS taxed the Fergusons on the gain. The court determined that the sale “was practically certain to occur” and invited the taxpayers to sue their lawyers, writing “Any tax lawyer worth his fees would not have recommended that a donor make a gift of appreciated stock this close to an ongoing tender offer and a pending merger, especially when they were negotiated and planned by the donor.” Other cases have not been so extreme, such as Rauenhorst, 119 T.C. 157 (2002).
With that caveat about the assignment of income doctrine, your client can give “C” corporation stock to a charitable remainder trust. The deduction may be zero due to your client’s basis in the stock or due to the rules requiring a reduction by 100 percent of the appreciation attributable to the remainder interest. However, the CRT will sell the stock without paying a tax and your client will receive an income for life. On the client’s death, the balance in the CRT will be distributed to a favorite charity. If, for example, the charity is a private foundation, the client’s children may gain prestige through the determination of which charities receive the annual distributions.
Antiquated Structures: Before 2006 partnerships were used to step up the basis in an asset that was going to be sold. However, on Feb. 9, 2006, the IRS issued its “Redemption Bogus Optional Basis Tax Shelter Coordinated Issue Paper,” which effectively terminated that format. Also, private annuities were used to step up the basis in assets before a sale. However, with the use of so-called “private annuity trusts,” the IRS put a stop to that by changing the regulations on Oct. 18, 2006. Sales to friendly parties (transactions not covered by Section 453(e)) were made difficult by Section 7701(o)’s codification of the economic substance doctrine, effective March 2010.
There are techniques that you should to discuss with your client who has a closely held business. However, for most clients the best approach, after considering the alternatives, is KISS.
I'm a non-US investor, interested in bond ETF (e.g. LQD, HYG, JNK). Does anyone know whether non-US investors have to pay any dividend withholding tax??? What would be the standard tax rate?
From EliteTrader.com we read:
| adamchubb Registered: Dec 2009 Posts: 60 | 07-1 8-13 07:59 AMI'm a non-US investor, interested in bond ETF (e.g. LQD, HYG, JNK). Does anyone know whether non-US investors have to pay any dividend withholding tax??? What would be the standard tax rate? | |
| Edit/Delete • Quote • Complain | ||
| comintel Registered: Jun 2008 Posts: 1168 | 07-18-13 08:20 AM
For LQD, see the prospectus http://prospectus-express.newriver....242&doctype=sai p. 131 Taxation of Non-U.S. Shareholders. Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty to the extent derived from investment income and short-term capital gains. Dividends paid by a Fund from net tax-exempt income or long-term capital gains are generally not subject to such withholding tax. In order to obtain a reduced rate of withholding, a non-U.S. shareholder will be required to provide an IRS Form W-8BEN certifying its entitlement to benefits under a treaty. The withholding tax does not apply to regular dividends paid to a non-U.S. shareholder who provides a Form W-8ECI, certifying that the dividends are effectively connected with the non-U.S. shareholder’s conduct of a trade or business within the U.S. Instead, the effectively connected dividends will be subject to regular U.S. income tax as if the non-U.S. shareholder were a U.S. shareholder. A nonU.S. corporation receiving effectively connected dividends may also be subject to additional “branch profits tax” imposed at a rate of 30% (or lower treaty rate). A non-U.S. shareholder who fails to provide an IRS Form W-8BEN or other applicable form may be subject to back-up withholding at the appropriate rate. For taxable years beginning before January 1, 2014, properly-reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the Fund’s “qualified net interest income” (generally, the Fund’s U.S. 131 source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income); or (ii) are paid in respect of the Fund’s “qualified short-term capital gains” (generally, the excess of the Fund’s net short-term capital gain over the Fund’s long-term capital loss for such taxable year). However, depending on its circumstances, the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or substitute Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts. In general, U.S. federal withholding tax will not apply to any gain or income realized by a non-U.S. shareholder in respect of any distributions of net long-term capital gains over net short-term capital losses, tax-exempt interest dividends, or upon the sale or other disposition of shares of a Fund. If a Fund’s direct or indirect interests in U.S. real property were to exceed certain levels, distributions to a non-U.S. shareholder from a Fund attributable to a REIT’s distribution to a Fund of gain from a sale or exchange of a U.S. real property interest and, in the case of a non-U.S. shareholder owning more than 5% of the class of shares throughout either such person’s holding period for the redeemed shares or, if shorter, the previous five years, the gain on redemption will be treated as real property gain subject to additional taxes or withholding and may result in the non-U.S. shareholder having additional filing requirements. | |
Japanese Online Accounting Software “freee” Raises $2.7M from DCM and Infinity Venture Partners / freee has tracked more than 6,500 sign-ups from Japanese small and medium sized businesses (SMBs) for its automated accounting/bookkeeping platform and will accelerate product development with new fund.
freee announced today that it has received $2.7 million in Series A funding from DCM and Infinity Capital Partners, which will enable the company to accelerate its product development. The company also announced that it has tracked more than 6,500 sign-ups from Japanese small and medium sized businesses (SMBs) for its automated accounting/bookkeeping platform and successfully started to convert those businesses to paid customers.
“In Japan, more than 99% of SMBs use stand-alone accounting software for bookkeeping, all of which require dual-entry bookkeeping knowledge. Most accounting software users manually input data by looking at invoices and receipts,” said Daisuke Sasaki, CEO and co-founder of freee. “On top of that, there was no full-stack accounting software that runs on Mac or tablets in the market even though an increasing number of SMBs rely on those platforms. As a result, using accounting software has been a big pain for SMBs.”
freee is an automated online accounting software developed for SMBs. It syncs with your bank accounts and credit card accounts and automatically categorizes income and spending through text analysis. All users have to do to generate financial statements is to review how freee has categorized items and click to approve. Because freee is a jargon-free product and can automate bookkeeping, any SMBs can keep books effortlessly.
“freee is so easy to use even for someone like me who did not have any bookkeeping or accounting knowledge. With freee, it’s easy to see where money comes from and where money goes to and now I have a clearer view on how my business is going. It was simply an amazing experience that I can keep books just by clicking to approve," said Tetsunori Yuasa, a freelance online marketing consultant.
With Series A fund, freee will accelerate its product development in the following three areas:
- Automation and integration: Automate bookkeeping processes further by integrating freee with various tools used by SMBs including POS, e-commerce platforms and CRMs;
- Collaboration: Make collaboration much easier by adding access control features, communication features and workflow features;
- Excellence in user experience: Enhance user experience on all devices.
freee was launched on Mar 19, 2013 and is offered to SMBs operating under the Japanese taxation system. It takes freemium model and its paid plan begins at 980 JPY (~10 USD) per month per business. The company, formerly named as “CFO K.K.”, was founded in July 2012 led by Daisuke Sasaki, who previously headed up Google’s SMB marketing in Asia Pasific region. freee is the winner of Invinity Ventures Summit Launch Pad 2013 Spring, the most prestigious demo event in Japan. More details are available on http://www.freee.co.jp (Japanese only)
About DCM
DCM is an early stage venture capital firm based in Silicon Valley, Beijing and Tokyo with more than $2 billion under management. DCM has investments in more than 140 technology companies across the United States and Asia and provides hands-on operational guidance and a global network of business and financial resources. DCM has backed industry-leading companies such as 51job, About.com, Clearwire, eDreams, Foundry Networks, Kabu.com, Sling Media, SMIC, and VanceInfo as well as upcoming startups such as Bill.com, Bridgelux, Happy Elements, PapayaMobile and Trion Worlds. Recent successes include China-based IPOs: Renren, BitAuto, DangDang, Luxin and VIPShop and US-based M&A and IPOs: Fortinet, PGP (Symantec) and Sandforce (LSI).
DCM is an early stage venture capital firm based in Silicon Valley, Beijing and Tokyo with more than $2 billion under management. DCM has investments in more than 140 technology companies across the United States and Asia and provides hands-on operational guidance and a global network of business and financial resources. DCM has backed industry-leading companies such as 51job, About.com, Clearwire, eDreams, Foundry Networks, Kabu.com, Sling Media, SMIC, and VanceInfo as well as upcoming startups such as Bill.com, Bridgelux, Happy Elements, PapayaMobile and Trion Worlds. Recent successes include China-based IPOs: Renren, BitAuto, DangDang, Luxin and VIPShop and US-based M&A and IPOs: Fortinet, PGP (Symantec) and Sandforce (LSI).
About Infinity Venture Partners
Infinity Venture Partners is the Asian arm of e.ventures and an early-stage venture capital firm focusing on the consumer services via the internet and mobile network in Greater China and Japan. The firm is the organizer of the Infinity Ventures Summit, the biggest and most prestegious conference for CEOs in the internet and mobile industry in Japan.
Infinity Venture Partners is the Asian arm of e.ventures and an early-stage venture capital firm focusing on the consumer services via the internet and mobile network in Greater China and Japan. The firm is the organizer of the Infinity Ventures Summit, the biggest and most prestegious conference for CEOs in the internet and mobile industry in Japan.
Startup City: Tips from Your Tax Accountant
Erica Bell for Resource Nation writes: In real estate, there are three words you need to know: location, location and location. The same, however, goes for startups and new business owners. The location you start your new business makes a major impact on your overhead and your bottom line. GoodApril, a San Francisco-based tax-planning startup, ranked seven startup cities in the U.S. based on data including employee earnings, personal income tax, property tax, housing costs, and the cost of office space. Breaking it down, by each of these factors, we share some tips should you choose to start your new business in one of the places that didn’t get the gold and rank #1.
Of the 7 cities that GoodApril took a look at, the city with the lowest median tech wage is Austin and the highest is San Francisco, with almost a $30,000 spread between the two. If you’re looking to hire a team of 10, you could end up paying $300,000 more just by choosing San Francisco over Austin. Starting small and hiring only as needed is your first step in saving on salaries. Another option is to adjust your hiring strategy and focus on actionable work experience, not just degrees. You may find a recent graduate is a better fit than a manager at another company, and more willing to accept a lower starting salary.
Income Tax Max
Austin and Seattle both come in at 0% on the low end. California generally has higher income tax maximums than other states and this is no different for startup mecca San Francisco at 13.3%. While California does have higher tax rates than some of the other locations on the list, this state is rich in startup opportunities. You can find talented employees and partners, funding, and a number of resources geared towards startup success. If income tax rates are a major factor in where you setup your startup, make sure you also analyze the resources available and weight out whether or not one location is worth the cost.
Sales Tax
Sales tax can affect your startup’s overhead costs and your product pricing. Boston, home to a number of major marketing players, is on the lower end at 6.25% while Seattle, a tech startup haven, comes in on top at 9.5%. No matter where you start your business, be sure to register to collect sales tax by applying for a sales permit for each separate place of business you have in the state before you ever open your doors.
Property Tax
Property taxes are often under the discretion of the county government where the property is located. Boulder comes in .66%, the lowest of the 7 seven cities that Good April looked at. The highest property tax rate goes to Austin at 1.74%, though it’s followed closely by Seattle. Unless your team is entirely remote and plans on staying where they are, you’ll need to be aware of the property taxes of a city before making a move and setting up shop.
Housing Cost
Housing costs can affect employee salaries, both in attracting and retaining top talent. Austin had the lowest average housing cost while San Francisco, had the highest. Keep in mind that housing costs for where a business is located influence the salaries it pays to employees. Areas with higher housing costs could mean higher salary expenses for businesses.
Office Space Costs
Again, unless your entire team works remotely, you’ll need to take the cost of your office space into consideration. Washington D.C. had the highest office space cost, approaching $50 per square foot. Boulder, the lowest of the seven, came in at under half that, $21.50 per square foot. You can find office space steals with some serious commercial real estate research or save costs with co-working. Determine your needs first and then decide what type and size office you’ll need.
Each of these 6 factors contribute to your startup’s spend on salaries, office space, operations costs, your ability to purchase a house and more. One area that GoodApril didn’t cover was the choice of investors, which can make an impact in whether or not your business grows at the rate you want it to. Smaller cities, such as Boulder in comparison to San Francisco, are gaining traction, but your reach to investors should also be considered.
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