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Top tips for small businesses, retirement, taxes: Wealth!

On today's episode of Yahoo Finance's Wealth!, Host Brad Smith breaks down key information for small business owners and how to best handle some of the biggest challenges when it comes to personal finance. According to the US Small Business Administration (SBA), over 17 million small business applications have been filed under the Biden-Harris administration. BE Group Inc. Founder Suzanne Stantley explains: "The most important aspect of starting a business is really understanding the industry that that business owner is operating in," highlighting the Small Business Administration as a great source of information and assistance for small business owners. KKOS Lawyers Founding and Senior Partner Mark Kohler lays out the top tax strategies for small businesses, breaking down the differences between LLCs and S Corporations. Goldman Sachs Asset Management Senior Retirement Strategist Chris Ceder joins the show to explain the best ways to start planning for retirement, emphasizing the importance of starting early: "Time is basically our biggest friend when it comes to retirement savings. The earlier you can save, the better." Meanwhile, Yahoo Finance's Kerry Hannon breaks down how college graduates can get their finances under control and start saving money. CNET Money Editor Dashia Milden adds that Americans are grappling with high prices for items like groceries and gas, forcing them to cut back on savings as they try to manage essential purchases. Finally, Autoblog Editor-in-Chief Greg Migliore explains how electric vehicles could be a more affordable option as drivers make fewer trips to the gas pump and can receive incentives, like rebates and subsidies, for home chargers. This post was written by Melanie Riehl