Owning a small business is the dream for many Americans. When it comes to tax time, the nuances can cause somewhat of a headache if you're unsure of the unique challenges and liabilities. This is true for all industries but a multi-generational company has special...
Budgeting and forecasting allow a business to plan accurately for its fiscal year. Below are 10 ways to improve these processes to create a strategic plan that meets your business's financial goals. 1. Keep Budgeting and Forecasting Flexible Rigid forecasts and budgets aren't very useful. Things change...
There are lots of good reasons to choose a Roth 401(k) -- especially if you're worried about taxes in retirement. Though Social Security provides critical benefits to millions of seniors, those payments alone aren't enough to sustain older Americans in retirement. These days, the average earner...
As the calendar ticks over to a new year, here are several ways HR can help promote a healthy tax outlook for 2019 and beyond. When we say “tax season,” most people’s minds jump immediately to April—and to, hopefully, a refund check. But if people wait...
A Qualified HSA Funding Distribution allows investors to transfer funds from an IRA to an HSA tax-free and penalty free (no 10% early withdrawal penalty). The amount transferred cannot total more than what the investor would be allowed to contribute to an HSA for that...
Now is the time to begin planning to take full advantage of your employer’s health flexible spending arrangement (FSA) during 2019. Employees have four opportunities to enroll in the company FSA plan: within 30 days of hire date or a qualifying life event (QLE), during the...
When it comes to saving for retirement, the clock is ticking. To illustrate the value of time, let's consider three Roth IRA investors. Kate, Derek, and Jane all decide to open Roth IRAs to supplement their other retirement accounts. Each investor hopes to build this account...
The year-end is just around the corner, so it’s time for some year-end tax and reporting issues for business owners, especially S Corporations. Your payroll department or company has probably already provided you with an exhaustive multipage document that discusses every possible item that could be...
Under the TCJA, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence due to a court order) after...
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000. However, the TCJA suspends the...