We passed a major milestone in pandemic economic recovery recently — the closeout of the loan application period for the PPP, which ended May 31. It’s a good time to reflect on the profession’s role in making this historic business relief program a success and...
Did you recently receive your Social Security Wage and Benefits report? Did you take a close look at it? We assume the money deducted each payday and an equal amount paid in by our employer, or that we as owners pay on our earnings is applied...
Small-business owners are often passionate about what they do and take great pride in the value or service their business offers. It’s likely they work long hours and spend ample mental time thinking about operations, employee retention, customer acquisition, human resources, and reducing liability. They often...
As you check off your to-do list for the end of the year, don’t forget to look at your retirement savings. Whether it is an individual retirement account, an employer-sponsored plan like a 401(k), or a brokerage account, assessing your portfolio is crucial. There’s no better...
Deciding when to claim Social Security retirement benefits is probably one of the most important financial decisions you will make in your lifetime. The stakes are high. If you claim too early, you’re signing on to receive reduced benefit checks for life. But if you get the...
Charitable remainder unitrusts allow a donor to have a steady income stream while sidestepping capital gains tax. Let's discuss CRUT's in more detail. Basic Setup of a Charitable Remainder Unitrust A charitable remainder unitrust (also called a CRUT) is an estate planning tool that provides income to...
Most Millennials have fairly straightforward finances now, but that's poised to change. As Baby Boomers retire at the rate of 10,000 per day, members of younger generations are stepping forward to succeed them. More than one-third of the U.S. labor force is composed of Millennials,...
Tax diversification is the practice of saving for retirement through a variety of retirement vehicles with different tax treatments. Instead of putting all your eggs in one basket, you spread your savings out among types of accounts to minimize your tax bill as much as...
Should I Pay Off My Mortgage Before I Retire? Paying off your home mortgage before you retire is a major financial achievement, but you don't necessarily have to eliminate all housing debt in order to retire well. Low mortgage interest rates mean it can make financial...
My father died and I am the executor. What do I do? When this question gets asked of me, my client is typically in a panic. I do not know of many who relish the job of executor, no matter how prepared you may be. Family...