Taxes and the Small Business Retirement Plan

The tax year is drawing to a close, which means it’s time for proactive business owners to think about moving liquid assets to tax-favored applications. What does that have to do with retirement? Funding retirement plans in 2021 may lower the amount of tax you will have to pay on April 15, 2022, but there […]

IRS Gives Guidance on Startup Costs

Business owners have to start writing checks even before they start selling their products or services. How are those expenses treated for tax purposes? When starting a business, owners should treat all eligible costs incurred before opening as capital expenditures that are part of their basis in the business. Generally, the business can recover the […]

What To Know About Business Financial Ratios

How do you measure how robust your business is? One of the key ways is by looking at financial ratios, which can be grouped into four categories. Liquidity — Your business’s ability to remain liquid so you can meet your short-term liabilities. How much of a cash cushion do you have each accounting period? How much […]

A Fresh Look at Retirement Withdrawal Rules

With a series of recent changes, and some possible future modifications, many are confused about the withdrawal rules on retirement accounts. To start with, the SECURE (Setting Every Community Up for Retirement Enhancement) Act, which became law on Dec. 20, 2019, made major changes to the required minimum distribution rules. If you reached the age […]

Long-Term Care Insurance: Right for You?

Someday, you may need assistance with such routine daily activities as bathing, dressing or getting in and out of bed. An LTC insurance policy is there to help with the costs of such care should you have a chronic medical condition, a disability or a disorder like Alzheimer’s disease. Nearly 70% of 65-year-olds will need […]

The Complex Rules Behind the ERC

The COVID-19 pandemic created unprecedented problems for businesses that were required to shut down or limit operations. The government responded by enacting the Coronavirus Aid, Relief, and Economic Security Act, which created the Paycheck Protection Program and the Employee Retention Credit.  These two programs were intended to help these businesses retain their employees and pay […]