Most people have heard of Roth and Traditional IRAs. But two other types of IRAs are less commonly known: the SIMPLE IRA and the SEP-IRA, which are available to small business owners. They have similarities, but also some key differences. ITS SIMPLE A SIMPLE IRA operates a lot like a traditional IRA, but has higher … Read more
We recently wrote about President Bidens American Rescue Plan Act of 2021 (ARPA) and how it will affect you. It encompassed recovery rebates, the children tax credit, earned income tax credit, unemployment relief, exclusion of forgiven student loans, small business grants, the employee retention credit, PPP funding, EIDL advances, and paid sick leave & family … Read more
Workers’ compensation insurance provides benefits to employees who become ill or injured on the job and offers employers some protection from injured employees’ lawsuits. The premiums are paid by the employer. STATE MATTERS Workers compensation programs are administered at the state level and the requirements vary. Some states require insurance when you hire your first … Read more
There is a lot we can account for in life and plan accordingly, but one thing that couples dont anticipate is the possibility of divorce. When facing a divorce, an individual doesnt consider the potential long-term tax consequences. During such a stressful and emotional time, preparation for proper tax-planning is a necessity to ensure problems … Read more
Last year, many of us were required to turn our living rooms, bedrooms, and other personal spaces into home offices. This raises a potential question in the minds of taxpayers; is it possible to receive deductions for our temporary office headquarters? When conducting business out of ones home, taxpayers can deduct certain expenses related exclusively … Read more
By Simon Zhang, CPA, Harry Sallet III, and Jessica Winn ? President Biden is set to sign the American Rescue Plan Act of 2021 (ARPA) and the following are some of the items included in the bill. ? Recovery rebates The bill provides a third economic impact payment of $1,400 for each individual subject to … Read more
If you have a high-deductible health insurance plan, youre likely eligible to open a health savings account (HSA). Similar to flexible spending accounts, these tax-advantaged savings accounts allow you to contribute money to cover your medical expenses. But HSAs have three distinct tax advantages. TAX-FREE CONTRIBUTIONS Just like 401(k) contributions, you can make pre-tax payroll … Read more
You have waited all your life for The One, that person who you will spend the rest of your life with. Now you are married, and things seem to be going great. Life has never been better. Then, you receive a notice from the IRS stating that the refund that you were expecting has been … Read more
Offering the right benefits to your employees keeps them engaged and motivated. Besides monetary benefits like a competitive salary or health insurance, consider non-financial perks like flexible work arrangements. FLEXIBLE LOCATIONS Telecommuting or remote working are two options for flexible locations. With telecommuting, employees usually work in the office certain days and work outside the … Read more
Starting a business involves research, planning and making critical financial and legal decisions. Once youve landed on your product or service offering, consider these steps when launching your new business. Funding Will you fund it or will you seek outside capital from investors or businesses? Structure How you structure your business impacts your registration requirements … Read more