Estate planning isnt something most people want to do. Its not quite as fun as jet skiing or traveling to Paris. Nevertheless, designating who will receive your assets upon death is extremely important. One goal is to ensure your benefactors receive the assets that minimize estate taxes, gift taxes, income taxes, and other taxes. Estate … Read more
A 401k employee benefit plan (EBP) is a wonderful way to allow your employees to secure their financial health as they get older and consider retirement. Retirement plans are a very attractive quality in an employer and can foster an environment of dedicated employees who feel secure in their employment. However, as an employer offering … Read more
There comes a time when businesses need to obtain additional capital from external users such as banks or potential investors. These businesses will reach out to these users and try to obtain the capital that they need. However, these entities will not just lend the capital needed without some assurance that the company properly reflects … Read more
A Backdoor Roth IRA (also referred to ask a Roth IRA conversion or re-characterization) is not a type of retirement account but a tax strategy for high-income taxpayers to fund a Roth. Taxpayers that have a Modified Adjusted Gross Income (MAGI) greater than the threshold set by the IRS are unable to contribute to a … Read more
One of the most popular reasons an individual will change their last name is because they got married. Whether you are hyphening, or fully replacing your last name, the IRS and Social Security Administration (SSA) need to know. To report a name change with the SSA, you must contact them by printing and filling out … Read more
There is no need to waste your valuable time on posting regular, recurring transactions such as monthly bills. QuickBooks will do it for you! My phone bills all hit my credit card for the same amount each month. When I finished entering the first bill this month, I saved it, then I clicked on the … Read more
Currently, according to Pew Research Center, about 40% of baby boomers have retired with the annual retirement rate up this past year due to Covid-19. Succession planning has been, and will remain, a major concern for this retiring population for many years to come. Tax-wise, the sooner you start planning to transition your assets or … Read more
When you have a water leak you call in a professional plumber. When your car breaks down on the side of the freeway you take it to a mechanic. Those situations are common enough that most people would understand a professional is needed. However, when it comes to finances, many times people are left feeling … Read more
Are you a small business owner? Do you file your own business tax returns and handle your own IRS notices? Have you ever thought about hiring a CPA to help? Perhaps you have always filed your own business tax returns and handle your own payroll and 1099s. This is true for many small business owners. … Read more
In our quest to stay connected we have developed many forms of communication over the decades. From snail mail to phone calls to emails we have become increasingly reliant on quick responses from family, friends, and coworkers. At work we find ourselves not only needing to communicate quickly, but also effectively which has led us … Read more