Monthly Newsletters
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…
Read MoreGetting Representation Before the IRS
Nobody likes dealing with the IRS, but if you have to do it, it’s nice to have an expert in your corner. That’s why you have the right to retain an authorized representative of your choice to represent you in your dealings with the IRS. It’s one of the fundamental rights of all taxpayers as…
Read MoreEncourage Your Employees To Review Federal Withholding Each Year
The IRS says, “All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld.” However, employees may not be aware of the IRS’ suggestion, which is why employers should tell them about it. Why employees should review their withholding If they have too little…
Read MoreA 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…
Read MoreJust What Is HIPAA?
The Health Insurance Portability and Accountability Act protects Americans with health-related conditions from exclusions, limitations and discrimination in group health coverage. It also imposes confidentiality rules on medical professionals regarding patients’ records. Indeed, cyber thieves see data as a commodity, and patients’ digital medical records are 50 times more valuable than financial information, according to…
Read MoreHow To Start a Charity
The typical charity is organized as a 501(c)(3) entity, and if you’re planning to set one up, roll up your sleeves: It’s a lot of work to launch a charity and to keep it going. You’ll have to familiarize yourself with a lot of rules and fill out a lot of paperwork before you officially…
Read MoreExploding 6 Estate-Planning Myths
Estate planning is about defining and living out your legacy during your lifetime. It enables you to enjoy the impact your plan has on the people and organizations you support. But there are a lot of myths that still need debunking: Myth #1: Estate planning is only for the wealthy.There’s a common belief that estate…
Read MoreThe Eternal Question: Roth IRA or Traditional IRA?
Creating a tax-favored savings account is an important part of saving for retirement. The individual retirement account is a popular choice. But IRAs come in two basic flavors: regular and Roth. What are the differences, and which is right for you? Contributions The contributions to both traditional IRAs and Roth IRAs are capped at an…
Read MoreThe Tax Implications of Independent Contractors
Are your employees really employees, or are they actually independent contractors? It’s not just semantics; the IRS makes a stark distinction. You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. If you’re a business owner hiring or contracting with other individuals to provide services,…
Read MoreIRS Announces 2022 Limits for Retirement Plans
The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the…
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