How to tell the difference Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the debt that comes with it. Student loans are usually an example of good debt because the related education allows you to earn more income. Some purchases result in value more
Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now and December 31. So consider investing in an IRA or increase your contributions to your employer-provided retirement plans. Remember, you can reduce your 2021 taxable income by as much as $19,500 by contributing to
Unprecedented Times; Unprecedented Aid Beginning in March 2020, Congress moved swiftly to offer relief from the financial hardships of the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) was signed into law on March 27, 2020. It directed two trillion dollars in funding towards seven key areas: individuals, large corporations, state and local governments, public health, education, federal social safety net programs, and small businesses. Further influxes of
Many more people are creating home-based businesses or adding another gig to their repertoire these days. But many of those entrepreneurs do not realize that the same legal requirements apply to them as to any other business. A business attorney can help you make sure your ducks are in a row. Currently, the SBA has nearly 30 million small businesses on record and, believe it or not, most of them are home-based. That equates to nearly
Around 60 small businesses in Colorado have been sued by an out-of-state law firm over alleged violations of the Americans with Disabilities Act. The businesses claim that the New Jersey-based law firm is targeting small-to-medium-sized businesses. The lawsuits claim that the businesses have websites that are not compliant with the ADA. Blanchard Family Winery, which has both a brick-and-mortar location and a website, is one of the businesses named. A suit claims that a blind man
A simpler forgiveness application for Paycheck Protection Program loans of $50,000 or less has been issued by the Small Business Administration (SBA). The prior version of the application had more complex documentation requirements and required several calculations that have now been removed. Instead of the calculations, the new form asks borrowers to confirm that the loan was used for eligible expenses and to provide supporting documentation to prove that these expenses were paid. The borrower must also certify
Businesses across the country have moved many of their professionals into work-from-home arrangements. That has led to some confusion as to who’s liable and whose insurance will pay out in the case of injury or property damage. Generally speaking, if your business has full-time employees who now work from home, your workplace coverage should extend to them at home. Your insurance would also cover any company property they use at home. It should include workers’ compensation
As a small business, once you decide to extend credit to a customer, you now have a financial stake in continuing that relationship even if you suspect there might be trouble brewing. While you don’t want to crack down on a good customer too hard, too soon, you also don’t want to be taken advantage of by a customer who has become unable or unwilling to pay. Here are some ideas to help you manage this
You may recognize the name Bitcoin and maybe even Ethereum, but what about Litecoin, Dogecoin or Ripple? These are just some of the more than 4,500 cryptocurrencies available today. There are hidden tax complications, however, associated with every cryptocurrency transaction. Here’s what you need to know. Every transaction has a tax consequence. The IRS treats cryptocurrency as investment property, like stock, and taxes every transaction as a capital gain or loss. When you pay for something
Tax and financial planning is a year-round proposition. In fact, you can benefit personally from a continuous, 12-month rolling forecast, much like a business does. What is a rolling forecast? Rolling forecasts let you continuously plan with a constant number of periods 12 months into the future. For example, on January 1, you would plan what your financial picture looks like each month through January 1 of the following year. When February 1 rolls around, you
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