You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your business is important. Consult experts to discuss your options. On the tax side, sole proprietors use a Form 1040 Schedule C to report their activity, while

With the major Form W-4 overhaul for 2020, you may field questions from your employees. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer common questions about the new IRS form. Here is a summary of the W-4 changes and answers to some common questions you might encounter: The change Form W-4 was changed by the IRS in an attempt to make payroll withholdings more

The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement: Money can continue to grow tax deferred If you turn 70½ in 2020 or later, you can keep money in a tax-deferred IRA or 401(k) for another 18 months to help the account continue growing

The IRS primer every voter should know Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending (outlays) by the federal government. Given the election year, here is a summary of this recap and some general observations.* 2018 Federal Income and Outlays 41% Personal income taxes 28% Social

This month: February 14 – Valentine’s Day February 17 – Presidents’ Day Reminders – Collect all tax forms (W-2s, 1099s, others) – Set up tax appointment – Rebalance investment portfolios   The 2019 tax filing season is in full swing. If you have not already done so, now is the time to collect your tax forms, organize your records and set a schedule to get your tax return completed. Deep in the Form 1040 instructions is

As part of your 2020 planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits: Retirement Plans 2019 2020 Change Age 50 or older catch up IRA: Traditional $6,000 $6,000 none add: $1,000 IRA: Roth $6,000 $6,000 none add: $1,000 IRA: SIMPLE $13,000 $13,500 +$500 add: $3,000

How the lottery preys on Americans If you were told to voluntarily pay 75% of your wages to government-sponsored programs for the rare chance of getting everyone else’s remaining 25%, would you do it? Most everyone enjoys dreaming of winning it big in the lottery. Large pots of money are publicized on the evening news and lucky multi-million-dollar winners are always given the media spotlight. Little do most people know, federal and state governments are quietly

Extraordinarily low interest rates and a rapidly evolving business climate has made inventory management a lost art. Other business initiatives may seem to be more urgent and impactful, but in reality, mastering inventory levels is a key to most successful and growing businesses. Here are reasons why prioritizing your inventory management is a must: Less shrink. Shrinkage represents cash that goes to waste because inventory is damaged or past sell date. It is a sign of

There is still time to make a contribution to a traditional IRA or Roth IRA for the 2019 tax year. The annual contribution limit is $6,000 or $7,000 if you are age 50 or over. Prior to making a contribution, if you (or your spouse) are an active participant in an employer’s qualified retirement plan (a 401(k), for example), you will need to make sure your modified adjusted gross income (MAGI) does not exceed certain thresholds.

Banking tips to help you cash in Your cash is parked. Do you know if it’s making or losing you money? For instance, letting it sit in a non-interest-bearing account is a waste of earnings potential. It’s actually losing money if you factor in inflation! Here are some ideas to help you make the most of your banked cash: Understand your bank accounts. Not all bank accounts are created equal. Interest rates, monthly fees, minimum balances, direct