Business Finances
[Video] Business Owners: When Does Incorporating Make Sense – Payroll Taxes
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[Video] Business Owners: When Does Incorporating Make Sense – Payroll Taxes So you have a business. How is it set up? From a legal perspective and from a tax perspective. Let’s walk through a number of examples, real high level, letting you know the difference so that you know when you are dealing with your…
Read MoreCARES Act: New Deductions & Charitable Contributions
CARES Act: New Deductions & Charitable Contributions Qualified Charitable Contributions – NEW Above The Line Deduction Background: This new deduction is for taxpayers that are claiming the Standard Deduction and made charitable donations. In the past, you weren’t able to deduct these donations and therefore didn’t experience any benefit. Amount & Timing: Starting with…
Read MoreCARES Act: Required Minimum Distributions Waived For 2020
CARES Act: Required Minimum Distributions Waived For 2020 Required Minimum Distributions (RMDs) for 2020 are WAIVED; you do not have to take an RMD as you normally would. Background: Normally, if you’re over Age 70-½ (or Age 72 starting in 2020) you have to take a Required Minimum Distribution (RMD) from your pre-tax retirement accounts,…
Read MoreCARES Act: Enhanced Loans From Employer Retirement Plans
CARES Act: Enhanced Loans From Employer Retirement Plans Background: Previously, if you ever needed to request a loan from your 401(k) or 403(b) plan, you’d be restricted to the lesser of 50,000 or 50% of your vested account balance. Meaning if your vested balance was 90,000, you’d be limited to 45,000 (90k * 50%) as that…
Read More[Video] Business Owners, Separate Your Business And Personal Finances
[Video] Business Owners, Separate Your Business And Personal Finances This is specifically for our business owners. Trevore and I are going to talk about some things that our business owners should be thinking about, whether you are a one man, one woman shop, or you have a team surrounding you that you can separate yourself from…
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