Business Finances

5 Ways to Improve Business Accounting and Budgeting [Video]

September 7, 2020

[Video] 5 Ways to Improve Business Accounting and Budgeting| We have been talking to our business owners on ways to improve operations, legal structure, and accounting. Here are five ways you can improve the accounting or budgeting process that you have.|Fee-Only Financial Advisor, Deer Park, Chicago, Barrington, Palatine

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[Video] Business Owners: When Does Incorporating Make Sense - Payroll Taxes

Business Owners: When Does Incorporating Make Sense – Payroll Taxes[Video]

May 21, 2020

So you have a business. How is it set up? From a legal perspective and from a tax perspective ie. payroll taxes.  Let’s walk through a number of examples, real high level, letting you know the difference. This way when you are dealing with your own finances in your business, you know what is going…

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The CARES Act- new Deductions & Charitable Contributions Fee only financial advisor deer park barrington chicago draft

CARES Act: New Deductions & Charitable Contributions

March 31, 2020

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 the…

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The CARES Act- Required Minimum Distributions Waived For 2020 fee only financial advisor deer park barrington chicago draft

CARES Act: Required Minimum Distributions Waived For 2020

March 31, 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, such…

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The CARES Act- Enhanced Loans From Employer Retirement Plans fee only financial advisor deer park barrington chicago draft

CARES Act: Enhanced Loans From Employer Retirement Plans 

March 31, 2020

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 is…

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fee only financial advisor deer park barrington separate your personal and business expenses draft

Business Owners, Separate Your Business And Personal Finances [Video]

March 16, 2020

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 your business and personal finances . What’s the very first…

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