Newsletter Archive



Paying Yourself as a Business Owner
Owning a business is challenging and hard work, so you’ll want to compensate yourself appropriately. How you do that depends on the structure of your business.

Tax Diversification in Retirement Planning
In the same way that you diversify your investments, you’ll want tax diversification too. Tax diversification involves making decisions today based upon what you think tax rates will be in the future. This will help to minimize the total amount of tax you’ll pay in retirement.

Managing Inflation Risk During Your Retirement
Longer retirements mean inflation can put a serious dent in the best-laid plans. Most people factor in inflation when planning how much they will need when they reach retirement. But inflation does not stop the day you retire. In fact, your budget on the day you retire could look very different five, 10, or 20 years into retirement.

July 2021 Client Profile
My business is located in Michigan, but I’m considering hiring remote employees who live in other states. How will this impact my payroll taxes?

Control Cash Flow and Costs with Just-In-Time Inventory Management
Holding small amounts of inventory with a Just-In-Time (JIT) inventory system can improve cash flow and create operating efficiencies.

Losses and Your Rental Property
The general rule is that rental activity is passive, whichs limits the amount of losses you can claim on your tax return.

July 2021 Q and A
Let's talk earning rewards and whether it's better to lease or purchase new machinery for taxes.

July 2021 Short Bits
Things are looking up. Charitable giving has increased and so have the number of relocations during the pandemic.

 

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Casualty, Disaster, and Theft Losses Affect Taxes
With the hurricane and wildfire seasons upon us, coupled with the risk of tornadoes and flooding, now’s a good time to understand how casualty and disaster losses impact your taxes.

Be Prepared
Natural and human-made disasters can strike anywhere and anytime. Here are ways your business can be prepared.

Understanding Payroll Taxes
Whether you’re hiring your first employee or already have a few, understanding payroll taxes is a must.

June 2021 Client Profile
Andrea will start a new job in Spain in a few months and she’s not sure if she will still have to file taxes in the U.S.

Charitable Remainder Trusts for Inherited IRAs
With the stretch IRA now a thing of the past, how will you pass on your IRAs? Charitable remainder trusts (CRT) give you some control and options.

Understanding Patents
Have you ever considered getting a patent for an innovative idea or product? There are different types of patents, so work with a patent attorney.

June 2021 Q and A
Let's discuss choosing your filing status and fringe benefits as a sole proprietor.

June 2021 Short Bits
While many states prepared for a substantial revenue shortfall in 2020 due to the effects of the pandemic, states only saw a 1.6% revenue decline according to the National Association of State Budget Officers.

 

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Valuing Your Business
Knowing how much your business is worth can do more than figure out how much money you can get when you sell it. Creating an accurate valuation is part of an ongoing business strategy.

Professional Financial Designations
When it comes to managing your personal finances, you need the right financial professional on your team. Knowing the differences between the various professional designations will help.

Understanding Your Business Insurance Binder
Whether you’re insuring your business against liability or protecting your employees with a workers’ compensation policy, your insurance agent will provide a binder that can serve as your temporary proof of insurance before an insurance policy is issued.

May 2021 Client Profile
The Roberts family hired a live-in au pair to help care for their children while the parents work. One of their co-workers mentioned something about a “Nanny Tax,” and the Roberts aren’t sure if it applies to their situation.

Big Changes to Child Tax Credit
The American Rescue Plan Act, signed into law in March 2021, made significant changes to the child tax credit for 2021 only -- unless Congress extends these changes.

Defining Company Culture
Company culture is defined as the values, goals, practices and attitudes that represent the personality of an organization. Worker satisfaction is highest when employees' personal views are in sync with a clearly defined company culture.

May 2021 Q and A
Let's talk about when you should notify IRS, and how long to keep your tax records.

May 2021 Short Bits
According to the Treasury Inspector General for Tax Administration, the IRS allowed business owners to claim $57 million in potentially erroneous qualified business income deductions on 2019 tax returns.

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Tax Benefits for Education
The IRS provides numerous tax breaks for higher education expenses. Tax credits and tax-deferred savings plans take some of the sting out of paying for college.

Reminder of Special Tax Breaks
The December 2020 stimulus package provided a few noteworthy tax breaks for companies.

Understanding Interest Rates
From a mortgage to credit cards, interest rates affect nearly everyone’s budget. Understanding how interest rates are set and how your credit score affects the rate you receive can show you ways to potentially pay less.

April 2021 Client Profile
Barbara operates a floral shop and her CPA recently suggested she switch from the cash method of accounting to the accrual method and she doesn’t understand the difference between the two methods.

Kids, Money and Taxes
Unfortunately, personal finance is rarely taught in schools, so unless kids learn about money at home, they often learn hard lessons as adults. That’s why it is so important for parents to put this task on the list of things to teach their children, starting at a very young age.

Disregarded Entities
There are three types of disregarded entities, but the single-member limited liability company (SMLLC) is the most common.

April 2021 Q and A
Let's discuss supporting a non-profit organization through fundraising raffles and tax implications.

April 2021 Short Bits
A quick look into presidential salaries, 401(k) contributions, and recoveriing from the economic impacts from the COVID-19 pandemic.

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