by Doug Kook | Jan 17, 2020 | Business Strategy, Estates & Trusts, Financial Planning, Small Business, Tax
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The...
by Sheri Hart | Jan 9, 2020 | Financial Planning, Small Business, Uncategorized
The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both:...
by Sheri Hart | Dec 17, 2019 | Business Strategy, Financial Planning, Small Business, Start-ups, Tax
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1. Buying assets.Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or...
by Sheri Hart | Oct 24, 2019 | Business Strategy, Financial Planning, Payroll, Small Business, Tax
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA...
by Sheri Hart | Oct 2, 2019 | Business Strategy, Financial Planning, Small Business, Tax
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and...
by Sheri Hart | Sep 23, 2019 | Business Strategy, Financial Planning, Small Business
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some...