Articles

States may not terminate Medicaid benefits during coronavirus pandemic

Access to affordable medical care is especially important during a health crisis. One of the bills passed by Congress in response to the coronavirus pandemic increases Medicaid funding for states and includes a provision preventing states that accept the additional money from terminating Medicaid benefits while the current emergency continues. The Secretary of Health and Human Services has declared a nationwide public health emergency for COVID-19. In light of that, the Families First Coronavirus Response Act

How to Build Your Emergency Fund – When You Have No Money

This year’s pandemic highlights the importance of having enough money set aside in an emergency fund to cover six to nine months of key expenses should you lose your job. But how do you build an emergency fund if you don’t have any extra money? The easiest way to accomplish this is by reducing your expenses. Here are some creative ways to increase your cash flow by cutting your spending. How much you need First, determine

Generate Business Buzz With a Press Release

When crafting your business’s marketing strategy, don’t forget about developing a relationship with the press. Although newspapers and magazine circulation has drastically decreased over the past 20 years, the demand for content still exists via online platforms. Here are several suggestions for crafting a press release to tell your business’s story and how to best connect with local, regional or national reporters. Forget the hard sell. Think like a reporter with a deadline. Pitch a story,

Don’t Make These Business Website Mistakes

Your company’s online presence leaves a lasting impression—positive or negative. When people check out your homepage, will they stick around? Will they buy? Will they return? Make your website easy to use and current, and new orders may be just a click away. Annoy visitors and they’ll flee to a competitor. Steer clear of the following website mistakes: Designing the website for you—not the customer. Studies have shown that online visitors form an opinion of a

Switching Jobs? Here’s What To Do With Your 401(k).

Suppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. Here are your four options: Leave the money in your previous employer’s pension plan. Roll over the money to your new employer’s pension plan. Roll over the money into an IRA. Take the money

Is a Tax Trap Lurking in Your Paycheck?

Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. This deferral of the employee’s portion of Social Security will raise your paycheck temporarily until January, 2021. Beginning in 2021, the deferred Social Security will then need to be paid. This year’s tax deferral is NOT currently a tax holiday. So even

October 2020

This month: October 15 – Extension deadline for individual and C corporation tax returns

Don’t forget to fund your trust

Most people who have an estate plan have created a trust. But one thing many people forget is rather important: funding the trust. During the lifetime of the grantor who created the trust, the trustee can use the trust assets for the grantor’s benefit, if the grantor becomes incapacitated. If you want the trustee to do that, you must be sure your trust is funded. To fund the trust during your lifetime, you must change the

Borrowing from your retirement due to COVID-19

When you save for retirement, the goal is to keep the money growing until you are of retirement age. But sometimes unexpected financial crises arise, as is the case with many people due to the pandemic. The CARES Act, which was signed into law in March, offers some relief with expanded withdrawals from IRAs and retirement plans and expanded loan options from certain retirement plans. You are eligible for these relief options if you, your spouse

Tips for succession planning

The longevity of a small business depends on a well-thought-out succession plan. For a family business, you want to evaluate who else can run the business and whether you have to look beyond family members as the business grows. An experienced attorney can help the key stakeholders create a succession plan or review your existing plan. If you want to choose a successor, here is a basic how-to-guide to help you get started: 1) Think about

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