Tax Articles

Retirement Savings Tips for Small Business Owners

As an owner of a small business, you’ve proven that you’re a self-starter by operating a successful private enterprise. Of equal importance is applying your skills towards saving for your future. Here are some of the most popular tax-advantaged retirement vehicles for small business owners in 2020 and some tips on saving for retirement. Options if you’re not currently enrolled in a plan For small business owners not currently enrolled in a retirement plan, here are

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Steer Clear of Money-Making Scams While You’re Stuck at Home

Scammers are targeting people looking to make money while stuck at home. While there are plenty of legitimate opportunities to earn extra cash, the Federal Trade Commission (FTC) says to steer clear from the following money-making scams: At-Home Medical Billing Businesses. Many medical billing business opportunities are worthless. Their promoters don’t tell the truth about earnings potential and fail to provide key information. Envelope-Stuffing Schemes. Offers that promise quick and easy income from stuffing envelopes at

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How to Walk the Tightrope When Raising Prices

Raising prices can be fraught with risk during good economic times. So what happens if you try to raise prices during bad economic times? As Hamlet would say, “Ah, there’s the rub.” If you raise prices, you risk losing clients to competitors. If you don’t, decreasing revenue or rising costs can capsize your company. So what’s a small business supposed to do? The Art of Pricing Raising (and, sometimes, even lowering) prices can be a balancing

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Social Security Benefits Increase in 2021

Estimated average Social Security retirement benefits starting January 2021 All retired workers in 2020 $1,523/mo All retired workers in 2021 $1,543/mo Did you know? You can increase your Social Security retirement benefits by 5-8% when you delay applying until you’re age 70. 1.6% cost of living adjustment for Social Security retirement benefits and SSI payments begins with the December 2020 benefits (payable in January 2021). The 2021 maximum Social Security retirement benefits a worker retiring at

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Saving Too Much Can Sometimes Be Expensive

When it comes to money topics, you’re always hearing how to save more. But even with the best of intentions, you can run into trouble when you try to save too much. Here are four ways that savings can get in your way and how you can correct them. Savings that turns into spending. Buying something on sale to save money is still spending. Focus on the amount of money you have to part with, instead

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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

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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,

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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

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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

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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

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