Utilizing Xero For Receipt Tracking
Sick and tired of keeping paper receipts on file for years upon years? Xero has functionality to keep track of receipts directly in your books. If you have a transaction that has already been booked you can go into the Xero app and upload the receipt for it. If you have a receipt that has […]
What Is a Safe Harbor 401k or QACA Safe Harbor 401k?
When we are working with businesses that are leaning towards the 401k route we traditionally see them organize into a Safe Harbor 401k or QACA Safe Harbor 401k. What Is A Safe Harbor 401k? A Safe Harbor 401(k) plan is a type of 401(k) with an employer match that allows you to avoid most annual compliance tests. […]
What Is a Traditional 401k For Businesses?
When we are working with businesses that have employees and want to setup a more robust retirement option with more flexibility we look at a couple options: Traditional 401k – Discussed in this article Safe Harbor 401k or QACA Safe Harbor 401k – Discussed in next article What Is a Traditional 401k and What Do […]
What Is a SIMPLE IRA or Payroll Deducted IRA?
When we are working with businesses that have employees and want to offer a retirement option but may not want to get too complicated with a 401k, we usually land on two main options: SIMPLE IRA Payroll Deducted IRA What Is a SIMPLE IRA and What Do I Need To Know About SIMPLE IRAs? A SIMPLE […]
What Is A SEP IRA and Solo or Individual 401k?
When we are working with businesses with no employees, outside of the owner(s), we usually land on two main options: SEP IRA Solo 401k (AKA Individual 401k) Again, if you are looking to put away $6,000 or less per year towards retirement one of these plans would likely not be necessary and instead you could […]
What Retirement Options Are Available For Business Owners?
When it comes to retirement planning for small business owners there are a lot of options available which can be confusing. There is no one strategy that is perfect for everyone. Over the course of the next few weeks, we are going to go through the various retirement options that are available to business owners. […]
How Can I Make Tax Season Stress Free and What Are The 2020 Tax Due Dates?
See ya 2020 and welcome to 2021. Happy New Year Everyone! Although we are onto another year, 2020 is technically not over, we have tax returns to file yet! In this blog post we are going to go through some things you can do early here in 2021 to make this tax season a breeze. […]
What Do I Need To Know About the COVID Relief Bill?
Congress has finally passed another COVID relief bill and we want to unpack what this means to both you personally as well as your business. This bill was over 5,500 pages long so what we outline here is a high level overview. It will take a bit of time for the SBA and banks to […]
What Do I Need To Know About Deducting Self-Employed Health Insurance? PLUS: Last Minute Medical Plan Strategies
End of year is around the corner which brings up this idea of S Corp owner health insurance and health benefits in general for small business owners. When you are self-employed your health insurance premiums for yourself and your family must be treated a certain way to ensure a tax deduction. We’re going to jump […]
What Can I Do In My Business Before Year-End to Minimize Taxes?
December 31st will be here before you know it and once the clock ticks January 1, most tax planning for 2020 is done. With that being said, we still have plenty of time to get tax savings in before 12/31, we just need to act now. Here are five powerful business tax deduction strategies that […]