The Planner Blog
100,000 Tax-Free IRA Distributions - Do You Qualify?
Everyone has been focused on the SBA loan provisions in the CARES Act, and are overlooking several other tax savings opportunities in the law. In this article we'll dive into the tax-free distributions from qualified retirement accounts.
Use Prior Year Net Operating Losses For Money Now
Net Operating Losses (NOL) are a great tool to offset income and reduce taxes. The CARES Act expanded the time frame business owners can use NOLs to reduce taxes.
Roth IRA vs. Traditional IRA
Lots of questions arise during discussions about choosing the best IRA, regular or Roth. In general, your investment strategy should consider taxes (you can read more about that in this article), and that’s easy to overlook. You definitely don’t want tax to be the proverbial tail that wags the dog, but smart tax planning makes sure you keep more of what you earn.
Core Process for Tax Planning
The average accountant waits for you to show up with a folder full of stuff around tax time, and you’ll hear from them only when it’s time to write a painfully large check. Once this annual ritual is complete, you part ways (while you lick your wounds) and dread the next time when you’ll start the process again.
What Should Small Business Do Now That the SBA Is Out of Money
I will save my commentary until the end about this whole fiasco. The SBA announced yesterday that they are out of funding for the Paycheck Protection Program (PPP) and the advances on the Economic Injury Disaster Loans (EIDL). You did not get your application in, or you did, and you didn’t get any money. Now what?
PPP or Tax Credits: Which Is Best for Your Business During Covid?
Wow! What a whirlwind the last week has been. Congress passed the CARES Act last Friday, and there is a ton in there to digest. For a current summary of all of the provisions, check out our COVD-19 Page. A lot of changes for all business owners, but let’s dig into one that is probably most urgent.
Small Business Success During Social Distancing
So this is insane, right? Do you feel like the whole world is upside down and you’ve gone off the edge of the map where it’s nothing but clouds and sea monsters? So do we.
Small Business Lessons from Joe Exotic
No. 1 on Netflix this week was the series “Tiger King,” documenting the real life story of Joe Maldonado, a.k.a. Joe Exotic, and his private zoo business. The series is 100 percent not safe for work, so don’t watch it at the office, but it does provide compelling examples of what NOT to do as a business owner.
Case Study: Real Estate Tax Strategies
You try on shoes; you test-drive a car, you even read the online samples of a book before you make a purchase. Doing your due diligence is just part of the process in any purchase, and we’d expect nothing less if you’re looking at bringing Core Group into the fold to take your business to the next level.
How to Lower Self Employment Tax
I’ve written a more general article on which entity your small business should choose, but let’s dive a little deeper on one of the most common tax planning strategies we use with our clients.
C-Corporation Considerations
Most business owners have avoided C-Corporations like the plague, and for good reason. In many cases, an S-Corporation election makes sense. But with the Tax Cuts and Jobs Act (TCJA), the rules have changed substantially, and you must re-evaluate your situation.
How Will The Corona Virus Affect Small Business
I had one exceptionally difficult teacher in grade school. To this day, I don’t regret the experience. She taught me a lot, but I do remember a specific instance where she embarrassed me in front of the class by telling me that what I had put in a report was wrong.
Tax Planning and Your Investments
An investment strategy is incomplete without including tax planning. After all, it is not what you make, it is what you keep that matters. Often brokers and wealth managers leave out the tax ramifications when giving investment advice, which leads to unintended consequences.
The Biggest Tax Mistakes Made By Businesses
There are three main stresses we all experience at tax time: the amount you owe, meeting the...
What Makes Core Group Different
The usual drivers in this search for tax preparation help are a desire to save as much money as possible and a hope that the firm you’re hiring can keep you from getting audited or otherwise financially wrecked.
Carpe Per Diem
Expense reimbursements to employees and owners are one of the most consistently overlooked...
How to Manage a Business Operating Budget
If you’re reading this, then we probably don’t need to tell you about the importance of having a budget. It’s unnecessary to explain to you that working without a budget is like driving a car cross-country without a map(or GPS).
The Power of Prejudice
What do you think about when you hear the word “prejudice?” Most people gravitate toward things like race or religion. But, the reality is that we all have prejudices about a great number of things, both large and small. This is a story about how I learned (relearned?) that “Prejudice MakesYour World Smaller.”
Helpful Tips for Tax Time
It’s almost THAT time again, but Core Group is looking out for you.
6 Keys To Hire an Accountant
When you start a business, chances are you’ve never had to hire a professional like an accountant. Most people ask for a referral from a colleague, which is a great place to start, but because they’re a good fit for your friend, does that mean they’re good for you?