As you put the finishing touches on your company’s spending plan for next year, be sure to cover the finer points of the process. This means not just creating a budget for the sake of doing so but ensuring that it’s a useful and well-understood plan for everyone.
Blog
Lessons of 2020: Change management
November 25th, 2020 by Douglas Freeman
Posted in Change Management, COVID-19, Employees, Small Business
Tags: Adapt, Bad Morale, Employee Turnover, Modification, Reduced Productivity, Training and Coaching, Work Enviroment
Even before this year’s public health crisis, many businesses were looking into and setting forth policies regarding change management.
Employees: Don’t forget about your FSA funds
November 24th, 2020 by Douglas Freeman
Posted in Disabilities, Employees, FICA, Flexable Spending Accounts, Tax, Tax Planning
Tags: Dependent Care, Health Care Benefits, Pre-Tax Contribution
Flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs A pre-tax contribution of $2,750 to a health FSA is permitted in both 2020 and 2021.
Taking distributions from a traditional IRA
November 19th, 2020 by Douglas Freeman
Posted in IRA, Required Minimum Distributions (RMDs), Retirement, Roth IRA, Simples, Simplified Employee Pension (SEP), Tax Planning
Tags: Beneficiary, Nondeductible Traditional, Penalty Tax, Traditional IRA
There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes:
Health Savings Accounts for your small business
November 16th, 2020 by Douglas Freeman
Posted in Employees, Health Care, High Deductable Health Plan, HSA
Tags: Deductable Contributions, Eligible Medical Expenses, Health Savings Account, Tax Free Income
Your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). The Basics of HSA accounts.
Hit the target with your email marketing
November 12th, 2020 by Douglas Freeman
Posted in Small Business, Social Media Marketing
Although social media marketing tends to get the lion’s share of attention these days, email remains a viable medium for getting out your message
Do you want to withdraw cash from your closely held corporation at a low tax cost?
November 10th, 2020 by Douglas Freeman
Posted in Closely Held Corporations, Corporations, Small Business, Tax, Tax Deduction, Tax Planning
Tags: Capital Gains Tax, Capital Repayments, Compensation, Dependent Care, Disability Insurance, Dividend Distribution, Fringe Benefits, Life Insurance, Loans
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. Here are five strategies to consider:
How Series EE savings bonds are taxed
How is the interest you earn on EE bonds taxed? And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences?
Disability income: How is it taxed?
November 4th, 2020 by Douglas Freeman
Posted in Disabilities, Disability Income, Federal Income Tax, Social Security Disability Insurance (SSDI)
Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends.
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