If you’re planning to retire sometime in the next 10 years, here’s some crucial advice: Take a very hard look at your 401(k). While employer-sponsored savings plans, such as 401(K)s, usually are a great place to stash money during most of your working years, they may not be as great if you’re getting ready to […]
Have you been thinking about sitting on a beach in Cabo, or playing golf at Whistling Straits, or spending more time with family. Maybe all three. You invested substantial financial resources, including time away from your family building your business. Is it time to take that next step? Is it time to EXIT? Your family-owned […]
It’s a challenging time to be an employer. It’s a challenging time to be an employer. That’s not a typo. That’s me anticipating all of you who just thought, ”You can say that again.” Here are some tips for small business owners who are facing these challenges:
The SECURE 2.0 Act of 2022 was signed into law on December 29, 2022. The law builds on and expands the SECURE Act of 2019 and it expands coverage, increases retirement savings and simplifies retirement plan rules. Some of the key provisions of the Act include: EFFECTIVE DATE DECEMBER 29, 2022 Optional Treatment of Employer […]
In a recent survey, 70% of current workers stated they plan to work for pay after retiring. That possibility raises an interesting question: how will working affect Social Security benefits? The answer to that question requires an understanding of three key concepts: full retirement age, the earnings test, and taxable benefits. FULL RETIREMENT AGE Most […]
In October, the IRS issued the maximum benefit and contribution limits for 2022. The good news is that most of the dollar limits increased! 2022 2021 Elective Deferrals – 401(k) and 403(b) Plans $20,500 $19,500 Catch-Up Contributions (over age 50) $6,500 $6,500 Annual Contribution Limit – Defined Contribution Plans $61,000 $58,000 Annual Covered Compensation Limit […]
For most Americans, Social Security has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of “FICA” and “OASDI” (Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance). It hinted at a future that seemed both intangible and far away. Yet, many Americans now sit on the cusp of […]
The U.S. House of Representatives Ways and Means Committee (Committee) released its tax proposal (the Proposal). The Proposal will be considered as a part of the budget reconciliation bill to be negotiated by Congress in the coming days and weeks. 1. Raise the top marginal individual income tax rate to 39.6%. This rate would apply […]
Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started? I started my own accounting firm at the ripe old age of 28. I […]
Being a founder, entrepreneur, or a business owner can have many exciting and thrilling moments. But it is also punctuated with periods of doubt, slump, and anxiety. So how does one successfully and healthily ride the highs and lows of Entrepreneurship? In this series, called “How To Successfully Ride The Emotional Highs & Lows Of […]
