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Taxes are as much as a long-term play as a short-term play, and it’s important to plan your tax strategies as far in advance as possible, especially in regards to your golden years, or what some people refer to as “retirement”. We don’t always just stop working and sit in a rocker or on the beach somewhere with an umbrella drink. But stopping what you’re doing and living differently at some point in the future is what most people aim for. The reality is that most individu

Your dress code is a guide for how you and your employees represent your business. What kind of impression do you want to make on clients and professional relations? Here are 5 dress code styles to help you decide what fits best for your business and team. 1. Professional/Business Formal – This is going to be your best dressed clothing. For men it means a suit and tie. For women it can mean dress/skirt or a pants suit. I’m personally grateful for this dress code dying out.

You may have heard about this nifty tax deduction for the self-employed: getting a Roth retirement account set up for your child and contributing the maximum amount yearly. The sometimes overlooked hiccup with this tactic is that your child has to have EARNED income to contribute to a Roth. And no, an allowance does not constitute earned income. Earned income includes things such as wages, salary, commissions, tips, bonuses, self-employment income, and nontaxable combat pay

You’ve probably seen it by now if you have any type of business and receive electronic payments from your customers–credit cards, Venmo, PayPal, etc. You will also receive one even if you’re not self-employed if you use cash transfer apps like Cash App. The 1099-K is issued by third party payment processors and it reports all of the payments and transactions that were processed through them over the past calendar year. You should receive your copy early in the following year–

It’s a very popular question: how long should a business keep their receipts/records and what constitutes good support? It’s also a touchy subject. What most of us don’t realize is that “innocent until proven guilty” simply does not apply in the case of a tax return audit. It’s the opposite. When you file your return, you are asserting that you received a certain amount of income, and that a certain amount of that income should not be taxed because of your deductions. If

Timing can be everything when you’re deciding whether to roll-over your Roth. As a reminder - the reason why Roths are preferred-retirement vehicles for many taxpayers is because any growth that occurs is tax-free. Additionally, any contributions you make can be removed at any time without penalty or tax. What’s the catch? Well, there are income limits that will prevent some high-earners from contributing, as well as annual contribution limits for those who can. If your inco

It’s back to school time! This can be one of the most stressful times of year for parents, students, and teachers. The costs of supplies alone are often enough to overwhelm you, so we created a list of 5 ways to help you manage your money and save a little extra during this season. Everyone’s life is a little different so you may want to adjust it to fit your needs. 1. Create a budget and stick to it. Making a budget is the easy part. Sticking to it is the hard part. To bu

Small business owners can sometimes be too frugal with their marketing budget and sometimes they may go the complete opposite direction and overspend. It can be tricky to brainstorm ideas when there is so much work and mental load that already goes into being an entrepreneur and overseeing the daily running of a business. The best advice is to talk with your accountant and cpa to see what kind of budget you have to work with. There are definitely ways that can help both types

We are told to scrimp and save by financial gurus, shamed for buying a coffee by advisors, and still expected to not feel like we’re missing out when we decline dinner invitations with friends. There must be a better way to balance a strong budget and still have fun in life. Didn’t someone once say that the best things in life are free? I believe that it is fully possible to find the right balance between saving and living a life you enjoy. I’ll share what’s worked for me ove

It’s great to receive, I don’t care what they say. It’s good to give as well, but that’s a topic for another day. The question I get a lot about receiving a gift from a relative or friend, or an inheritance or bequest from a passed family member, is “Do I have to pay taxes on this?” The answer depends on the circumstances – who gave, what did they give, why did they give? But by far the most common situations that I see (life insurance proceeds, gifts by will or bequest,