A few weeks ago while driving, I saw a large banner on the overpass of Route 4 in Paramus with a bunch of people behind it, and it looked like a party. It’s possible I didn’t read the sign correctly because I didn’t want to crash, but found the “Tax Them” part of the sign […]
Retirement
Tax Planning for Your Kids Now?
Did you know your child may be able to convert some of their 529 plan assets into a Roth IRA? Here’s how it works: General Rules Benefit The main benefit is for your child to get a jump start on saving for retirement by using one of the most tax efficient accounts. Questions Still Lingering […]
Rookie Business Owner Mistakes (Sometimes Made by Established Owners Too)
What are some mistakes the rookies make with their business? And sometimes veteran business owners make the same ones. Choosing the Wrong Business When choosing which business to start, your success increases if you have experience in that particular industry. Can you be successful in an industry you are not familiar with? Of course, but […]
Some Year-End Tax Moves for Your Business
Looking to make a few tax moves before the year is over? See if these apply to your situation. Review Your Entity Structure How is your entity structured? It is a sole proprietorship, LLC, s-corp, or c-corp. Now is the time to review it to make sure you are using the correct entity to protect […]
One Way to Simplify Your Tax Situation
There is one common situation I see every tax season, and making this change would simplify your tax situation. Number of Financial Accounts Minimizing the number of financial accounts you have, when possible, will not only simplify your tax situation, but will also help to simplify your finances. Actions to take include closing out or […]
Personal Financial Planning for Business Owners in 3 Steps
Financial planning for business owners differs from regular W-2 employees and should be handled differently. These are 3 steps business owners should take: Step 1: Plan for Volatile Earnings This is especially true if you operate a business that ebbs and flows with economic cycles, such as construction and real estate. However, company specific changes […]
Tax Scam Alerts
Scams are on the rise now that it’s tax season. The IRS has made taxpayers aware of popular scams on their website, including: Charity Impersonators To make sure the charity you are donating to is legitimate, then you can use the tax exempt organization search function at https://apps.irs.gov/app/eos/ Unfortunately, a contribution to a fake charity […]
Unorthodox Emergency Funds
We are all told to set aside 3 – 6 months’ worth of expenses in a traditional savings account towards an emergency fund. It’s not a bad idea, but what if that isn’t enough for an uncommon occurrence and you’re in a bind? There are a few alternative options to accessing a larger amount of […]
Overlooked Financial Maneuver
I’ve noticed a recurring theme over the years, and it’s more common than you would think. It’s helpful to do this one thing, especially as a business owner, and I’ll explain why. Because it’s simplistic it is often overlooked, but I’ll tell you why it is so important. The one overlooked financial maneuver is to […]
Would This Have Predicted Bitcoin’s Peak?
Starting a few tax seasons ago, the IRS started to ask the question. “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” What does this have to do with the price direction of Bitcoin? Let me explain. Tax preparers have to ask this […]