The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider.
Like most people, you probably have a vivid, exciting picture of what your ideal retirement will look like. Maybe it’s spending time with family at a beach house, crossing off the books that have accumulated on your to-read list, or finally being able to volunteer enough of your time to make a difference for your favorite charity. But there’s no doubt that the journey to retirement is long and winding—and, as with any journey, you’ll encounter challenges along the way before arriving at your desired destination. Adopting good financial habits is a must for plotting a successful retirement journey. Let’s explore five positive ways to get—and stay—on the right track.
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be appropriate for your business.
As we discussed in the first post in our 3-part 401(k) plan audit blog series, companies that have an employee benefit plan with 100 or more participants are required by ERISA (the Employee Retirement Income Security Act of 1974) to have an annual audit by an independent public accountant. However, in many cases plan managers may choose to engage in a limited-scope audit instead of a full-scope audit. In this last post in our series on 401(k) audits, we’ll discuss the differences between limited scope and full scope audits, and how to tell which is right for your company.
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.