How To Get Rich And Not Owe Taxes. Wouldn't it be great to avoid income taxes? We can't guarantee that, but here's how to minimize what you owe. The Statistics of Income Bulletin is a report published by the IRS four times per year. Known as publication 1136, it contains detailed analysis of returns filed by tax payers in previous periods. Each SOI Bulletin addresses different topics that the IRS believes are of interest to researchers, the public and nosey people like me. The most recent SOI … [Read more...]
Your Baby Boomer Employees Aren’t Going Anywhere Soon
Each generation has it's own culture, and they're starting to blur in the workplace. What does this mean for small biz? Our workforce can be divided into distinct groups based on year of birth. Each group is considered a “cultural” generation and these divisions are generally accepted. The Baby Boomer generation consists of people born after World War II from 1946 until 1964. Following the Baby Boomers is Generation X for people born from the late 1960s until the beginning of the 1980s. After … [Read more...]
5 Questions To Ask Before Using A Tax Shelter
The idea of a smaller tax bill for your business can be appealing. Remember, not all tax shelters are created equally. Tax shelters are once again facing aggressive scrutiny by tax and law enforcement officials. The former CEO of BDO Seidman, one of the largest accounting and consulting firms in the country, was recently convicted along with several high profile co-defendants of “conspiring to defraud the IRS and to evade taxes and of corruptly endeavoring to obstruct and impede the Internal … [Read more...]
Changes To Look For In 401(k) Loans
Are you aware of the changes that may be coming to 401(k) loans? And what if means for your business? You should be. Like all tax-deferred retirement accounts, 401(k)s exist to incent individuals to save for retirement. Given the state of our nation’s entitlement programs, it is more important than ever to invest the absolute maximum possible in defined contribution, tax advantaged accounts like 401(k)s and IRAs. Funding these accounts, however, is only half the battle. The other half consists … [Read more...]
Should You Offer a Pension Plan?
For the past 20 years, there has been a clear trend in retirement benefits offered by companies. Investment risk has steadily shifted from the employer to the employee. Decades ago, most employers that offered benefits did so via defined benefit or pension plan. These plans guaranteed a certain income stream to retirees. Defined benefit plans provided employees with security, which helped fuel loyalty. But as demographic changes and medical advances increased post-employment lifespans, … [Read more...]
Resources for Small Business Retirement Plans
A recent study conducted for the Small Business Administration has troubling news for advocates of employer-based retirement plans. The study analyzed the availability and acceptance of employer-based retirement plans at companies with less than 100 employees. According to the study, 72 percent of small business employees do not have access to employer-based retirement plans. An additional 9 percent have access to a plan, but choose not to participate. Small businesses employ around … [Read more...]
How to Use Your IRA to Fund Your Business
If you own a business or are thinking of starting one, raising capital continues to be key challenge. Lending requirements remain stringent, home equity is no longer a quick source of cash and equity investors continue to be very selective. At the same time, the Investment Company Institute, the national association of investment companies, estimates that there are over $4.2 trillion in assets being held in Individual Retirement Accounts (IRAs). Many business owners and entrepreneurs are … [Read more...]