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Salary Rules in an S-Corp

Mon, Jun 24th 2019
You're in business to make money to feed your family, send the kids to college or drive the sports car of your dreams. But when you're a shareholder in an S corporation, how and how much you get paid can be controversial and a red flag for the IRS. What is an S corporation? Businesses are organized in many ways. In an S corporation, business income and losses pass through the business and become part of each shareholder's personal tax return. Why is that a good thing? S-corp shareholders, who... Read More »

Preparing for Retirement?

Mon, Jun 17th 2019
You did it. You made it to retirement. That light at the end of the career tunnel is within your reach now, and it's smooth sailing ahead. Sure, you're ready, you have trips planned in between days of no alarm clocks, and life is good. Before you slice the au revoir cake, here are a few last-minute retirement items to consider before the work party concludes. 1. Take advantage of last-minute tax-free savings. In your final months of work, take advantage of catch-up provisions available in many... Read More »

Audits, Reviews and Compilations: A Summary

Tue, Jun 11th 2019
You will want to prepare your financial statements in accordance with an accounting framework that's appropriate for your business. Most of the time, you'll opt for a CPA to produce your financial statements. Getting an accountant's blessing is especially useful when you are applying for more credit from a bank. Financial statements are intended to give you current information on your business's financial standing so you can make more informed decisions. There are three levels of overview you... Read More »

When Saving for Retirement in Taxable Accounts Is a Good Idea

Mon, Jun 3rd 2019
Most people associate saving for retirement with tax deferred or non-taxable accounts: 401(k)s, 403(b)s, Traditional IRAs, Roth IRAs, etc. The tax benefits of these types of retirement accounts give individuals advantages over simply investing in a regular taxable brokerage account.   Saving for retirement in a standard taxable account can also have its place – and the option shouldn’t be ignored. In this article, we’ll look at a handful of reasons why doing so might just be the best option.... Read More »

Know Your Company's KPIs

Tue, May 28th 2019
"Key performance indicators" let you know whether or not your business is on track for success. Operating a business without KPIs is like piloting a plane without instruments. KPIs shine a light on performance and reveal which areas in your business need attention. There are scores of KPIs, and not all, or even most of them, will be relevant for your business. The key is to learn which ones will give you a snapshot of your company's health and to understand how best to use them. Following are... Read More »