The Financial Management Blog for Surprise, Arizona
This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual and business taxes have the potential to be significantly impacted by the various legislation that has passed like the FFCRA and the CARES Act, the loan programs made available like the PPP and the EIDL, and the unemployment/stimulus programs that touched many Americans.
According to news outlets, as of this writing, Joe Biden has been named the president-elect of the U.S. Vote counting is still ongoing and election results have not yet been certified, but this news may have some taxpayers wondering what changes, if any, they should make in their tax planning to close out an eventful tax year.
Long-term care is the type of care that you may require one day if you do need support with simple everyday life activities. Planning for its expense now lets you afford quality care in the future and reduces the possibility of LTC costs that might drain your retirement savings.
There are so many financial tasks that we know we should do, but who has the time to remember them, let alone do them. But now that we are socially distant, what’s the excuse? Here are a few beginner tasks you can complete in quarantine to jumpstart your financial to-do list.
When many people think about debt management, they envision a debtor struggling to pay their bills each month. But debt management plans are a smart move for everyone, whether they can easily make the payments or not. Why? Here are a few key reasons.
1. Not All Debt Is Bad
The COVID-19 pandemic has created a tumultuous state for businesses across the country as they’ve had to close either temporarily due to state restrictions or permanently due to consecutive months of low to no revenue. Businesses in the restaurant, retail, beauty, and fitness industries have been especially hard-hit with temporary and permanent closures. Now, states are urging business owners to stay on top of their sales tax obligations in order to avoid significant fees and penalties.
Here’s what you need to know if you’ve had to temporarily or permanently close your business.
Once you engage a business accountant, the next question you may face is how often should you meet with them. The answer, as with many things in business, depends on your situation. What does that mean for you? Here are four of the most common meeting schedules between small businesses and their CPAs so you can pick the right one for you.
As consumers become more conscious in their environmental footprint and look for ways to save money, more and more electric vehicles can be seen on the roads today stretching from coast to coast. At this point, most taxpayers know or have heard of an electric vehicle tax credit program, but what they may not know is that there are specific conditions and limitations that must be met, and that some vehicles have actually phased out of the program. So, before you consider an electric vehicle for your next purchase, make sure it qualifies.
Here’s a rundown of what you need to know about the electric vehicle tax credit, how it works, and what qualifies.
October 1st is the deadline for setting up a SIMPLE IRA or Safe Harbor 401(k) for your business.
Paying for their children’s future college plans is a challenge most Americans face no matter what their current financial picture looks like. With the rising costs of attending college and a great deal of uncertainty around exactly how to plan, many parents find themselves unsure even where to begin. To help you get started, here is a short guide to common college savings tools.
529 Savings Plans