Tag: plan
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Tax-Favored Ways to Build Up a College Fund
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible…
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What Qualifies as a “Coronavirus-Related Distribution” from a Retirement Plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible…
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IRS Extends Some (but Not All) Employee Benefit Plan Deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends…
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Five Ways to Strengthen Your Business for the New Year
The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both. 1. Compare…
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What Lenders Look for in a Succession Plan
Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after you’ve stepped down,…
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IRA Charitable Donations Are an Alternative to Taxable Required Distributions
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision…
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Six Ways to Ensure Your Marketing Plan Drives Sales
“Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely to drive strong…
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For Best Results, Start Your Strategic Planning Early
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…
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2019 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October…
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Putting Together the Succession Planning and Retirement Planning Puzzle
Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some fundamental questions: When do…