Retirement account catch-up contributions can add up

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.

Strong billing processes are critical to healthy cash flow

INVOICE concept cell background 3d illustration

Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system of various processes is put in place and leadership might consider occasional billing mistakes to be part of the “cost of doing business.”

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

That email or text from the IRS: It’s a scam!

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.

Solo business owner? There’s a 401(k) for that

SOLO 401K text in search bar. Businessman looking for something at laptop. SOLO 401K concept.

If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily.

Cultivate connections with a well-used CRM system

CRM Business Customer CRM Management Analysis Service Concept open book on table and coffee Business

Has your business invested in customer relationship management (CRM) software? Many companies have — in fact, according to research cited by career-resource website Zippia, 91% of businesses with 10 or more employees use it.

The Trust Fund Recovery Penalty: Who can it be personally assessed against?

TAX PENALTY word on calculator. Business and tax concept. Time to pay tax in year.

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages.

Hiring family members can offer tax advantages (but be careful)

Family Business meeting

Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year.

Are you married and not earning compensation? You may be able to put money in an IRA

When one spouse in a married couple not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for a spouse who is out of work or who stays home to care for children, elderly parents or for other reasons, as long as the couple files a joint tax return.

In financial planning, forecasts and projections aren’t the same

Business documents and touchpad with charts on desk

Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both understanding your own financial position and providing accurate, comprehensive information to stakeholders such as investors, lenders and advisors.