As the pandemic has heightened everyone’s stress, we have found that many of our clients and other business owners have numerous fears and concerns around their retirement, and may not only be emotional, but potentially misinformed as well. Here are 4 tips for business owners and families to help reassure themselves and reaffirm their goals.
The US Senate and House of Representatives passed the $900 billion COVID-19 Relief Bill on December 21 and President Trump signed it into law on December 27. The bill provides several provisions for individuals and families, as well as several clarifications and updated provisions that are important for your business’s strategic planning – all of which we outline here.
It has been almost two decades since the IRS has updated the life expectancy tables used to calculate Required Minimum Distributions (RMDs), and it appears that once we reach the 20-year mark in 2022, the IRS will finally account for the fact that life expectancies have been increasing.
We realize that the rules around PPPL forgiveness have been constantly changing and many banks have not begun accepting applications, but our message to you is don't panic – you have time to get this right so you can receive as much loan forgiveness as possible.
Regardless of how your business has performed in 2020, you want to keep as much cash on hand going into 2021 so you are well-positioned for long-term growth. Here are the top four tax planning strategies we are discussing with our business owner clients.
As we approach the end of the year, we want you to be aware of specific tax provisions that can help you lower your tax bill and keep more cash in your bank account. Below we have outlined the top four tax planning strategies we are discussing with our individual clients.