As 2019 ends, business owners should begin formulating their tax strategy for 2020. While giving the IRS a cut of company revenue isn’t optional, the way you approach business finances can make a significant difference in the amount you pay.
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2020 Vision: Individual tax planning strategies for the upcoming year
Tax planning isn’t a concern exclusive to businesses, although individual taxpayers often mistakenly believe that to be the case. While it is true that tax planning for individuals is less complicated than it is for businesses, it is no less important. Even W-2 employees can take steps to reduce risk, minimize the chance of getting an unexpected tax bill and ensure retirement savings deliver the maximum benefit from a tax perspective.
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Year-end strategies to lower 2019 tax liability for business owners
Summer has come and gone, with autumn in full swing as the year draws to a close. Did your business exceed growth targets, struggle with unexpected headwinds or fall somewhere in between? However you answered that question, the good news is that there’s still time to reduce 2019 tax liability.
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How to turn sponsors into partners: October Nonprofit Bites Recap
Last month, we hosted our October Nonprofit Bites at the American Visionary Art Museum in Baltimore, where we brought in a key expert in the nonprofit sector to lead a workshop specialized for nonprofit organizations.
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Use it or lose it: Understanding required minimum distributions
For anyone with retirement savings, understanding what RMD means is a financial imperative. The acronym stands for ‘required minimum distribution’ and describes money that taxpayers must by law withdraw annually from tax-advantaged retirement accounts. You probably knew that already, but don’t risk complacence; if you have an IRA, 401(k), profit sharing plan or another type of retirement account, you need to know exactly how RMD guidelines apply in your situation.
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10 signs you need a (new) CPA
As businesses grow, their needs change. You might have handled the books yourself at first, or perhaps worked with a bookkeeper. Sooner or later, though, it makes sense to hire a good CPA firm. Waiting too long could limit growth and hinder effective tax planning, financial reporting and other key business responsibilities.
How can you be sure it’s the right time to turn your accounting and reporting over to a CPA firm? Or if you’re already working with a professional, how can you tell it’s the right one? These ten signs let you know it’s time for a change.
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Strategies for establishing a realistic budget
For many businesses and nonprofits, fall is more than pumpkin spice season; it’s also time to start thinking about next year’s budget. Even for organizations with a fiscal year different than the calendar year, knowing how to approach this important task will make the job easier and help ensure a positive outcome.
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The Washington Monument has finally reopened!
Visiting D.C. soon? Or, do you live here and want to play tourist for a day? You’ll want to hear this! On September 19, 2019, the Washington Monument reopened its doors to the public after a 37-month closure to modernize the elevator control system and construct a new security screening facility, according to the National Park Service. In addition to lounging on the mall around the landmark, visitors can now enter the facility, ride the elevator to the top and take in the beautiful scenery of Washington, D.C. from 555 above.
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What’s this Virginia Tax Relief Refund all about?
If you live in Virginia, chances are you’ve heard about the 2019 Virginia Tax Relief Refund. If you’re not aware of it yet, you’ve come to the right place. On February 15, 2019, Virginia Governor Ralph Northam signed tax legislation that allocates $420 million in refunds to compensate taxpayers for higher state taxes that resulted from the federal Tax Cuts and Jobs Act (TCJA) of 2017. These refunds were scheduled for October, and many Virginia residents have already begun receiving them in the mail. So who gets these refunds? How much will you receive? Read below for everything you need to know.
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Tune up your retirement savings strategy during open enrollment season
As the weather turns cooler and leaves begin to fall, workers often have a few weeks to revisit their choices in employee benefit plans. The annual open enrollment period typically occurs in October or November and raises important questions regarding next year’s benefits, including decisions about retirement contributions.
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