Focus

FOC

Showing 1–16 of 385 results

  • Two emergency options for retirement plan participants

    August / September 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 612

    Abstract: Qualified plans such as 401(k)s are meant to help individuals save for retirement in a tax-advantaged manner. But, under dire circumstances, it may become necessary to tap into the nest egg early. This article explains that while doing so may result in additional income tax liability and penalties, the SECURE 2.0 Act, which was signed into law in late 2022, provides not one, but two options for people who find themselves in an emergency situation.

    Read More

  • Give employees a head start – Look at starter 401(k) plans and other retirement savings options

    August / September 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 569

    Abstract: The recent SECURE Act 2.0 has created a provision establishing the “starter 401(k) plan.” This article explains that the starter 401(k) plan is designed to be easier and less expensive to launch and administer than a traditional 401(k) plan. It summarizes how starter 401(k) plans work and notes that employers can begin offering them for plan years starting after December 31, 2023. It also highlights several other SECURE 2.0 provisions that can help employers offer retirement plans to employees.

    Read More

  • Making a change: Choosing a new successor for your family business

    August / September 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 683

    Abstract: Deciding on the right person to take over the reins of a family business can be a difficult job. And the decision may be even more complex when one or more of the candidates come from within the family itself. If a business owner has a certain person in mind but, for various reasons, that chosen successor gradually, or sometimes suddenly, fades as the optimal choice, this article explains that it’s usually best to handle the matter with great care. This article suggests several strategies for ensuring a smooth and successful succession.

    Read More

  • Retirement planning – Is a QCD right for you?

    August / September 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 980

    Abstract: Those 70½ years old or older may benefit tax-wise by transferring qualified charitable distributions (QCDs) directly from their IRAs to qualified charitable organizations. This article points out that a QCD counts as a required minimum distribution (RMD) for tax purposes without resulting in tax liability. The article looks at the ins and outs of using QCDs, while a sidebar offers a detailed list of the new QCD rule changes under SECURE Act 2.0.

    Read More

  • New law delays RMDs for some retirees

    June / July 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 483

    Abstract: Thanks to the new law passed at the end of 2022 — commonly known as the SECURE 2.0 Act — it may be possible for those in their late 60s or early 70s to delay taking required minimum distributions (RMDs) from IRAs and qualified retirement plans like 401(k)s. This gives individuals even more time to build up tax-deferred retirement savings. This article also points out that, if an individual fails to take RMDs in time, the new law significantly reduces the applicable tax penalty.

    Read More

  • Steady as she goes – Use a buy-sell agreement to stay afloat during turbulent times

    June / July 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 775

    Abstract: In this volatile and unpredictable economic environment, businesses may be forced to go through many transitions as they continue to maintain operations. Business owners keep their operations running smoothly by seeking any possible methods for reducing risk — and maintaining stability and profitability going forward. This article offers one common-sense approach to consider: establishing a buy-sell agreement. It notes that even if a business already has an agreement, it’s a good idea to review it periodically in light of ongoing changes to the business or ownership.

    Read More

  • Steps to take before — and after — a layoff

    June / July 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 765

    Abstract: In the first two months of the year, hundreds of technology companies announced layoffs, up from a handful a year earlier. It’s unclear what, if anything, these layoffs portend, or whether they’ll have a ripple effect on other industries. But for those employed in an industry facing headwinds or hearing talk of reorganization, this article suggests that there are several steps these employees can take to blunt the potential financial impact of being laid off. Those steps include reviewing their finances, reviewing health insurance and maintaining an emergency savings fund.

    Read More

  • Need a retirement plan? Keep it SIMPLE

    June / July 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 897

    Abstract: Business owners who recently started a new venture — or expanded an existing one — may be looking for a qualified retirement plan to help attract and retain top-notch workers as well as saving for their own retirements. This article notes that while there are several options, a Savings Incentive Match Plan for Employees (SIMPLE) could be a good fit. As the name implies, the design is simple and reporting is minimal. In addition, the new SECURE 2.0 Act enhances the benefits for certain plan participants.

    Read More

  • To amend a return or not to amend? That may be the question for filers

    April / May 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 502

    Abstract: The question of whether to have an amended return filed for 2022 has to be decided individually on its own merits. This article points out that there’s a general consensus that an individual should file an amended return immediately if he or she owes more tax as a result of an omission or misstatement. It notes that this can be a tougher call if the tax was overpaid by a small amount.

    Read More

  • Use crowdfunding to jump-start your business

    April / May 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 668

    Abstract: For a business that could use additional funding — perhaps to launch itself or to introduce a new product — “crowdfunding” might be a solution. This article explains that crowdfunding refers to raising money using online platforms. It lists the various types of crowdfunding available, such as rewards-based and equity-based, and notes some laws and regulations relevant to the crowdfunding model.

    Read More

  • A fair shake – How to implement a pay raise program that pays off

    April / May 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 692

    Abstract: At a time when many businesses are competing for what appears to be a shortage of excellent employees, payment is one of the most important issues. This article explains that a business needs to have a pay scale in place commensurate with other businesses in the same industry. The article suggests some factors to consider as business owners evaluate their pay raise systems to ensure that they meet business goals and those of employees going forward.

    Read More

  • 6 ways to beat the tax clock

    April / May 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 957

    Abstract: Tax Day 2023 — the deadline for filing individual 2022 tax returns — is right around the corner. But as this article points out, there’s still time left for individuals to lower their 2022 tax bills if they act fast. The article offers six last-minute strategies to consider, including catching up on IRA contributions and carrying over capital losses. It notes that individuals need to think both short- and long-term to gain the most from these strategies. A sidebar discusses the benefits for small business owners of putting money in a Simplified Employee Pension (SEP) for retirement purposes.

    Read More

  • New law upgrades home energy credits

    February / March 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 453

    Abstract: The new Inflation Reduction Act (IRA), signed in August of 2022, rewards homeowners for going green. This article explains that taxpayers now may qualify for either or both of two enhanced tax credits: the “residential clean energy credit” (previously the energy-efficient property credit) and the “energy-efficient home improvement credit” (previously the “nonbusiness energy property credit”). The article offers a brief overview of both credits.

    Read More

  • How to choose a trustee for your estate

    February / March 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 608

    Abstract: One of the most significant aspects of an estate plan isn’t to whom the assets will be distributed but who will oversee their distribution. This article points out that the trustee an individual chooses will play a significant role in managing all of the financial aspects of the estate after death, so it’s wise to consider this decision carefully. The article explains some of the factors to consider in that decision, such as whether the trustee should be an individual or a professional and whether fees will be incurred.

    Read More

  • Navigating inflation – Chart a course for success

    February / March 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 687

    Abstract: With prices jumping more than 8% over the past year or so, it’s not surprising that roughly 85% of small business owners recently said they’re concerned about the impact of inflation. This article suggests some steps business owners can take to help their businesses survive — and possibly even thrive — during these volatile economic times, including reviewing inflation’s impact by product line and investing in technology to improve efficiency.

    Read More

  • What method should you use to deduct business vehicle expenses?

    February / March 2023
    Newsletter: Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 876

    Abstract: Businesspeople who use their passenger cars, vans or pickup trucks for business driving can generally deduct expenses attributable to the use of those vehicles, just like one that’s owned by the business. But it’s important to note that they can deduct only the portion of their overall expenses that’s attributable to their business use. This article points out that there are two ways to arrive at a deduction for the current year — the actual expense method or the standard mileage rate. A sidebar presents an example of how the deduction might work.

    Read More