Retirement, or the conclusion of daily work demands, is an aim for many workers. For some, it requires a lengthy wait to realize a dream while for others, retirement may come early. The Life Insurance and Market Research Association (LIMRA) indicates that 69% of Americans retire by age 66, with 11% still working at age 75, and the most common retirement age is 62. However, over 24% of currently living retirees report retiring before age 55. When dreaming of retiring…
Small business owners have been severely impacted this year thanks to the COVID-19 pandemic. Those that haven’t had to shut down temporarily may be dealing with other issues such as supply chain interruptions or reduced business. Business owners still have to pay taxes, but the IRS has offered some tax relief programs as relief. Here are four ways that the federal government is trying to help small businesses with tax-related programs. 1. Coronavirus-related Paid Leave When your employees…
Today’s society places such high importance on achievement, professional fulfillment, and monetary rewards that some individuals spend an inordinate amount of time at work, thus feeling out of balance relative to other important roles in their lives. Work-life balance suggests a harmony or equilibrium between the time and attention allocated for work and the time and attention allocated to other aspects of life including personal interests, family, social, and leisure activities. Balance doesn’t suggest an equal allocation of time to…
Shortly after the World Health Organization (WHO) declared the novel coronavirus a worldwide pandemic, governors across the United States ordered the closure of millions of businesses to help slow its spread. This hit small businesses, especially those in the retail, bar and restaurant, personal services, and hospitality industries, extremely hard from a financial perspective. Recognizing this, Congress scrambled to put together several business relief programs in the forms of loans and grants. One such program is Economic Injury Disaster Loans…
Being self-employed can be fulfilling and inspiring because you are working hard to build your dreams. As author Oliver Markus Malloy said humorously, “Being self-employed means you work 12 hours a day for yourself so you don’t have to work 8 hours a day for someone else.” However, the fruits of your labors don’t come tax-free. Self-employed taxes need to be considered and treated carefully so they don’t interfere with the pursuit of your dreams. What Does it Mean…
Let’s talk about financial ratios, (and no, this isn’t a dreaded math lesson where you crawl into a corner and hide). The key here is data—data that will help you run your business more effectively, guiding your planning and measuring what is working. The use of data takes effort, but it is worth it as Arthur C. Nielsen, market researcher and founder of the AC Nielsen company said, “The price of light is less than the cost of darkness.” And…
The term cash conversion cycle describes how long it takes a business (in number of days) to convert its inventory and other resources into cash flow resulting from sales. Although some organizations also refer to it as the cash cycle or net operating cycle, all mean the same thing. The purpose of a cash conversion cycle is to determine the length of time each dollar invested in production remains tied up to cover production costs before the inventory returns a…
With the multiple payroll tax obligations you have as an employer, it can be difficult to understand what the Internal Revenue Service (IRS) expects of you. This is especially true when it comes to withholding and paying FICA and FUTA taxes. Many employers find these tax obligations more challenging to understand than basic federal and state income tax withholding. We provide a description of each tax type below along with more of what you need to know to ensure that…
Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success. Feel free to share it with anyone you know who could benefit. Big Tax Changes for 2018: Changes in the tax law generally last only until the next time there is a change in the party in power. Whether you…
The short answer to this question is – no. However, it has really become increasingly difficult to obtain a small business loan, and to realize your dream of having a small business enterprise grow into a major one, which can be a source of pride and profit for years to come. The reason it has become so difficult to obtain a small business loan is that many of the criteria used by lenders have been tightened considerably in recent years,…
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