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What’s the Third Best Investment You Can Make?

The second-best investment you can make is paying off high interest rate debt. That could come after you’ve contributed enough to your 401(k) to get a full match from your employer. What should come next? If you have no expensive debt to pay down and you’re getting the full employer match, where should you direct your money? Here are some suggestions. Unmatched 401(k) contributions In 2017,... Read More

Why is a Prenup Important for Business Owners

Some people may think of prenuptial agreements as asset protection vehicles for wealthy individuals who are about to be married. When a wealthy individual gets engaged, a “prenup” can help safeguard the assets that individual brings into the marriage from passing to the future spouse in the case of a subsequent death or divorce. Beyond such situations, prenups may be adopted by other... Read More

Solo 401(k) Plans for Companies Without Employees

Among major corporations, 401(k) plans have become common, but even the smallest of businesses can have a 401(k) plan for retirement. One-participant 401(k) plans, known by names such as Solo 401(k) and Uni-k, are available. For some business owners and self-employed individuals, Solo 401(k)s may offer a chance to save more for retirement with tax advantages compared with other small business... Read More

June/July Dates to Remember

June 15 Individuals. If you are not paying your 2017 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2017 estimated tax. If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due for 2016. If you want... Read More

Interest Charge Domestic International Sales Corporations

An interest charge domestic international corporation (IC-DISC) is a domestic corporation that is designed to receive commissions on a company’s export sales. Companies that export goods to foreign countries would greatly benefit from the tax savings of setting up an IC-DISC because IC-DISCs are generally not subject to tax. There are two different ways to structure an IC-DISC. One way is to... Read More

Clearer Standard for Business/Asset Acquisitions

On January 5, 2017, the FASB issued Accounting Standards Update (ASU) 2017-01 to clarify the definition of a business. Determining whether the net assets being acquired constitute a business under Accounting Standards Codification (ASC) 805 is critical. The accounting for a business combination is significantly different than an asset acquisition. In an asset acquisition transaction costs, which are often... Read More

Valuable Tax Credits Available to Contractors

Many Federal and Georgia tax credits are available to contractors, though they are often overlooked and go unused. With proper planning and assessment, these credits can go a long way toward improving a contractor’s bottom line. Following is a summary of some of the more recognizable credits available. In the coming months we will delve into the details of each type of credit. Research &... Read More

Retirement Plans for Small Business Owners: SIMPLE may be better

In 2017, if a company sponsors a profit-sharing plan, the company could make a contribution on behalf of the business owner of as much as $54,000 . With a SIMPLE IRA, the maximum amount this year is $31,000. If that’s the case, why would you consider the latter choice? One reason can be found in the plan’s name; a SIMPLE (savings incentive match plan for employees) IRA has less paperwork as well as... Read More

Wealth Management is a Re-Balancing Act

Studies indicate that savvy asset allocation may lead to long-term investment success. Individuals can find a desired mix of riskier asset classes, such as stocks, and relatively lower risk asset classes, such as bonds. Sticking with a chosen strategy might deliver acceptable returns from the volatile assets, as well as fewer fluctuations along the way from the stable assets. An asset allocation could... Read More