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If you are a small business owner or are self-employed, you may be wondering what options you have to save yourself from having to pay lots in taxes or how to save for retirement. The good news is you can be doing both by setting up a Simplified Employee Pension (SEP) plan for yourself and your employees. This plan is easy to set up and maintain. There are no plan filings with the IRS thereby making plan administration simple and cost efficient. The benefits of a SEP IRA incl

We continue our research on ESG and today we will focus on the Social aspects of ‘ESG’ investing. Sustainable investing implies how companies and businesses provide a safe working environment for its employees, suppliers, customers and in communities where it operates. The social aspects include the company’s strengths and weaknesses in dealing with social trends, labor, and political views, while minimizing social issues and having a positive impact on the market. Social fac

Environmental Focus On the previous blog, "Introducing ESG Investing: The Modern Way of Investing", we discussed how investors are considering ESG to help reduce overall risk in diversifying portfolios for long-term success. ‘ESG’ refers to Environmental, Social, and Governance, which is a set of standards for a company's operations that investors use to mitigate risk and aligning funds with objectives that have ethical motivation on disclosed performance. Today, you will lea

What is ESG Investing? Investors use several different strategies to build and diversify portfolios to ensure financial success. Environmental Social Governance Investing, also known as ESG or Sustainable Investing , applies non-financial factors as a part of an analysis process to identify material risk and growth opportunities. Your investing dollars can now have a positive impact for you, the society, and the environment. In the following weeks we will dive into each secti

The price of education has gotten expensive. Tuition rates have outpaced general inflation rates for years and it is assumed that higher education will only continue to increase in price. According to published data, the average cost of college in the US is $35,720 per student per year. The cost has effectively tripled in 20 years at an annual growth rate of 6.8% (Hanson, Melanie. Average Cost of College & Tuition. July 2021). That rate of price increase outpaces the US' gene

As a business-person you know that the world runs on credit. It’s a matter of fact that access to financing is easy and available when times are good. Access to credit can be cheap with a low interest rate. Would you rather pay $50,000 in cash to purchase a business vehicle today or keep the $50,000 and borrow at a 3% interest rate for the same asset? The question is personal but more often than not, business owners will decide to keep the cash on hand and instead finance lar

When it comes to taxes, of prime concern for business owners is “what can I deduct?” The answer isn’t always so straight forward. The IRS defines a deductible business expense as one that is Ordinary and Necessary in the course of business operations. It doesn’t get any more elaborate within the Internal Revenue Code. So before asking yourself what is deductible, approach this question as “what do I need to spend my money on to generate another dollar of revenue?” These expen

Bookkeeping enables you to see exactly where your business is spending money and where your revenue is coming from. It also helps you get organized and ready for tax season when deadlines are crucial. So why does bookkeeping matter in the first place? When filing taxes...you need to know your net profit and sums on expenses. The only way to have accurate numbers is to have up-to-date bookkeeping records. Are you aware of how much you’re spending...on software, advertising, re

Every year we listen to anxious and worried clients question what affects their taxes. We are here to help ease the worry by addressing a fe

Since every family is different, the question of “can I claim my kid as a dependent”, comes up quite often. As you will see below, to qualify as a dependent, six tests must be met. What is a dependent? A dependent is a person other than the taxpayer or spouse who entitles the taxpayer to claim a dependency exemption. Is there a condition that would automatically void a dependency exemption? A taxpayer cannot claim a dependency exemption for a person who can be claimed as a de

Remember - even if you are a qualifying start-up, you can take advantage of the Credit.  True, you may not have income, and therefore taxes

Self-Employment tax can be broken up into two parts, FICA and Medicare taxes. Out of this 15.3%, 12.4% goes towards Social Security and 2.9%

Wishing 2021 will be full of the blessings for which everyone is hoping. There is no way to sugar-coat it; it has been a very unusual year – and no one has remained unaffected by it. We are no exception. As many of you know, at the beginning of 2020 we finally moved to a larger – 2000 square-foot office. The additional space was needed to accommodate our growing practice – and to treat our associates and clients with the grace they deserved. (The prior office was acquired