Signing bonuses and their tax implications
June 29, 2020
A signing bonus is a financial incentive that an organization or business offers a prospective employee in order to woo them to join up. It could be given in the form of a one-time major cash payment or stock options and may as well be a combination of both.
Signing bo...
Should I buy a vehicle through my healthcare business?
June 22, 2020
Buying a vehicle through your business isn’t entirely different from buying one personally. But before you buy a vehicle under your business’s name, there are several factors you must consider.
When you buy a vehicle through your business, you will be faced with differen...
I am always looking for ways to put more money into my retirement. Chris and I currently have 10 (yes ten!) retirement accounts with a mixture of pre-tax and post-tax accounts. Each account has its own unique set of rules, contribution amounts, and investment strategies. For...
PPP Loan Forgiveness - Action Steps
May 28, 2020
The PPP Loan you received is a 2-year loan @ 1% APR in which payments start within 6 months from the funding date. Most borrowers will request the loan forgiveness within that first 6-month period to avoid making any payments to the loan.For the forgiveness process you might...
The quickest way to put more money in your pocket is to reduce taxes.
But if you’re a savvy taxpayer – or you have an experienced tax preparer on your side – there are a myriad of possible deductions that you can take advantage of that will keep more of your own money ...
Are solar panels a good investment for my home or office?
April 17, 2020
We recently had a question from a client about solar panels and their potential tax advantages. We’re actually looking into a solar panel system ourselves as we continue with a new house build, so this couldn’t have been a more timely question! Here’s the question...
How to make sure you keep your retirement money
March 26, 2020
Most people, regardless of how much income they earn, are taught that setting aside money in an employer-sponsored and/or individual retirement account is the best way to ensure that money will be available in the future.
But the truth is, that’s only partially right. Whil...
The ability to create more cash flow from the money you already make is a key step towards building true wealth. One way to accomplish this is through a strategy known as income shifting.
Income shifting is not a new concept. In fact, this strategy has been used by the...
At the end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) act was signed into law, bringing in new changes and adaptations with regards to retirement savings.
On the whole, the changes are positive. The bill appears to acknowledge that weâ€...
Where to start with choosing an entity
January 29, 2020
Okay, let’s start at the very beginning - what actually is an entity? A business entity is an organization that has been created by one or more people to carry on a trade or business. We’re going to look at some of the most common types in this blog.
Just like choo...
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