You've worked to build the nest egg that can last you throughout your golden years and leave an inheritance to those you care about the most. However, if you fail to utilize effective tax planning strategies, you could be giving Uncle Sam a sizable portion of your savings and dramatically changing your retirement outlook. Fortunately, there are several simple and advanced tax planning strategies you can employ to reduce your tax liability. And the experienced team at the MB Group can help. We've outlined a few of the top tax planning strategies you can use to help ensure your golden years in retirement are as astonishing and relaxing as you deserve.
Health savings accounts (HSAs) are a growing trend in health care. An HSA is a tax-exempt savings account established for the purpose of paying for the qualified medical expenses of an individual and/or his or her spouse and tax dependents. HSAs are designed to provide eligible
If you're a real estate investor or commercial property owner, one of the most valuable tax deductions is depreciation. While the concept of depreciation may not be foreign to most, it can become exceptionally complicated when coupled with taxes and commercial real estate. However, the IRS offers helpful guidelines to make depreciation-related deductions on business real estate easier and more transparent.
As if 2020 wasn't already tumultuous enough: tax season is upon us. And just like every other facet of life, COVID-19 has indeed had an impact on taxes. If you're not careful and meticulous about your tax planning, COVID-19 tax laws and issues could cause you to stumble and make a very costly mistake. Fortunately, you have options.
Small businesses are the heartbeat of the United States economy. Unfortunately, small businesses have been under assault from every direction due to the COVID-19 global pandemic. Facing closures, it's important for business owners to utilize every tool at their disposal to navigate the best path forward.
Contrary to popular belief, what you don't know can hurt you, especially when it comes to tax deductions you may have missed for your business. Failing to capitalize on all of the tax deductions you may be entitled to is synonymous with leaving the proverbial "money on the table." However, making sure you have maximized every tax deduction available is easier said than done —unless you have year-round tax planning with an experienced accountant or CPA.
Open enrollment is often time-consuming and confusing for employees, but these choices can
make a huge financial impact. We always suggest that HR share the following advice with
employees to help prepare them for the upcoming enrollment season:
Regardless of your sector or industry, one adage remains true: if you fail to plan, you're planning to fail. To help you avoid the unfavorable outcomes associated with foregoing financial planning, it's best to create budgets for both internal and external reasons. Budgets are ideal for helping you make more informed decisions in regards to sales, purchases, and virtually every other business decision. At the same time, maintaining a budget can be used to secure business loans as well as attract business loans. Let's take a closer look at a few of the types of budgets regularly used when creating financial plans.
Managing taxes can be stressful and time-consuming. That’s why many people put off dealing with all tax-related matters until it’s time to file their annual return. While this may seem like the easiest path, it is a costly mistake.
The coronavirus pandemic has left no stone unturned and has completely shifted the way we view business and life—including accounting. In fact, the COVID-19 pandemic has resulted in one of the most rapid changes to the economic environment the world has ever experienced. For instance, during the week that ended on August 8, a stupefying 963,000 people submitted a claim for unemployment insurance, which continued a devastating trend in the market.