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.
You've worked hard to build a nest egg and enjoy some of the finer things in life. It only makes sense to chart the best path forward under the seasoned advice and guidance of financial planning. No matter your age or net worth, financial planning will help you see the big picture and develop feasible short-term and life-long goals. Just as you use GPS-enabled navigation to go from point A to point B, financial planning services can help you achieve your goals with a superior peace of mind. Let's take a closer look at a few of the top benefits of working with a financial planner.
As a real estate agent, you are dedicated to helping others achieve their goals, dreams, and aspirations through acquisition and sale of property and homes. But who is helping you achieve yours? Fortunately, the team at MB offers access to teams of specialized support and services for financial planning for real estate agents. We'll guide you through the process and help you confidently check all of the boxes, so you can make your vision of the future your reality. Continue reading to learn more about our financial planning for real estate agent service.
Do you want to project how your business will grow? Are you planning to ask for funding from a bank or investor? Having a hard time budgeting for long-term expenses? Creating an accurate financial forecast can help you address each of these common situations. By understanding how your business has performed in the past and exploring current industry trends, you will be better prepared to make smart and efficient choices for your company. The business accountants at MB Group are experts at helping business owners create comprehensive financial forecasts that empower them to reach their goals.
At the MB Group, one of the most common questions we receive during tax preparation is whether a business owner or individual should choose standard vs itemized deductions on their tax returns. The answer always depends on the business or individual's situation. While both deductions are designed to reduce your taxable income, itemized deductions offer greater potential for more savings. Let's take a deeper look at standard vs itemized deductions and how MB Group can help you decide.
For millions of Americans, April 15th (tax day) brings confusion and anxiety. Dealing with the IRS can be unnerving, and even a minor error on your tax return can mean audits, fees, and penalties. If you want to avoid unnecessary stress this year, these simple tax planning strategies can help make the process quick and stress-free: