Month: September 2018

October 1 Deadline for Establishing SIMPLE IRA Plans

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know.

What is a SIMPLE IRA Plan?

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Small Employer Health Reimbursement Arrangements

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses—including the cost of buying health insurance. Here’s what you need to know about QSEHRAs.

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Succession Planning: Strategies for Leaving a Business

Selecting your business successor is a fundamental objective of planning an exit strategy, but it requires a careful assessment of what you want from the sale of your business and who can best give it to you.

There are four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. The more you understand about each one, the better the chance is that you will leave your business on your terms and under the conditions you want. With that in mind, here’s what you need to know about each one.

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2018 Inflation Adjustments Updated under Tax Reform

Tax year 2018 annual inflation adjustments have been updated to reflect changes from the Tax Cuts and Jobs Act (TCJA). These tax year 2018 adjustments are generally used on tax returns filed in 2019. The tax items affected by TCJA for tax year 2018 of greatest interest to most taxpayers include the following:

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Extension Deadline Looming for 2017 Tax Returns

Time is running short for taxpayers who requested an extra six months to file their 2017 tax return. As a reminder, Monday, October 15, 2018, is the extension deadline for most taxpayers. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and taxes:

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