Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Ask yourself three simple questions Entrepreneurs who want to set up a retirement plan for their business have three options: SIMPLE IRA, SEP IRA, and solo 401(k) plans. Each of these retirement plans enables business owners to save money for … [Read more...] about Choosing the Right Retirement Plan
One way to transfer wealth to the next generation is to make gifts. Generally, donors pay gift tax unless they fit into an exception. The most frequently used exception is the annual exclusion. Taxpayers may give up to the annual exclusion of … [Read more...] about Gift Planning
The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to create tax-advantaged savings programs for eligible people with disabilities (designated beneficiaries). The beneficiary must be blind or disabled by age 26 to establish an … [Read more...] about Tax Benefits for the Disabled
What to look for and how to protect yourself Under the right circumstances, sole proprietors and other small businesses can reimburse employees for legitimate out-of-pocket medical expenses up to the annual limits. By implementing a … [Read more...] about Qualified Small Employer Health Reimbursement Arrangements
A tax-free way to help your favorite cause Normally, money distributed from an Individual Retirement Account (IRA) is taxable. However, if the funds are donated directly to charity, the distribution is completely tax-free. This is a significant … [Read more...] about Using an IRA to Make Charitable Contributions
Is your S corp paying you enough? Determining how much to pay yourself can be a common dilemma for entrepreneurs. However, if you run your business as an S corporation, the guiding principle is that you (and any family members working in the … [Read more...] about S Corp Owners: The Importance of Paying Yourself a Reasonable Salary
