by somichcpa | Feb 25, 2020 | Business
Focusing solely on sales and profits can create a surprise for any business when there is not enough cash to pay the bills. Here are five key principals to improve your cash management. Create a cash flow statement and analyze it monthly. The primary objective of a...
by somichcpa | Feb 21, 2020 | Tax Tips
The savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account whose funds can be used to pay...
by somichcpa | Feb 18, 2020 | Business, Individual Taxes
With the major Form W-4 overhaul for 2020, you may field questions from your employees concerning their federal paycheck tax withholdings. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer questions...
by somichcpa | Feb 11, 2020 | Financial Planning, Individual Taxes, Retirement Planning
The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement: Money can continue to grow...
by somichcpa | Feb 3, 2020 | Individual Taxes, Tax Tips
The IRS primer every voter should know Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending...
