In the aftermath of the COVID-19 pandemic, small businesses can look to economic indicators to help guide their planning and decision making. Economic studies are indicating that with the health crisis beginning to subside in the United States, small businesses are reporting strong growth. According to responses in a recent Small Business Recovery Report, the[…]
Deciding whether to loan money to a friend or family member can be a tricky road to navigate. It is important to understand the personal, legal and tax consequences of your decision. When someone asks for financial help, saying “no” can be hard. And, if it’s a family member, it can even be harder. To[…]
How to protect your business from ransomware attacks
By diamondcpas Best Practices, Technology Apr 25, 2022
In a world where hackers strike at the heart of business servers every day, the risk of having your data held hostage to ransom is extremely real, extremely costly and extremely concerning. Should you become a victim of such a disruptive hack, your options are few and none of them are good. Obviously, you can[…]
The dream of running your own business began with certain expectations and desires, including making more money and finding more satisfaction in your work. But, sometimes, it may feel that neither of those things is true. Let’s take stock and see how you may have gotten sidetracked and map out a strategy to get you[…]
If you’re not familiar with I-bonds, you may be missing out on a significant means of growing your savings, especially during these challenging economic times, with inflation taking a big bite out of everything, from fuel to groceries. I-bonds are a type of United States savings bond that are designed to protect the value of[…]
Not only have many people never heard of health savings accounts (HSAs), even those who have, may never have thought of them as a potentially great way to save for the future. HSAs can, under the right circumstances, be quite conducive to a tax-friendly means of stashing some money away. While there are more well-known[…]
Inheriting an IRA presents a number of choices for the beneficiary. Whether it’s a Roth or Traditional IRA, the rules surrounding the inheritance can be complicated and your decisions can have a significant impact on your financial planning. When the so-called “stretch IRA,” was virtually eliminated by passage of the 2019 SECURE Act, beneficiaries of[…]
There is some good news for your retirement planning. If you have an employer-sponsored 401(k) retirement plan, or any of a number of similar plans, you’ll be able to increase your annual contribution this year by $1000, as part of the federal government’s scheduled inflation adjustment. The limit increase means work-based retirement plans can reach[…]
The most overlooked deductions and credits for the self-employed
By diamondcpas Business Taxes Jan 31, 2022
Too often, those who are self-employed, whether on a full-time basis or just doing some freelance work on the side, miss out on beneficial tax deductions to which they are entitled. Among the most significant is the home-office deduction. To qualify, however, you must have a portion of your house that you exclusively for your[…]
Let’s discuss Spousal Lifetime Access Trusts, otherwise known as SLATs. Establishing one can be complex and designing one to meet your particular needs will most certainly require an estate planning expert, but doing so could be quite beneficial for your financial future. A Spousal Lifetime Access Trust is an irrevocable trust that can own permanent[…]