Individual Retirement Accounts (IRAs) are designed to help you save for retirement, and they come with a set of rules and regulations to encourage long-term savings. While it's generally not recommended to dip into your IRA before retirement, there are certain circumstances where you can borrow from your IRA without incurring penalties or taxes. However, it's crucial to understand the rules and potential consequences of doing so. In this article, we'll explore the rules for borrowing from your … [Read more...] about Rules for Borrowing From Your IRA
small business accountancy
7 Effective Ways to Evaluate a Market
Before launching a new product or service, expanding into a new geographical area, or making significant business decisions, it's crucial to thoroughly evaluate the target market. Market evaluation helps businesses understand customer needs, competition, and the potential for success. In this article, we will explore seven effective ways to evaluate a market. 1. Conduct Market Research Comprehensive market research is the cornerstone of market evaluation. Start by gathering data on your … [Read more...] about 7 Effective Ways to Evaluate a Market
What are Tax Credits?
Taxes are an integral part of running a business, and they often represent a substantial portion of your expenses. However, there's good news for businesses looking to reduce their tax burden and stimulate growth – business tax credits. These credits provide financial incentives for companies to invest in various activities, from research and development to promoting renewable energy. In this article, we'll explore what business tax credits are, how they work, and how they can benefit your … [Read more...] about What are Tax Credits?
Back to Business Basics
It's reassuring to remember that downturns are a normal part of the business cycle. And, just as there are strategies that help businesses thrive during profitable times, there are basic survival tactics that businesses can employ when the outlook is less than rosy. Control Spending Finances should be your fundamental concern when economic conditions are unsettled. When sales are slow, it's time to preserve your cash. Look closely at how you can reduce overhead. Make certain that all your … [Read more...] about Back to Business Basics
Beneficial Ownership Information Reporting Under the Corporate Transparency Act
What is Beneficial Ownership Information Reporting? Beneficial Ownership Information (BOI) reporting is a federal requirement by the Corporate Transparency Act (CTA). BOI reports include information about all the company’s beneficial owners. Who is considered a Beneficial Owner? A beneficial owner is any individual who, directly or indirectly, exercises substantial control over a reporting company or owns or controls at least 25 percent of the company’s ownership … [Read more...] about Beneficial Ownership Information Reporting Under the Corporate Transparency Act
How Apple Pay and Google Pay Can Boost Your Tax Refund in 2024
Effortless Expense Tracking Explore how the seamless integration of Apple Pay and Google Pay with budgeting apps can simplify expense tracking. Efficient record-keeping can help you identify potential deductions and credits, ultimately contributing to a larger tax refund. Cashback Rewards for Taxable Spending Delve into the cashback and reward programs offered by these digital wallets. Learn how strategic spending can lead to cashback rewards that, when optimized, can add a welcome … [Read more...] about How Apple Pay and Google Pay Can Boost Your Tax Refund in 2024