You may have a teen in your family who holds down a part-time job or works full-time during the summer. You can help your child lay the groundwork for future retirement security early on by encouraging your child to open an individual retirement account (IRA). You may, or may not, get some resistance, especially if your child has other plans for spending the money. However, you should persist since the benefits can be significant over the long term. Here are some points you can bring up as … [Read more...] about Help Your Working Teen Get a Jump-Start on Saving
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How Professional Bookkeeping Boosts Doctor’s Practices
The Financial Pulse of a Medical Practice Running a medical practice involves juggling numerous financial responsibilities, from managing payroll and expenses to navigating complex tax regulations. Professional bookkeeping goes beyond mere number-crunching; it provides a clear and accurate snapshot of the financial pulse of the practice. With up-to-date financial information, doctors can make informed decisions that contribute to the overall well-being of their business. Compliance and … [Read more...] about How Professional Bookkeeping Boosts Doctor’s Practices
Starting a Side Gig in 2022? Your New Tax Obligations
It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you expected to on April 15. Or you were pleasantly surprised to receive a sizable refund. The idea, of course, is to try to come out as even as possible. You can usually do this by adjusting your withholding when you experience a life change like taking on a mortgage or having a baby. Income taxes … [Read more...] about Starting a Side Gig in 2022? Your New Tax Obligations
8 Accounting Tips Every Small Business Owner Should Know
As a small business owner, you probably think about tracking expenses and keeping up with tax deductions, but these aren't the only critical accounting tips you should know. Whether you've been in business for a while or you're a new start-up entrepreneur, read on for our 8 best accounting tips. 1. Outsource your bookkeeping. For every business, bookkeeping is critical. This essential task is keeping organized records of your business's income and expenses. If you're like most small business … [Read more...] about 8 Accounting Tips Every Small Business Owner Should Know
How Your Choice of Business Entity Benefits Your Bottom Line
Some small businesses develop gradually, transforming from a part-time hobby to a full-time operation. Others go from zero to a hundred in just a few weeks, as entrepreneurs turn ideas into profitable enterprises, seemingly overnight. In either case, it’s easy to overlook certain details, such as how the business is structured. After all, there are more pressing concerns in bringing a product or service to market. Certainly, it is possible to run a business without making a deliberate decision … [Read more...] about How Your Choice of Business Entity Benefits Your Bottom Line