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 […]
5 Common (and Costly) Payroll Errors and How to Avoid Making Them
Payroll is one of the most important aspects of any business, but when it’s running smoothly, business owners don’t tend to think about it much. However, when there’s a payroll glitch, it jumps to the forefront of an owner’s mind. Here are several payroll mistakes that can cost you a bundle — and how to avoid […]
The Legality of ROBS arrangements
We get asked all the time, “How do I use my 401(k) to start a business without paying penalties and taxes from early withdrawal?” The answer comes from two sets of laws which work in tandem with one another. The first is the Internal Revenue Code (IRC) § 4975 (d)(13), and the second is ERISA […]
How a ROBS Arrangement Works
Most businesses start something like this — you wake up one day and go, “Eureka! I am going to start my own business.” You kick on your shoes, roll up those sleeves, brag to all your friends, and get to work! Then everything evolves over time from there. If your idea works, then you grow […]
The ROBS Arrangement Retirement Strategy
A ROBS Arrangement stands for ‘Roll-Over as Business Startup’. As the name implies, this is a retirement strategy that allows entrepreneurs to finance a business purchase or acquisition by using their retirement funds in a tax-deferred rollover. I am commonly asked, “seriously? I can start my own business using my 401(k) funds without penalty?” Yep, […]
Payroll Troubles & The Work from Home Revolution
Facing the pandemic, an estimated 40 million U.S. employees were suddenly granted an opportunity to work from home. Ever since, employers have been trying to figure out ways to get them back into the office! Naturally, conflict ensues. Strongly worded emails are dispatched, birds are flipped, chairs are tossed, tissues expended — everyone resigns. Fast-forward […]