For a myriad of reasons – from automatically passing ADP testing, helping with Top-Heavy failures, or owners saving $60,000+, many businesses choose to use a Safe Harbor formula in their 401(k) retirement plan. Let’s find out what the Safe Harbor formulas are and why you may choose one over the Read more…
Mega Backdoor Roth? Probably Not for Small Business Owners.
I’ve read the articles and maybe you have too; articles about Mega Backdoor Roths (MBRs) that promise a lot – but maybe don’t explain all the issues they may cause for certain businesses or people. In this article, I'm going to review what a MBR is, how it works, and while it may be good choice for Read more…
If You Were to Fall Ill, Would Your Business Be Set Up for a Successful Transfer?
The business community has certainly felt the impact of the pandemic — so much so that the number of active business owners fell by 3.3 million between February and April 2020. That’s a 22% decline, the largest on record. Small businesses were hit the hardest, but nearly half have said they’re now Read more…
Self-Employed? Here’s What You Need To Know About Retirement Planning
In 2019, more than 16 million American workers were self-employed. In 2020, the coronavirus pandemic forced even more Americans to become their own bosses. Read more…
Small Business Retirement Plan Options
One of the more difficult challenges for small businesses, especially those with less than 5 employees, is finding a cost-effective and manageable retirement plan option. Time spent focusing on a retirement plan is time spent not growing your business. But like healthcare and vacation programs, a Read more…
How Tax Reform Impacts Business Owners
While the Tax Cuts and Jobs Act impacted both individuals and businesses, changes to the business tax scheme were comparatively more comprehensive and permanent. As a business owner, the magnitude of the changes may seem overwhelming. Instead of getting caught up in the details of every Read more…
