Mardi Gras – Truly a Moveable Feast!
We hope you have all enjoyed carnival season, and will through its culmination with tomorrow’s Mardi Gras. Mardi Gras can happen any Tuesday between February 3 and March 9. This is because it is tied to Easter, which in the canonical calendar is celebrated the first Sunday following the first full moon after the Vernal […]
Be Prepared! Bi-Partisan Tax Relief Passes House
On Tuesday, January 16, 2024, Chairman Jason Smith (R-Missouri) of the House Ways and Means Committee and Chairman Ron Wyden (D-Oregon) of the Senate Finance Committee announced agreement on a ~$78 billion deal for tax relief, both for businesses and families. On Friday, January 26, 2024, the Ways and Means Committee approved the resulting bill, […]
Increased Retirement Plan Contribution Limits for 2024
The IRS has increased retirement plan contribution limits for 2024, adjusted for inflation (it’s a tiny scrap of silver lining, but let’s be thankful for it anyway). The 2024 contribution limits are: IRAs: Traditional and Roth: the 2024 annual contribution limits rise to $7,000 from $6,500 for those under 50, while those age 50+ can […]
How to Scale Your Business For Future Growth
As virtual CFOs, we meet a lot of business owners, obviously. Many of them are eager to grow their businesses. Some, but not all, owners of small and medium-sized businesses have the best mindset for growth – and those who don’t have that mindset can acquire it if they want to. You Have to Decide […]
Cash Flow & Your Business – Best Practices From a Virtual CFO
One of the things we do as virtual CFOs is look at cash flow. Cash is the lifeblood of any business, and its proper cash flow management is key to your business’ health and growth. How Do You Monitor and Manage Cash Flow? A business’ cash flow must be looked at in view of the […]
IRS More Than Doubles Interest Rate (Penalty) on Estimated Tax Underpayments Over 2021 Rate
While inflation will have a positive impact on your 2024 retirement contribution limits, and possibly your income tax bracket (watch for our posts on these topics in the coming weeks), there’s one inflationary factor pertinent to income taxes that’s a pure negative for those who didn’t make sufficient estimated quarterly income tax payments, as well […]
2024 – New Year In, Old Year Out
The new year is coming fast, and the old on its last legs. Thinking about that reminded me of Marcus Aurelius’ famous quote, “Memento mori,” which reminds us what being mortal means. And none of us has managed to figure out how to get younger. This year, instead of charging off with resolutions to do, […]
Happy Holidays from Rigby Financial Group!
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Roth IRAs and Income Tax Liability – How to Protect Your Assets
We’d like to discuss Roth IRAs, this week, and their advantages and disadvantages. Roth IRAs As most of you know, for Roth IRAs: Contributions are made in after-tax dollars. Distributions from a Roth IRA, if taken after age 59½ and providing the assets have been held for at least 5 years in that Roth account, […]
Income Tax Provision – Let’s Talk Taxes!
What is the Income Tax Provision? Income and tax provision calculation. What is that, exactly, you may be wondering. Simply put, it is the calculation of the amount of income tax your business will owe for the current year. It’s Complicated . . . But the income tax provision isn’t really simple at all. Most […]