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 Equinox. In between these two celebrations is the season of Lent, of repentance, atonement, and fasting.
Some claim Mardi Gras – and Carnival season – descends from such pagan traditions as Saturnalia and Lupercalia (this last was a Roman festival celebrated on February 15), and incorporated, as many pagan holidays were, into the Christian religion and calendar. The word “carnival” does derive from the Medieval Latin carnelevamen, roughly translating to “doing without flesh,” as in those days Lenten fasting meant no eating of warm-blooded animal protein for the duration of the season.
It is certain, though, that in 1582, under Pope Gregory VIII, Mardi Gras was established as part of the canonical calendar, and that it has been celebrated in New Orleans, in one form or another, since at least the 1730s.
Of course, this is a special time for us in New Orleans. We take our kids to the parades to watch their eyes get bigger as the floats go by, collect throws, attend historic balls.
We feast, we make merry.
We also put things off, sometimes. And one of the things we may be putting off is thinking about our income taxes.
So, just a gentle reminder – after Ash Wednesday, please get us your personal and business tax information as soon as you can, so we can get to work for you.
How does your family celebrate this very, very New Orleans holiday?
Click here to email me directly – I’d love to know your traditions.
Until next time –
Peace,
Eric
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, with a vote of 40-3, and on Wednesday, January 31, the House of Representatives passed it, 357-70. The legislation would amend, in part:
Business’ Research & Development (R&D) Expenses:
Prior to enactment of the TCJA, Section 174 of the Internal Revenue Code (IRC) enabled businesses to deduct 100% of R&D expenses in the year they were incurred.
After the enactment of the TCJA, – i.e., under the law at present – most R&D expenses incurred for tax years beginning after December 31, 2021, must be amortized over a 5-year period (15 years in cases where certain R&D or experimental expenses are attributable to foreign research), beginning at the midpoint of the tax year in which the expenditures were made or incurred.
The proposed changes would restore R&D expenses to full deductibility in the year the expenditures were made through the tax year ending December 31, 2025 – including, retroactively, tax years 2022 and 2023.
According to the R&D Coalition, a cross-industry partnership among small, medium, and large business concerns, every $1 billion spent on R&D supports ~17,000 U.S. jobs earning ~$1.4 billion.
Industries Benefitting from R&D Tax Relief:
One of the beauties of R&D tax relief is that many industries will benefit. Some R&D-heavy industries are:
- Technology & software
- Manufacturing
- Pharmaceuticals and biotechnology
- Agriculture
- Construction
Business Interest Expense Limitation:
IRC Section 163(j) limits the deduction of certain business interest expenses. Prior to 2017, these limitations were largely in place to prevent multi-national entities from shifting earnings to lower-tax jurisdictions from higher-tax jurisdictions. The applicability of Section 163(j) was limited only to certain entities and under specific conditions.
However, the TCJA made significant changes to Section 163(j), applying limitations to the deductibility of business interest expenses to all U.S. businesses, starting with tax year 2018.
The Tax Relief of 2024 proposes to restore a less restrictive limitation on business deductions for net interest expense, returning to a 30 percent limit based on EBITDA (earnings before interest, taxes, depreciation, and amortization) rather than EBIT (earnings before interest and taxes); the tighter limitation based on EBIT took effect beginning in 2022, and the proposal would allow companies an election to use the looser limitation for 2022 and 2023 and require the EBITDA-based limitation for 2024 and 2025.
100% Bonus Depreciation:
Under the TJCA, qualified property placed into service after September 27, 2017 and before January 1, 2023 (January 1, 2024 for certain longer-production property and certain aircraft) were eligible for 100% bonus depreciation in the year the property was put into service.
This bonus depreciation was to phase down by 20% each tax year beginning with 2023. The bonus depreciation was to have been as follows:
- 2023 – 80%
- 2024 – 60%
- 2025 – 40%
- 2026 – 20%
- 2027 – 0%
Under the proposed bipartisan tax relief, as proposed, the 100% bonus depreciation would be extended to include property placed into service after December 31, 2022 and before January 1, 2026 (January 1, 2027 for the longer-production property and aircraft as noted above).
Other Notable Business Tax Relief Provisions:
These include:
Increased Limits on Expensing Depreciable Bonus Assets:
IRC Section 179 permits expensing the cost of qualifying property rather than recovering the cost via depreciation. Under current law, the expensing of such costs was capped at $1 million per tax year for tax year 2018, and was limited to cover qualifying property costing $2.5 million per year. These amounts were adjusted for inflation; the expense for 2023 was limited to $1.16 million, and the cost total qualifying property limited to $2.89 million.
The proposed tax relief would increase the expensing of qualifying property for 2024 to $1.29 million, with a cost cap for such property of $3.22 million. These amounts would be inflation-adjusted for tax years after 2024.
Increase in 1099-NEC and 1099-MISC Reporting Threshold:
For tax years beginning after December 31, 2023, the threshold for requiring the issuance of 1099-NEC and 1099-MISC forms would rise from $600 to $1,000 (which we think almost everyone we know would be glad of!).
There is, of course, much more in the tax relief proposal, including an expansion of the child credit and increased funding for low-income housing, among other items.
The proposed tax relief is in theory effectively revenue-neutral, its costs to be offset by changes to the Employee Retention Tax Credit (ERC).
Final Thoughts
There is much still to be worked out, and we will wait with interest for further details as they emerge. There is at this point some pushback in the Senate against the delicate balance of competing interests, and there is no guarantee the House bill will result in enacted legislation.
However, we think this would be a step in a good direction for the nation and the economy – in other words, for all of us. And there is a lot here that businesses can, should all the business-friendly provisions of the proposal be enacted into law, leverage to their benefit – it wouldn’t hurt to consult your CPA now, rather than waiting, particularly if there may be a need to amend prior-year tax returns.
Having passed in the House Ways and Means Committee by a vote of 40-3 on Friday, January 26, 2024, the bill for tax relief has moved to the full House of Representatives for a vote.
Stay tuned for further information as it becomes available.
If you would have any questions concerning how one or more of these provisions could be leveraged to your business’ benefit, please click here to email us directly – we are always here to help you!
Until next time –
Peace,
Eric
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 contribute an additional “catch-up” of $1,000 per year, for a total contribution limit of $8,000. Note that this limit applies to all IRAs held by a single taxpayer, not each individual IRA – i.e., if you want to contribute to more than one IRA in 2024, the total amount contributed cannot be more than the limit for your age ($7,000 or $8,000, depending on whether you are over or under 50).
SEP IRAs:
The contribution limit for 2024 (made by the employer on behalf of an employee) is the lesser of 1) 25% of the first $345,000 of compensation (with some minor adjustments), or 2) $69,000 per employee (an increase from the 2023 limit of $66,000). No catch-up contributions are permitted.
SIMPLE IRAs:
The 2024 maximum contribution will rise to $16,000, up from $15,500 for 2023. If you are over 50, a catch-up contribution up to $3,500 – unchanged from 2023 – is permitted.
Employer-Sponsored Retirement Plans:
The 2024 contribution limit for 401(k), 403(b), and most 457 plans will rise from $22,500 in 2023 to $23,000 for employees under 50. For those over 50, a catch-up contribution up to $7,500 annually is permitted – no change from 2023 – allowing you to contribute up to $30,500, assuming your employer-sponsored retirement plan is structured to allow catch-up contributions.
We strongly recommend contributing the full amount available to you into your retirement account(s) – as close to the limits as possible, if you can’t absolutely max out.
Further, we would advise checking into all retirement options available through your employer – public schools, colleges, universities, churches, hospitals, and other tax-exempt organizations may offer more than one option, including 401(k), 403(b), and/or 457 plans, and may also allow you to participate in and contribute to more than one employer-sponsored plan – e.g., offering you both a 401(k) and a 403(b) plan.
If you have both a 401(k) and 403(b) plan account, be aware that the total annual contribution to these employer-sponsored retirement plans is $23,000 for 2024 – or $30,500 if you are over 50. However, it may still be a good idea to have more than one employer-sponsored plan account, especially if one or more of the plans does not allow catch-up contributions. In such a case, you can contribute the amount of your catch-up to the second retirement plan account – the IRS permits you to treat this additional contribution as a catch-up for their purposes, even if your plan does not.
However, if your employer offers you both a 401(k) plan and a 457 plan, a deferred compensation plan, you can contribute $23,000 to each plan in 2024, not counting catch-up contributions. If you have this option available, and are over 50, you can contribute up to $30,500 tax-deferred to each account for 2024 – $23,500 plus $7,500 in catch-up. This would mean that, for those over 50, a total tax-deferred contribution of $61,000 can be made for 2024.
Final Thoughts
There are certain strictures and limits on income eligibility to be able to fully deduct contributions from your taxable income for some retirement plans. Consult your virtual CFO or financial advisor to ensure you get every possible benefit you are legally entitled to.
Please click here to email us directly – let us know how we can help .
Until next time –
Peace,
Eric
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
Some business owners truly enjoy being a one-person operation. It provides a certain control that many entrepreneurs are comfortable with. You know your own capabilities, you are the ultimate known quantity in a team member. There is not a thing in the world wrong with staying in that lane!
But, bear in mind that not every hat you will have to wear will fit your head equally comfortably. You, and only you, will be responsible for:
- Sales and marketing, which, while two prongs of the same fork, are two different tasks with their own responsibilities.
- The work you are marketing and selling – every bit of it. You have no-one to delegate to.
- Your bookkeeping (this is a bigger job than you might imagine, when you consider you will be making deposits, scheduling payments, reconciling bank and credit card statements, updating customer and vendor accounts, etc., etc., etc.).
- Fielding telephone calls, and returning calls to those who’ve left voice messages.
- Monitoring and replying to emails.
- Dealing with at least some of your IT needs and issues.
- Handling all customer service – not just the work itself, but the effort that is always needed to ensure a customer is satisfied, feels that their worries have been heard and their needs will be met.
Your other option as a closely-held business owner, is, rather than to remain a rugged individualist, to choose a team approach (see below).
I Want to Grow! How Do I Start?
First things first – in order to grow in a directed and focused way, which will lead to the fulfillment of your goals, you need:
- A clear culture for your business, based upon your core values, and a clear understanding of whom you want your business to serve.
- A vision of where you want to take your business – that’s your overall goal.
- A strategy designed to get you there – the interim goals – monthly, quarterly, annually, which will mark your progress.
- A plan for implementation to ensure those goals are met. We strongly recommend monthly or at least quarterly goals, to be reviewed at the end of the period, so that you can analyze your progress.
You’ll keep tracking that progress as you move from one goal to the next, monitoring where you are, where you need to get to as the next stage, and making sure you know what steps will get you there.
Build a Team
To best scale your business up, you need one thing further, and it’s absolutely key. You need a team to help you achieve your ultimate goal, and you want the very best team you can assemble to help you do it.
Because that goal is going to require that your mind is available for big-picture thinking. You can’t be mired in the details of reconciling your operating account (focusing in) and look to the horizons for opportunities (focusing out) at the same time.
That is the difference between working in your business and working on your business. Your team is there to do the former, while you devote your efforts to the latter.
The work gets done, the clients are happy, and you are out there promoting the business and seeking out new ways to grow. Your team grows, both in numbers and personal development, as its members take on more and more responsibility and more and more work comes in to be delegated. Everyone benefits you, your clients, and your team!
Final Thoughts
A one-person shop is great. So is growing a business. It is for you alone to decide what you want, what you are best at, what fulfills your life and brings you joy.
Also, and this is my own take, applicable (or not, as you please) to all business owners – if you are going to run a business, no matter its structure or purpose, you are going to be making your living solving other people’s problems. My experience is that, if you embrace that as purpose, you will achieve better business results than if you are merely looking for the money brought in.
Maybe that is because focusing on the work, rather than the reward, making that the center of your mindset, means the client’s needs come first. And a client who feels heard and helped, who feels it matters to you that their needs are met, is likelier than not to come to you when a new need arises.
Interested in scaling your business? Give us a call and let RFG’s team be part of your own – we can help you grow, and would love to do just that!Please click here to email us directly – let us know how we can help you.
Until next time –
Peace,
Eric
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 specifics of the individual concern, the industry, etc., but there are a few things every business owner should do:
- Reality-based monthly budgets and forecasts should be prepared.
- Review these against your business’ actual results regularly – at least quarterly, monthly if possible, and update your budgets and forecasts as indicated going forward.
- Create a dashboard to track your business’ cash flow across all accounts, as well as your receivables and payables, and review these weekly, if not daily.
Keep Separate Bank Accounts
Keeping cash in separate accounts for separate uses is a good way to keep track of funds, and ensure you segregate your funds so that they’re only used for the right purposes:
- Keep an operating account for customer payments and expense outlays. This may or may not include your payroll – many companies find that a separate payroll account is very helpful, but not all smaller businesses will need this.
- You should also have a money market account, and make automatic, regularly scheduled deposits to it. You can add extra funds to your money market account when you have an especially good month, quarter, etc. A money market account for your business is very much like your own personal savings account – it’s there for emergencies, for carefully considered business investments, and other expenditures outside the normal day-to-day operations of your company. In addition, many money market accounts are currently paying ~5%, which is an added bonus for your business.
- An account for employee bonuses can be useful – and, as a side note, bonuses can be an excellent way to attract and retain the kind of talent you want in your business.
- Especially if you are a sole proprietor, a separate account for your own income tax liabilities (which must be paid with estimated quarterly tax payments) is also a good idea.
- If your business owns any rental property, that income and related expenses should be segregated into an account dedicated to the purpose.
Don’t Finance Clients’ Business Operations
Again, your company’s cash is its lifeblood. When you do work upfront and get paid after completion, you are effectively financing your clients’ businesses at the expense of your own – which is not what they pay for with your services – unless you are a bank, lending money at a market rate of interest.
To help minimize this, you have some options:
- Get a retainer from your client before commencing work – this makes for fairer timing between the work being done and payment being received.
- If you don’t get a retainer, specify that your invoices are due upon receipt.
- At the very least, ensure that your billing and payment terms are clearly communicated to your clients, and that the clients understand them.
- Give clients, upfront, an estimate of the likely cost of the work to be done.
- Consider charging interest on invoices with payments not made according to your agreed-upon payment terms (this doesn’t work for every business, but if it does, it’s a tool you can use).
It is key to get all provisions for retainers, estimated costs, and billing and payment terms down in writing, in a document (e.g., an engagement letter, a proposal, etc.) which is signed by both you and your client.
Pay Yourself First!
Meeting payroll is the first responsibility of every business owner – but make sure you are at the top of that payroll. Every worker is worthy of his/her hire (replace them if they are not!), and you are no less a worker your business – nor any less worthy – than your team members. If it weren’t for you and your business, their jobs wouldn’t exist.
Of course, these are only suggestions with general applicability – for specifics relevant to your unique business, give us a call and find out how our virtual CFO services, whether comprehensive or limited in scope, can help you take charge of your business’ cash flow.
Please click here to email us directly – let us know how we can help you.
Until next time –
Peace,
Eric
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 as those who have under-withheld their tax payments via their employers.
A Pay-As-You-Go (or Pay-As-You-Earn) System
In the United States, taxpayers are required to pay taxes during the year as they earn and receive income.
- If you work for an employer, your salary or wages are taxed according to the W-4 you file with your employer annually. If you receive bonuses or commissions, you may want to recalculate and file a new W-4 during the year, to ensure you are not underpaying your tax liabilities.
- If you are self-employed, or have income not subject to withholding, such as interest, dividends, and/or capital gains, you may be required to file estimated quarterly tax payments to avoid being assessed interest (or a penalty) on the amount you underpaid for the quarter.
What is the “Penalty,” Really?
The underpayment penalty for estimated taxes is, in actuality, interest charged on tax underpayments in a given quarter. The rate at which this “penalty” is calculated is equal to the federal short-term interest rate plus 3%, and is recalculated by the Internal Revenue Service (IRS) each quarter. The IRS calls this assessed interest a penalty, despite it being calculated as interest.
Rising Interest Rates Impact Everything
And this includes the interest rate (penalty) assessed for underestimating your total annual federal income tax liabilities when paying your income taxes, whether via employers’ tax withholding or quarterly estimated tax payments. This penalty is assessed on the amount by which you underestimated/underpaid your federal income tax liability for the quarter in question:
- For 2021, the rate, which is based upon the federal short-term interest rate plus 3%, stood at 3%, as it had since the second quarter of 2020.
- During 2022, the rate for the first quarter remained 3%. However, the rate increased by 1% each quarter thereafter for the year, ending at 6% for the fourth quarter of 2022.
- For 2023, the rate rose in the first quarter to 7%, and for the fourth quarter, the rate is 8%. The last time the interest rate (penalty) for underpayment of federal income taxes was this high, the period in question covered the third quarter of 2006 through the fourth quarter of 2007.
- For fiscal year 2022, the IRS assessed over $1.8 billion in penalties for estimates tax underpayments on ~12.2 million individual income tax returns.
- The estimated income tax payment for the fourth quarter of 2023 is due on Tuesday, January 16, 2024 (Monday, January 15, is a federal holiday, celebrating Martin Luther King, Jr.’s birthday).
How to Avoid IRS-Assessed Interest on Underpayment of Your Income Taxes
The best way to ensure you aren’t assessed interest (penalty) for underpayment is – don’t underpay! Of course, that’s easy to say, and harder to ensure, especially if your income fluctuates over the year. We recommend you seek the guidance of your CPA, and provide him/her with all relevant data, including paystubs, cash receipts, investment account statements, etc.
However, there are a couple of methods which simplify paying your estimated taxes, also known as “safe harbor” provisions. If:
- Your final individual income tax return shows taxes due of less than $1,000,
- You paid the lesser of 90% of the income tax liability for the current year, or 100% of the income tax liability for the prior year, or
- You are a high-income individual, earning an adjusted gross income (AGI) of $150,000, or $75,000 for married taxpayers filing jointly, and paid 110% of the income tax liability for the preceding tax year,
You may not be liable for an income tax underpayment penalty.
Can an Assessed Interest (Penalty) on Underpayment of Income Taxes be Removed or Reduced?
Under certain circumstances, the answer may be “yes.” There are certain circumstances which the IRS recognizes as potentially or actually beyond a taxpayer’s control, which may make it difficult to meet estimated income tax payment obligations in a timely manner. In such cases, the IRS may reduce or rescind the assessed penalty. Some of these circumstances include:
- If you (or your spouse, if you file jointly), retired during the prior two years and had reached the age of 62, and had reasonable cause (such as the serious illness or death of an immediate family member, or other unforeseen situation) to underpay your estimated taxes, or to pay estimated taxes late (such as , you may be eligible for penalty relief.
- If you had most of your income tax withheld early in the year, rather than spreading it out equally, a quarterly interest assessment (penalty) for underpayment of estimated tax may qualify for relief.
- If the underpayment resulted from a casualty (such as your home being damaged by fire), a local natural disaster, or other unusual circumstance under which the imposition of interest on the underpayment of income tax (penalty) would be considered unfair (by the IRS, or as specified under specific official authorization(s) to provide such relief).
Final Thoughts
Again, we strongly urge you to seek the guidance of your CPA. S/he can help you most accurately determine your estimated income tax liabilities and provide estimated payment amounts. If your income derives from multiple sources, and especially if it comes from various different types of income (e.g., salary or wage earnings, income from outside your employer-paid salary or wages, and/or investment transactions whereby capital gains or losses are realized), your CPA can help you navigate the various tax withholdings, estimated tax payments due, and liabilities involved.
Do you wonder whether you might be underpaying your income taxes? Call RFG – we are tax experts, very old hands at calculating estimated income tax and estimated income tax payments, and ready to be at your service!
Or, click here to email us directly – helping you is why we are here!
Until next time –
Peace,
Eric
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, let’s instead make a resolution to think.
About how we want to spend the rest of our lives.
About what that would look like.
About what that would feel like.
And how we might make it all happen for ourselves.
Only then can we really make the meaningful, mindful resolutions which will help get us there.
Let’s take stock of what matters most to us (and our goals are as individual, as unique, as each of us is).
Where, how, with whom, doing what, do we want to spend the rest of our limited time on this earth?
How do we get to the point where we can say, with truth, “I did what I could with what I was given to work with?”
Most of us need to work, but we can make sure that work is worthy of our time, our focus, our efforts, our energy.
And let’s not neglect our passions – we are drawn to do things for a reason, and I think we should respect that, even if the reason isn’t something we can easily decipher.
If we have a strong desire to paint pictures, to write books, let’s do that, and honor this crucial part of ourselves.
But let’s approach it – all of it, our vocations and avocations, our family lives, our friendships – mindfully, intentionally, so that we ensure no year of our lives fritters itself away and leaves us no closer to our ultimate goals.
In other words, let’s, all of us, make 2024 count!
Please click here to email me directly – I’d love to know your goals, your thoughts, and your plans.
Until next time –
Peace, happiness, prosperity, and fulfillment in 2024,
Eric
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, are entirely free of income tax liability.
- There are no required minimum distributions (RMDs) for the original account owner; therefore, the assets can continue to grow after retirement, with no tax liability to the account owner.
As with all IRAs, a Roth IRA with a properly designated beneficiary or beneficiaries does not go through the probate process.
Who is Eligible for a Roth IRA?
That’s a question with a two-part answer.
- To be eligible to open or contribute to a Roth IRA, you must earn less than $153,000 as an individual, or less than $228,000 for married couples who file jointly (2023 limits).
- However, if you are over the thresholds above, you have the option of converting part or all of your current IRA-held assets to a Roth IRA.
What Happens When You Convert to a Roth IRA?
The principal event triggered by converting a traditional IRA to a Roth IRA is the recognition of the pre-tax dollars you contributed to your retirement accounts as current taxable income – so these conversions may in some cases best be done in stages or tranches, so as not to incur a huge tax liability all at once.
Why Might You Want to Convert to a Roth IRA?
Traditionally, IRAs have been considered a great way to reduce taxes overall, as contributions are made with pre-tax dollars, and in the general way of the world, a retiree’s income tax bracket usually drops a level or two. Therefore, post-retirement withdrawals from your IRA would in theory be taxed at a lower rate than you would have incurred on those funds if you had not made the tax-deferred contributions to your IRA.
And Roth conversions are not for everyone. But, if you are more than 5 years away from retirement, have a high income and a healthy balance in your tax-deferred IRA, and expect your income tax rate to rise in the coming years, a Roth conversion of all or part of your current IRA-held assets might be for you.
Remember, tax rates may increase in the near term, given:
- The current economic climate.
- The Federal budget deficit.
- The looming Presidential election coming in roughly 12 months.
- Income tax rates are in fact on course to revert to the levels in effect prior to the enactment of the Tax Cuts and Jobs Act (TCJA) effective January 1, 2026.
So you may not find that your post-retirement tax bracket is not lower, or not much lower, than your tax bracket during employment, although Congress may act to extend the TCJA tax cuts for individuals.
What Are the Upsides to Converting to a Roth IRA?
Some of the benefits include:
- Distributions taken after age 59½ from a Roth IRA are tax free, unlike tax-deferred IRAs, provided the assets have been be held in the Roth IRA for five years. Earlier withdrawal of these funds results in a 10% tax penalty – but no income tax liability.
- The original owner of a Roth IRA is not required to take minimum distributions (RMDs), unlike tax-deferred IRAs from which RMDs must be taken starting the year after you reach age 73, with a hefty 50% penalty if you don’t. So, you can effectively make a tax-free gift of a Roth IRA to your heirs in entirety, if you so choose.
- Distributions are also tax-free to certain beneficiaries, such as your spouse, over their lifetime.
- Other beneficiaries, including minor children, can also take tax-free distributions from the Roth IRA, though adult non-spousal beneficiaries, including children once they reach the age of majority, must in most cases take distribution of their entire portion over 10 years.
- Converting to a Roth IRA can reduce your estate taxes by the amount of income tax you paid in connection with the conversion. The estate exemption for 2024 of $13.61 million for individual tax filers ($27.22 million for married taxpayers who file jointly) is, like other provisions of the TCJA pertaining to individual income taxes, set to drop to an estimated ~$6.8 million for individuals or ~$13.6 million for married couples as of January 1, 2026.
- Another benefit of converting your tax-deferred IRA to a Roth IRA is that, by naming your child (or children) as beneficiaries, you can effectively make a tax-free gift to them, without the necessity of filing a Gift Tax Return.
What are the Downsides?
There are some drawbacks to converting to a Roth IRA:
- The most obvious is that you will have to pay income tax on the full amount of retirement assets converted – and you will need the cash available to pay these taxes from a source outside your retirement account(s). However, if you are considering converting to a Roth IRA, you may want to consider doing so before the TCJA tax cuts expire.
- Since the value of the assets converted is considered taxable income in the year you convert, you could find yourself in a higher income tax bracket this year, and pay higher taxes on all your current-year income – if you aren’t already in the highest bracket. We recommend you consult closely with your financial advisor when considering a Roth conversion, so that you are fully informed and there are no surprises.
If you are considering converting retirement assets to a Roth IRA, and want to understand the potential impact on your income tax liabilities, please click here to email me directly – I am here to help.
Until next Wednesday –
Peace,
Eric
Read our prior posts relevant to Roth IRAs:
SECURE 2.0 Enacted – Key Highlights
Roth IRAs: To Convert, or Not to Convert?
Roth Accounts – New Proposed Limitations Explained
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 larger businesses keep their books under Generally Accepted Accounting Principles (GAAP). However, GAAP and the rules promulgated by the IRS for income tax accounting differ significantly, and accounting for these differences is what income tax provision, in reality, is about.
There are two separate categories and calculations within the income tax provision – current tax expense and deferred tax expense.
Current Income Tax Expense
A business’ or company’s current tax expense amount is arrived at by:
- Taking the net income from your income statement, as arrived at under GAAP,
- Taking account of permanent differences between GAAP and IRS-rule accounting. These are items which are permitted for financial statement calculation under GAAP, but not allowed by the IRS, and include entertainment expenses, 50% of certain meal expenses, fines and penalties, life insurance proceeds, and other items. These are added back to the net income as per your financial statements.
- Taking account of temporary differences between GAAP and IRS-rule accounting. These are items which are allowed by both GAAP and the IRS, but not in the same year, such as expenses recorded but not yet incurred, income received but not yet earned, and depreciation and amortization.
- Applying any credits and net Operating Losses (NOL).
- The result represents your current year’s taxable income, on which you can calculate your tax liability at the appropriate tax rate.
Note that, if you are estimating your current tax expense, you may want to add a buffer amount to your estimate, so as not to be caught short if your estimate turns out to be below your actual current tax expense.
Deferred Income Tax Expense
The deferred income tax expense is carried as a liability on your business’ balance sheet, while not yet due for payment. Arriving at your deferred income tax expense is a more complicated process than determining your current tax expense.
It’s a deeper dive into the temporary differences between GAAP rules and tax accounting rules as represented on your balance sheet. Again, these can include:
- Income received but not earned, such as prepaid fees or retainers.
- Expenses recorded on your books but not yet incurred.
- Depreciation and amortization timing differences.
It’s crucial to ensure that all these current differences and temporary differences are accurately reflected on your business’ books for income tax purposes, to avoid an inaccurate calculation of your deferred tax expense, which is the total of all temporary differences multiplied by the applicable tax rate.
We strongly recommend that you consult with your CPA, virtual CFO, or other trusted business advisor to check your income tax provision, and both the current and deferred tax expense estimates, to ensure its completeness and accuracy.
If you would like assistance calculating your business’ income tax provision, or income tax accounting, please click here to email us directly – the RFG team is here to help you!
Until next time –
Peace,
Eric
2024
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- Official Release Today – Eric Rigby’s New Book! Get Your Free Copy!16 April 2024
- Is Your Estate Plan Due For a Check-Up?9 April 2024
- What Your HSA Can Do for You – Now and in the Future2 April 2024
- Management Skills for Business Scaling26 March 2024
- Spring is Coming!19 March 2024
- How to Hire Top Talent in a Tight Labor Market12 March 2024
- How to Rent Out Your Home Tax Free – The Masters Rule5 March 2024
- The Circle of Life27 February 2024
- IRS: 2024 Income Tax Bracket Thresholds – Inflation Strikes Again!20 February 2024
- Mardi Gras – Truly a Moveable Feast!12 February 2024
- Be Prepared! Bi-Partisan Tax Relief Passes House6 February 2024
- Increased Retirement Plan Contribution Limits for 202430 January 2024
- How to Scale Your Business For Future Growth23 January 2024
- Cash Flow & Your Business – Best Practices From a Virtual CFO16 January 2024
- IRS More Than Doubles Interest Rate (Penalty) on Estimated Tax Underpayments Over 2021 Rate9 January 2024
2023
- 2024 – New Year In, Old Year Out26 December 2023
- Happy Holidays from Rigby Financial Group!19 December 2023
- Roth IRAs and Income Tax Liability – How to Protect Your Assets12 December 2023
- Income Tax Provision – Let’s Talk Taxes!5 December 2023
- Valuations – What Is Your Business Worth?28 November 2023
- Gratitude Amid Uncertainty – Happy Thanksgiving!21 November 2023
- This Thanksgiving, Let’s Keep it Kind15 November 2023
- How Are C Corporations Taxed?14 November 2023
- What Are Virtual CFO Services?7 November 2023
- Happy Halloween!31 October 2023
- Why You Need to Update Your Beneficiary Designations25 October 2023
- Plan NOW For Your 2023 Taxes!18 October 2023
- Tax Deadline Relief Due to Saltwater Intrusions!11 October 2023
- Changes Coming for RFG!4 October 2023
- Don’t Get Scammed!27 September 2023
- The Portability Election – And Why It’s Important!20 September 2023
- When Do You Need a Trust?13 September 2023
- The Family Meeting on Your Financial Affairs – and Why You Need to Have One6 September 2023
- Why You Need a Financial & Estate Organizer – and What to Put in It30 August 2023
- The Unlimited Spousal Deduction Explained24 August 2023
- Wills and Powers of Attorney – Why You Need Both16 August 2023
- When a Change of Scene Brings a Change of Perspective2 August 2023
- You’ve Sold Your Business – Sunset, or Sunrise? Your Call!26 July 2023
- Passing the Baton: After-Sale Transitions19 July 2023
- When Should You Start Planning to Exit Your Business?12 July 2023
- Independence Day5 July 2023
- Explained – Goodwill in Business Sales28 June 2023
- Opportunity Knocks – RFG is Seeking One Great Tax Manager27 June 2023
- C Corp to S Corp Conversion – is it Right for Your Business?21 June 2023
- Selling Your Business – Taxation of Asset Sales14 June 2023
- AICPA ENGAGE 23!7 June 2023
- Welcome, Summer!31 May 2023
- Selling Your Business – Taxation of a Stock Sale25 May 2023
- What is Your Closely Held Businesses Worth?17 May 2023
- Valuing Your Closely Held Business For Sale10 May 2023
- Getting Your Closely Held Business Ready for Sale26 April 2023
- Temperance and Discipline – on These Hang Other Virtues12 April 2023
- The Smartest People are Often Unhappy – But They Don’t Have to Be!5 April 2023
- U.S. and International Banking – How Many More Shoes Will Drop?29 March 2023
- Strategies to Boost Productivity and Reduce “Busyness”15 March 2023
- Are We Too “Busy” To Be Our Most Productive?8 March 2023
- Preview of Upcoming Email Series8 February 2023
- Leverage the 2023 Estate and Gift Tax Exemptions – While They Last!1 February 2023
- SECURE 2.0 Enacted – Key Highlights25 January 2023
- Emerging Business Opportunity: Peer-to-Peer Loans18 January 2023
- Yes, You Really Can Schedule Creativity!4 January 2023
2022
- Happy New Year! It’s Time for Our Resolutions for 2023!28 December 2022
- Happy Holidays from Rigby Financial Group!21 December 2022
- Retirement Plan Contribution Limits for 202314 December 2022
- Act Now to Take Advantage of 2022 Tax Breaks!7 December 2022
- Self-Care is Also Care for Others30 November 2022
- Thankfulness in Difficult Times23 November 2022
- Payout Rules for Beneficiaries of Inherited IRAs16 November 2022
- Remote Work is Here to Stay9 November 2022
- IRS: Inflation Drives Up 2023 Income Tax Bracket Thresholds2 November 2022
- IRS: 2022 Taxes – Inflation Adjustments26 October 2022
- IRS Proposes Changes to the New 10-Year Payout Rule on Inherited IRAs19 October 2022
- The End of the Stretch IRA – and Ways to Compensate12 October 2022
- 2022 Retirement Plan Contribution Limits5 October 2022
- Ensuring a Happy Retirement28 September 2022
- Taxation in Retirement – Be Prepared!21 September 2022
- Roth IRAs – To Convert, or Not to Convert?14 September 2022
- How Much Stuff Do We Really Need?7 September 2022
- Should You Roll Your 401(k) Into an IRA When You Retire?31 August 2022
- Beneficiary Designations and Why They Matter17 August 2022
- The Ins and Outs of RMDs – Explained10 August 2022
- Allocating Your Retirement Portfolio27 July 2022
- Planning for Retirement in a Volatile Market20 July 2022
- How the SECURE Act Changed Retirement Plans13 July 2022
- When to Hire a Newbie versus an Experienced Pro6 July 2022
- Keep it Going – Forecast v Actuals29 June 2022
- Monthly Financial Forecasts – Explained22 June 2022
- Forecasting Business Goals15 June 2022
- Why It’s Better to Focus on Your Strengths than on Your Weaknesses8 June 2022
- Top Tips to Consider When Selling Your Business1 June 2022
- Buyer’s Tax Considerations When Purchasing a Closely-Held Business25 May 2022
- At Last! JazzFest Returns to New Orleans18 May 2022
- When to Trust Your Gut – and How to Listen to It11 May 2022
- Life After Selling Your Business – What Comes Next?4 May 2022
- Transitioning Out of Your Former Business27 April 2022
- Executing and Closing the Sale13 April 2022
- Life is Finite; Death is Final. In the Meantime . . .6 April 2022
- The Purchase Agreement: Explained30 March 2022
- Effective Sell-Side Due Diligence23 March 2022
- New Proposed IRS Regulations on RMDs16 March 2022
- Amanda Doherty’s Journey9 March 2022
- Allocating the Purchase Price2 March 2022
- Qualified Small Business Stocks – IRS Section 1202 Explained23 February 2022
- Structuring the Sale16 February 2022
- Partnership Buy-Sell Agreements9 February 2022
- Letter of Intent: Explained2 February 2022
- How Do You Find a Buyer for Your Closely Held Business?19 January 2022
- Are You Ready to Sell Your Closely-Held Business?13 January 2022
2021
- New Year, New Goals29 December 2021
- Happy Holidays from Rigby Financial Group!21 December 2021
- It’s Almost 2022 – Are We Still Multi-Tasking?15 December 2021
- The House’s Version: The Build Back Better Act, Explained8 December 2021
- Changes to the Employee Retention Tax Credit in the Infrastructure Investment and Jobs Act1 December 2021
- So Much to be Thankful For24 November 2021
- C. S. Lewis’ “The Inner Ring”17 November 2021
- Measuring Success – Don’t Fall into the Gap!10 November 2021
- Avoid Worry and Anxiety – the Marcus Aurelius Way3 November 2021
- JazzFest’s Return Delayed – But Don’t Give up Hope!27 October 2021
- Hurricane Ida – Unreimbursed Business Losses20 October 2021
- Hurricane Ida – Insured Business Losses13 October 2021
- Hurricane Ida – Unreimbursed Personal Casualty Losses6 October 2021
- Hurricane Ida – Covered Personal Casualty Losses29 September 2021
- Roth Accounts – New Proposed Limitations Explained23 September 2021
- Explained: Proposed Tax Changes from the House Ways and Means Committee15 September 2021
- Hurricane Ida – Business Loss of Income Claims9 September 2021
- RFG is Here to Help Your Business Recover7 September 2021
- Hurricane Ida – Insurance Coverage & Mandatory Evacuations2 September 2021
- Tax Relief for Victims of Hurricane Ida31 August 2021
- How to Manage Your Work Day More Effectively25 August 2021
- Helping People, Giving Back18 August 2021
- Make Work Simpler: The Eisenhower Decision Matrix11 August 2021
- Understanding Effective Strategies for Wealth Management10 August 2021
- Update – PPP Loan Forgiveness4 August 2021
- How I Prioritize – The Four Burners Theory28 July 2021
- The Green Book – President Biden’s Tax Proposals21 July 2021
- The Privacy of Your Tax Data? Fuggeddaboutit!14 July 2021
- What JazzFest’s Return Means to Me7 July 2021
- Creating a Digital Estate Plan1 July 2021
- Expect the Unexpected IX –10 Things NOT to do in a Crisis30 June 2021
- Expect the Unexpected VIII – Top 10 Things to Do to Prepare for a Crisis23 June 2021
- Expect the Unexpected VII – Communicating Your Plan15 June 2021
- Strategies for Generational Wealth Transfer15 June 2021
- Expect the Unexpected VI – Testing Your Plan8 June 2021
- Expect the Unexpected V – Technological Risks2 June 2021
- Expect the Unexpected IV – Ensuring Business Continuity26 May 2021
- How Tax Increases May Impact Your Succession Plan: Things You Should Know25 May 2021
- Expect the Unexpected III – Designing Your Response Strategy19 May 2021
- Expect the Unexpected II – Identifying Your Risks12 May 2021
- What Are Some Things You Can Do in 2021 To Position Yourself and Your Business for a Potential Tax Increase?11 May 2021
- Expect the Unexpected – Why a Closely-Held Business Needs to Plan For Contingencies5 May 2021
- War Stories – Katrina28 April 2021
- Is Your Business Doing Enough – Or Any – Succession Planning?26 April 2021
- New Updates: PPP Loan Forgiveness, Part 221 April 2021
- New Updates: PPP Loan Forgiveness, Part 114 April 2021
- Are You Doing Enough — Or Any — Succession Planning?12 April 2021
- Remote Life7 April 2021
- New SBA Guidance Changes PPP Rules for Schedule C Filers31 March 2021
- SBA to Administer New Grant Program for Shuttered Venue Operators29 March 2021
- Learn Better – the Feynman Way24 March 2021
- IRS Extends 2020 Filing, Tax Payment Deadline to May 17, 202118 March 2021
- 2021 – Why You Should Plan for Your Estate This Year17 March 2021
- Anger: Don’t Run Your Motor on Bad Fuel10 March 2021
- Progress on COVID-19 Relief3 March 2021
- Expectation Versus the Open Mind24 February 2021
- Unpacking the Proposed House COVID Pandemic Relief Bill17 February 2021
- What’s Your Story?10 February 2021
- PPP Round II Loans – What’s New?27 January 2021
- Busy Does Not Mean Productive20 January 2021
- It Took Me a While to Realize . . .13 January 2021
- The ERC – 2020 v 20216 January 2021
2020
- COVID-19 Relief – Year-End Legislative Roundup31 December 2020
- Happy Holidays24 December 2020
- COVID-19 Relief? Not Yet!23 December 2020
- COVID-19 Relief? Negotiations Continue18 December 2020
- Congressional Compromise? $908 Billion for COVID Relief in Two Bills16 December 2020
- What a Biden Presidency Might Mean for Estate Taxes, Wealth Transfers, and Inherited Assets9 December 2020
- What a Biden Presidency Might Mean for Business Taxes2 December 2020
- New IRS Guidance – Expenses Paid with PPP Loan Proceeds Are Not Deductible25 November 2020
- What a Biden Presidency Might Mean for Individual Taxes18 November 2020
- 2021 – Tax Policy and the All-Important Senate11 November 2020
- SBA Issues New Requirements for PPP Loan Justification5 November 2020
- Can Our Smartphones Make Us Less Smart?28 October 2020
- How to Save Money in a Difficult 2020 With Tax Planning21 October 2020
- PPP Loans – New Guidance for Loans Under $50K, Clarification on Deadlines14 October 2020
- The Overscheduled Life – and How to Avoid it7 October 2020
- PPP Loans – Updated Guidance30 September 2020
- Unplug and Breathe23 September 2020
- Travel and Human Connection16 September 2020
- Humble and Kind9 September 2020
- How Do You Make a Beautiful Day?2 September 2020
- Independence or Interdependence? It’s a False Choice!26 August 2020
- What is fellowship19 August 2020
- Guidance on Executive Order Regarding Social Security Taxes12 August 2020
- Serendipity5 August 2020
- Education in the Time of Coronavirus30 July 2020
- Wait! Why it Doesn’t Make Sense to Apply for PPP Loan Forgiveness Yet22 July 2020
- Reap the Benefits of Deliberate Practice15 July 2020
- SBA Begins Accepting New PPP Loan Applications; Good Faith Certifications8 July 2020
- House Joins Senate, Passes Extension to Apply for PPP Loans2 July 2020
- PPP Loans – Early Forgiveness Available, SBA Issues New Forgiveness Applications24 June 2020
- PPP Loan Forgiveness – SBA Issues New Interim Final Rule17 June 2020
- New Guidance – Partial PPP Loan Forgiveness Intact10 June 2020
- Senate Passes Bill to Relax PPP Loan Forgiveness5 June 2020
- House Passes Bill to Relax PPP Loan Forgiveness3 June 2020
- Senate Unanimously Passes Extension to Apply for PPP Loans1 June 2020
- PPP Loan Forgiveness – SBA Issues 2 New Interim Final Rules28 May 2020
- SBA Issues PPP Loan Forgiveness Application20 May 2020
- PPP Maximum Allowable Forgiveness Amount13 May 2020
- IRS Now Says No Tax Deduction For PPP Covered Expenses6 May 2020
- UPDATE – House Passes Additional Funding for Small Business Relief29 April 2020
- The Virtual CFO Minute Episode V29 April 2020
- Senate Passes Additional Funding for Small Business Relief22 April 2020
- The SBA Changes its Mind Again – New Guidance on PPP Loan Applications For Partnerships15 April 2020
- The Paycheck Protection Program Could Help Your Business Now7 April 2020
- Senate Reaches Agreement on Third Coronavirus Stimulus Bill25 March 2020
- Fact versus Fiction – Tax Filing and Payment Deadlines19 March 2020
- Be Safe, Be Alive!18 March 2020
- Talent – or Skill?11 March 2020
- The Virtual CFO Minute – Episode IV4 March 2020
- To Be Or Not To Be Overwhelmed – It’s Your Choice26 February 2020
- Know What to Expect19 February 2020
- The Virtual CFO Minute – Episode III12 February 2020
- The Virtual CFO Minute – Episode II5 February 2020
- The SECURE Act of 201929 January 2020
- The Virtual CFO Minute22 January 2020
- Overcoming Obstacles15 January 2020
- January 2020 Challenge7 January 2020
2019
- Happy Holidays!18 December 2019
- Success11 December 2019
- How to Spark Joy in Your Life3 December 2019
- An Umbrella is Not a Satsuma27 November 2019
- Margins – When is it Better to Color Inside the Lines?20 November 2019
- In Crisis? Text 741741 to be Seen and Heard13 November 2019
- Employing Family Members6 November 2019
- The Future is Female31 October 2019
- Dashboards – How Can They Help You Run Your Business?23 October 2019
- The Third Biggest Reason to Hire a Virtual CFO16 October 2019
- The Second Biggest Issue We See With Not Having a Virtual CFO – And How To Overcome It!9 October 2019
- The Biggest Issue With Not Having a Virtual CFO2 October 2019
- The Power of Having a Virtual CFO24 September 2019
- 9 TO 517 September 2019
- Keeping Up With the Joneses11 September 2019
- Use Your Best Judgement28 August 2019
- Post For 201913 August 2019
- The Amazing Internet7 August 2019
- Are You Really Listening?31 July 2019
- Wimbledon 2019 – Never, Never, Never Give Up!24 July 2019
- The Mountain and I17 July 2019
- Tax Planning for 2019 – It’s Time!10 July 2019
- Be More Effective – Put Some Slack in Your Schedule19 June 2019
- Invictus12 June 2019
- Chainsaw or Scalpel?5 June 2019
- This Will NOT “Only Take A Minute”29 May 2019
- The Meditative Mind in the Digital Age22 May 2019
- Got Worries?15 May 2019
- I Think I Have the Post Jazz Fest Blues8 May 2019
- Qualified Opportunity Zones – New Proposed Regulations1 May 2019
- Make Things Better – A Controversial Statement?29 April 2019
- 5 Steps To Make Your Presentation More Persuasive10 April 2019
- To Outsource, or Not to Outsource? It Turns Out That is a Question3 April 2019
- Proper Prior Planning Prevents Poor Performance27 March 2019
- The Avocado Principles17 March 2019
- Practice Makes . . .13 March 2019
- Four Rules for Deep Work · Rigby Financial Group27 February 2019
- Do-Overs20 February 2019
- Can We Make Ourselves More Intelligent?20 February 2019
- The Power of Authenticity13 February 2019
- This is Marketing6 February 2019
- Opportunity Zones – Deferral of Gains Offers Flexibility for Investors30 January 2019
- Saints Rammed by the Zebras23 January 2019
- Slow Down and Appreciate Life16 January 2019
- After the Holidays . . .9 January 2019
2018
- Happy Holidays!19 December 2018
- 2018 Year-End Top Tax Planning Tips12 December 2018
- Christmas Reflections – What Are You Grateful for This Year?5 December 2018
- Put a Shine on Your Shoes and in Your Heart28 November 2018
- What Will You Be Drinking This Thanksgiving?21 November 2018
- Be Great, Be Remarkable!14 November 2018
- Free Days and Why They Matter7 November 2018
- Should You Play Trick or Treat with This Stock Market?31 October 2018
- How to Save on Your Taxes Through Investment in Qualified Opportunity Zones24 October 2018
- A Thing of Beauty is a Joy Forever10 October 2018
- The Hidden Brain26 September 2018
- Thoughts on Hurricane Florence19 September 2018
- Thoughts on a Legend’s Retirement13 September 2018
- Autumn Transitions and Opportunities29 August 2018
- Qualified Opportunity Zones Offer Potential Tax Savings22 August 2018
- Qualified Business Deduction of 20%15 August 2018
- Post For 201813 August 2018
- Don’t Limit Your Own Happiness – 5 Traps to Avoid8 August 2018
- How to Implement Your Goals1 August 2018
- 7 Characteristics Shared by the Most Productive People25 July 2018
- Make Your Vacation Last Longer11 July 2018
- Focus and Create: 10 Thoughts for Entrepreneurs27 June 2018
- 5 Tactics to Help You Get Through Hard Days20 June 2018
- How to Avoid the Top 5 Mistakes Entrepreneurs Make13 June 2018
- 7 Steps to Take While in Transition6 June 2018
- Stop Being Your Harshest Critic!23 May 2018
- Being Worthy of Trust16 May 2018
- Can Slowing Down Make You Happier? More Productive?9 May 2018
- There’s Only One Happiness in This Life – to Love and be Loved2 May 2018
- Free Days – Rest and Rejuvenation Matter!25 April 2018
- Self-Talk – How the Tough Get Going18 April 2018
- Avoiding Financial Envy11 April 2018
- Practicing Creative Gratitude4 April 2018
- Everybody’s Got Somebody to Thank28 March 2018
- How to be Better Informed While Reading Less21 March 2018
- Does Vulnerability Lead to Confidence?14 March 2018
- Finding Better Solutions7 March 2018
- Hope Springs Eternal28 February 2018
- 4:00 A.M. – The Most Productive Time of Day21 February 2018
- Be Present and Avoid FOMO14 February 2018
- Explore New Places and Expand Your Mind7 February 2018
- How to Take More Time Off and Be More Productive31 January 2018
- One Key to Success – Doing Less!24 January 2018
- Tax Reform 2017 – What Does It Mean For Your Business?17 January 2018
- Tax Reform 2017 – What Will it Mean For You and Your Family?3 January 2018
2017
- Success With Humility – The Manning Way27 December 2017
- The Search For Happiness19 December 2017
- Proper Prior Planning Prevents Poor Performance13 December 2017
- Risk Management and Snow Skiing29 November 2017
- Who Says You Can’t Buy Happiness?22 November 2017
- Investing – a Marathon, not a Sprint15 November 2017
- Why Does Money Matter to You?9 November 2017
- Breaking News – White House and Congressional GOP Leaders Announce Tax Reform Blueprint28 September 2017
- Senate Agreement Opens a Road to Tax Reform27 September 2017
- Succession Planning: What Business Owners Need to Know6 September 2017
- The Outlook for 2017 Tax Reform8 August 2017
- U.S. Economic Performance: January 1 through June 30, 201720 July 2017
- Tax Reform: 1031 Exchanges22 June 2017
- Tax Reform Status25 May 2017
- What We Think Tax Reform Should Look Like27 April 2017
- Deep Work – How to Get More Done in Less Time15 February 2017