How to Hire Top Talent in a Tight Labor Market
Having highly-skilled, talented workers is key to any business. But hiring talent for your business these days can take some doing. Even more so, if you are looking for experienced team members with specific and well-developed skills. If you have a strong company culture (and if you don’t, please seriously consider establishing one), you also […]
How to Rent Out Your Home Tax Free – The Masters Rule
Would you like to rent out your home and not pay taxes? Well, you can! And it’s due to a little tax provision known informally as the Masters Rule, as it was created with influence from those living in Augusta, Georgia. What is the Masters Rule? In a nutshell, the Masters Rule allows a homeowner […]
The Circle of Life
On February 4, 2024, after winning the Grammy for Best Folk Album of the Year (for Joni Mitchell at Newport – her first live set in 20 years), Joni Mitchell wowed the crowd with Both Sides Now, one of her many great songs – for her debut Grammy performance. She won her first Grammy in […]
IRS: 2024 Income Tax Bracket Thresholds – Inflation Strikes Again!
Inflation has been a dark cloud over the economy for a few years now. But even the darkest cloud must have at least a little bit of silver lining – and the IRS has adjusted income tax brackets for 2024 upward by 5.4%, based on the consumer price index (CPI). Income Tax Brackets – 2023 […]
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 […]