18 Financial Tips for Small Business Owners
Explore 18 financial tips for small business owners in Roseville, CA. Check out the Cook CPA Group's 18 quick financial tips for small business owners and contact our office in the Sacramento area for help.
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Financial Tips for Small Business Owners in the Sacramento Area
2. Make a succession plan 3. Consider the limited liability company (LLC) and limited liability partnership (LLP) forms of ownership 4. Avoid nondeductible compensation. 5. Purchase Corporate Owned Life Insurance (COLI). 6. Consider establishing a SIMPLE retirement plan. 7. Establish a Keogh retirement plan before December 31st. 8. Take advantage of section 179 expensing. 9. Dont forget deductions for health insurance premiums. 10. Review whether compensation may be subject to self-employment taxes. 11. Dont overlook minimum distributions at age 70½ and rack up a 50 percent penalty. 12. Dont double up your first minimum distributions and pay unnecessary income and excise taxes. 13. Dont forget filing requirements for household employees. 14. Consider funding a nondeductible regular or Roth IRA. 15. Calculate your tax liability as if filing jointly and separately. 16. Avoid the hobby loss rules. 17. Review post-death planning opportunities. 18. Check to see if you qualify for the Child Tax Credit. For more information concerning these financial planning ideas, please call or email us.
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