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Month: March 2023
Finance

5 Simple Strategies to Reduce Stress During Tax Season

As we enter tax season, we understand that it can be a stressful time for many of you. Keeping track of deadlines, regulations, and ensuring that your financial records are accurate can seem overwhelming. That’s why we want to share some simple strategies to help make tax season more manageable and reduce your stress levels. Tax season doesn’t have to be a daunting experience. With the right preparation and mindset, you can reduce your stress levels and stay organized throughout the process. Create a Tax Planning Checklist Creating a tax planning checklist is a crucial step in staying organized and
Finance

Understanding Required Minimum Distributions (RMDs) and the SECURE 2.0 Act: What You Need to Know

As an IRA or tax-deferred retirement account holder, it’s crucial to know when you must start taking Required Minimum Distributions (RMDs). Under the SECURE 2.0 Act, RMD age requirements are changing: from 72 to 75 over the next decade. Individuals born between 1951 and 1959 must take RMDs at age 73, while those born in 1960 or later can wait until they turn 75. The purpose of RMDs is to ensure you use your retirement funds while you’re still alive, rather than using them as a tax-free estate planning tool for your heirs. RMD amounts depend on your age and
Finance

An Update: 2023 Health Insurance for S Corporation Owner

Here’s the latest update on health insurance developments for S corporation owners in 2023. As an S corporation owner with over 2% ownership, you can expect some positive news regarding your health insurance. To ensure that you comply with the Affordable Care Act (ACA) regulations and avoid the $100-a-day penalties, follow these steps: For regular employees, S corporations aren’t required to provide health insurance benefits. However, if they do, they must use an acceptable ACA plan, such as the qualified small employer health reimbursement arrangement (QSEHRA) or individual coverage HRA (ICHRA). The S corporation can reimburse more-than-2-percent owners for individually