For most of our lives, it seemed like only governments and large corporations needed to concern themselves with cybersecurity and its impact. That is no longer the case as ever the smallest of small businesses have been the target or cyberattacks. No one is immune from this threat and it can be a constant concern […]

There are so many factors that will dictate where you go to enjoy the years of retirement you have worked so hard to accomplish. How much space will you need? What’s the weather going to be? Do we want to be closer to family? What are all applicable taxes? It may seem like a good […]

The ever increasing costs of health care benefits may have convinced you that it is time to offer some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, and HSA can offer some serious tax advantageous ways to set aside funds to meet future medical needs. Here the important tax benefits […]

Many businesses choose to have a self-insured plan, rather than a fully insured one.  Many self-insured plans provide flexibility and the potential for lower costs. When implementing a self-insured plan, stop-loss insurance is typically recommended.   Purpose of coverage  Specifically, stop-loss insurance protects the business against the risk that health care plan claims greatly exceed the amount budgeted to cover costs. Plan […]

401(k) plans are made available to employees to help them build a retirement account with tax advantages and to attract and retain talent in the workforce.  With a 401(k) plan, employees have the option to defer wages, up to a limitation, into a qualified retirement plan.  By deferring these wages, the employee will reduce their […]

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022.  All wages and self-employment income above this threshold are not subject to Social Security tax.  It was $142,800 for 2021.  Background information  The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed […]

When drafting your strategic plan, whether it be the first time or an update, you might tend to focus on original products or services, new locations or technology enhancements. However, this focus can tend to leave out a very important aspect of your business – your customers. Focusing your strategic planning efforts on your customers […]

If you haven’t employed a nanny before you may not have heard of the “nanny tax”, but you still could be subject to federal income and other taxes or even state tax obligations. If you hire a house cleaner, gardener or other household employee, you could be subject to the “nanny tax”. If you employ […]

Are you depreciating the cost of constructing the building that houses your business operations? If so, you may want to consider a cost segregation study. By completing a study, you might be able to accelerate your depreciation deductions to decrease taxes and increase cash flow. Under current law, the possible benefits of a cost segregation […]

If you have run a business for any length of time, the importance of forecasting cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure could rise. For this reason, being able to accurately forecast cash flow is critical. Rudler, PSC has prepared a list of […]