- Steps You Can Take to Grow Your Business to the Next Level
- First, it's important to acknowledge that getting to $10 million in revenue for your business isn't actually "the hard part." Most experts agree that getting to that $1 million level is far more difficult.
- Don’t Overlook Your Charitable Contributions
- Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of and some that are frequently overlooked. And there are some contributions that you may believe are deductible that really are not. Being knowledgeable of what is and is not a qualified charity, a qualified charitable contribution, and charitable giving strategies can go a long way towards maximizing your charitable tax deduction.
- Do You Want to Grow Your Business With Minimal Investment? Here is How You Do It
- There are a number of ways to grow your business without a significant upfront capital investment that is more than worth exploring.
- Cash Flow Tips for Personal Trainers and Gym Owners
- Fitness businesses face unique cash flow challenges that are best managed by establishing and sticking to a regimen.
- RMDs and IRA-to-Charity Distribution Provisions
- Tax law requires individuals who have reached age 72 to begin taking minimum distributions from their traditional IRA accounts. These are referred to as a required minimum distribution or RMD. The RMD amount is the value of the IRA account on the last day of the prior year divided by the distribution period from the Uniform Lifetime Table, corresponding to the taxpayer’s attained age. For example, if an individual had their 75th birthday in the current year, the distribution period from the table is 24.6. If the balance in the IRA was $500,000 on the last day of the prior year, then the individual’s RMD for the current year would be $20,325 ($500,000/24.6). (The IRS develops the Table using mortality rate data and updated it effective with 2022 distributions.)
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