by ABIP | Sep 1, 2022 | Accounting, Individuals, Newsletter, Taxes
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses – including the cost of buying health...
by ABIP | Sep 1, 2022 | Accounting, Business, Individuals, Newsletter, Taxes
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look: Businesses Sec. 461(l) Business Loss Limitation. The pass-through...
by ABIP | Aug 4, 2022 | Accounting, Individuals, Newsletter, Taxes
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job....
by ABIP | Aug 2, 2022 | Accounting, Newsletter, Taxes
A cash windfall is any amount of money that you didn’t expect to receive and is over your regular income. Most would consider it to be any amount over $1,000 – and quite often, the amount of money is much more than that. For example, you may have received...
by ABIP | Jul 8, 2022 | Accounting, Individuals, News, Newsletter
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...
by ABIP | Jun 1, 2022 | Accounting, Business, Newsletter
Common Small Business Budgeting Errors to Avoid When creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting...
