Choosing a Small Business Retirement Plan? Consider These 6 Things First

Did you start your business to improve your financial security? You’re not alone – according to Entrepreneur Magazine, about two-thirds of US small business owners say they were motivated to start a company to have better financial stability.   Part of financial stability is personal wealth. For that, a small business retirement plan should be near […]

How To Talk to Your Banker

Most of us talk to our business banker to set up our first account and maybe when we need a loan. The rest of the time, we’re chatting with the tellers or our bank’s digital assistant. Fostering a better relationship with your banker has serious upside, though. As a self-funded small business owner, your banker […]

What You Need to Know about Open Enrollment

What You Need to Know about Open Enrollment Every year around this time I get a lot of questions from small business owners and entrepreneurs about Open Enrollment. Let’s go over the basics. What does open enrollment mean? Here’s the open enrollment meaning from our friends at Dictionary: What’s available during open enrollment? Medical, […]

3 Ways to Avoid an IRS S-Corp Penalty

Got an S-corp? Here’s How to Avoid an IRS S-corp Penalty What’s the #1 mistake S-Corp owners make?Not taking a W-2 salary. Almost everyone I know makes the same mistake in their first year as an S-Corp: not paying themselves enough or any amount as an employee. As we slide toward the end of year, […]

Tips for Evaluating Benefits Plans and Communicating Options with Employees

Tips for Evaluating Benefits Plans and Communicating Options with Employees  Most of us think about medical insurance, which is the biggest and most expensive benefit for our employees. But benefits can include a wide range of free and low-cost perks that help you and your team save money on taxes. When evaluating your benefits package, […]

Set up 401K if funding

What You Need to Know About 401ks  Are you making the (mistaken) assumption that you can’t have a 401k because you’re a solopreneur? Even if you’re just one person, you *can* have a 401k. It’s called a solo or self-employed 401k and is offered widely. Key Differences between a 401k and an SEP Now, there’s […]

Evaluate Your Benefits Offerings & Payroll

Small Business To-Do: Investigate Corporate Health Insurance Plans We’ve got just about three weeks before November 15 — the day we have to make final decisions about health insurance for ourselves and our employees. While you’re not required to offer healthcare coverage if you employ less than 50 people, investigating a group plan makes sense […]

Got a Paycheck Protection Program loan? 5 New Things to Consider to Maximize Forgiveness

If you applied for the Paycheck Protection Program in early April, you’ve been on a quite a rollercoaster. In May, Congress recognized this program wasn’t working for us small business owners. As a result, they passed the Paycheck Protection Program Flexibility Act in early June. The new law has extended the covered period, clarified several […]

8 Things to Consider Before Taking that EIDL Loan

3RD UPDATE: As of December 31, 2020, the SBA has extended the application deadline for the COVID-19 EIDL program by an entire year, to December 31, 2021. Loan amounts are capped at $150,000, with the terms below. 2ND UPDATE: As of September 4, 2020, the SBA has relaxed a number of the original rules around personal […]

Is your small business in rapid descent? Here’s how to pull the nose up.

Depending on how your day has gone, you may feel like you’re in rapid descent or outright free fall. An Instagram post from financial coach Maggie Germano resonated for me: Put your own financial oxygen mask on first. Remember the instructions? I know, it’s been a minute since I’ve been on a plane, too. In […]