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Business owners Stock options Sudden Wealth Tax planning Updated for 2022

Qualified Small Business Stock Gain Exclusion (Section 1202)

If you invested in a startup or small business (founders, employee exercise of stock options, business owner), you need to know about qualified small business stock. If eligible, you may be able to exclude up to 100% of the gain from federal taxes when you sell your shares. Qualified small…

Kristin McKennaJanuary 5, 2022

Business owners Current events Stock options Tax planning

Expecting a Windfall from Stock Options or Selling a Business? New Tax Proposals May Cost You.

Tax planning for a sudden liquidity event just got more complicated. If you're expecting a big windfall from selling a business or employee stock options after an IPO or acquisition, you may be following the Build Back Better tax proposals. As currently drafted, the bill introduces new taxes on high…

Kristin McKennaNovember 16, 2021

Business owners Forbes Sudden Wealth

How to Sell Your Business: What to Do Before, During, and After the Sale

The time has finally come: you're ready to sell your business. Planning for the sale of a small business may seem daunting. Perhaps you're not sure where to begin or how to go about selling a business. To make the process as easy and profitable as possible, you'll want to…

Kristin McKennaMay 24, 2021

Business owners Cash Management Financial Planning Investing Sudden Wealth Tax & Estate Planning

What To Do With The Money From The Sale Of Your Business

After selling your business, you may receive a lump sum in cash. Deciding how to allocate and invest the proceeds after selling your business is a big decision that requires careful planning. If you are expecting a sudden windfall, develop a plan to invest the money so you're not sitting…

Kristin McKennaApril 26, 2021

Business owners Forbes Retirement Planning SEP IRA Tax planning

Small Business Owners: There’s Still Time to Save on Taxes (and for Retirement) with a SEP IRA

Update: The IRS has delayed the 2019 tax filing deadline until July 15th, 2020. Accordingly, the latest date to fund a SEP IRA for the 2019 tax year is July 15, 2020. A SEP IRA offers business owners the benefits of accelerated retirement contributions from a workplace retirement plan with…

Kristin McKennaMarch 12, 2020

401(k) Plans Business owners Employee benefits Retirement Planning SEP IRA Solo 401(k)Updated for 2022

3 Retirement Plans for Small Businesses: How They Compare

What's the best retirement plan for small businesses? Business owners with employees have several options: traditional 401(k) plan, SIMPLE 401(k), SIMPLE IRA, and SEP IRA are the most popular. The best option will depend on factors unique to your business such as budget, employee makeup and funding goals (for yourself,…

Kristin McKennaJanuary 7, 2020

Business owners Retirement Planning Tax planning Updated for 2022

Small Business Retirement Plans with Tax Benefits for Solos, Part-timers, or Companies with Employees

Updated for 2022. Self-employed business owners and entrepreneurs working for themselves part-time have a lot of flexibility when it comes to saving for retirement and managing their taxes. Though self-employed retirement plans are quite easy to set up and fund, there are some deadlines to be aware of. Particularly for…

Kristin McKennaOctober 15, 2019

Business owners Financial Planning Solo 401(k)

What to Do Before Quitting Your Job to Start a Business

Before you quitting a corporate job to start a business, it's important to properly prepare for the transition. Getting your personal finances organized and properly set up before making the jump helps reduce risk and gives you more time to focus on the new venture. Take stock of what you'll…

Kristin McKennaJuly 25, 2019

401(k) Plans 403(b) Plans Business owners Retirement Planning Secure Act SEP IRA Solo 401(k)Updated for 2022

Two Jobs, Two 401(k)s? Contributing to Multiple 401(k) Plans

Can I contribute to more than one retirement plan? This is a common question for individuals that have more than one job or run their own business part-time. Many workers in this situation wonder if they can contribute to two 401(k)s at once. Yes, you can have multiple active 401(k)s,…

Kristin McKennaMarch 29, 2017

401(k) Plans Business owners Infographics Retirement Planning SEP IRA Solo 401(k)Tax planning Updated for 2022

SEP IRA vs Solo 401(k): What’s the Best Retirement Plan for Small Business Owners?

Updated for 2022. Business owners have several retirement plans to choose from. For small companies, the SEP IRA and Solo 401(k) are the most common. What are the pros and cons of the SEP IRA vs Solo 401(k)? Determining which plan is best suited for you will depend on certain…

Kristin McKennaFebruary 8, 2017

Business owners