The SECURE 2.0 Act recently changed how you need to fill out W-2s for your employees this year.
The biggest thing to keep in mind is how you report contributions to retirement plans. There are some new options, like Roth SIMPLE and Roth SEP IRAs, and some special rules for incentives you might offer to get employees saving more.
Let's chat if you want to discuss specifics for your business.
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After an influx of cash (like a big tax refund), the smart cookie starts thinking about reducing their debts... such as high-interest credit cards.
Think about it: You pay a lot for this credit and the balances on your high-interest accounts build up fast, making the stuff you buy more expensive.
Chip away at this debt whenever you get an influx, and you’ll do your wallet and your credit score a BIG favor.
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These TWO things you're doing in your business might make you feel like you're saving money, but they could actually be killing your cash flow when you need it the most:
🗓️ Annual vs Monthly Subscriptions – Annual subscriptions are cheaper. But is that annual subscription cost gutting your cash flow when you need it most?
Beware the cash flow trap on this one. That big chunk of money upfront might come at a time when you need it most, like for seasonal inventory spikes or unexpected repairs.
Consider switching to monthly payments if the cost difference is negligible or less important than your need for positive cash flow. Or stagger annual subscriptions throughout the year.
🚛 Buying in Bulk – We all know inventory buying gets cheaper the more you buy. But is that bulk deal hindering your ability to pay your other bills or make important investments?
A different idea: consider just-in-time inventory management. This strategy allows you to order inventory closer to when you actually need it, minimizing storage costs and keeping your cash flowing freely.
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We're in the peak season for natural disasters.
So, make sure you're taking steps to safeguard your important financial information.
Some ways to do that:
✳️ Place your Social Security cards, marriage certificates, birth certificates and land ownership documents in a waterproof container in a safe place.
✳️ Make copies of your important documents and store them in a secondary location
✳️ Scan your documents and store them in the Cloud.
✳️ Keep a record of valuable items with current photos or videos.
Having records of what you own and keeping digital copies of documents can help with supporting insurance claims and other financial benefits after a disaster.
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Are you putting away funds for your kid's college years and saving money on your taxes? If not, you can. It's called a 529 college savings plan.
What are the benefits of this option?
🇺🇸 State income tax deduction or credit (in over 30 states).
💸 Regular (up to $18K) and "superfund" ($90K at once, spread over 5 years) contributions maximize the potential for compounding growth while helping reduce your taxable estate.
⌨️ Investment options are user-friendly, often featuring age-based portfolios that automatically adjust as the beneficiary gets closer to college age.
🏦 Starting and managing is fairly simple -- setting up automatic contributions from your bank account, choosing from a variety of investment options depending on how conservative or aggressive you want to be.
🧑🧑🧒🧒 Flexibility! For example, if your child decides not to go to college, you can name another family member as the beneficiary and keep the educational dream alive within your family.
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Don't get caught in a pricing competition to get leads.
Instead, be clear about the value you provide and convey it to your prospects.
Don't think that'll work... especially in an inflationary economy?
Look at Louis Vuitton and BMW.
They're charging top dollar for their products, AND they're reporting profits right now.
Which means, you can too.
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"Remember, diamonds are only lumps of coal that stuck to their jobs." -B.C. Forbes
Whether you're trying to stick to a budget, a business plan, a parenting strategy, or an exercise plan, envision the end result and keep at it.
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