Blog
Submitted by McCrate, Delaet & Company on December 9th, 2020
Small business owners are always looking for ways to make their lives easier, especially when it comes to the financial management side of their business. However, one area of financial management that deserves more attention from small business owners is bank reconciliations as it’s a task that is often put off or done inconsistently or incompletely.
Submitted by McCrate, Delaet & Company on October 30th, 2020
With all of the curveballs 2020 has thrown at the nation, the economy, and businesses, there’s never been a better time to get an early jump on year-end planning for your business.
Submitted by McCrate, Delaet & Company on October 21st, 2020
The COVID-19 pandemic has resulted in many people borrowing from their companies’ qualified retirement plans, and the CARES Act provides some temporary rule changes to this loan type. However, given the risks and costs of borrowing from a retirement plan, it should generally be viewed as a last resort.
Submitted by McCrate, Delaet & Company on July 28th, 2020
Your cash flow is the financial story of your business. It tells the story of your high points and low points, where the money comes in and goes out, and is the lifeline of your business in times of crisis.
Submitted by McCrate, Delaet & Company on July 28th, 2020
Economic downturns are an almost inevitable reality for nearly every business owner. Decisions made far away from your community, catastrophic and unpredictable weather events, and even global pandemics as we’ve seen this year can disrupt the health and viability of a business.
Submitted by McCrate, Delaet & Company on May 4th, 2020
Have you ever tried to claim a new tax deduction, but in the process of compiling supporting documents, you found you were missing critical information and therefore missed out on the opportunity? Or, have you ever faced an IRS audit and struggled to come up with documentation supporting your tax return data?
Submitted by McCrate, Delaet & Company on January 29th, 2020
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes.
Submitted by McCrate, Delaet & Company on November 4th, 2019
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.
IRA distribution basics
Submitted by McCrate, Delaet & Company on September 17th, 2019
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions.
Submitted by McCrate, Delaet & Company on August 19th, 2019
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes.