Retirement is one of the biggest milestones in your life, yet so many don’t pay much attention to retirement accounts. It is not unusual to hear clients say they toss aside their 401(k) statements because they feel like they can’t do anything about it. That couldn’t be further from the truth. Working with wealth management and accounting professionals can help you understand your retirement accounts and create a financial plan that is in line with your retirement goals.
Below are items to consider with both your MRPR CPA and the Avantax Planning PartnersSM financial planning consultant.
Topics: Trust & Estate Service
We recommend that our clients start their financial planning by creating a financial snapshot:
According to Savology, a written financial plan can lead to better money behavior. Their research found that households with a financial plan are 2.5x more likely to save enough for retirement. That’s a pretty good incentive, but there’s still icing on the cake. Of those who do set financial goals, 83% feel better about their finances after just one year. And yet 72% of Americans don’t have a written plan. So what's keeping them from financial planning?
Topics: Tax Topics
For those of you updating your budgets for 2021, we’re providing an overview of the price increases you can expect for Medicare in 2021. Fortunately for most, costs aren’t growing much in the new year, but it’s important to keep on top of changes and how they affect your finances.
Topics: Tax Topics
In review of 2020, the National Restaurant Association found that the industry ended the year $240 Billion below pre-pandemic forecasts of sales. Because of this outsized impact, restaurants have received additional industry specific funding from Congress as part of the American Rescue Plan Act to help get them closer to becoming whole. This grant will be available directly through the Small Business Administration. They just announced their “Go Live,” of the application portal found here.
Topics: Business Planning & Operations
On Thursday March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, H.R. 1319. This is the third major relief package to help Americans who are struggling with losses and setbacks from COVID-19 related government lockdowns and countermeasures.
Following the $1.7 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) of March 2020, and the $900 billion Consolidated Appropriations Act (CAA) of December 2020, the $1.9 trillion American Rescue Plan Act “the Act” provides several tax benefits for individuals and businesses alike.
On Saturday, January 9th the Treasury and the SBA released new PPP guidance and application forms. The new guidance includes overviews of the First and Second PPP draws and the Revised PPP1-Borrower-Application-Form and Second-Draw-Borrower-Application-Form.
Christmas came early this year! As part of the Consolidated Appropriations Act of 2021, Congress has passed a stimulus package (“COVID-related Tax Relief Act of 2020”) that has provided a variety of useful provisions and clarifications for individual and business taxpayers alike. While not as comprehensive as the CARES Act passed earlier this year, it provides much-needed aid.
Under the Paycheck Protection Program (PPP), borrowers who received a PPP loan in excess of $2 million, whether from a single loan or the combined total (together with affiliates), have known for a while that their loans would receive increased attention from the Small Business Administration (SBA). To that end, the SBA Form 3509 must be submitted for loan amounts of $2 million or greater.
The Michigan Department of Treasury has granted a 31-day waiver for penalty and interest for the late reporting of sales, use, and withholding (SUW) taxes ordinarily due on December 20, 2020. Because of this waiver, any SUW returns and payments for affected businesses can be made without interest or penalty until January 20, 2021.
On November 30th, the MEDC announced that the Michigan Strategic Fund approved the funding of up to $10 million to assist small businesses disproportionately impacted by COVID -19. The “Pure Michigan Small Business Relief Initiative” will utilize Federal CARES Act monies to award up to $15,000 each to Michigan small businesses.