Nearly 20% of businesses will fail within their first year, and less than half make it to ten years. One of the most common reasons many businesses fail is cash flow problems. Many startups run out of cash or cannot raise new capital to sustain their business. But managing cash flows and having a solid financial plan are…
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Your Guide to 401(k) Catch-Up Contributions
In 2020, the median 401(k) balance for those 45-54 was $56,722. For those 55-64, it was $84,714. If you fall into these age groups, you may be thinking that’s nowhere near enough money to retire! And you would be right. Fortunately, you can add more funds to your account through 401(k) catch-up contributions. This will help you adequately prepare…
How To Start an eCommerce Business on a Tight Budget( Best Ways)
According to Insider Intelligence, the ecommerce industry is expected to be worth $1.06 trillion in 2022. Did you ever wonder how can you be part of this industry? Do you want to know how to start an eCommerce Business on a Tight Budget? Continue reading to learn how…. While the number $1.6 Trillion might have seemed…
Pros and Cons of Annuities for a Reliable Income(Ultimate Guide)
Have you heard about annuities, but you have no idea how they can benefit you? If you told a financial advisor that you were looking for a way to have reliable income when you age, they most likely have tried to sell you an annuity. But do you know the Pros and Cons of Annuities…
12 Small Business Budgeting Tips
Following business budgeting tips is essential to grow your business and understand your finances. However, only 54% of small businesses had a documented budget during 2021. By setting a great budget, you can learn how to grow your business and improve your success. Do you want to learn how you can create a budget for your business? Keep…
S Corp Dissolution: 12 Steps to the Complete Process
There are currently more than 32.5 million businesses operating over the United States. Each of these offers unique services and products to its customers, as well as employment opportunities for the local community. However, with more new business applications being submitted in America than ever before, your competition is fierce. Because of this, only 50% of new businesses will survive…
What Is the Standard Deduction? Everything You Need to Know
If you’re reading this, you’re probably surrounded by piles of paperwork, crumpled receipts, and a series of tax forms that seem to be in another language. It can be tempting to knock the whole pile right off of the desk and simply apply for a standard deduction for 2021. Why wouldn’t you choose the easiest option when…
What Is the Savers Credit and How Does It Work?
Imagine you lived as frugally as possible to put money away for retirement. You deserve a little something for that effort, and that prize could be the savers credit. Not everyone will qualify for it, but if you do, it may help you save on your taxes. Then, you can work on other financial goals,…
Steps to Closing a Business – Do It The Proper Way
Every year in the United States, more than 627,000 new small businesses open up. These can be exciting new ventures that allow you to expand your business experience or explore a new industry! However, not every new business will last. In fact, only around 50% of small businesses keep running for more than 5 years after their opening date….
What Is Step-Up Basis? The Complete Guide (to Legal Loophole)
The step-up basis tax rule saved individuals about $116 billion over the last 10 years. It’s a tax provision that allows you to lock in the cost of assets. Do you know What is Stepped-up Without the rule, you’d pay a significant amount of tax on the appreciation of inherited assets, like stocks or real estate….