As a business owner, once you decide to offer a retirement plan for your employees, you become a plan sponsor with fiduciary duties. It is vital to understand the responsibilities that come along with the establishment of a retirement plan and who you may share this responsibility with. Individuals that assume fiduciary duties carry the weight of the interests of all employees participating in the retirement plan.
As a business owner, implementing a retirement plan for your employees can be a crucial part of retaining your talent. Before jumping into a retirement plan or deciding it’s too expensive to undertake, take time to learn about your options and find the right fit for your team. There are more options out there, especially for small businesses, than you might think.
Expanding your donor pool is a great way to develop new funding sources for your nonprofit. Before you decide to widen your reach, you will want to make sure you are compliant with every state’s fundraising regulations where you plan on fundraising. Often, this will mean filing a charitable solicitation registration (CSR).
You sold your house, congratulations! Depending on your situation, you may be eligible to exclude some or all of the profit from the sale from your taxable income. This is called the principal residence exclusion.
If you experienced any life changes - got married, had children, took on a side hustle, etc. – since filing your most recent Form W-4, it may be time to check your withholding.