Entries by David Auer

What to Know About Taxes When Working Abroad

More people are becoming digital nomads, living and working in other countries. Here’s what you should know about US tax obligations if you work abroad. Key takeaways: You still must file a tax return and pay any applicable taxes in the US when living and working abroad. You may qualify for the foreign earned income […]

How a Spousal IRA Works and the Benefits

A spousal IRA allows a working spouse to contribute to a non-working spouse’s IRA under specific conditions Key takeaways IRAs can create tax savings while providing future retirement income A non-working spouse might not be eligible for a regular IRA But the working spouse can make contributions to a spousal IRA This arrangement benefits the […]

5 Problem-Solving Tips for Business Owners

Business problem-solving is not always straightforward, and it requires collaboration, creativity, and a deep dive to uncover the root cause. Key takeaways: Identify and address the root cause Know when to delegate Take time to outline your thoughts Ask for new perspectives Use the EOS Toolbox™ and the Issue Solving Track™ Solving problems is a […]

6 Ways to Manage Tax Records More Efficient

Are you keeping your business tax records organized? Here are 6 tips for doing it right. Key takeaways: Six tips for better records management: Keep tax documents together Go digital Get ahead of deadlines Use one account or card for expenses Put a weekly plan in place Know which documents to keep and for how […]

The Top 7 Financial KPIs for a Small Business

Are you keeping accurate tabs on your business’s performance? These 7 financial KPIs will help! Key takeaways: Financial KPIs help you understand how the business is performing and what to focus on now and in the future 7 important financial KPIs: Net profit Net profit margin Average customer acquisition cost Working capital and current ratio […]

Top Impacts of the American Rescue Plan for Small Businesses

The American Rescue Plan, passed in March 2021, includes several provisions and extensions that target small business owners Key takeaways: The American Rescue Plan included the following: More PPP funds allocated Other small business loan programs continued New grants targeting specific businesses, including restaurants and venues Tax credits extended to support employers The Biden Administration’s […]

Why Small Businesses Need Accurate Forecasting

What is forecasting, how can small business owners do it right, and why should they? Key takeaways: Small business forecasting is making future predictions based on actionable business data 4 tips for forecasting: Understand qualitative vs. quantitative forecasting Start with expense forecasts Create multiple forecasts Master cash-flow forecasting Stay flexible Small business owners just starting […]

Succession and Estate Planning: Differences and Commonalities

While the two share some components, they have very different implications Key takeaways: Succession planning helps business owners or leaders plan for the transition when they leave the business Estate planning is focused on how your personal wealth will be distributed and managed after you’re gone Most people need an estate plan, but not everyone […]

What Changed About Excess Premium Tax Credits?

The IRS announced that taxpayers with excess advanced premium tax credits didn’t have to report the excess for 2020 Key takeaways: Premium tax credits are available to some eligible taxpayers who get health insurance coverage through the Marketplace Usually, taxpayers must report any excess advance tax credits on their tax returns, and it may increase […]

Tips for Paying Yourself as a Business Owner

Running a business can quickly get in the way of paying yourself appropriately. Here’s how different business structures handle payments to owners, plus tips for including yourself while managing the budget. Key takeaways: A salary is a regular payment an employee receives, and an owner’s draw is a withdrawal of business funds that can be […]