You made an investment, and it’s treated you well. What happens next? Well, you have the IRS to deal with, mainly. Read on for an overview of the tax implications of major crypto gains, tips for minimizing the tax hit, and the unique opportunities presented by Qualified Opportunity Zones (or QOZs).
Making the transition from doing the books internally to paying for bookkeeper services for small businesses can be an intimidating process, especially if you’re not sure how much money to dedicate to this function. Hiring a bookkeeper can free up valuable time and let senior employees focus on executive tasks and higher-level planning. We’re taking a look at how much bookkeeping costs and what to expect when outsourcing the financial records.
Accounting services and functions are what keep a business on track. After all, the point of a business is to generate revenue, so that means someone needs to be keeping an eye on the money that is going in and out of the accounts. But that’s really just the most basic accounting services example. Accountants serve as trusted financial advisors who have the perspective and education to give business leadership advice about big decisions.
In a post-pandemic world, some people are gearing up to spend frivolously—at least that’s what a recent McKinsey study reported. Over 50% of US consumers are planning to spend extra money on splurge purchases this year. It seems that after a year of cancelled vacations, holiday get-togethers, and events, Americans who have an expendable income are ready to spend.
Taxes are already a headache, and just when you think you’ve got a handle on it, they go and change the rules. The recently proposed American Families Plan, put forth by President Joe Biden, calls for substantial tax reform including changes that would eliminate the preferential rates for long-term capital gains for high income individuals, and revert them back to the top ordinary tax bracket.
With the steadily declining interest rates of the 21st century, you may be wondering what to do with your money when interest rates are low. This trend is seen starkly when you compare the 6% rate of the US federal funds rate at the beginning of 2000 to the rate as of December 2020: 0.09%. The Federal Reserve estimates that rates will most likely remain near zero until at least 2023. If you are a retiree, this can impact your investments and cause concern. Let’s look at a few options you may have in a low interest rate environment to make the most of your money.