Good Reads

Here are some articles that you may find to be of benefit. The world is constantly changing, hopefully these can help guide you through.

End of Year Small Business Checklist

As we are getting closer to the end of 2024, it’s important that you are proactive about wrapping up the 4th quarter strong. As a small business owner, there are a lot of things that can fall through the cracks throughout the year. It’s time to clean up the unfinished business so you can be sure that everything is finished on a good note.

The truth is that the way you close out 2024 will set the tone for your business success in 2025. If you prepare well, you can maintain smooth operations and boost the profitability of your company, building a solid foundation that will start 2025 on the right foot.

If you are a small business owner, here are some of the most important things you should be doing at the end of the year:

Review Accounts and Financial Statements

Take time to look through all of your bookkeeping and accounting statements. You’ll want to see what is happening in the balance sheets, income statements, and cash flow reports. How is your business performing financially?

These reviews can be a great opportunity to find potential issues that need to be addressed. At the same time, you can celebrate the successes. Then, follow the necessary steps to close the books for the year.

If possible, you might consider making any last-minute deductions or purchases. This strategy can help you maximize tax deductions before the calendar year comes to an end.

Get Organized for Tax Season

Tax paperwork is unavoidable. The sooner you prepare for tax season, the easier it will be to file everything that needs to be submitted. Start by gathering the necessary documents, including invoices, checkbook registers, expense reports, and receipts. It can be helpful to work with a bookkeeper to ensure that everything is in your accounting system and the year is reconciled.

Next, it’s smart to meet with an experienced tax accountant who specializes in small business tax filings. Your accountant can provide tips to help you save money on taxes, watch out for potential liabilities, and leverage available tax credits whenever possible.

Assess Your Inventory

If your business has a stock of inventory, then do a full evaluation to see which items are moving slowly or if there is anything with excess stock that needs to be sold. This data can be helpful when planning for upcoming product sales. Additionally, you can manage inventory purchases in order to reduce waste in the upcoming year.

Review and Update Business Goals

Not only is the New Year a chance to start on personal goals, but it’s also a great opportunity for you to take a look at the things you want to achieve in your business. Measure your achievements for the last year, then set milestones that you want to reach in the upcoming year.

This review is a great chance to address unfinished projects and identify areas for improvement. Set objectives that will solidify your priority in the coming year.

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Written by Becki Andrus

How to Choose an Accountant

Choosing the right accountant is crucial for managing your finances, whether for personal needs or business purposes. A skilled accountant can help streamline your financial operations, ensure compliance with tax laws, and provide valuable financial insights. Here are five essential tips to help you choose the right accountant or accounting firm.

1. Assess Your Accounting Needs

Before starting your search, consider what specific services you require from an accountant. Are you looking for help with tax preparation, bookkeeping, payroll, or financial planning? For businesses, consider whether you need a general accountant or one with expertise in your industry. Knowing your needs will help you find a professional with the right skills to match your financial requirements.

2. Check Qualifications and Credentials

When choosing an accountant, ensure they have the proper qualifications. In the U.S., Certified Public Accountants (CPAs) are licensed professionals with a higher level of expertise and training. Look for accountants who are certified and have the necessary licenses. Additionally, inquire about their experience, especially if your industry requires specialized accounting knowledge. CPAs often bring more credibility and a higher standard of professionalism.

3. Consider Experience with Your Industry

Different industries have unique financial needs, so it’s crucial to select an accountant who understands your field. For example, small businesses, freelancers, or startups might benefit from accountants who specialize in small business accounting. Industry-specific experience ensures that the accountant is familiar with relevant regulations, tax deductions, and financial challenges.

4. Evaluate Technology and Software Use

In today’s digital world, most accountants use accounting software and technology to streamline processes. Ensure your accountant is proficient with relevant software like QuickBooks, Xero, or FreshBooks. If you’re running a business, find out whether they can integrate your financial systems with the software they use, enabling you to easily track and share data. Accountants who stay up to date with technology can help improve accuracy and efficiency in managing your finances.

5. Ask for References and Reviews

Before committing to an accountant, ask for references from other clients or read online reviews. Speaking with their current clients can give you insights into their work style, reliability, and communication skills. Reviews on websites like Google, Yelp, or accounting-specific platforms can also help you gauge customer satisfaction.

6. Ensure Good Communication and Compatibility

Your accountant will play a key role in your financial decisions, so clear communication is essential. You should feel comfortable discussing your financial situation and be confident in their advice. Ensure the accountant is responsive and explains financial concepts in a way that you can easily understand. Additionally, assess whether their communication style aligns with your preferences - some accountants prefer in-person meetings, while others may be more comfortable communicating via phone or email.

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Written by Jack Vale in partnership with Faxage online faxing services.

Importance of Financial Literacy for Families

Financial literacy is the knowledge and understanding of financial concepts that allow individuals to make informed decisions regarding saving, budgeting, investing, and debt management. For families, incorporating financial literacy is essential as it lays the foundation for long-term financial stability and success. Here’s why it's important for families to embrace financial literacy and how it can make a difference in their lives.

1. Building a Strong Financial Foundation

Teaching financial literacy to all members of the family ensures that everyone understands the importance of money management. Learning how to budget, save, and spend wisely empowers families to live within their means, avoid unnecessary debt, and prepare for unexpected expenses. This strong financial foundation helps families avoid financial stress and build a safety net for the future.

2. Preparing the Next Generation

One of the most significant advantages of incorporating financial literacy into family life is preparing children for financial independence. Teaching kids about money from a young age - whether through budgeting exercises, allowances, or discussions about saving - can set them on a path to financial success in adulthood. Parents who model responsible money behavior help their children develop healthy financial habits, which can lead to more secure futures.

3. Improved Financial Communication

Open communication about money within a family strengthens trust and promotes transparency. Financial literacy can help families discuss important financial goals like saving for college, purchasing a home, or planning for retirement. These conversations allow family members to collaborate on achieving common goals and reduce conflicts related to money.

4. Empowering Financial Independence

Families that emphasize financial literacy empower each member to take control of their personal finances. Whether it's a spouse learning how to manage a household budget or a teenager opening their first bank account and learning to balance a checkbook, financial education gives individuals the tools they need to be confident in managing their money. This empowerment reduces reliance on external help and can create a more financially secure household.

5. Planning for the Future

Financial literacy helps families develop a long-term outlook. Planning for major life events—such as sending children to college, buying a home, or preparing for retirement—requires an understanding of how to save and invest wisely. Families that incorporate financial literacy are more likely to set achievable financial goals and have strategies in place to reach them, whether through savings plans, investment portfolios, or emergency funds.

6. Navigating Financial Challenges

Life can be unpredictable, and financial challenges may arise. Families who are financially literate are better equipped to handle these challenges, whether it’s a medical emergency, job loss, or unexpected repair costs. Understanding how to create an emergency fund, manage debt, or apply for financial assistance can ease the burden during tough times.

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By prioritizing financial literacy, families can set themselves up for a more secure, prosperous future. This knowledge allows them to build strong financial habits, pass on valuable lessons to future generations, and navigate the complexities of personal finance with confidence. In a world where financial stability is increasingly crucial, investing in financial education for the whole family is a step toward lasting financial wellness.

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Written by Jack Vale

Year-Round Tax Planning: Why It’s Important and How to Start

Do you feel the stress getting higher when tax season rolls around every year? The truth is that you don’t need to be stressed when it’s time to file your taxes. One of the biggest mistakes people make is only thinking about their taxes once a year. A better approach is to be proactive with tax planning throughout the year, so that you don’t miss out on opportunities to reduce your tax burden.

The Benefits of Tax Strategy Throughout the Year

The benefits are undeniable: it makes sense to implement tax planning and strategy all year long. Regardless of whether it’s tax season or not, you need to be considering how you are preparing for your next tax filing.

Here are some of the benefits you can expect from early tax planning:

Minimizing Your Liability: Everyone wants to know how to lower their tax liability. When you are proactive about planning, then it’s easier to leverage deductions, credits, and other strategies that help to reduce your tax bill. All of these methods are legal and easy to use if you know what you are looking for.

No Surprises: There’s no longer a need to guess how much you are going to pay for taxes each year. Stay ahead of your finances and you can avoid penalties and unexpected tax costs.

Decision Making: Tax planning is a great way to gather more information that you need, so that you can make the best decisions for your unique situation. The more information you have throughout the year, the more capable you are of making informed financial decisions.

Maximize Investments: There are ways that you can invest your money to leverage tax benefits. When you are proactive about these strategies, you can set aside money for the future and also reduce the amount you will pay in taxes.

Tips for Year-Round Tax Planning

Where should you start if you want to use a year-round tax planning approach? Most people don’t have experience with tax strategy, so it often makes sense to hire a tax accountant for help. Choose someone with experience relating to the type of tax support that you need. For example, if you are a pilot and want to get the best tax benefits from the costs related to flying, then it’s a good idea to find an accountant who has helped other pilots.

Talk to your tax professional, set some financial goals, and then be proactive about reviewing your progress and implementing these strategies regularly. Over time, you will see progress that will give you financial security in the future.

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Written by Becki Andrus in partnership with leading stethoscope distributors Stethoscope.com

Maximizing Tax Deductions: Tips for Small Business Owners

Navigating tax season can be daunting for small business owners, but understanding potential deductions you might be able to attain can significantly reduce your tax liability and enhance your financial health. Here are some essential tips to help you maximize your tax deductions:

1. Home Office Deduction

If you use part of your home exclusively for business purposes, you may qualify for a home office deduction. This can include a portion of your rent or mortgage, utilities, insurance, and repairs. Ensure that your home office is your principal place of business and used regularly and exclusively for work to meet IRS requirements.

2. Business Use of Vehicles

You can deduct expenses related to the business use of your personal vehicle. There are two methods to calculate this deduction: the standard mileage rate and actual expenses. The standard mileage rate is simpler, multiplying the number of business miles driven by the IRS rate. Alternatively, you can track actual expenses, such as gas, maintenance, and depreciation, and deduct the business-use percentage.

3. Office Supplies and Equipment

Items like paper, ink, pens, and other office supplies are deductible. Additionally, you can deduct larger purchases such as computers, printers, and furniture. These can be deducted in the year of purchase or depreciated over several years, depending on the cost and your tax strategy.

4. Employee Salaries and Benefits

Wages paid to employees are fully deductible, including bonuses and commissions. Additionally, you can deduct the cost of employee benefits such as health insurance, retirement plans, and other fringe benefits. This not only reduces your tax burden but also helps in attracting and retaining quality employees.

5. Professional Services and Fees

Fees paid to accountants, lawyers, consultants, and other professionals are deductible. This includes costs related to hiring a CPA for tax preparation or an attorney for business-related legal advice. Keeping track of these expenses can significantly reduce your taxable income.

6. Travel and Meals

Business travel expenses are deductible, including airfare, lodging, car rentals, and meals. For meals, you can generally deduct 50% of the cost if they are business-related. Ensure to keep detailed records of your travel and meal expenses, including receipts and the purpose of the travel or meeting.

7. Advertising and Marketing

Costs associated with promoting your business, such as advertising, website development, and social media marketing, are fully deductible. Investing in marketing can help grow your business while also providing a tax benefit.

8. Interest on Business Loans

Interest paid on loans used for business purposes is deductible. This includes interest on business credit cards, lines of credit, and other business loans. Properly tracking these expenses can help you leverage this deduction effectively.

Maximizing tax deductions requires diligent record-keeping and a clear understanding of IRS rules. Consult with a tax professional to ensure you are taking full advantage of all available deductions and maintaining compliance with tax regulations. By implementing these strategies, small business owners can significantly reduce their tax liabilities and improve their financial stability.

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Written by Jack Vale in partnership with silver wholesaler Silver Superstore.

Common Tax Filing Mistakes and How to Avoid Them

Tax laws and guidelines can be confusing. But, making a mistake on your tax return – even by accident – can result in costly fines, penalties, and interest charges. Though tax filing season is still a few months away, it doesn’t hurt to start thinking about your return now to avoid making the most common filing mistakes. Below, we’ll dive deeper into what some of these missteps are and what precautions you can take.

Missing the Deadline

The federal tax filing deadline in the United States is always April 15th (unless it falls on a weekend or holiday). Meeting this widely known deadline seems easy enough. However, IRS Commissioner Danny Werfel was quoted by CNN earlier this year as saying he expected about 19 million Americans to file for the six-month extension upon missing the April filing deadline.

Filing late can result in a failure-to-file penalty plus interest on the unpaid balance. So, meeting the deadline can save you a significant amount of money. Don’t procrastinate and wait until the final few days to file your return. Unexpected circumstances can arise, so you want to give yourself enough cushion to ensure you can file on time. If you know you’ll miss the deadline, file for the automatic extension, which gives you until October 15th.

Entering Incorrect Information

Certain mistakes are easily avoidable, though they can create issues with your return when they occur. This includes a missing or incorrect Social Security number on your return, a misspelled name, or other similar mistakes.

If you are using an online tax preparation service, choose to import information from your previous return. This will help you avoid any manual data entry errors. If you do enter the information manually, double and triple check all personal and contact information for accuracy before submitting the return.

Not Reporting All Income Sources

You need to report all income sources on your tax return. Some filers feel justified not to report income from a side gig that only makes them a few hundred dollars a month or the cash sales for their small business, though this is strictly prohibited.

All taxable income should be reported to the IRS, whether or not you receive a 1099 or W-2 for it. Underreporting your income can result in penalties or even legal consequences. So, keep accurate records of all income sources throughout the year and be sure to include them on your tax return.

Improperly Claiming Deductions and Credits

All filers should take full advantage of the tax deductions and credits they qualify for. However, being too eager and claiming those that you aren’t entitled to can be a serious misstep.

Again, it’s not always easy to understand which deductions you can qualify for and whether you should take the standard deduction or itemize deductions. But, meeting with a tax professional can provide you with personalized advice based on your specific circumstances. Or, if you file your own tax return, use an online filing platform or software system that will make recommendations based on the information you input.

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Written by Bailey Schramm in partnership with Faxage online faxing services.

The Benefits of Hiring a Professional Tax Accountant

As the tax deadline approaches each year, many decide to prepare and file their own returns. However, tax preparation is not a simple process. It leaves many taxpayers worrying that they made an error that will get them audited and penalized, or if they’re receiving the maximum refund they qualify for. Instead, hiring a tax accountant can be a worthwhile decision that saves you time and money.

What Does a Tax Accountant Do?

At the basic level, tax accountants are professionals who help businesses, non-profits, or individuals prepare and file tax returns. They are often certified public accountants (CPAs) and have achieved at least a bachelor’s degree in accounting.

Some of the tasks and responsibilities that tax accountants can handle include:

Preparing federal and state income tax returns
Filing quarterly tax estimates
Calculating and filing payroll taxes
Preparing and filing 1099 or W-2 forms
Offering strategic tax advice
Providing support during tax audits
Monitoring changes in tax laws and helping clients interpret their impact

Main Benefits of Hiring a Tax Accountant

Though many people might consider preparing and filing their own taxes, there are some significant benefits to having a professional tax accountant handle them for you, as we’ll outline below.

1. Maximize Deductions and Credits

Those who are unfamiliar with tax law intricacies may not fully understand which deductions and credits they can claim, resulting in a lower refund or higher tax bill, depending on the circumstances. For instance, the IRS estimated that in 2022, over nine million people didn’t claim tax benefits that they qualified for.

Working with a professional tax accountant can help you take full advantage of the credits and deductions you’re entitled to. Their hands-on experience and understanding of tax codes can help you maximize savings that you would have otherwise overlooked.

2. Expert Guidance

A clear advantage of hiring a tax accountant is that they can provide you with expert advice. Their work isn’t limited to preparing tax returns during tax season each year. They can also meet with you throughout the year to build a tax strategy that lowers your overall liability. Plus, they can help you understand how changes to tax codes may impact your financial position.

3. Audit Prevention and Support

The odds of being audited by the IRS are not extremely high. During the fiscal year 2022, they only audited 0.38% of returns. However, there are a few things people do when filing that can flag their return and make an audit more likely.

Hiring an experienced tax professional to prepare and file your tax return can help you avoid these mistakes, including taking excessive credits and deductions or underreporting your income. In the event that you do get audited, a tax accountant can help you provide thorough records, receipts, and statements to back up the accuracy of your return.

4. Save Time

One of the biggest reasons why people choose to hire a tax accountant is that it can help them save valuable time. This is especially true for businesses or individuals who have more complex finances. This might include having multiple sources of income, an active investment account, or rental properties to account for.

Tax accountants handle hundreds of returns each tax season. They’re highly familiar with these common circumstances and can efficiently process returns with better accuracy and speed than you could on your own.

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Written by Bailey Schramm

What is Your Carbon Footprint and How Can You Reduce it?

Your carbon footprint represents the total amount of greenhouse gases, including carbon dioxide, that you produce directly or indirectly. It measures your impact on the environment and our planet's climate. We can make changes to reduce it. Here are some effective strategies to get you started.

1. Try Alternative Transportation

Consider using public transportation, cycling, or walking whenever possible. If you live in a city with poor public transport, consider carpooling to reduce your emissions. Carpooling can reduce the carbon footprint of an average household by 2,000 pounds. That’s the equivalent of planting 31 to 46 trees!

2. Lower Your Energy Use at Home

Turn off lights when you leave a room, unplug devices when not in use, and use energy-efficient appliances. Install smart plugs and thermostats around the house to prevent phantom power when not using certain appliances. While little, these changes can have a long-term effect on our carbon footprint. Consider switching to renewable energy altogether!

3. Eat Less Meat

You don't have to go completely vegetarian or vegan, but reducing your meat consumption can make a difference. Try incorporating more plant-based meals into your diet and consider designating one day a week as a 'meat-free' day. Committing to Meatless Monday saves the same emissions as driving 348 miles in a car.

4. Reduce, Reuse, Recycle

Before buying something new, ask yourself if you need it. Choose second-hand items or borrow from friends. Rethinking how we purchase and use items can make a huge difference. Furthermore, try to recycle as much as possible. Check out your city’s recycling programs and facilities to help you get started.

5. Invest in Carbon Offsetting

Carbon offsetting involves compensating for carbon emissions by funding equivalent carbon dioxide savings elsewhere. You could join a local group that plants trees, invest in renewable energy for your home, or start composting, for example.

Reducing your carbon footprint doesn't have to be a daunting task. You can start with small changes and gradually incorporate more. Even the slightest change can make a significant difference in our environment.

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Written by Geraldine Orentas in partnership with Fed Steel piping distributors.

Explaining the Corporate Transparency Act

Corporate Transparency Act

Business finances and taxes can be complicated and confusing, which is why it’s essential to have an accounting and tax expert to help with your corporation. Even though the experts can take care of the details, it’s still important for business owners and managers to have a general idea about how taxes apply.

What You Need to Know About the Corporate Transparency Act

In the realm of financial regulations, a significant development took place with the passing of the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act for Fiscal Year 2021. This act holds significant implications for corporate transparency and accountability. The general idea is that trusts and businesses are required to report their beneficial ownership information to the U.S. Treasury Department.

CTA applies to both reporting companies and reporting trusts:

Reporting Companies: A variety of entities fall in this category, including corporations and limited liability companies (LLCs). These reporting companies must file a document with the state secretary or a similar office based on local state laws.

Reporting Trusts: Documentation requirements are also necessary for reporting trusts. In this situation, they are required to file a tax return.

CTA was designed to prevent money laundering, tax evasion, and terrorist financing. Too often, criminals use corporate structures to hide their activities, so the CTA was designed to implement reporting requirements in order to prevent these fraudulent transactions.

Requirements for Corporate Transparency Act

Specific information needs to be included in the reporting, disclosing details for “beneficial owners,” including “beneficial ownership information.” The definition of a beneficial owner is anyone who owns or controls 25% or more of a reporting company or reporting trust. This ownership can be direct or indirect. A beneficial owner can also be someone who exercises “substantial” control over the trust or company.

Here is an overview of what is required for beneficial ownership information:

· The person’s legal name

· Birthdate

· Current residential address

· Unique identification number

· A description of the beneficial ownership interest

An initial report must be filed. If any changes occur, the report must be updated within 90 days.

New Reports in US Corporate and Trust Law

As a business owner, there is a lot to keep up with when it comes to compliance, tax filings, reporting, and more. Not only are you carrying the responsibility of running the company, but the paperwork can be overwhelming. Many people agree that it can be daunting to maintain compliance with these reporting requirements.

The good news is that you don’t have to manage the reporting on your own. An experienced provider can help with the reporting requirements, giving you the peace of mind to know that you are always in compliance.

Written by Becki Andrus in partnership with Faxage online faxing service.

Helping People Understand Cryptocurrency

Written by Jack Vale in partnership with Arena Prints screen burning services.

Cryptocurrency has gained a significant following in recent years, but for many people, it remains a mysterious concept of which they have little understanding! Making sense of cryptocurrency can seem daunting, especially for those who are not tech-savvy or familiar with the intricacies of the financial world. However, breaking down the ins and outs of cryptocurrency is essential to enable widespread usage and help individuals to make informed decisions about potential investments or transactions.

Here are a few ways to help people understand what cryptocurrency is and how it works:

Start with the basics: When introducing someone to the world of cryptocurrency, it's important to begin with the fundamentals. Explain that cryptocurrency is a digital or virtual form of money that relies on cryptography for security. Emphasize its decentralized nature, which means it operates independently of any central authority, such as a government or bank.

Use relatable analogies: Comparing cryptocurrency to familiar concepts can sometimes make it easier for people to grasp. For instance, you can liken cryptocurrency to email, highlighting how it enables direct person-to-person transactions without middle men. Alternatively, you might compare blockchain (the technology behind cryptocurrencies) to a public forum, similar to a shared Google Doc where everyone can view and verify its contents.

Provide real-world examples: Sharing practical examples can illustrate the value and potential of cryptocurrency. Highlight the use cases of cryptocurrencies, such as enabling cross-border transactions with lower fees and faster settlement times. Mention the growing acceptance of cryptocurrencies in various industries, from eCommerce to gaming, to help showcase their relevance and impact.

Address security concerns: Cryptocurrency security is often a concern for newcomers. So, why not help calm some of their nerves? Explain how cryptography ensures the integrity and safety of transactions. Emphasize the importance of securing private keys, as they provide access to your cryptocurrency holdings. Educate individuals on best practices, such as using hardware wallets or cold storage for enhanced security.

Encourage hands-on experience: The best way to understand cryptocurrency is to dive in and experience it firsthand. Encourage individuals to create a digital wallet, obtain a small amount of cryptocurrency, and experiment with sending and receiving transactions. This practical approach can help demystify the process and build confidence.

Cryptocurrency is a transformative technology that has the potential to revolutionize our global financial systems. By breaking down the complex aspects and offering relatable explanations, we can help people grasp the concept of cryptocurrency and embrace its benefits. By fostering understanding, we empower individuals to make informed decisions and participate in this exciting digital revolution.

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Written by Jack Vale in partnership with Arena Prints screen burning services.

How Starting Your Own Business Could Bring You Closer to Retirement

Written by Ivan Young in partnership with Checkworks personal and business checks.

Do you find yourself checking your accounts and calculating just how much more you need to save before you retire? Does the talk of delaying benefits until later in life fill you with dread? It may be time to make a power move.

The truth is that the age to enjoy full retirement benefits has risen to 66 years of age and could rise even higher in the years to come.But if you’re thinking of retiring earlier, one way to help yourself toward that goal is to start your own business before you retire. In 2019, 13% of Americans aged 55-64 began a new business. In fact, 54% of all business owners in the U.S. are over 50. What that means is Americans approaching retirement are finding a new way to make more money, increase their quality of life, and hasten the financial feasibility of an early retirement. Some of the reasons to consider starting your own business before you retire include:

More available resources: While starting a business when you were younger may have seemed unlikely with short reserves, older adults have more financial resources set aside to defray the impact of setting up a new business.
Less overhead: Young entrepreneurs may face added expenses such as mortgages, child needs, paying for college, and more. However, those in their 50s and 60s are more likely to have paid off houses and cars, to have put their children through college, and can thus more easily absorb the start up costs of a business.
Acquired business skills: You probably have aquired many of the attributes that make a successful business person over the course of your career. Knowing how to run a presentation, honed social skills, success working with teams, and a network of connections are just a few of the attributes older employees develop that make new businesses successful
Boosting your income: Starting a business before you retire adds dollar value to your bottom line as you continue to work and allows you to put away more money toward retirement, allowing you to retire earlier.
Higher return on investment: While retirement savings draws around 5-8% on average, you can double or even triple that running your own business. And that extra return moves you closer to your retirement goals.
A chance to test your model: That business you’ve always dreamed of can be tested while you’e still working so that the cost doesn’t impact your personal life as much. Should the model work, you can choose to retire early and run your own business on your own hours and as your own boss!

Sure retirement can be a time to travel, spend time with family, enjoy hobbies, and so forth, but some retirees find purpose in running their own business. It provides a social outlet, keeps you physically and mentally active, makes your retirement savings stretch farther, and offers you the chance to pursue your own passions. And starting your business early, before you retire, gives you the opportunity to make mistakes while you still have a steady stream of income. You then can be the master of your own retirement and can either enjoy what you’ve made or continue to pursue your passions into the years beyond someone else’s profit-making enterprise

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Written by Ivan Young in partnership with Checkworks personal and business checks.

Why Everyone Should Have a Side Business....

Written by Jack Vale in partnership with Arena Prints screen burning services

Wednesday April 28, 2023

In today's world, where many people struggle to make ends meet, having a side business can be a game-changer! Not only can it provide additional income, but it can also bring a sense of fulfillment and purpose. Here are some reasons why you might consider launching your own side hustle:

Additional income: Having a side business can provide extra income to supplement your primary source of income. This can be especially beneficial if you're looking to pay off debt, save for a vacation, or invest in your future.
Freedom: A side business can provide you with the freedom to work on your own terms, whether that means working from home, setting your own hours, or choosing your own clients. It can also provide an escape from the daily grind of a 9-to-5 job.
Skill development: Starting a side business can help you develop new skills and gain experience in areas that you may not have been exposed to in your primary job. This can be a valuable asset in your career advancement.
Passion project: A side business can be a way to pursue a passion project or hobby that you may not have time for in your primary job. This can bring a sense of fulfillment and joy to your life.
Networking: Starting a side business can introduce you to new people and expand your professional network. You never know who you may meet that could open doors for future opportunities.
Diversification: Having a side business can provide a sense of security by diversifying your income streams. If something were to happen to your primary job, you would still have income coming in from your side business.

While there are many benefits to having a side business, it's important to note that starting and maintaining one takes time and effort. It's not a get-rich-quick scheme, and it may take a while to see results. However, if you're willing to put in the work, the rewards can be significant!

Whether you're looking to pursue a passion project, develop new skills, or diversify your income, a side business can be a valuable asset. So, if you have an idea or a hobby that you've been thinking about turning into a business, why not give it a shot? You never know where it may lead!

How the New FedNow System Might Affect the Financial Industry

Written by Becki Andrus in partnership with steel piping distributors, Fed Steel.

Wednesday May 1, 2023

How FedNow Will Work

Here is a bit of information so you know how this new financial system can be used:

Launching July 2023: It’s expected that this new system will launch in July 2023. Once FedNow launches, all banks in the United States (not just the big banks) will be able to join. But there is no requirement for banks to join. Consumers can only use FedNow through a participating financial institution – there will not be an option to use FedNow directly. So far, more than 120 banks and financial providers have participated in the pilot program (which started in 2021).

Similar to Other Instant Payment Systems: It will be similar to other payment platforms, such as Venmo and Zelle, allowing customers to send and receive money instantly.

Transfer Money Anytime: The transfers can happen 24/7, every day of the year. FedNow will even work evenings and weekends and holidays when the banks are closed. This system is an upgrade to standard ACH transfers since these transfers can only be processed during regular banking hours. Also, it takes 1 – 3 days for ACH transfers to go through, which can be an inconvenience for people who need immediate transfer services.

Transaction Limits: Transfer amounts will be limited to $500,000. Each financial institution will have a default transfer limit of $100,000 but have the option to increase or decrease their FedNow transaction limits. Also, FedNow is limited to domestic payments – transfers can only occur between financial institutions in the United States.

How FedNow Will Affect You?

Here is a bit of information so you know how this new financial system can be used:

Many people will benefit from this new FedNow system. The launch will allow you to make account-to-account transfers and bill payments instantly. Plus, it will be easier to manage accounts across banks.
Not only can you send the money right away, but you also receive immediate notification that the payment is accepted. Since sufficient funds must be verified before sending payment, you don’t have to worry about overdraft fees.

Written by Becki Andrus in partnership with steel piping distributors, Fed Steel.