Category Archives: Entrepreneur

Are There Really Tax-Free Retirement Plan Distributions?

image of tax free text

A look at some popular & obscure options for receiving money with little or no tax. 

Will you receive tax-free money in retirement? Some retirees do. You should know about some of your options for tax-free retirement distributions, some of which are less publicized than others.

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Is This the Season to Change Jobs?

image of business people shaking hands

The top financial considerations for those ready to make a move.

Switching from one job to another can literally pay off. Data from payroll processing giant ADP confirms that statement. In the first quarter of this year, the average job hopper realized a 6% pay boost. The salary increase averaged 11% for workers younger than 25.1

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Want to Set Up a Retirement Plan for Employees?

image of setting up retirement for employees

 

From Employee Benefit Advisor:

“The U.S. Department of Labor acted on President Obama’s Executive Order 13706 (EO) and released a final rule implementing the requirements for federal contractors and subcontractors to provide employees with paid sick leave. Specifically, contractors must provide one hour of paid sick leave for every 30 hours worked on or in connection with a covered contract, for at least 56 hours per year, and subject to certain limitations. The requirements will take effect for covered contracts entered into on or after January 1, 2017.

An employee may use the leave for his or her own physical or mental illness, injury, medical condition, treatment or diagnosis as well as that of any person with whom the employee has a significant personal bond that is or is like a family relationship, regardless of biological or legal relationship. This includes such relationships as grandparent and grandchild, brother- and sister-in-law, fiancé and fiancée, cousin, aunt, and uncle. It could also include others with whom the employee has a family-like relationship such as a foster child or foster parent, a friend of a family, or even an elderly neighbor in certain circumstances.”

 

FOR THE FULL ARTICLE INCLUDING THE TYPES ON CONTRACTS AFFECTED, click here

It’s a Great Time for Buying or Selling a Business

Our new infographic, “It’s a Great Time for Buying or Selling a Business,” looks at how small businesses change hands in the United States.

After jumping in 2013, small business transactions have remained stable with around 7,000 businesses bought or sold each year. “Part of the reason transaction activity stabilized in 2015,” BizBuySell reports, “may be that small businesses continue to grow financially healthier, allowing owners to ask for more money, creating a more balanced market.”

The price of purchasing a business is rising — and that’s good news for anyone considering selling. Last year, businesses tended to sell for just $25,000 lower than their asking price.

Internet B2B companies cost the most to buy, so be prepared with about $365,000 if you’re in the market for one. Meanwhile, you can likely buy a dry cleaning shop, restaurant, convenience store or barber shop for under $200,000. In fact, restaurants accounted for 22 percent of business sales in 2015, the highest of any industry.

But before you write a check, you’ll want to follow a few financial guidelines. Don’t invest more than 15 percent of your net worth into buying a business, and keep at least 10 percent of your liquid assets free for future business needs. “It is important to have a little bit of a financial buffer, in case some emergency would arise or the business would suddenly need some extra operating funds,” Jason Rueger of FitSmallBusiness advises. “Instead of investing all your liquid assets and being stuck with no cash, buffer gives you a financial cushion which you can draw from when needed.”

Thinking about selling your business? Don’t wait until the last minute — start doing your research and planning for sale two to five years in advance. Be sure to review your finances, as 31 percent of brokers surveyed reported bad financial health as a major reason why businesses don’t sell.

Check out the infographic for more details. If you’re considering buying a business or selling one you’ve built, contact a SCORE mentor. These seasoned volunteers can guide you through the process — and may have personal experience to share!

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambriudge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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