#Retirement Savings Plan

[finlotax]

Essential tax tips every small business owner should know to maximize savings

Tips for tax savings

1. Deferring income/expenses

As a small business owner, you can consider deferring incomes or expenses based on business conditions. If business for the year has been slow and profits are lower than expected, you can consider deferring expenses and increasing income for taxation purposes. However, such a step should only be adopted if you are anticipating higher profits during the following year. Income growth is accelerated by speeding up cash collection before December 31 while simultaneously deferring the payment of expenses till after the new year. This will result in the income received during this year being taxed at a lower rate, while the expenses carried forward to the next year can be useful to set off against the higher income of the new year. On the contrary, if profits are expected to be high this year, you can consider deferring income to the next year and increasing expenses in the current year to reduce the taxable income for the year. This can be achieved by paying some of next year’s expenses in the current year.

2. Qualified business income deduction

If your business is structured appropriately, you can claim a Qualified Business Income deduction under the Section 199A. As a small business owner, you can avail of a 20% deduction in qualified business income when calculating federal taxes. However, this deduction is applicable on “pass-throughs”, a process where the owner pays the tax on the business income rather than the business itself paying the tax. That tax break is scheduled to expire after 2025without changes from Congress, which could affect millions of filers. Consult a tax professional to know if this deduction is applicable to your business. 

3. Resourceful tax planning

If you have a fairly good idea of how your business is likely to perform during the next tax year, you can prepare for the possibility of higher taxes by creating a cash reserve that can be used to pay the IRS. This will ensure you do not face liquidity problems when it is time to pay your taxes. Another way to meet your tax liabilities for the year is to pay estimated taxes based on the tax paid during the previous year. So, if your business did not do well the previous year, you would be required to pay a relatively low amount of estimated tax for the current year which would preserve your liquidity. Ensure you pay at least 90% of the tax estimated for the current year or 100% of the tax on your return for the previous year whichever is lower, to avoid being penalized. The balance would be due at the end of the current year. These figures should be worked out with the help of your tax consultant or accountant.

4. Use your car for business purposes

Using your car for your business can have several tax benefits for your small business. Car expenses are permitted as deductions from taxable income. Deductible car expenses are calculated at a standard mileage rate of cents per mile or actual expenses are considered. Eligibility for this deduction will depend upon taxable income. 

5. Create a retirement savings plan

Creating a retirement plan secures your future and helps reduce the tax rate on your income. Individuals and businesses can contribute to a SEP IRA or 401(k)-retirement plan. Business owners can set up retirement plans for their employees and the cost of setting up and administering these plans can be claimed as a deduction.

These are just a few ways in which small businesses can reduce their tax liability and increase liquidity. These steps to reduce your tax liability can be adopted in consultation with a tax professional based on your business size and organizational structure.

Finlotax: A professional accounting and taxation firm in CA

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[squaredawayblog]

Most workers and retirees do not hire a financial adviser and feel insecure about how they’re managing their money. 

[omega-insurance-brokers]

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[coochiequeens]

https://torontosun.com/news/local-news/warmington-female-rugby-players-complain-trans-opponent-hits-too-hard

Female rugby players are not used to feeling like they have been hit by a bus on the field. Or a truck.

A veteran female rugby player, who plays for the Stoney Creek Camels senior women’s team, said she was hit so hard in a recent game, it felt like a man delivering the tackle.

This transgender player, known as Ash — said to have registered as a non-binary person who identifies as female — stands about 5-foot-10 and weighs up to 220 pounds. 

“We are women,” said a female player on the receiving end of a tackle. “It’s a whole other thing playing rugby against men.” 

Or one who used to be — especially one of that size, who is also said to have been an MVP at the men’s level just last season. 

“I had never been hit like that before, even at the competitive women’s level,” said the player. “There was so much more brute force. There are women who are bigger than him, but no girl hits like that. This is a strong human.” 

“The player is a nice person, but that is not the point,” said the female player. “We are now at a disadvantage.”

This story has sparked a lot of discussion within the rugby community – many comparing it to the Leah Thomas swimming issue in the United States. But as one female player pointed out, competitive swimmers have their own lane and there are no collisions. In rugby, it’s all collisions, all the time. She said Ash’s legs are massive and strong, and “you feel the hits from (them) the next day.”

Diana Murphy a friend of some of the players, tweeted: “Three women’s rugby players had to be removed from a game and treated for injuries from hits sustained by a transwoman” and that she feels “Trans have no place in women’s sports.” Rugby Canada said there were no illlegal hits, but sources in the game said Ash received a yellow card from the referee for a hit to the head of one female player. Ash was pulled from the game. Players said they are not clear whether it was at the insistence of the referee or the Fergus coach. Either way, Rugby Canada said this is a federal inclusion issue and not only is this transgender player welcomed in the league, but the law protects that person from discrimination.

“We are aware of the matter in question but would advise that Rugby Canada has received no formal complaints,” said Managing Director Tania Richards. “All rugby played in Canada abides by federal government laws which regulates inclusion in sports."

She said there were no players hurt and there were no illegal hits as has been suggested on social media. What there has been, said Richards, is online harassment of the transgender player. The Fergus club has not yet responded, but has forwarded our request to speak with Ash. Meanwhile, there are some players who feel they should not have to play against someone who was recently considered male, but are afraid to reveal their identities for fear of being targeted or cancelled themselves.

All sides use the word “complicated” when talking about this matter. Rugby Ontario sent a communique to members, saying “for those who attended Sunday’s board meeting, you are aware of some concerns that have arisen about player safety in the context of a transplayer playing in club games” and “we are working closely with Rugby Canada senior staff on the matter and are together developing action and communication plans, informed by the counsel of their third-party crisis management PR agency.” They also asked, “if you are contacted by anyone in the community or the media, please do not engage by offering any opinion or comment on the situation.” What they don’t seem to be doing is fully accepting there are some female players who don’t feel comfortable going up against a transitioning opponent in a physical sport where size and strength play a role. One player said the collision she had with trans player Ash was unlike any other impact she has felt in all her years playing rugby.

[starbuck]

just created a budget for the rest of my life and i legitimately feel SO much better…

[poisontheglamrockband]

i feel like season 4 of TUA was trying to stick the landing with a broken leg because the writers were trying to put more focus on character motivations and flaws but it was the last season.

most of umbrella academy has been action to action to action and no one’s really had meaningful character development throughout it all. i really do believe a plotline between diego and lila about how ‘married with kids’ life both stresses them out and bores them could; i believe a plot about viktor being able to hold down a relationship could work; i believe a final end of the world plot where five lashes out on his family because he wants to sit under his own vine and fig tree and they keep ending the fucking world COULD WORK, the problem is that none of these ideas had the time to be fully developed and thus all fell flat

[leahthedreamer]

Here’s how Gabi and Guillaume returning for a final olympic season will save ice dance from destitute-

[bitchesgetriches]

Dafuq Is a Retirement Plan and Why Do You Need One?

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[tchaikovskym]

I think late 20s are for people to figure out that the world they knew 10 years ago doesn't exist anymore, and you have to accept that your understanding of the world you made when you were younger will not be true in the changing world

[talabib]

Mastering the Art of Investing: Practical Strategies for Insightful Decision-Making

Key Point:

Making smart and insightful investment decisions is an attainable goal with the right strategies in place. By recognizing your limitations, managing emotions, seeking professional guidance, and aligning your investments with personal objectives, you can cultivate a robust and successful investment portfolio that stands the test of time.

Sound investment decisions are the bedrock of financial success. However, navigating the complex world of investing can be challenging, even for the most seasoned investors. This post explores practical strategies for making smart and insightful investment decisions, empowering you to grow your wealth with confidence and finesse.

Recognize the Limits of your Abilities

In both life and investing, it is crucial to acknowledge the boundaries of our expertise. Overestimating our abilities can lead to ill-advised decisions and, ultimately, financial losses. By cultivating humility and seeking external guidance when necessary, we can minimize risks and make more informed investment choices.

Manage Emotional Influence on Decision-Making

Emotions can significantly impact our ability to make rational decisions. To circumvent the sway of emotions, adopt a disciplined approach to investing, relying on data-driven analysis and long-term strategies rather than succumbing to impulsive reactions.

Leverage the Expertise of an Advisor

Engaging a professional financial advisor is a prudent investment decision. Their wealth of knowledge and experience can help you navigate market complexities and identify opportunities tailored to your financial goals, risk tolerance, and investment horizon.

Maintain Composure Amidst Market Volatility

Periods of market turbulence can incite panic among investors. However, it is essential to remain level-headed and maintain a long-term perspective during such times. Avoid making impulsive decisions based on short-term fluctuations and focus on your overarching financial objectives.

Assess Company Management Actions Over Rhetoric

When evaluating potential investments, examine the actions of a company's management rather than relying solely on their statements. This approach ensures a more accurate understanding of the organization's performance, financial health, and growth prospects.

Prioritize Value Over Glamour in Investment Selection

The most expensive investment options are not always the wisest choices. Focus on identifying value rather than being swayed by glamorous or high-priced options. This strategy promotes long-term financial growth and mitigates the risk of overpaying for underperforming assets.

Exercise Caution with Novel and Exotic Investments

While unique and exotic investment opportunities may appear enticing, approach them with caution. Ensure thorough research and due diligence before committing to such investments, as they may carry higher risks and potential pitfalls.

Align Investments with Personal Goals

Invest according to your individual objectives rather than adhering to generic rules or mimicking the choices of others. Personalized investment strategies are more likely to yield favorable results, as they account for your unique financial circumstances, risk appetite, and long-term aspirations.

Making smart and insightful investment decisions is an attainable goal with the right strategies in place. By recognizing your limitations, managing emotions, seeking professional guidance, and aligning your investments with personal objectives, you can cultivate a robust and successful investment portfolio that stands the test of time.

Action plan: Learn a few simple rules and ignore the rest of the advice you receive. 

It’s easy to become completely overwhelmed by the volume of advice available about investing. However, you don’t need to become an expert on the stock market in order to become a good investor. 

Just like an amateur poker player can go far if he simply learns to fold his worst hands and bet on his best ones, a novice investor can become very competent just by following a few simple rules. For example, he should learn not to overreact to dips in the market and make sure to purchase value stocks instead of glamour stocks. 

[zafiro-anyejo]

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[squaredawayblog]

State programs to automatically enroll workers in an IRA are nudging more employers to create their own retirement savings plans instead. 

[donotdestroy]

"Just how big your nest egg should be and how long it might last will depend not only on what you save and invest but also how you plan to spend money once you retire. Do you plan to work part time in retirement? Travel a lot? At what age do you plan to retire? Answers to all these questions will help you figure out how large a nest egg you may need to live the life you want in retirement. And don't forget to factor in inflation and future market conditions."

[coochiequeens]

I'm going to guess that this is another man who can't compete with younger men anymore, through no fault of his own he's just aging, and instead of accepting that gracefully and focusing elsewhere like coaching he's using women’s sports to prolong a sports career that should have been over by now.

By Amy Hamm June 24, 2024

Female rugby players in Alberta, Canada, are expressing concerns for their safety after a male who only recently began to identify as a “woman” was permitted to join their team. The women say their club is more worried about “discrimination” lawsuits than their potential injuries.

Players for the Clanswomen, a female rugby team in the Clansmen Rugby Club (CRC) and under the jurisdiction of the Edmonton Rugby Club, told Reduxx they were only recently informed by a coach that Maeryn Gellhaus, 48, was allowed to join their team.

Several members of the Clanswomen, who are being kept anonymous for their protection, explained that they knew Gellhaus had previously played on a men’s team in the CRC before he began to identify as transgender. He also reportedly coaches a youth team in the CRC.

According to a Clanswomen player who spoke with Reduxx, Gellhaus approached executives at the CRC sometime in May, requesting to switch from the men’s team to the women’s team. He has since been attending the women’s practice sessions twice a week. The female players were reportedly not consulted about his acceptance onto the roster.

Gellhaus made an Instagram post about joining the women’s team on May 29, boasting that he had played nearly 300 games as a male, but had been accepted into the Clanswomen after declaring himself to be a woman.

“I’ve played almost 300 games for my club. Played on every team possible. But the reason I never really fit in was because I was never really on the RIGHT team. Until tonight… tonight the Clanswomen allowed me to join them. So for once (maybe just once) I can take the pitch as myself for the right team.”

According to an Instagram post by Gellhaus, he began to identify as transgender and take cross-sex hormones (HRT) just four months ago and primarily presents as “male” most of the time.

“I’m only 4 months deep into HRT. I haven’t had [facial feminization surgery]. I still boy-mode mostly,” he wrote in another post from June 4.

The anonymous female players said that Gellhaus was allegedly informed that several of the women on the team were uncomfortable with his presence and worried about being injured playing with a male. Days later, Gellhaus took to Instagram again, complaining that some of the women had been less than accomodating to him.

“There are a lot of girls that have been absolutely amazing to me there. But there is an underlying feeling that some don’t want me there. Badly. It hasn’t been figured out yet. I’m trying to decide if it’s worth the struggle. I want to be celebrated, not tolerated,” he wrote.

Just last week, Gellhaus was finally added to the publicly-available team roster on the Clansmen Rugby Club’s website. He played his first game with the team on Saturday in St. Albert, Alberta.

One female player told Reduxx that she was focused on fairness and safety, and that none of the women opposed to Gellhaus’ presence were motivated by transphobia. Instead, she explained fear of injury was the primary concern amongst the women.

“It’s safety and fairness of sport. It’s pretty f*cked up that one person’s ‘feelings’ trump legitimate concerns of safety from our women. Our opinions and feelings don’t matter,” she said.

“In an aggressive contact sport like rugby, where your only required protection is a mouth guard, why do we have to argue over safety and explain the risks of women versus men?”

Several of the women have approached Canada’s governing body for Rugby with concerns about safety, but were told that the club must follow the current guidance, which enables players to choose a team based on their self-identified gender “at both recreational and competitive levels.”

Rugby Canada regulations claim to “resolve gender identity and gender expression issues” via their discipline and complaints policy. The policy does not provide any mention of the safety of female players matched with or against males.

“It’s reckless. The club is afraid [Gellhaus] will file a discrimination suit if we don’t let him play,” another Clanswomen player revealed. “I argue he is to be accepted ‘as is’ with the men’s team, or he can go play in one of the co-ed leagues.”

[shoecrabs]

i honestly don't think anyone will care but I keep brainrotting over the idea of a pjo/rainworld au

I've turned the Seven into funky slimy cats dealing w concepts far beyond their comprehensions lmao

[dollar-and-sense]

Mastering Personal Finance and Investing: Your Ultimate Guide to Financial Freedom

Introduction: Understanding the Importance of Personal Finance and Investing Personal Finance and Investing: Your Path to Financial Freedom Importance of Personal Finance and Investing for Wealth Creation The Basics of Personal Finance: Budgeting, Saving, and Debt Management Mastering the Basics: Budgeting, Saving, and Debt Management Budgeting Tips for Effective Personal Finance…