Blog

August 11, 2017
IRA Contribution Limits in 2017 – Foster Financial

Each year, retirement savers, accountants, wealth managers, investors and others eagerly await the government's ruling on the annual IRA tax deductible contribution limit. Well, the results are in and the IRS has published its annual 2016-62 memo that clarifies the numbers. Savers and professionals will use these numbers to make their monthly and annual allotments. They divert the funds into specific investment accounts that are especially vulnerable to tax consequences. Over time, the annual deductions can help rapidly grow investment savings and reduce tax fees.

August 04, 2017
What cash are you really making in your business? – Foster Financial

Company executives are often overwhelmed with their finances. They see the money coming in from clients and the money going out to vendors. They pay themselves out of the general account but don't have a true salary. There is still cash at the end of the year but a lot of bills to pay. For these small business owners, finding out what money the firm is really making is a worthy goal. It helps to pay taxes, get loans and build out a larger business. For that reason, more and more executives are getting accountants to help with this process.

July 28, 2017
How to Pay Yourself As a Business Owner – Foster Financial

Did you start a company recently and now you're wondering what the rules are for paying yourself as a business owner? Entrepreneurs can choose to compensate themselves with a salary, draw or both. In other words you can decide to give yourself a regular paycheck for your efforts or pay yourself based on the company's overall profits.

July 21, 2017
Top 13 Tax Deductions for a 1099 Employee/Freelancer Likely to Escape Detection – Foster Financial

The IRS greets freelancers and other 1099 recipients with a wealth of business deductions, primarily in the form of Schedule C. This article provides an alert, exploring Tax deductions for a 1099 employee/freelancer likely to escape detection by 1099 recipients.

July 14, 2017
Business Gatherings: When You Can Write Off Meals on Your Taxes for Business – Foster Financial

Writing Off Business Gatherings For Taxation Purposes:

It's no doubt that meals for business gatherings that include meals can become quite expensive for any company, especially a smaller-to-midsized company. Although sometimes it's important to note that there can be tax write-offs for certain business-related meal expenses. It's important to know which expenses are OK to write off, and which ones are not to keep your business in "good standing" with the IRS.