As we anticipate the final quarter of 2020, this has certainly been an unusual year in many, many respects. Two substantial laws were signed into law that impacted the taxes of nearly every American: The SECURE Act and the CARES Act.
Between the implementation of these two laws and existing rules already in place, there are several tax-saving strategies that come to mind which families should consider taking advantage of before the end of the year.
This morning I attended a webinar hosted by the Wyoming Business Council. Several participants including members from the health and business community at the state-level, were on the call to discuss the latest updates to permit certain businesses to open, as long as certain measures are followed. They also discussed the newly issued guidance around variance and exception requests that businesses can make.
Last Friday, President Trump signed into law a massive piece of legislation, titled the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The law provides over $2 trillion (yes, trillion) of funding to everything from the health sector, state and local governments, large and small businesses, and of course, individuals and families.
I love the film Hoosiers. Not just because it’s a great Cinderella story, but because it has so many great lessons to be learned. Lessons about the values of fundamentals.
The basketball coach in the film is a relentless fundamentalist of the game. For example, he obsesses over his players making “three passes!” before anyone takes a shot. This is initially met with outcry from the fans and rebellion from the team, but as the film progresses the coaches commitment to the fundamentals wins his team over…all the way to the championship.
I’ve been thinking recently about some of the fundamentals of another game—the tax game. Few of us actually look at taxes as a game (rather, a complete headache), but the game becomes much easier—perhaps even fun—when the principal rules are understood.
This is the continuation of an article from two weeks ago titled 5 Reasons Why I Love Being a Business Owner. I promised at the end of that article to share some thoughts on the downsides of business ownership. So here we go.
A year or two before I started Hale Financial, I came across an article with what I thought was the greatest (and most terrifying) headline ever: “Forget Starting a Business, Kid. Just Go Work for a Company.” The author went on to explain all the horrible things he experienced when starting a company and why he’d never do it again.