Why Most Chains Use a 4 Week Accounting Period

H&S has experts in restaurant accounting, payroll and taxes – providing busy restaurateurs with solutions to not only survive in this competitive industry, but thrive! Click here to read an article by Jim Laube on Why Most Chains Use a 4 Week Accounting Period

Times Indicator – Effective Use of Your Retirement Plan or IRA

You’ve worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it’s time to begin thinking about how to tap your plan assets for income.

First, evaluate your needs. Estimate your non-negotiable basic needs for things like housing, food and medical care. This is how much you’ll need just to get by. Then, estimate your income needs for things like travel, leisure and entertainment to determine how much income you’ll need for your desired lifestyle. You can adjust the lifestyle items, if necessary, but conventional guidance says you’ll need at least 70 percent of your pre-retirement income in retirement.

Second, assess your predictable income. Determine how much you can expect from Social Security and traditional pensions. If your predictable income will be enough to cover your basic needs, you may be in a position to use your retirement savings to fund your lifestyle.

On the other hand, if your basic needs exceed your predictable income, think carefully about how you tap into your retirement savings.

For example, if you have both tax-deferred and tax-free (Roth) accounts, you might consider utilizing tax-deferred accounts first to maximize the tax-free growth potential of your Roth.

Third, understand your plan options. Upon leaving your employer, you typically have four options. Plans may allow you to leave the money alone or may require that you begin taking distributions upon reaching the plan’s normal retirement age. You may choose to withdraw the money as a lump sum or receive equal payments for life. You may roll the money into an IRA. Or, if you continue to work during retirement, you may be able to roll the money into your new employer’s plan. Be sure to compare fees and expenses for each option before making a decision!

Determining the appropriate way to tap your assets can be extremely challenging and should take into account a number of factors, including income taxes, other income-producing assets, your overall health, and your estate plan.

The good news is you don’t have to do it alone. Speak with an accountant, attorney or financial advisor today to learn more about your options.

*Click anywhere in the article to download the PDF*

H&S 2019 Tax Newsletter

We hope that you enjoyed the holidays and that 2019 is off to a great start! For us, the new year brings a new tax season and a new tax newsletter.

Our annual tax newsletter is full of many new tax law changes, and we hope you find it helpful. Please feel free to contact your H&S tax professional if you have any questions – we are here to help!

Click the image below to download a copy of our 36th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Questionnaire

H&S Tax Checklist

Postcard tax return, not so simple afterall…

AccountingToday explains why the newly unveiled postcard tax return isn’t so simple afterall. Click the link below to read more!

AccountingToday explains Postcard Tax Return

Research & Development Tax Credits

You don’t need to work in a lab to perform research and development (R&D). Frequently, asking the simple question of, “How could this be better?” kicks off a process of discovery that the IRS would define as R&D. If your business ever asks itself this question, click on the image below to find out if you might qualify for the Federal Research and Development Tax Credit.

 

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Click to Download

Turn-key Payroll Services

Our Payroll Specialists at H&S take care of your payroll needs from start to finish with turn-key services. Why take the time to stay up-to-date with ever-changing payroll rules? Let us ensure you meet all compliance regulations. Click on the image below to download our one-pager detailing everything we offer.

Click to Download our Payroll one-pager

Click to Download

Retirement Plan FAQs

Retirement Planning can be tough, there are several factors consider. We thought we’d spend some time and answer some commonly asked questions…

1. I’ve worked hard for my money, how can H&S help me save for retirement?
2. I have never looked at setting up a retirement plan. What are my alternatives?
3. Are there any trip wires to taking retirement plan distributions?
4. I have a small company – how can I afford a large company 401k plan?

Click the image below to download our one-pager!

Click to Download

Click to Download

CPA's & Business Advisors

Trump Tax Cut Clean Up Signed With $4,900 Personal Exemption

Did you know? Michigan is the first state to enact a law designed to prevent a potential surprise state tax increase of as much as $1.5 billion from President Donald Trump’s tax reform plan. Gov. Rick Snyder signed this legislation, flanked by both legislative leaders and Lt. Gov. Brian Calley on Wednesday.

Click here to read the full article by the Small Business Association of Michigan!

MI State Capitol Bldg

Tax Extenders Passed!

In case you missed it, the tax extenders included in the budget deal passed on February 8th. Of course, please feel free to reach out to your H&S tax professional with questions about these provisions.

Click the image below to download a summary of tax provisions extended as part of the budget deal signed 2/9/18!

Click to Download

Click to Download

H&S 2018 Tax Newsletter

Well folks it’s here, another new year! Happy 2018! We hope you enjoyed the holidays, and were able to spend time with family and friends.

Our annual tax newsletter is full of many new tax law changes, and we hope you find it helpful. There are sure to be questions, so please feel free to contact your H&S tax professional – we are here to help!

Click the image below to download a copy of our 35th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Checklist

H&S Tax Questionnaire