Urgent Message from the SBA

Urgent Message:  

Emergency Economic Injury Grants of $10,000 are now available for most businesses with 500 or fewer employees:

  • Sole Proprietorships, with or without employees
  • Independent Contractors
  • Non-profit (501c) organizations
  • Private nonprofits (501d and e) except religious or political organizations

Click here to go to the SBA web-site to learn more and/or apply for the grant.

Eligible applicants will receive monies within 72 hours!

H&S Reviews the CARES Act & the EFMLEA

We’ve taken the time to sift through the CARES Act, the EFMLEA, and the Unemployment Rule changes, and highlight the most important information for you. Click the image below to download our review.

Check back here often, as we will keep it updated with new information as we receive it. Also stay tuned for information on a webinar discussing the Paycheck Protection Program and the Employer Retention Tax Credit.

Click the image to download a PDF

COVID-19 Response

Dear Friends,

Out of an abundance of care and concern for you, our team members, and our greater community, H&S has closed its doors to outside visitors effective until further notice.

Some of us are still working in our offices, while others are working from home and we remain dedicated as ever to you. Our professionals are available via email, phone, online meeting, or even video conferencing to continue to serve you.

All offices have either a dedicated area and/or drop box for you to leave your materials with us. Additionally, we have encrypted/secure portals you can use to upload information to us. Please call Lauren Miller at 989-817-4900 to set up your secure portal if you do not already have one.

Our interactions may temporarily be altered, but our commitment to you will not. Thank you for the trust you place in us. Together we will all get through this.

“Coming together is a beginning; keeping together is progress; working together is success.” – Henry Ford

Thank you, and please take abundant care,

H&S Companies

Client Feedback Survey

We would love to hear your thoughts or feedback on how we can improve your experience!

H&S 2020 Tax Newsletter

We hope that you enjoyed the holidays and that 2020 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 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 37th 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

You’re invited to a Retirement Planning Seminar!

If you are between ages 58 and 68, it is time to start learning about the rules and deadlines related to Social Security and Medicare supplements. Please join us for a free seminar discussing Social Security: How to Grow from Here, Medicare Choices, & Tax Complications. We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.

We’re Proud To Support the Muskegon Community!

Check out the new Muskegon Lakeshore magazine by clicking here!

 

2019 Educational Seminar Series

Join us for a free series of events we are hosting on important financial topics such as Social Security and Medicare options, saving for college, and intergenerational wealth transfer! We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.

 

How the Tax Cuts and Jobs Act Will Affect Small Business Owners

MiBiz explains how small businesses may benefit from Pass-Through Deduction, Flat C Corp Tax Rate, Bonus Depreciation, and Accrual or Cash Accounting. The article even features our very own Sally Steffes, CPA!  Click the link below to read more!

Small Business Owners See Benefits From Pass-Through Deduction, Flat Tax Rate

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*