Rev up retirement offerings with an NQDC plan

| Business Briefs

Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in their 401(k) plan. For 2017, the annual elective deferral contribution limit for a 401(k) is just $18,000, or $24,000 if you’re 50 years of age or older. This represents a significantly lower percentage of the typical owner-employee’s or executive’s salary than the percentage of the average employee’s salary. Therefore, it can be difficult for these highly compensated Read more [...]

Will Congress revive expired tax breaks?

| Tax Briefs

By Lou Ann Taylor     Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made a multitude of tax breaks permanent. However, there were a few valuable breaks for individuals that it extended only through 2016. The question now is whether Congress Read more [...]

4 tough questions to ask before expanding to a new location

| Business Briefs

Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and ask yourself some tough questions about whether a new location will grow your company — or stretch it too thin. Here are four to get you started: What’s driving your interest in another location? It’s important to articulate specifically how the new location will help your business move toward Read more [...]

Is outsourced accounting right for your NFP?

| Business Briefs, Business Miscellaneous

By Chris Mennel     As your nonprofit strives to use its resources as effectively as possible, at some point, you might consider outsourcing the functions that fall under your accounting and financial umbrella. Nonprofits often outsource areas that require specialized knowledge or a significant number of hours, such as payroll processing and payroll tax preparation. Outsourcing accounting functions also can provide benefits – if it matches up with your organization’s needs and budget. Before Read more [...]

Our client spotlight shines on The Indiana Beef Cattle Association & Council

| Client Spotlight

Our senses seem to delight at the summertime sight, sound and aroma of sizzling steak on the grill. And one of the best places to enjoy this delight is at the Indiana Beef Cattle Association’s (IBCA) food booth at the Indiana State Fair. This booth is only one of many ways the Association and the complimenting Indiana Beef Council (IBC) support Hoosiers. Since 1974, IBCA, a group of individuals, beef producers and affiliated interests, works closely with the Purdue Extension to sustain a high Read more [...]

3 midyear tax planning strategies for individuals

| Tax Briefs

In the quest to reduce your tax bill, year-end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear:   1. Consider your bracket The top income tax rate is 39.6% for taxpayers with taxable income over $418,400 (singles), $444,550 (heads of households) and $470,700 (married filing jointly; half that amount for married filing separately). If you expect this Read more [...]