Key Takeaways Beginning in 2026, employees aged 50 or older who participate in a 401(k), 403(b), or 457(b) plan and earned more than $145,000 from their employer in the previous year must make their catch-up contributions on a Roth (after-tax) basis. Employers must update plan documents, payroll systems, and employee communications to stay compliant. All …
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Key Points An emergency fund is a financial buffer that helps firms cover payroll, materials, and obligations when disruptions strike. Planning for multiple scenarios and sizing reserves appropriately makes businesses more resilient. Use new opportunities, like those in the One Big Beautiful Bill, to strengthen your financial position and fund future growth. Navigating Financial Uncertainty …
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On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBB) into law, ushering in a transformative era for American tax policy. This legislation carries far-reaching implications for construction business owners—from capital investment strategies and workforce compensation to long-term succession planning. This industry-focused summary outlines the provisions most relevant to construction companies …
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Key Takeaways Diversifying income helps businesses stay stable during change and uncertainty. Data-driven insights reveal which revenue opportunities will deliver the most impact and consistency. A flexible, forward-looking mindset builds the foundation for long-term business growth. Building Stability Through Smarter Revenue Design When a business depends on one primary source of income, it’s walking a …
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At Payne Nickles & Company, we believe effective accounting goes far beyond compliance; it should be a strategic advantage for your business. Our approach focuses on more than just preparing tax returns and reviewing statements. We help our clients make proactive decisions all year long. This four-part series highlights practical—but often overlooked—strategies that can significantly …
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Key points Business owners have retirement plan options beyond standard IRAs. Solo 401(k)s, SEP IRAs, SIMPLE IRAs, and cash balance plans can unlock powerful tax savings. The One Big Beautiful Bill (OBBB) introduces new deductions and planning opportunities. What Makes Retirement Planning Different for Business Owners? Running your own business comes with freedom and …
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Key Points You can’t eliminate economic uncertainty but can prepare by setting clear goals and building flexible financial plans. Strong cash flow, diversified revenue, and adaptable operations create resilience. Policy changes like the One Big Beautiful Bill Act (OBBBA) show why regularly revisiting your plan is essential. How Do You Navigate a Shifting Landscape? …
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Key Points: The SALT deduction cap will temporarily increase to $40,000 starting in 2025, creating short-term tax planning opportunities for high earners in high-tax states. Taxpayers with income between $500,000 and $600,000 may see reduced or no benefit due to phaseouts, making proactive income and deduction strategies essential. Business owners can bypass the SALT cap …
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At Payne Nickles & Company, we believe effective accounting goes far beyond compliance; it should be a strategic advantage for your business. Our approach focuses on more than just preparing tax returns and reviewing statements. We can help our clients make proactive decisions all year long. This four-part series highlights practical—but often overlooked—strategies that can …
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Key Points: Operating budgets manage short-term expenses like payroll and rent, guiding day-to-day business decisions and supporting cash flow. Capital budgets focus on long-term investments like equipment or software, which impact the balance sheet and require depreciation over time. Separating capital and operating budgets improves accounting accuracy, supports better tax planning, and aligns with 2025 …
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