Although many businesses look forward to putting 2021 in their rearview mirrors, some economists suggest 2022 could be even worse, with inflation and supply chain delays causing a slowdown or perhaps even a recession. Many struggling businesses try to navigate their financial difficulties alone, yet that can put them at greater risk. Making smart decisions now, including … [More]
Small Business Owners Can Maximize Their Retirement Plans
For many small to midsize business owners, retirement doesn’t seem realistic. In fact, new research by SCORE found that 34% of business owners don’t have a retirement savings plan and 40% aren’t confident they will be able to retire before the age of 65. How to save effectively before hitting a certain age often escapes a business owner’s mind, pushed aside by a focus on … [More]
Tax Tips in Prep for Next Season
Small businesses can be complicated entities so even those that have already filed their taxes for this year can start planning ahead for next year. In fact, it is important to start thinking about potential tax issues and benefits, whether preparing for next tax season or filing an extension for this year. Doing so will save a business money — and can save it from an unwanted … [More]
The Anticipated Tsunami of Commercial Bankruptcies Has Not Happened – Here’s Why
Since March 2020, there has been a great deal of hand wringing over how businesses would weather the economic storm created by COVID-19. As the lockdowns dragged on longer than anyone expected, many speculated that the resulting economic chaos would produce a swath of defaults and bankruptcy filings. Now, more than a year removed from the initial lockdowns, are those … [More]
Businesses Benefit: The Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire people in certain target demographics who often experience employment barriers. This includes people coming off public assistance from COVID-related layoffs. Business owners who hire individuals coming off long-term unemployment of 27 weeks are eligible for a $2,400 to $9,600 tax … [More]
Engaged with Purpose: Who’s Driving the CAR?
It’s not enough to know something; a person must engage to see results. And what drives anyone’s engagement will significantly impact whether they stay engaged for the long run. According to Gallup (2021), only 35% of employees in the United States are engaged in their jobs. For business leaders, that means that, statistically, six out of 10 U.S. employees are not engaged. … [More]
Tax Advantage: Employee Retention Credit
As part of the CARES Act introduced in 2020, Congress created a new tax credit to incentivize employers to keep workers on the payroll during the pandemic. The employee retention credit is an offset to certain payroll taxes; it is not an income tax credit. The credit, which began on March 12, 2020, was originally set to expire at the end of 2020. The Consolidated Appropriations … [More]
Increased Longevity and the Impact on Retirement Planning
Over the last several decades, our life expectancy rate has continually increased. Today, the average expectancy is around 80 years in the United States. The U.S. Census Bureau projects longer life expectancy for decades to come. By the year 2060, life expectancy is projected to have continued its steady increase. In addition to this forward-looking projection, life … [More]
Financial Wellness Packages: The New ‘Must-Have’ for Competitive Employers
In an October 2020 survey released by the National Endowment for Financial Education, 84% of Americans said COVID-19 is causing stress on their personal finances. More than half of those surveyed said not having money enough saved for emergencies, retirement, college and other uses ranks among their top financial concerns. Workplace Impacts When employees are stressed and … [More]
Big Mistakes Small Businesses Must Avoid in 2021
Naturalist Charles Darwin famously said, “It is not the strongest of the species that survives; it is the one that is the most adaptable to change.” What is true for members of the natural world has never been more true for the small business owner. Stop-and-go government regulations and rapidly changing economic conditions have given small businesses plenty to adapt to this … [More]
Facing the Biggest Issues of Business Capital Funding Right Now
COVID-19 has exacerbated the funding problems businesses face, highlighting the need for change. The disruptions that 2020 brought left most small businesses reeling. Owners and would-be entrepreneurs found themselves faced with various issues regarding business capital funding, and although it’s tempting to lay the blame solely at lenders’ feet, that would be unfair. Small … [More]
Arizona Passes Prop. 207 to Become the 13th State to Legalize Marijuana
At the end of last year, Arizona voters overwhelmingly passed Proposition 207, legalizing recreational marijuana in our state. So, what happens next? According to the Arizona Secretary of State’s office, the law will allow limited marijuana possession, use and cultivation by adults 21 or older; amend criminal penalties for marijuana possession; ban smoking marijuana in … [More]
Customer Benefits Come from Credit Union Acquiring Bank
Arizona Federal is the only Arizona-based credit union with SBA PLP status. We were able to obtain this designation through the acquisition of Pinnacle Bank just one year ago. Pinnacle was a community bank I was proud to stand up back in 2005. Arizona Federal had obtained the designation by exhibiting a successful track record of processing small business loans and by … [More]
Education-Related Businesses Are Addressing the Pandemic
COVID-19 will change how we live -- some of it forever — and education may be one of the more affected areas of life. Out of necessity, K-12 schools, colleges and universities have transitioned to remote “virtual learning.” Teachers and instructors are now communicating with students via personal computers, and lesson plans have been altered to online formats. Despite these … [More]
The R&D Tax Credit: An Overlooked Tax Saving Opportunity for Architects and Engineers
By designing impressive new buildings and developing solutions for challenging structural issues, architects and engineers serve as beacons of growth and innovation in society. Yet, many architecture and engineering firms do not realize that their routine activities may qualify them for a powerful opportunity to significantly boost their bottom lines: the Research and … [More]
FinTech for Banking and Investing
As technology continues to play an increasingly dominant role in daily life, FinTech has followed suit, equipping the banking industry with tools that makes it more efficient and customer-oriented than ever before, according to Don Garner, CEO of Alliance Bank of Arizona. “Although nothing can replace an expert banker who has a close relationship with a customer and understands … [More]
