Trivia Question❓
Which U.S. president is credited with implementing supply-side economics, often referred to as "Reaganomics," that focused on tax cuts to spur business growth?
Answer at the bottom of the newsletter
- Growing Business Cutting Taxes
- Posts
- Weekly Tax Tips August 19th
Weekly Tax Tips August 19th
Weekly Tax Tips
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Maximizing Growth and Savings: The Dual Benefits of Employee Training and Development |
Investing in employee training and development is a strategic move that benefits businesses in two significant ways: tax benefits and growth potential. Companies that allocate resources to qualifying training programs can take advantage of tax deductions, reducing their overall tax liability. The IRS allows businesses to deduct expenses related to employee education, provided the training is directly related to the current job role or business operations. These deductions can cover a wide range of costs, including tuition, books, supplies, and even travel expenses related to training. Beyond the immediate financial incentive, employee training programs can significantly enhance business growth. Well-trained employees are more efficient, productive, and capable of driving innovation within the company. This improved performance often leads to higher customer satisfaction, better service delivery, and increased competitiveness in the market. Moreover, offering continuous development opportunities helps retain top talent, reducing turnover rates and the associated costs of hiring and training new employees. By investing in employee training, businesses not only improve their workforce’s skills but also position themselves for long-term success. The combination of tax benefits and enhanced growth potential makes employee training a sound investment that pays dividends in both financial and operational terms. In today’s fast-paced business environment, staying competitive requires continuous learning, and the tax incentives provided for such investments make it even more advantageous for companies to prioritize employee development. |
You Are Invited! |
Do you own a business that has a 401(k) retirement plan for your employees? Get lunch delivered to your door while you learn about... Are you aware of the ongoing Fiduciary Responsibilities that you have as a plan sponsor employer? “Funds, Fees, & Forfeitures…Fiduciary Litigation Continues” Plan Sponsor Magazine August 2024 According to a recent article from Brach and Eichler LLC, from 2019 through mid-2022, more than 200 class action lawsuits were filed against 401(k) plans, fiduciaries and plan sponsors. Companies spent more than $150 million to settle those lawsuits Historically, most 401(k) lawsuits have targeted high recordkeeping/administrative fees and poor investment performance. Over the past several years, they now seem to be targeting a wider range of areas. Managed accounts, Target-date funds, proprietary fund usage and forfeiture usage have all been named in recent lawsuits We expect lawsuits to continue at a high pace over the next several years. This reinforces the need of a sound prudent process as plan fiduciaries and the assistance of an Independent Fiduciary Team to mitigate fiduciary risks involved with sponsoring an ERISA retirement plan. Employers & Providers of all sizes have been subject to litigation over the last several years. See the most common mistakes Employer Fiduciaries owners make in this area, and how you can overcome them and reduce exposure. You can significantly reduce your liability, lessen the administrative burden and possibly save money at the same time! Fill out the form to register now and learn how to protect yourself (and your company. There will be no sales pressure in our training, we promise DOL suggested Ongoing Benchmarking of Provider Fees & Services. Evaluating a Pooled employer plan vs. Single Employer Plan. Understanding the Fiduciary Roles and Responsibilities Current Single Plans vs Prospective PEP. For Employers: How to how to reduce fiduciary risk and administrative responsibilities and create a modern more personalized 401K plan for your participants. For Advisors: Enhance the value of your practice expand your range of services offer consultative value with a door breaking conversation. Register now and we will deliver lunch to your door. Make sure you enter the correct email and cell phone number so we can get you lunch. Date: Thursday, August 29th Time: 11AM-12PM Eastern Time Place: Zoom Register HERE |
Legacy Planning Virtual Lunch & Learn: Harness the power of Family Travel Stan Miller is a nationally recognized estate planning attorney, a #1 Amazon best-selling author, the co-host of the Your Life Your Legacy podcast, and one of the cofounders of Wealth Counsel, the largest estate planning software program used by estate attorneys. On this educational lunch and learn, Stan will share: The insights gained from physically experiencing different, even strange, places cannot be replaced by reading about them or through any kind of online medium. When we connect with people who think differently, believe differently and eat differently than we do, we are changed. We grow. We discover that people of all beliefs and colors are very much like us, and are almost always kind, generous, and open. Sharing that experience with family members, especially younger members, can be life changing for them. Your lunch instructions will be in your confirmation email and text, so make sure to enter your correct email and cell phone numbers. Date: Thursday, August 29th, 2024 Time: 12-1PM Eastern Place: Zoom Register HERE |
💡 Answer to Trivia Question: Ronald Reagan. |