McMill CPAs and Advisors logo

McMill Building

125 S. 4th Street, Norfolk, NE 68701

 

Phone:    402-371-1160

Toll Free: 800-694-1160

 

Website: www.mcmill.info

July 2021

Paying Yourself as a Business Owner

Owning a business is challenging and hard work, so you’ll want to compensate yourself appropriately. How you do that depends on the structure of your business.

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Tax Diversification in Retirement Planning

In the same way that you diversify your investments, you’ll want tax diversification too. Tax diversification involves making decisions today based upon what you think tax rates will be in the future. This will help to minimize the total amount of tax you’ll pay in retirement.

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Managing Inflation Risk During Your Retirement

Longer retirements mean inflation can put a serious dent in the best-laid plans. Most people factor in inflation when planning how much they will need when they reach retirement. But inflation does not stop the day you retire. In fact, your budget on the day you retire could look very different five, 10, or 20 years into retirement.

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July 2021 Client Profile

My business is located in Michigan, but I’m considering hiring remote employees who live in other states. How will this impact my payroll taxes?

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Control Cash Flow and Costs with Just-In-Time Inventory Management

Holding small amounts of inventory with a Just-In-Time (JIT) inventory system can improve cash flow and create operating efficiencies.

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Losses and Your Rental Property

The general rule is that rental activity is passive, whichs limits the amount of losses you can claim on your tax return.

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July 2021 Q and A

Let's talk earning rewards and whether it's better to lease or purchase new machinery for taxes.

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July 2021 Short Bits

Things are looking up. Charitable giving has increased and so have the number of relocations during the pandemic.

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