PSK ClientLine Newsletter

www.pskcpa.com

June 2024

Independent Contractor Rules Updated

Whether you use independent contractors in your business or are an independent contractor yourself, take note of recent Department of Labor (DOL) changes in the Fair Labor Standard Act’s (FLSA) rule for determining independent contractor status — and the consequences of misclassification.

Clean Out Your Subscriptions

You may be so used to seeing recurring charges on your monthly statements that they don’t register as the unnecessary expenses they may be. Do you use those services enough to warrant paying for them? Eliminating those fees can result in sizable savings over time.

Cash Balance Plans: What's Your Advantage?

Need to boost your retirement savings? A cash balance plan — generally along with a 401(k) plan — might allow you to compensate for years of underfunding your retirement.

June 2024 Client Profile

Maureen’s yoga center has grown faster than expected, so she’s considering using a third-party service to handle payroll processing and management. Maureen consulted her tax professional and looked at IRS Tax Tips for guidance. She found she could best protect her business by hiring one of these types of services:

Start Your College Grad on the Path to Becoming a Millionaire

You may be able to do this utilizing any unused funds in the student’s 529 Plan. The IRS now allows rollovers of these funds to a Roth IRA in the child’s name.

June 2024 Q & A

Let's talk about exchange-traded funds.

Legal Powers: Prepare Your Child for College

Off-to-college checklist: dorm and study supplies, clothes, personal items, computer and printer, headphones, cellphone and other electronics, debit card, medical and financial powers of attorney… Stop. What? Along with other things necessary for a move to college, your student should have medical and personal powers of attorney (POA).

Do You Feel Wealthy?

Making it into the millionaires’ club isn’t what it used to be, at least according to data from an online study by Logica Research in 2023.

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