Put Your Kids on Your Payroll…Here’s Why!

Put Your Kids on Your Payroll…Here’s Why!

Do you have a business? Are you looking for ways to save money on taxes? Do you have a family? Many business owners may not know, but a great tip is to put your kids on your payroll, read on to learn more! Not only will this benefit your business, but it will also be a benefit to your children.  Many parents wonder, how can I teach my child the value of money? What are the ways to teach them financial literacy? Well, as a business owner, you already have the opportunity at your disposal. As long as you are abiding by the IRS Code, and giving them a job that they are fit to do, you are lawful. This step teaches your children to work hard and earn income. They need to know what it’s like to be an employee, so when they are leaders, they are kind and understanding.  read...
How to keep a productive household for your children amongst COVID-19

How to keep a productive household for your children amongst COVID-19

Many parents have now been home with their children for over two months due to COVID-19. Due to the pandemic, schools have closed with not much relief as to when they will open again. For now, it has been up to parents to create a schedule for their children, and help them continue their education online. If you are looking for tips on keeping a productive household for your children, read our three steps for success.  Create a schedule for them that they are to follow M-F It is very easy to let your children sleep in late and go to bed late; however, this can be a detriment to their rest and yours. Many students are working from their computers and still need to be active for a class; therefore, they need adequate rest and a schedule. Other younger students may not have the ability to meet over the computer. Consequently, it has been much harder for parents of younger students. Our suggestion would be to give them a schedule they can follow and see. A whiteboard or schedule on the fridge could be a great way for them to know what they need to do on a day to day basis. Create time blocks for them to do school work, read, write, or take breaks. Schedule some time for them to be outside if it is safe to do so, and be sure to have them in bed by a certain time. This may end up being the longest summer break ever; therefore, we recommend starting a schedule for them before it is officially summer break. read...
5 Tactics to Spending Less in 2020

5 Tactics to Spending Less in 2020

It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020: Rank expenses by priority. Spending less in 2020, can seem dauting but first, create a monthly budget. We know that everyone says that, but there is some truth to being aware of your budget. First, differentiate between discretionary and fixed costs. For example, fixed costs may include rent, car payment and utilities…while discretionary expenses may include entertainment, cable TV and new clothing. Second, rank all of your fixed costs in order of importance, starting with those you can’t live without. For most, this will include rent, car, utilities and food. Then, rank your discretionary items; this will help you identify some expenses that you can cut out for a while. read...
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS

PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as:  The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and  Employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months. read...
Six-Month Business Review Check-In

Six-Month Business Review Check-In

June is here which means we are in our 6th month of the year! That’s’ right, we’re already halfway through the year. Although this year has felt very long due to COVID-19, we want to make sure that you are still able to do your six-month Business Review check-in and take away some lessons from these past months. This year has been especially hard on all business owners, especially small business owners. KDA wants you to know that you are not alone. We want you to succeed and find ways to reflect, prepare, and thrive. It can be a very stressful time to review how things are going, so sit back and take a breath. We are all together in trying to find a way to not only stay afloat but thrive. A way to start would be to use our three-step process for checking-in and reviewing how this year has gone thus far. By doing these steps, you will be guided in the right direction and ready for the next half of the year. read...

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