Episode 116; HSAs, 990s & P&Ls—Oh My! Tackling the Questions Every Business is Asking
Description
In this episode:
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Explanation of how Health Savings Accounts (HSAs) work, including tax benefits, contribution limits, and how they differ from FSAs
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Reminder for nonprofits about the May 15 Form 990 filing deadline and the risk of losing tax-exempt status if not filed properly
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Tax treatment of different types of legal settlements, including which are taxable and which are not
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Overview of when estimated tax payments are required and how to make them online for better security and tracking
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Discussion of the new W-4 form complexity and strategies for ensuring proper withholding
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Guidance on the importance of financial reports—specifically profit & loss statements, balance sheets, accounts receivable aging reports, and budgets
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Advice on monitoring budget vs. actual performance and controlling unnecessary business expenses
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Emphasis on the value of financial literacy for business owners and how to use monthly reports as management tools
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Encouragement for listeners to continue submitting questions for future episodes
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