As we navigate the paperwork jungle that often accompanies financial planning, one particular packet deserves your undivided attention: the 529 plan. In the midst of engagement letters and tax packets, the 529 plan shines as a beacon of future security and educational prosperity for you and your loved ones. So, what exactly is a 529 […]
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What exactly are 1099s? There are two main types of information you need to know about: 1099-NEC and 1099-MISC. Let’s break them down: 1099-NEC (Non-Employee Compensation): This form applies when you pay someone more than $600 annually for services they provide to your business. Think of subcontractors or independent contractors who have worked on specific […]
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At The Romine Group, we pride ourselves on keeping you informed about crucial regulatory changes that may impact your business operations. Today, we’re shedding light on the Corporate Transparency Act and its implications, particularly regarding Beneficial Ownership Information (BOI) reporting. So, what exactly does this mean for you? The Corporate Transparency Act mandates that entities […]
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In this blog post, we’ll delve into the topic of paying your kids within your business—a unique approach that can help them save for significant milestones like their first house, car, or even college. However, as with any financial strategy, there are important considerations and guidelines to ensure both compliance and mutual benefit. The Key […]
Read More… from The Romine Group’s Guide to Paying Your Kids in Your Business