Episode #175: Using Creative Trusts and Estate Planning to Minimize Taxation With Dohn Thornton

On this week’s episode of Grow Money Business features Dohn Thornton. Dohn is a specialist in estate planning and joined us today to share his specific strategy to help business owners and real estate investors minimize taxation on their assets. Throughout the conversation, we cover Dohn’s background, the copyright story of the trust, the leaseback strategy, state taxes, and more.

Show Notes

[03.52] Dohn’s background – We start the conversation with a brief introduction to Dohn’s background.

[14.52] The copyright – Dohn and Grant discuss the copyright of the trust.

[25.25] Leaseback strategy – Dohn defines the leaseback strategy and explains how it works.

[35.51] Own expenses – Dohn and Grant discuss how the trust pays a third party in terms of the expenses of the trustee.

[44.31] State taxes – Dohn dives into how Internal Revenue Code Section 501(c)(3) relates to state taxes in the USA.

Resources

This FREE eBook Will Potentially Save You Hundreds Of Thousands Of Dollars Or More On Your Taxes

thespendthrifttrust.com/

Connect with Dohn

LinkedIn - linkedin.com/in/dohn-thornton-26863b184/

Website - dohnthornton.now.site/home

Episode #174: Helping Business Owners Manage Their Tax Bill With Wendy Barlin

In this week’s episode of Grow Money Business, we are joined by Wendy Barlin to discuss managing taxes for business owners. Wendy is an accountant who has been in the industry for over 25 years, having and worked in different accounting firms across Los Angeles before ultimately starting her own. In today’s conversation, Wendy and Grant discuss minimizing business owners’ taxation, handling cash, entity structure, and more.

Show Notes

[02:22] Wendy’s background – We start off the conversation with Wendy sharing her story of moving to America in 1997.

[06:37] Reasonable compensation – Wendy defines reasonable compensation and describes how she helps people across many industries determine this number.

[14:34] Distributing cash – Grant and Wendy discuss important considerations for business owners when it comes to distributing cash.

[23:29] Collaborating – Wendy shares how she collaborates with her clients.

[30:00] Attracting newcomers – Grant and Wendy discuss why attracting newcomers to the accounting industry is a challenge.

[37:11] Observations – Wendy shares her observations of the financial advisory industry at present.

Resources

Book by Wendy Barlin

NEVER BUDGET AGAIN: 5 Simple Strategies to Manage Your Money Without a Budget Kindle Edition

​https://www.amazon.com/dp/B08CT37DB1/ref=sr_1_1

That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions

​amazon.com/Thats-Deductible-Simple-Business-Deductions/dp/1692760025/ref=sr_1_1

Wendy's Website

​https://wendybarlin.com/

Episode #173: All About Silicon Valley Bank

This week’s episode is all about the Silicon Valley Bank failure, which works primarily with startups. Throughout the episode, Grant discusses everything that happened in the bank, the reasons behind its downfall, and how we should be careful about the situation as investors, depositors, or users.

Show Notes

[05.27] Signs of stress – Grant starts the conversation by sharing some of the warning signs that the bank was in trouble.

[13.25] The mistake – Grant explains the how the mistake of going out on the maturity curve contributed to the downfall.

[22.05] Creative ways – Grant shares some creative ways Silicon Valley Bank could remedy the situation.

[26.45] Moral hazard – A moral hazard takes place when one side in a transaction has the chance to take on additional risks that are bad for the other party.

[35.00] SIPC – Grant explains how securities investor protection works in a bankruptcy scenario.

[42.38] FDIC limitation – We discuss the reason for the federal government to limit banks from growing into massive entities.

Resources

Easy Loans, Great Service: Why Silicon Valley Loved Silicon Valley Bank –

wsj.com/articles/easy-loans-great-service-why-silicon-valley-loved-silicon-valley-bank-6b3f203e

New Questions About Goldman Sachs’s Work With Silicon Valley Bank –

nytimes.com/2023/03/15/business/goldman-svb-silicon-valley-bank.html

Episode #172: Tax Basics for Business Owners

Since we are in the middle of tax season, this week’s episode of the Grow Money Business Podcast is dedicated to tax basics for business owners. Throughout the episode, we dive into the difference between credits and deductions, common misconceptions about tax brackets, cash accumulation, and more.

Show Notes

[06.10] Credits vs. deductions – Grant starts the discussion by explaining the difference between a credit and a deduction.

[11.05] Misconception – We review some of the most common misconceptions regarding tax brackets and why people need to be aware of them.

[15.19] Business owners – Grant shares some important tax basics for business owners.

[23.04] Cash accumulation – Grant explains the reasons accumulating cash in business accounts, as well as some effective uses of that kind of cash.

Resources

A Tax Guide for Small-Business Owners –

nerdwallet.com/article/small-business/small-business-tax-preparation

2022 complete list of small-business tax deductions –

quickbooks.intuit.com/accounting/small-business-tax-deductions/

Episode #171: Why You Shouldn't Care About Technical Analysis

There seems to be a growing number of young people who are interested in technical analysis by following social media videos without a fundamental grounding. In this week’s episode of Grow Money Business, Grant discusses his thoughts on technical analysis and its place in the market’s today.

Show Notes

[03.16] Technical analysis – Grant starts the conversation by explaining technical analysis and how people often overlook its legitimacy.

[10.55] Choosing securities – Grant shares the risks of choosing securities based only on technical analysis.

[18.06] Top-down approach – Grant walks us through the levels of the top-down approach for technical analysis.

[22.50] Investing – Grant shares his thoughts on how young people who are interested in investing can reduce risk.

Resources

Technical Analysis: What It Is and How to Use It in Investing –

investopedia.com/terms/t/technicalanalysis.asp

Technical analysis: Using historical patterns and group behavior to predict future moves in stocks and other assets –

businessinsider.com/personal-finance/technical-analysis?op=1

Episode #170: Where to Borrow Short Term Cash With Rising Interest Rates

Sometimes we find ourselves in a situation where we need a little bit of short term cash and would like to know where to get it at the most affordable rate. This week’s episode of Grow Money Business is all about loans and cash. Throughout the episode, we discuss 401K plans, personal loans, credit cards, margin loans, home equity lines of credit, and more.

Show Notes

[04.08] Personal loans -  Grant starts off the conversation by defining personal loans.

[08.00] HELOC – Grant explains the home equity line of credit, as well as its advantages and disadvantages.

[16.38] 401K plan – Grant dives into how 401K loans work, the advantages of using one, and the taxes and penalties that can come with them.

[19.00] Margin loans – Grant explains margin loans and the implications that come with them.

[29.20] Hypothecation – Grant defines hypothecation and what’s happening behind the scenes.

Resources

What is a Margin Loan and How Does It Work? –

supermoney.com/what-is-a-margin-loan-and-how-does-it-work/

401(k) Loans: Reasons to Borrow, Plus Rules and Regulations –

investopedia.com/articles/retirement/08/borrow-from-401k-loan.asp

Episode #169: Is Now the Time to Jump Into Bitcoin?

Bitcoin and Ethereum are the two biggest cryptocurrencies in the world. They experienced a severe fall last year due to market turbulence, but in the past couple of months, they have started to rebound. This has a lot of people wondering if it is a reasonable time to jump back into cryptocurrency. This week on the show, we discuss Bitcoin’s potential rebound, cryptocurrency as an alternative investment, the current state of El Salvador, and more.

Show Notes

[06.26] Bitcoin transaction – Grant starts the conversation by explaining the effectiveness and efficiency of BTC transactions, which are direct transactions through the world banking system.

[14.22] Purchasing BTC – Grant walks us through what the process of purchasing cryptocurrency looks like.

[18.50] Alternative investment – Grant shares his overall thoughts on cryptocurrency as an alternative investment, and what boxes you should have checked before investing.

[23.43] El Salvador: Grant discusses the current state of El Salvador’s economy after accepting BTC as legal currency.

Resources

El Salvador says it paid maturing $800 million bond –

apnews.com/article/cryptocurrency-politics-nayib-bukele-el-salvador-bitcoin-ba35f3d24c9e866e5dcd410e1eb456bd

How Sam Bankman-Fried swindled $8 billion in customer money, according to federal prosecutors –

cnbc.com/2022/12/18/how-sam-bankman-fried-ran-8-billion-fraud-government-prosecutors.html

Coinbase - coinbase.com/

Kraken -  kraken.com/

BTC - btc.org/en/

Ethereum - ethereum.org/en/

Episode #168: Here's What I Plan to Teach My Kids About Money

It’s never too early or late to start teaching your kids healthy financial habits. In this week’s episode of Grow Money Business, Grant shares a few core concepts that will instill habits that are geared towards long term financial stability. Throughout the conversation, we cover the importance of saving, compound interest, tax-advantaged investing, employing your kids in your business, and more.

Show Notes

[05.51] Saving Money – Grant starts off the conversation by explaining the importance of teaching your kids to save their money.

[09.35] The Power of Compound Interest – Grant shares some tips on how to explain the power of compound interest to your children.

[18.06] Compound Growth – Grant segues into the importance of long-term compound growth.

[20.03] Tax-Advantaged Investing -  Grant walks us through the right time to introduce tax-advantaged investing to your children.

[25.26] Employing Your Kids – Grant shares how to employ your kids in your business and save cash on their behalf.

Resources

Core Financial Concepts to Teach Your Kids

https://vimeo.com/754490510

Episode #167: Case Studies - The $2mm Retirement

Last year, the Wall Street Journal published an article that illustrated what a $2mm retirement looked like. In this week’s episode of Grow Money Business, Grant breaks down the cases described in the article and shares his observations. Throughout the episode, Grant discusses the quality of some of the investments, risk factors, potential adjustments to their investment allocation, and potential planning opportunities they may be missing out on.

Show Notes

[04.10] Case Studies – Grant starts off the conversation by examining the first case study provided in the article.

[10.00] The Guardrails Approach – Grant defines the “guardrails approach” and explains how it works.

[16.38] Retirement Account Distributions – Grant explains  the risk of pulling money out from your retirement account if you don’t have any other source of income.

[20.06] Vision – Grant points out the lack of clear vision in the cases he discussed in The Wall Street Journal.

[28.33] Variable Distribution Rates – Grant shares his thoughts on the relevancy of variable distribution rates.

Resources

Here’s What a $2mm Retirement Looks Like in America –

wsj.com/articles/heres-what-a-2-million-retirement-looks-like-in-america-11661702455

Use the Guardrails Approach to Avoid Running Out of Money in Retirement –

msn.com/en-us/money/retirement/use-the-guardrails-approach-to-avoid-running-out-of-money-in-retirement/ar-AA13M3pm

Episode #166: A Reminder NOT to Pick Up That IUL Policy

An index universal life insurance policy is permanent life insurance that has a cash value component in addition to a death benefit. In today’s episode of Grow Money Business, Grant talks about what an index universal policy is, falsehoods that come with insurance representatives, and more.

Show Notes

[04.08] Index universal life policy – Grant starts the conversation by defining an IUL policy and explaining how they work.

[08.57] A variable life insurance policy – Grant defines a variable life insurance policy and explains how it differs from an IUL policy.

[12.42] Ups and downs – Grant explains how market fluctuations affect index universal policies.

[14.42] Half-truths – Grant shares inaccuracies that come with the sales pitch of a universal life policy.

[22.07] Legitimate uses – Grant shares the legitimate uses of permanent life insurance in a business setting.

Resources

A Guide to Indexed Universal Life Insurance –

nerdwallet.com/article/insurance/indexed-universal-life-insurance

Is IUL a Scam? Yes. –

personalfinanceclub.com/is-iul-a-scam-yes/

10 REASONS TO AVOID INDEXED UNIVERSAL LIFE INSURANCE (IUL) –

youstaywealthy.com/podcasts/avoid-indexed-universal-life-insurance-iul/

Episode #165: Everything You Need to Know About Alternative Investments

Alternative investments can be great investments, but you must generally be a strong candidate for them. In this week's episode of Grow Money Business, Grant discusses what alternative investments are, why they are good considerations, and what you have to look out for.

Show Notes

[02.08] Examples – Grant starts the conversation by defining alternative investments and providing some examples.

[09.02] Benefits – Grant explains the benefits of developing land investments from the managers' perspective.

[12.14] For and Against – Grant contrasts the alternative investment offerings that are considered good versus the ones that are considered bad.

[23.05] Regulation D Offering – Grant explained the Regulation D Offering, which is a rule set by the Securities and Exchange Commission (SEC) governing private placement exemptions, which permits businesses to raise money through the sale of stock or debt securities without registering those securities with the SEC.

[26.06] Legitimacy – Grant shares the importance behind ensuring the legitimacy of the people you choose when buying a traditional investment.

Resources

GMB Ep #154: The Small Business Owner’s Financial Order of Operations –

abovethecanopy.us/small-business-owners-financial-order-of-operations/

Blackstone - blackstone.com/

Episode #164: Where to Park Your Cash With Interest Rates Rising

As of lately, many people are interested in where to park cash amid rising interest rates, as well as the best options that provide the maximum benefits possible. In this week's episode of Grow Money Business, Grant discusses the methodology of saving cash in your emergency fund and several other options for investing your extra cash.

Show Notes

[05.06] The Method – Grant starts off the conversation by explaining how much cash you need in your bank accounts as a business owner.

[10.15] Emergency Fund – Grant shares some tips on what you can do with the extra cash in your emergency fund and where you can park cash amid rising interest rates.

[15.52] Capital one - American bank holding company Capital One Financial Corporation specializes in credit cards, auto loans, banking, and savings accounts. Grant shares some advantages of parking your cash at Capital One.

[16.23] Ally Financial – Ally Financial is a bank holding company that offers a variety of financial services, such as car financing, internet banking through a direct bank, corporate lending, auto insurance, and mortgage loans. Grant shares some advantages of parking your cash with Ally.

[20.15] Brokered CDs or T bills - Grant explains how brokerage CDs and T bills work.

Resources

Online Savings Account - ally.com/bank/online-savings-account/

Treasury Bill Rates - data.nasdaq.com/data/USTREASURY/BILLRATES-treasury-bill-rates

What Is a Brokered Certificate of Deposit (CD)? – investopedia.com/terms/b/brokered-cd.asp

Episode #163: What Investors Need to Know About the SECURE 2.0 Act of 2023

The Consolidated Appropriations, or SECURE 2.0 Act of 2023 provides some changes in the functions of ROTH accounts, 401K plans, and mandatory distributions from your retirement accounts. In this week's episode of Grow Money Business, Grant discusses the highlights investors need to know about, as well as some of the planning opportunities that come with the new act.

Show Notes

[06.08] Changes to ROTH accounts – Grant shares the changes to Roth accounts in the SECURE 2.0 Act of 2023.

[13.04] Traditional vs. ROTH employer contributions – Grant defines traditional & ROTH employer contributions and how employer contributions work under the new Act.

[17.14] Catch-up contributions – A type of retirement saving that allows people over 50 to make additional contributions to 401K and IRAs.

[18.13] Mandatory distributions – Grant explains how mandatory distributions have changed in the new SECURE 2.0 Act.

[23.28] Qualified charitable distribution – A QCD is a direct transfer from your IRA to a qualified charity. Grant dives into the changes regarding qualified charitable distribution in the new Act.

[32.22] Emergency reasons – Grant explains the legislation change for first responders to take their money out from their 401K, 403B, or 457 plans when they hit 50.

[36.14] Penalty for mandatory distribution – Grant shares the 25% penalty decrease for mandatory distribution starting in 2023.

Resources

What’s in the New SECURE Act 2.0? –

asppa-net.org/news/browse-topics/what%E2%80%99s-new-secure-act-20

SECURE 2.0: Rethinking retirement savings –

fidelity.com/learning-center/personal-finance/secure-act-2

Episode #162: The Financial Planning Process Everyone Needs to Be Using

Being well educated in financial planning is vital, especially if you try to plan on your own. However, people who do it themselves often have an inconsistent process. In this week's episode of Grow Money Business, Grant dives into the financial planning process, what you need to know about DIY planning versus hiring a professional, the seven-step financial process by the CFP board, and more.

Show Notes

[03.20] Hiring a Professional – Grant starts the discussion by sharing his thoughts on hiring a professional for financial planning.

[07.18] Planning for the Future – Grant shares why it is crucial to be smart about financial planning.

[13.14] Having a System in Place – Grant shares the importance of having a proper procedure in place for financial planning, as well as some problems he has identified with clients as a result of DIY planning.

[15.33] CFP Board - CFP Board is a non-profit organization that serves the public by promoting professional standards in personal financial planning.

[17.07] Seven-Steps– Grant walks us through the seven-step financial planning process offered by CFP.

[21.24] Reaching Out – Grant shares the details of what kind of professional you need to find if you are going to get help with your financial planning.

[25.57] Fiduciary Responsibility – Grant defines fiduciary responsibility and shares some tips for what you can do if your hired professional who does not have fiduciary responsibility.

[28.50] The Steps – Grant walks us through his firm’s financial planning steps.

Resources

Book by Jim Sheils –

The Family Board Meeting: You Have 18 Summers to Create Lasting Connection with Your Children

https://www.amazon.com/Family-Board-Meeting-Connection-Children/dp/1732362912

THE 7 STEP FINANCIAL PLANNING PROCESS –

https://www.cfp.net/ethics/compliance-resources/2019/02/the-7-step-financial-process

Strategic Financial Planning For Business Owners in Transition –

https://www.threeoakswealth.com/

Episode #161: The Yield Curve is Inverted.... Should We Sell Stocks?

An inverted yield curve is an indicator of the possibility of a future recession, and also creates implications for investors and market participants. Currently, the U.S. government is in a sudden, and steeply inverted yield curve environment. In this week's episode of Grow Money Business, Grant discusses the yield curve, how it predicts a future recession, the market impact of long-term debt, and more.

Show Notes

[02.22] Yield curve – Grant starts off the conversation by explaining what the yield curve is and how it works.

[08.35] Investment risks – Grant dives into different risks with investing in U.S. government bonds.

[10.37] Predicting the future – Grant shares the recession prediction due to the higher rate of short-term debt.

[11.36] Inverted yield curve – Grant shares the percentages of short and long-term debt rates.

[15.46] Research – Grant dives into the research details of Fama and Kenneth in 2019 about 'Inverted Yield Curves and Expected Stock Returns.'

[22.00] Investing long-term – Grant shares how investing in the long-term solves many problems and will lead investors to the best outcomes.

Resources

Inverted Yield Curves and Expected Stock Returns –

famafrench.dimensional.com/media/467645/inverted-yield-curves-and-expected-stock-returns-july-28-2019.pdf

Yield Curve Inversion Reaches New Extremes –

wsj.com/articles/yield-curve-inversion-reaches-new-extremes-11669687278

Explainer: U.S. yield curve inversion - What is it telling us? –

reuters.com/business/finance/us-yield-curve-inversion-what-is-it-telling-us-2022-03-29/

Episode #160: Mea Culpa 2022 & Predictions for 2023

We’re almost at the end of 2022, a year filed with various ups and downs in the financial markets. In this week's episode of Grow Money Business, Grant reflects on his previous predictions for this year on Bitcoin, international equities, and value & growth companies. Grant also shares his predictions for 2023 on inflation, interest rate, and credit rates.

Show Notes

[06.54] Bitcoin – Grant kicks off the episode by sharing the predictions he had for Bitcoin early this year and comparing them to how they actually turned out.

[08.22] International equities – Grant explains how international equities did better than US equity counterparts in 2022.

[12.30] Value & growth companies – Grant compares and contrasts value & growth companies and describes how value companies outperformed growth companies in 2022.

[18.09] Inflation – Grant dives into how he was wrong about his prediction that inflation would go down this year.

[24.17] Inflation in 2023 – Grant shares a prediction that inflation will continue to decrease in 2023.

[26.20] Interest rates – Grant shares some predictions for credit rates and interest rates in 2023.

Resources

Episode #159: FTX & Why We Need to Appreciate History

Learning from past mistakes is vital for any business venture or industry because it prevents the same mistakes being repeated. This topic comes to the forefront with the announcement of the controversial bankruptcy of FTX, one of the world's largest cryptocurrency companies, and the catastrophic events and revelations that followed. This week's episode of Grow Money Business discusses what's going on with FTX and why we need to appreciate history.

Show Notes

[04.06] FTX – Grant starts the conversation with a quick overview of what is going on with FTX.

[06.06] The Bankruptcy – Grant dives into how FTX has come to bankruptcy.

[12.20] The Difference – Grant explains the difference between a brokerage firm and a bank.

[13.22] The Great Depression – Grant discusses the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939.

[13.30] Savings and Loans Crisis - After the Great Depression, the S&L crisis was regarded as one of the worst failures of the banking sector in the United States.

[17.00] The Mortgage Crisis - The US subprime mortgage crisis was a global financial crisis that erupted between 2007 and 2010 and was a factor in the global financial crisis of 2007–2008.

[23.04] Mistakes of the Past – Grant dives into what happens when we don't learn from the mistakes we made in the past. He further discusses the similarities between FTX's bankruptcy and Lehman Brothers' bankruptcy in 2008.

[31.30] Negligence – Grant discusses FTX’s negligence towards managing bankruptcy risk.

[36.12] Being appreciative – Grant dives into the importance of appreciating others who came before you and studying their mistakes so you don't have to repeat them.

Resources

 A Crisis PR Veteran on Sam Bankman-Fried’s Weird Media Strategy –

https://nymag.com/intelligencer/2022/12/a-crisis-pr-expert-on-sam-bankman-frieds-odd-media-strategy.html

Sam Bankman-Fried, CZ Battle It Out on Twitter Over Binance's Aborted FTX Buyout –

https://www.msn.com/en-us/money/companies/sam-bankman-fried-cz-battle-it-out-on-twitter-over-binances-aborted-ftx-buyout/ar-AA155PKF

Crypto currency crashes recall 'wildcat' banking –

https://techxplore.com/news/2022-12-crypto-currency-recall-wildcat-banking.htmlAn Inconvenient Truth About Environmental, Social, and Governance Investments
https://hbr.org/2022/03/an-inconvenient-truth-about-esg-investments

Episode #158: The Sorry State of ESG Investing

ESG investing, also known as environmental, social, and governance, has been renowned as a perfect way of utilizing investment resources aligned with personal values. However, in the last couple of years, the quality of ESG investing has gone down. In this week's episode on Grow Money Business, we discuss the ESG fund, the three big issues of ESG, ESG versus non-ESG, overall transparency, and more.

Show Notes

[02.37] ESG – Grant begins the conversation with a general overview of environmental, social, and governance investments.

[04.10] Three big issues – Greenwashing, nepotism, and performance are the three big issues related to ESG investing recently.

[06.15] Greenwashing – Grant dives into what greenwashing is and how it happens at both the fund and company levels.

[11.22] Drawing up an ESG fund – Grant explains how weight and elimination are the two primary ways to build a portfolio that aligns with a specific ESG ideology.

[15.35] ESG vs. Non-ESG – Grant shares how research revealed that most companies under ESG fund in the USA had the worst record in 2021.

[19.45] Nepotism – Grant dives into the concept of nepotism in the ESG field.

[27.24] Transparency – Grant dives into the importance of transparency when it comes to ESG funds in your organization.

[28.05] Performance – Grant shares what investors should want to know regarding performance related to ESG investing.

Resources

 An Inconvenient Truth About Environmental, Social, and Governance Investments
https://hbr.org/2022/03/an-inconvenient-truth-about-esg-investments

Greenwashing And ESG: What You Need To Know – https://www.forbes.com/advisor/investing/greenwashing-esg/

Episode #157: All About Defined Benefit Pension Plans

Some crucial components of effective retirement planning include saving early and regularly, making good investment choices, and creating a budget for your personal or business expenses. In this week's episode of Grow Money Business, Grant dives into defined-benefit pension plans. Throughout the episode, we talk about the specifics of a defined-benefit pension plan, how to set one up. different types of tax-advantaged retirement plans, benefits, investment performance, and more.

Show Notes

[03.03] Defined-benefit pension plan – Grant starts off the conversation by explaining exactly what a defined-benefit pension plan is.

[08.53] Creating a defined-benefit plan – Grant dives into the process of creating a defined-benefit pension plan and how it benefits single business owners, LLCs, or S corporations.

[14.05] Investment performance – Grant explains the relationship between the success of a pension plan and investment performance.

[22.32] Pension assets – Grant describes what happens when pension assets become volatile and some best practices for avoiding volatility.

[26.52] CalPERS/ CalSTRS – Grant ties in the California Public Employees' Retirement System and California State Teachers Retirement System.

[31.14] Defined-contribution plan – Wrapping up the conversation, Grant shares the impacts you can have on your defined-distribution plan if you create a defined-benefit plan.

Resources

 Defined Benefit Plan -

www.irs.gov/retirement-plans/defined-benefit-plan

Personal Defined Benefit Plan -

www.schwab.com/small-business-retirement-plans/personal-defined-benefit-plan

What Is a Defined-Benefit Plan? Examples and How Payments Work -

www.investopedia.com/terms/d/definedbenefitpensionplan.asp

Episode #156: All About the Employee Retention Tax Credit

The COVID-19 pandemic has had severe impacts on every industry across the globe and due to government restrictions, businesses experienced drastic revenue declines. In this week's episode of Grow Money Business, we will discuss the employee retention tax credit, introduced to help those businesses that struggled through the pandemic. Throughout the episode, we dive into what ERTC is, how it works differently in 2020 and 2021, who can apply for it, and the payroll information form.

Show Notes

[3:00] In the Media - The ETRC has been making headlines for both positive and negative reasons. Grant explains some of the current conversation and controversy around companies that are offering to assist with amending tax returns to capture the ETRC.

[05.50] ETRC Overview – Grant dives into the ERTC, who can apply it, and how people can try to claim the credit retroactively.

[11.00] How it works – Grant shares how the tax credit works and how it differs in 2020 and 2021.

[13.05] Payroll information form – Grant explains the 940 payroll information forms that you need to submit to IRS to get the tax credit.

Resources

As Pandemic Aid Dries Up, Businesses Chase Covid Tax Credit –

https://www.wsj.com/articles/as-pandemic-aid-dries-up-businesses-chase-covid-tax-credit-11668292886?mod=Searchresults_pos1&page=1

What Is the Employee Retention Credit For 2022? –

https://www.payscale.com/compensation-trends/what-is-the-employee-retention-credit/