A new program is available through the Nebraska Department of Economic Development (DED) and the GROW Nebraska Foundation. The NSBAA (Nebraska Small Business Assistance Act) program’s goal is to support those looking to start a small business or planning to expand a small business that was opened within the past five years. A small business is defined as a business with no more th five full-time equivalent employees based on hours worked (not including the business owner).
Program benefits include:
Grants for new and existing businesses
– New business startups – up to a $25,000 grant
– Existing businesses – up to a $12,500 grant
2. Funding to access professional services. These services may include assistance setting up an LLC, business planning, website development, tax return preparation, and more.
Eligibility for New Business Startups:
Business is less than two years old
Individual earnings < $55,000 in the previous calendar year
Personal net worth < $200,000 (not including personal residence)
Must not have ownership (>50%) in another business
Eligibility for Existing Businesses:
Business has been in operation five or fewer years
Gross revenues have not grown by more than 25% in the previous calendar year
Personal net worth < $200,000 (not including personal residence)
Must not have ownership (>50%) in another business
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by December 31, 2023) up until your tax return due date, excluding extensions. For most people, that date is Monday, April 15, 2024.
You can contribute to a traditional IRA, a Roth IRA, or both. Total contributions cannot exceed the annual limit or 100% of your taxable compensation, whichever is less. You may also be able to contribute to an IRA for your spouse for 2023, even if your spouse had no earned income.
Traditional IRA contributions may be deductible
If you and your spouse were not covered by a work-based retirement plan in 2023, your traditional IRA contributions are fully tax deductible. If you were covered by a work-based plan, you can take a full deduction if you’re single and had a 2023 modified adjusted gross income (MAGI) of $73,000 or less, or married filing jointly with a 2023 MAGI of $116,000 or less. You may be able to take a partial deduction if your MAGI fell within the following limits.
2023 income ranges for a partial deduction for traditional IRA contributions:
Covered by a work-based plan and filing as:
Partial deduction if your MAGI is between:
No deduction if your MAGI is:
Single/Head of household
$73,000 and $83,000
$83,000 or more
Married filing jointly
$116,000 and $136,000
$136,000 or more
Married filing separately
$0 and $10,000
$10,000 or more
If you were not covered by a work-based plan but your spouse was, you can take a full deduction if your joint MAGI was $218,000 or less, a partial deduction if your MAGI fell between $218,000 and $228,000, and no deduction if your MAGI was $228,000 or more.
Consider Roth IRAs as an alternative
If you can’t make a deductible traditional IRA contribution, a Roth IRA may be a more appropriate alternative. Although Roth IRA contributions are not tax-deductible, qualified distributions are tax-free. You can make a full Roth IRA contribution for 2023 if you’re single and your MAGI was $138,000 or less, or married filing jointly with a 2023 MAGI of $218,000 or less. Partial contributions may be allowed if your MAGI fell within the following limits.
2023 income ranges for partial contributions to a Roth IRA:
Partial contributions are allowed if your MAGI is between:
You cannot contribute if your MAGI is:
Single/Head of household
$138,000 and $153,000
$153,000 or more
Married filing jointly
$218,000 and $228,000
$228,000 or more
Married filing separately
$0 and $10,000
$10,000 or more
Tip: If you can’t make an annual contribution to a Roth IRA because of the income limits, there is a workaround. You can make a nondeductible contribution to a traditional IRA and then immediately convert that traditional IRA contribution to a Roth IRA. (This is sometimes called a backdoor Roth IRA.) Keep in mind, however, that you’ll need to aggregate all traditional IRAs and SEP/SIMPLE IRAs you own — other than IRAs you’ve inherited — when you calculate the taxable portion of your conversion.
A qualified distribution from a Roth IRA is one made after the account is held for at least five years and the account owner reaches age 59½, becomes disabled, or dies. If you make an initial contribution — no matter how small — to a Roth IRA for 2023 by your tax return due date, and it is your first Roth IRA contribution, your five-year holding period starts on January 1, 2023.
IMPORTANT DISCLOSURES
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
This communication is strictly intended for individuals residing in the state(s) of NE. No offers may be made or accepted from any resident outside the specific states referenced.
Prepared by Broadridge Advisor Solutions Copyright 2024.
McMill CPAs & Advisors, one of the largest financial firms in Northeast Nebraska, is excited to announce the addition of a new shareholder, Lynndsy Beckmann. She became a shareholder alongside Jared Faltys, Clint Weeder and Andrew Steffensmeier on January 1, 2024.
Standing left to right: Clint Weeder, Jared Faltys, Lynndsy Beckmann, and Andrew Steffensmeier.
Raised in rural Bloomfield, Lynndsy now resides in Wisner with her husband, Chet, and their two children, Layla and Cade. Lynndsy keeps busy with her family by cheering on the Gators at sporting events and other activities with the kids. She also enjoys spending time at her family’s farm and camping with family and friends. Lynndsy joined the firm in 2015 as an intern and obtained her CPA license in 2017. In her nearly 10 years with the firm, Lynndsy has been driven to help her clients achieve financial success. She has established a strong client base that depends on her expertise and appreciates her friendly demeanor. McMill CPAs & Advisors is proud to have Lynndsy on our team of 14 CPAs & wealth advisors. Clint Weeder states, “We are really excited to add Lynndsy as a shareholder. She truly values her clients and enjoys helping them achieve success in their business and personal lives. She will play an integral part in shaping our firm in the future and continuing to finds ways to best serve our clients.”
Lynndsy has a Bachelor of Science degree in Accounting from Wayne State College. Lynndsy specializes in income tax planning and preparation, financial statement preparation and she is a registered investment advisor. Professionally, she is a member of the Nebraska Society of CPA’s and American Institute of CPAs. Locally, Lynndsy served as the treasurer for Mercy Meals of Nebraska from 2017-2023.
McMill CPAs & Advisors was established in 1948 and has enjoyed serving Norfolk and the surrounding communities over the years. The firm specializes in serving businesses, their owners and families, and the ecosystem those owners care about. Services provided by McMill include tax planning and preparation, wealth management, estate planning, payroll and bookkeeping services, QuickBooks consulting, auditing and assurance services and company retirement plans. McMill is a family firm that believes in the power of a close community supporting itself by caring for each other.
Investment Advisory Services provided through McMill Wealth Inc, a Registered Investment Advisor.
McMill CPAs & Advisors, one of the largest financial firms in Northeast Nebraska, is excited to announce the addition of a new shareholder, Andrew Steffensmeier. He becomes a shareholder alongside Nancy Brozek, Jared Faltys and Clint Weeder.
Standing left to right: Clint Weeder, CPA/CVA, Andrew Steffensmeier, CPA, Nancy Brozek, CPA/PFS, and Jared Faltys, CPA/PFS/CPFA
A native of Lincoln, Andrew now resides in Norfolk with his wife, Cortney, and their two daughters, Sunny and Scottie. Mr. Steffensmeier keeps busy with his girls by venturing around town exploring playgrounds and other activities for the kids. When not busy with his family, he enjoys the outdoors and working on his golf game. Andrew joined the firm in 2013 as a staff accountant. In his nearly 10 years with the firm, Andrew has been driven to helping his clients achieve financial success. As a result of this dedication, he has established a strong client base that depends on his expertise and appreciates his personable demeanor. McMill CPAs & Advisors is proud to have Andrew on our team of 13 CPA’s, offering a combined 300+ years of experience in accounting, business consulting, tax planning and wealth management. Clint Weeder, shareholder, states “We are excited to add Andrew as a shareholder. His focus on leadership and the community is evident in how well he serves his clients and their families. Their continued success is always his number one priority.”
Andrew has a Bachelor of Science degree in Accounting and a Master of Public Accountancy from the University of Nebraska in Lincoln. Andrew specializes in corporate taxation, wealth management, income tax planning and preparation, and business consulting. Professionally, he is a member of the Nebraska Society of CPA’s and American Institute of CPAs. Locally, Andrew is involved with the Norfolk Area Chamber of Commerce, Leadership Norfolk, and the Norfolk Area Community Foundation. Andrew sees the importance of educating the youth in our community on how to set themselves up for financial success. He has presented financial literacy lessons at multiple local schools, as well as at our annual Lemonade Camp.
McMill CPAs & Advisors was established in 1948 and has enjoyed serving Norfolk and the surrounding communities over the years. The firm specializes in serving businesses, their owners, and the complete ecosystem those owners care about. Services provided by McMill include tax planning and preparation, wealth management, estate planning, payroll and bookkeeping services, QuickBooks consulting, auditing and assurance services and company retirement plans. McMill is a family firm that believes in the power of a close community supporting itself by caring for each other.
