Broker Check

Small Business Advisement

Strategic Alliance with a Fiduciary Firm

Almost every small business owner soon realizes that if you could copy yourself, all your problems would be solved! Small business owners have unmatched passion and the drive to continue juggling all the responsibilities every single day. As owners, we wear many hats and take crash courses daily to learn whatever we need to keep going forward. As a fellow small business owner, we understand the challenges you need to overcome for your business to thrive and grow.

We also understand why most businesses fail. Attracting clients and generating revenue is vital to success, but most businesses that fail after the 5 year mark, fail due to lack of structure...or improper structure. Taxation, benefits, growth, as well as attracting and retaining good employees are all major issues that successful owners learn to resolve. No matter how many hats you wear as an owner, this aspect of your business usually takes a back seat to the day to day time consumption of running your business.

Partnering with a fiduciary firm will have a big impact on the future success of your business. We offer our small business owners the guidance and advisement necessary to help you navigate the trickiest of situations. Taxation issues and confusion over benefits can intimidate even the most seasoned business owners. So if your daily schedule does not permit the time needed to brush up on the latest legislation or allow for the implementation of a tax reduction plan, then contact our office to schedule a 15 minute call/video to determine if we can help you and your business take the next step.

Small Business Tax Services

1. Tax Resolution and IRS Representation: Have you received a threatening letter concerning your business from the IRS? 

Get the experienced support of an In-House Enrolled Agent to minimize or even eliminate tax penalties and interest. 

2. Tax Planning, Preparation, and Compliance: Customized for your business to ensure you meet all tax filing deadlines, government financial requirements, and overall business organization.

Using a tax expert to review, revise, or create a custom tax plan for your business can make a huge difference to your bottom line and save alot of future headaches.

3. Tax Reduction Plan: Meeting with your tax preparer once per year to simply enter your numbers is not enough. The future growth of your business is dependent upon your ability to rely on professional tax advice throughout the year and make adjustments as necessary. MWM provides consistent,  CFO level support and advisement to our clients in an ongoing effort to put more money in your pocket, instead of Uncle Sam.

Small Business Benefit Planning

Small businesses can offer big business benefits to help attract and retain top employees, but where to start? As your Small Business Advisor, Murphy Wealth Management will help you design and execute an affordable benefits package that is designed specifically for your business, employees, and budget. Adding a benefits package will assist recruiting, retention, culture, and overall happiness. After salary, benefits like health insurance play the largest role in an employee's consideration of a job offer. Providing some of the benefits listed below, will ensure you are attracting top talent to your growing organization and socking away the maximum amount of pre-tax dollars to pay your future self as the owner. 

Health Care: Offering a health plan to your employees can help set your business apart from the competition. Finding a healthcare option that your business can afford has become easier with multiple options for small businesses (with 50 employees or less).  Many small businesses will select High Deductible Health Plans because employees pay more up-front costs, so the premiums are much lower.

Health Savings Accounts/HSA -Eligible Health Plan have become incredibly popular with employers because the contributions and qualified withdrawals are all TAX-FREE if used for qualifying medical expenses. The balance rolls over each year, so no "use it or lose it" jeopardy and accumulated value outside of medical expenses is treated as income if withdrawn. Murphy Wealth Management can help you choose the right plan and manage the HSA investments and taxation of withdrawals for your business and employees.

Dental/Vision: We offer group plans for a flat fee per employee. As an independent firm and fiduciary, we will present the best options for your business and employees.

Life Insurance: A simple and expensive way to create a competitive benefits package for your employees and their families. We can qualify most small businesses at group rates with top insurance carriers.

Retirement/Profit-Sharing:

1) Owner Only Business: A Solo 401(k) may be an excellent fit as an owner only business with NO employees. The solo 401k allows the listed owner(s) and their spouse(if he/she earns income from the business) to make a maximum annual contribution up to $57,000 in 2020 with an additional $6,500 catch-up if 50 years or older. Solo 401ks allow for traditional(reduction of income) or ROTH contributions. 

The bottom line is a reduction of taxes by lowering income through qualified contributions to your SOLO 401k. As a business owner, you do not want to grind for 20 years and have nothing to show for it. You pay enough in taxes every year. Time to put more money in your pocket instead of Uncle Sam.

2) Small Business Retirement Plans: We will break down which plan will fit best with your business structure and number of employees. A SIMPLE Plan, or SEP each have very specific requirements and limits, but either of these plans can help both employers and employees make pre-tax contributions to lower taxation on overall income and help you accumulate wealth over time. So when you are determining your exit strategy, you will not retire empty-handed. As a fiduciary financial adviser, we can set up any type of retirement account and professionally manage your investments. 


Business Planning and Organization


Planning and Continuation: Proper planning will help sustain your business in the event of the loss of a key individual, who plays a vital role in the operation and overall success of your organization. Thankfully there are two insurance policies designed to protect your business and owners in the event of death or disability.

Entity Review: Most small business owners do not put a lot of thought into the difference between an LLC or an S-Corp when they are starting out. As you begin to cash flow and generate revenue, you want to make sure you are in the most tax efficient entity for your unique business.Our tax experts can review your business structure and explain everything in plain english to determine if a change will benefit your situation.

Key Man Policy: Addresses the day to day operations of a business and the potential loss of a key employee, whose absence would be financially devastating. For example, the death or disability of your top sales executive would damage your company and force you to hire, train, and groom a new employee. This will cost you both time and money...and one new employee may not be enough. A key man policy would compensate the business in the event of the loss of the employee.

Buy/Sell Agreements: Also known as a buyout agreement. It is a legally binding contract between the owners of the business funded through the purchase of life insurance. A big concern for business partners is what will happen if one of the owners dies, and how it will affect the company and the heirs of the deceased owner. Surviving owners want to ensure the continuity of ownership, and not risk a large share of the business ownership to inexperienced heirs of the deceased. This contract affords protection to the surviving owners as well as pre-determined compensation to the deceased owner's family.