2018 Tax Reform Changes At a Glance
Some of the most significant tax changes since the 1980s took effect in 2018. Congress passed a new tax bill in late December 2017. Here is a brief recap: Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to 37 percent from 39.6 percent. Doubles […]
Cash Flow Management: The Secret to Success
Cash flow is the lifeblood of any small business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services. While that might seem counterintuitive, consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work […]
Tax Breaks for Hiring New Employees
If you’re thinking about hiring new employees this year, you won’t want to miss out on these tax breaks. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit for employers that hire employees from the following targeted groups of individuals: A member of a family that is a Qualified Food […]
Tax Changes for 2016: A Checklist
Welcome, 2016! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2016, more than […]
How Much Am I Worth? It Depends Who’s Asking…..
“What am I worth?” is an interesting question because it largely depends on who’s asking and why. An insurance advisor is considering your future. A headhunter is examining your track record and potential. But if the IRS is asking, you may need some help with specific expertise determine this answer. Let me explain by taking […]
4.5 Billion Reasons for an Online Payroll Service & When to Switch Providers
According to the IRS, businesses incurred $4.5 billion in payroll tax penalties last year.  It’s likely that small businesses, particularly those doing payroll themselves, are bearing a large part of the brunt. When it comes to payroll taxes or employment taxes (Social Security and Medicare; Federal Unemployment Tax, Federal Income Tax), there are simply too […]
IRS to Step up Penalties for Delinquent Payroll Taxes
Employers owed the Internal Revenue Service approximately $14.1 billion in delinquent Social Security, Medicare and individual federal income taxes that they had withheld from employee paychecks as of June 30, 2012, and the Internal Revenue Service is being urged to do more to assess penalties against them. With no surprise, approximately $13.5 billion of the […]
IRS Sends Notices About “Possible Income Underreporting”
Has everyone seen the new Tax Form 1099-K? This form started making its way to small business owners two tax seasons ago and the form is sent to businesses by “payment settlement entities” reporting the amount of credit card and other electronic receipts that were processed by your business. The IRS also receives a copy […]
Manage Your Business with a Few Key Numbers
Regardless of the type of business you’re running – whether it’s selling electronics, teaching cartwheels or making furniture – monitoring a few key financial indicators is often all that’s needed to keep your company growing and prosperous. On the other hand, neglecting a firm’s vital signs can lead to management by crisis and corrective action […]
Can Happy Employees Equal Healthy Profits?
It is said that living by the Golden Rule – treating others as you would like to be treated – pays dividends. Can this be true in a small business work environment too? Business owners are increasingly finding that treating employees well can boost profits. Creating a contented workforce is simply a matter of maintaining […]
