Everyone loves a free meal – especially employees. However, your business tax return will be affected differently depending on the circumstances of the mealtime experience. While you can generally deduct only half the cost of meals related to your business activities, the tax code includes specific exceptions that allow a deduction of 100 percent of […]
It’s the time of year when you may be scheduling employee reviews. The employee knows he or she will hear about the good and the bad, and the supervisor will finally have to discuss those issues he or she has been avoiding all year. Usually both parties fudge a little and are glad that it’s […]
Changing jobs and companies can be an exciting opportunity, but you have a choice to make. What will you do with the retirement savings you have built in your 401(k)? Consider these four options: Withdraw the money and don’t reinvest it. This is usually the worst choice you can make. Generally, you’ll owe taxes on […]
If so, the recent changes WILL AFFECT YOU! WHAT YOU NEED TO KNOW: These changes are retroactive and apply starting January 1, 2017. Business and rental income (Sole Proprietors, S Corporation and Partnership owners) which was previously exempt from Kansas tax is once again taxable. Increase in tax rates for 2017. The highest rate will […]
Staffing errors can spell disaster for your start-up. Here are three to watch out for. Staffing the firm with friends and family. While this strategy may work in some circumstances, hiring pals and relatives often spells trouble. For one thing, friends and family members often expect – even subconsciously – to be treated differently from […]
As the owner of your business, you are the decider of salaries for your staff. That’s true for your own salary too. While there is no one-size-fits-all formula for determining how much to pay yourself, here are two factors to consider. Regularly review and update your firm’s cash flow projections to determine the salary level […]
Are you looking for a way to give your employees a tax-free benefit that is also tax-deductible for your business? Consider an accountable plan. These arrangements let you reimburse your employees for expenses incurred on behalf of your company, such as driving to the post office or office supply store. With a properly administered plan, […]
In May, the U.S. Department of Labor updated the rules for paying overtime. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That’s double the annual exempt amount of $23,660 under current rules. The changes take effect December 1, 2016, which means […]
Forms 1099 are “information returns” that businesses are required to file annually with the IRS. The forms are used to report amounts a business paid out that should be reported by the recipients as income. Form 1099-MISC, Miscellaneous Income, is probably the most familiar to business owners. But Form 1099-MISC is just one of a […]