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As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it’s about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process …
How to Ensure a Smooth Transition When Succession PlanningRead More
If you haven’t already heard, the IRS has outlined plans regarding how they are processing Employee Retention Credit claims. The Employee Retention Credit (or ERC) was introduced as a part of the CARES Act in 2020. The credit was designed to help businesses keep employees on their payroll during the pandemic. Specifically it was to …
The New IRS Course of Action For Processing Employee Retention Credit ClaimsRead More
Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year. Then pay taxes per an IRS schedule …
Estimated Tax Payments Are Not Just For The Self-EmployedRead More
Looking for unique charitable contribution options that can provide tax advantages to the donor? Before deciding about your charitable giving for the year, read this article for ways to contribute that will help you tax-wise. Normally, deductible charitable contributions are limited by a percentage of your income, more specifically your adjusted gross income (AGI). This …
One fundamental financial practice that often gets overlooked, yet is very important, is the idea of separating personal and business finances. There are a wealth of benefits from maintaining distinct bank accounts and credit cards for business transactions. Benefits for small business owners include: Benefits of Separating Personal and Business Finances The intertwining of personal …
The Importance Of Separating Personal And Business FinancesRead More
The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump. …
New Employee vs Independent Contractor Rule Effective March 11, 2024Read More
The practice of separating personal and business finances is a fundamental financial practice that often gets overlooked, yet holds immense importance. By maintaining distinct bank accounts and credit cards for business transactions, small business owners benefit in so multiple ways. These benefits include streamlining bookkeeping processes, ensuring accurate expense tracking, and fostering clarity in financial …
6 Reasons Why Separating Personal And Business Finances Is So ImportantRead More
IRC Section 1202, the Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy. Section 1202, also called the Small Business Stock Gains Exclusion, was enacted in 1993 to encourage investment in small businesses. It allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the …
Qualified Small Business Stock: Do You Qualify For Its Taxable Gain Exclusion?Read More
Understanding the remote work tax implications is crucial for small and medium-sized businesses (SMBs) to avoid potential penalties and ensure compliance with tax laws. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and …
Navigating Remote Work Tax Implications for SMBs: A Comprehensive GuideRead More
