As business owners know all too well, hiring an employee costs more than just paying a salary. Employers generally provide benefits to employees, which can be expensive. Moreover, employers must pay a share of Medicare, Social Security, and state unemployment taxes....
Although Roth 401(k) accounts have been around for 10 years, many employers don’t offer them and many people still don’t understand them. As the name implies, these plans are a hybrid — taking some characteristics from Roth IRAs and some from employer-sponsored...
Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving so you can enjoy a comfortable future. So if you haven’t...
Nonqualified deferred compensation plans pay executives at some time in the future for services to be currently performed. They differ from qualified plans, such as 401(k)s, in that: NQDC plans can favor certain highly compensated employees, Although the executive’s...
In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the tax year. So you still have time to act for 2016. Taking the Section 179 deduction on purchases of business assets The...
The last month or so of the year offers accrual basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. The key to saving tax as an accrual basis taxpayer is to properly record and recognize expenses that...
For business owners who are seeking a successor, the right person might be obvious. If you have a co-owner or partner, a buy-sell agreement can set the terms. If a younger family member is willing and able, you can decide on a way to transfer control. Otherwise, there...
The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax...
Robert Frost once observed, "A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain." Most small business owners would agree. On one side of the desk you have the lenders, who want to manage their risk by loaning...
Many companies start out, and get pretty far down the road, using the “per diem” approach when reimbursing employees for lodging, meals and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers up to...
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