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Tax-free fringe benefits help small business employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some...
Should you revise your nonprofit organization’s bylaws?
Your not-for-profit has likely grown and evolved since it was founded. Have your bylaws kept pace? Bylaws are the rules and principles that define your organization — and, if you haven’t revisited them recently, they may not be as effective as they could be. Rules and...
Nonqualified deferred compensation plan basics
Nonqualified deferred compensation (NQDC) plans pay executives or other key employees at some time in the future for services to be currently performed. If your organization offers one or is considering offering one, it’s critical to be aware of the applicable tax...
You may have to pay income tax on Social Security benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting...
Which entity is best for your new or existing small business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income...
What nonprofit board members should know about fiduciary duties
Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all board members are aware of their responsibilities. To protect...
Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim...
Retiring to another state? Consider state and local taxes.
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially...
Combining business travel plans with personal vacation days
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax...
Does your nonprofit organization need a CFO?
Your not-for-profit’s ability to pursue its mission depends greatly on its financial health and integrity. If your nonprofit is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a chief financial officer (CFO)....
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