Have employees who receive tips? Here are the tax implications Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers… Read More
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Look to a SWOT analysis to make better HR decisions
Look to a SWOT analysis to make better HR decisions Many business owners spend most of their time developing strategic plans, overseeing day-to-day operations and, of course, putting out fires. Yet an underlying source of both opportunity and trouble can… Read More
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Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early?… Read More
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Many tax limits affecting businesses have increased for 2023
Many tax limits affecting businesses have increased for 2023 An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important… Read More
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3 ways your business can uncover cost cuts
3 ways your business can uncover cost cuts Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a… Read More
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Why you might want to file early and answers to other tax season questions
Why you might want to file early and answers to other tax season questions The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax… Read More
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Valuing tangible property donations isn’t as simple as you may think
Valuing tangible property donations isn’t as simple as you may think A new refugee resettlement charity had only just begun operating when its director realized something: She wasn’t sure how to value the many donations of clothing and household goods community… Read More
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Is now the time for your small business to launch a retirement plan?
Is now the time for your small business to launch a retirement plan? Many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow. But there comes a point in the… Read More
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How the new SECURE 2.0 law may affect your business
How the new SECURE 2.0 law may affect your business If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement… Read More
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Even perfectionists can learn to love delegation
Even perfectionists can learn to love delegation Not-for-profit executives can be perfectionists — they often know exactly how they want something done and believe they’re the only ones capable of doing it right. Unfortunately, this attitude can alienate staffers and… Read More