The IRS issued guidance for small business annual tax filers that want to claim a research credit against their payroll tax liability. The IRS stated that computing the tax credit for annual employment tax filers if the income tax return electing the credit is filed during the first three quarters of the calendar year because […]
The Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs posted its Agency Rule List for spring including two rules affecting overtime calculations under the Fair Labor Standard Act (FLSA) and one aligning the tip credit regulations. Overtime Standard salary level for “white collar” exemption. The DOL intends to issue a Notice […]
Determining how to pull money from your business is a critical step in small business ownership. Whether you take a draw or a salary, makes little difference if you are a sole proprietor. A combination of salary and draw is typically how most small businesses start. When the business is doing well, the draw can […]
If you own a small business, you’ve no doubt seen those ads promising quick and easy small business loans, usually for large dollar amounts. Should you really take out such a loan? Before you sign the loan agreement, there are a few key steps to protect yourself and your business. Do your homework. The […]
Revenue Procedure 2018-27, issued by the IRS on April 26, 2018, grants relief for taxpayers by allowing the family-coverage HSA contribution limit of $6,900 to remain in effect for 2018. In the up again, down again changes of the IRS HSA maximum, the 2018 contribution limit for health savings accounts (HSAs) linked to family coverage […]
According to WalletHub’s national Small Business Week survey on the state of their finances, small business owners are optimistic but still report needing better access to capital. With more than 543,000 new businesses started every month, the survival rate is still threateningly low – some two-thirds will only survive into the third year. Traditional sources […]
Looking for a different way to donate to your favorite charity? Many investors are finding that donor advised funds are a creative way to contribute dollars while still receiving a tax deduction for their efforts. The Donor Advised Fund (DAF) is a charitable vehicle created at a public 501(c)3 organization, which is called a sponsoring […]
On March 5, 2018, the IRS announced a retroactive change to the 2018 Health Savings Account (HSA) plan maximums for families. While this may not seem like a big deal, there are countless health management systems, employee deductions and human resource managers all struggling to make the change. HSAs are a great way to […]
Freelancers have become an even larger part of the small business population since the great recession of 2009. According to a 2014 study commissioned by the Freelancers Union, some 34 percent of the total workforce is independent workers, or freelancers. That number is expected to rise to nearly 50 percent by 2020. Many large companies […]
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