Entries by rfellows1

Beware of Scammers Preying on Your Generous Nature

Beware of Scammers Preying on Your Generous Nature The IRS and numerous other nonprofit agencies are warning Americans to be weary of scammers trying to take advantage of their generosity after major catastrophes like Hurricanes Florence and Michael.   “We applaud our client’s desires to want to help in times of crisis,” says Steven Feinberg, […]

Excise Tax Basics for Tax-Exempt Highly Compensated Employees

Due to the Tax Cut and Jobs Act of 2017, many changes to employment taxes and income taxes were made. One of the lesser talked about, but still having a large impact is the excise tax on tax-exempt organizations for their highly compensated ‘covered employees.’ Excise Tax Basics An excise tax of 21 percent is […]

Donating to Charity: Quick Tips for Safe Giving

After setting up and successfully running your own small business, it’s an empowering and fulfilling thing to know you can give back to your community or really support a cause in which you believe. In addition to giving back to the community, you can also take advantage of tax deductions for your charitable contributions during […]

Buiness Structure Pro and Cons

Hang a shingle outside your back door and you’re in business, right? Well, maybe, but knowing your responsibilities as a business owner is truly another beast entirely. Your business structure defines the legal status of your business. Each business structure comes with its own advantages and disadvantages as well as consequences for tax. It is […]

IRS Belatedly Announces Increase to 2019 FSA Contribution Limits

The Internal Revenue Service (IRS) announced a cost of living increase to the flexible spending account maximum amounts to $2,700 for FSA for the 2019 plan year beginning on January 1, 2019.  The new maximum of $2,700 is up $50 from $2,650 in 2018.  The maximum also applies to the limited purpose FSA, which can […]

Small Business Budget Savvy

As a small business owner, you know how imperative it is for your business to save money. Entrepreneurs need to be nimble, resourceful,  and creative to keep the business robust enough to survive the ever-changing tides of a changing global economy. With gross receipts of less than $1 million annually, small businesses often live with […]

Distinguishing between Independent Contractors or Employees; Don’t Let Mislabeling Cost You

Employers have several tax obligations related to their employees. They are expected to withhold income taxes and social security and Medicare taxes from their employees’ pay in addition to paying unemployment tax on their wages. On the other hand, employers have no tax obligations on payments they make to independent contractors. Whether or not you […]

Choosing Accounting Software for your Small Business

There are many different types of accounting software available for small businesses such as industry leader, QuickBooks, and online resources like Freshbooks, GoDaddy Bookkeeping, and Xero all enable small businesses to keep track of expenses, accounts receivable, bank reconciliation, checkbook registers and even create profit and loss statements. Deciding which software is right for your […]

Review Your Healthcare Options – Now.

There are over 27 million self-employed entrepreneurs and micro-businesses in the United States. If your small business is anything like the other 27 million, you’re probably struggling with the constant upheaval in the health insurance market. Now is the time to review your small business health insurance. What should you be looking for in small […]