For many employers, especially smaller ones, introducing a retirement plan is a big undertaking. Despite the numerous administrative and regulatory requirements that an employer retirement plan entails, many employers remain committed to their retirement plans because they want to help their employees begin the journey to retirement readiness. Unfortunately, plan participants can sometimes feel squeezed […]
Tips for Relocating Your Small Business
Is your business thinking of moving to a new location? No need to worry, we got you covered with some tips for the journey! Why are you relocating? It’s important that you first consider why it is necessary to change your location. If you’re certain about the move, you should be able to fully answer […]
Business Owners: Keep That Shield Intact
You face plenty of challenges as a small business owner. Finding ways to protect yourself against lawsuits is a major one. You may be able to add protection by structuring your business as a corporation or limited liability company (LLC). Both these entities may shield the owners’ or members’ personal assets from the company’s debts […]
Mentoring the Next Generation to Take Over the Family Business
Many owners of small businesses would love to see a family member take over their business. If you have children, grandchildren, nieces, or nephews that you think might be interested in running the business in the future, you can help lay the groundwork for that potential transfer of ownership in several ways. Use the following […]
The 5 Most Common Small Business Accounting Mistakes
Small businesses make accounting errors and oversights regularly. Here, we cover five of the most common small business accounting mistakes. Read on to see if you’re making any of these mistakes and how to avoid them in the future. 1. You don’t take bookkeeping as seriously as you should. Recording everything is an excellent rule […]
Take the Pulse of Your Tax Health
Regular financial checkups give you an opportunity to identify where you can improve your overall tax situation. They also help identify areas of concern that may require more detailed attention. In a similar fashion, regularly reviewing your tax situation with a financial professional can identify opportunities to improve your tax picture and can often shed […]
Saving for a Child’s Future
Giving money to children or grandchildren is a planning strategy that benefits donors and beneficiaries. You can make annual gifts of up to $15,000 each to an unlimited number of recipients in 2021, free of gift and generation-skipping transfer tax, without using any of the lifetime gift exemption. But consider your options for holding gifted […]
Hiring An Independent Contractor? Your Tax Obligations
First time hiring an independent contractor? Here’s what you need to know about taxes. Two months ago in this column, we explained the differences between employees and independent contractors. The IRS has strict rules that you must follow when you make this distinction because there are very different tax rules for each type of worker. […]
Starting a Side Gig in 2022? Your New Tax Obligations
It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you expected to on April 15. Or you were pleasantly surprised to receive a sizable refund. The idea, of course, is to try to […]
Expand QuickBooks Online’s Features: Use Integrated Apps
Expand QuickBooks Online’s Features: Use Integrated Apps Are you finding that you need more flexibility in an area of QuickBooks Online? Maybe it’s time to try an integrated app. When you first started using QuickBooks Online, you probably found that it supplied the tools you needed to manage your accounting – and then some. But […]