Blog Archives

Using Myers-Briggs to Help with Hiring

11/22/2017

Hiring employees is difficult. You have to make a quick decision that will have major implications on how your company runs. It also means a lot of money bet on this person. Hiring impacts your operations in a big way.

Get a Tax Break From Past-year Losses

11/22/2017

A net operating loss refers to a tax year in which a business's allowable tax deductions exceed its taxable income. In simpler terms, you had more expenses than you actually had revenue. However, there is a loophole: U.S. Code IRC § 172 allows businesses to use that loss as a carryover toward future tax years or as a carryback to recoup money from previous tax years. Calculating and taking advantage of an NOL can be hugely beneficial to your business if you need money fast. An NOL can offer you a quick tax refund, but you must be up to date on the rules and regulations of this tax relief.

Know the Secrets Behind 'Miscellaneous Deductions'

11/22/2017

Want to reduce taxable income and the dough you have to fork over to the IRS? You may not have considered some work expenses — uniforms, for example — that fall under the category of miscellaneous deductions. So here's the deal: Itemize deductions rather than take the standard deduction. Let's see how this works:

Keep Your Homeowners Insurance Current

11/22/2017

Homeowners insurance is meant to protect against disasters ranging from fire to theft to lawsuits, encompassing most injuries and damage that members of your family might cause to other people. Most insurance carriers even count pets as members of your family.
How much insurance do you need? What would it take to rebuild your home? Here are some considerations to make sure your homeowners insurance is up to date:

Tips on Managing the Ubiquitous Form 1099

11/8/2017

One of the most important tax and payroll issues a company has to address is who is an actual employee and who is an independent contractor. Once you have that worked out, your next step is making sure each category of workers gets the right forms. True employees get a Form W-2 each year, and freelancers — independent contractors — get a Form 1099-MISC. This form can be used for a variety of payments, and one of the most common and significant uses is for independent contractors.

How to Calculate Severance Pay

11/8/2017

Although there is no legal requirement to offer severance, many companies provide it to employees after their employment is terminated. In general, severance pay is based on length of employment. You may decide to offer a week's pay for every year of service, or a flat amount based on six weeks' pay. When provided, it's given either as a lump sum or paid over a number of weeks.

Big Changes in Social Security and Retirement Plans for 2018

11/8/2017

From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you're an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years.

Getting to Know the Sharing Economy

11/8/2017

How people commute, travel and/or rent vacation accommodations these days often involves an emerging area of activity — the sharing economy. Other ways of referring to it include the on-demand, gig or access economy, but no matter how you describe it, we're talking about individuals and groups that use tech advancements to arrange transactions to generate revenue from assets they already own, such as cars and homes. The sharing economy can include household chores or even technology services. You may think of this as a developing area in our economy, and the IRS is thinking of it also. There are tax implications for the individuals and companies that perform such services.

Using Myers-Briggs to Help with Hiring

Get a Tax Break From Past-year Losses

Know the Secrets Behind 'Miscellaneous Deductions'

Keep Your Homeowners Insurance Current

Tips on Managing the Ubiquitous Form 1099

How to Calculate Severance Pay

Big Changes in Social Security and Retirement Plans for 2018

Getting to Know the Sharing Economy

Newsletter articles are posted every 2 weeks.

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Newsletter articles are posted every 2 weeks.