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Employees

An education plan can pay off for your employees — and your business

Education Tax Breaks, Employees, Small Business, Small Business Owners, Unincorporated Business /

Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127 plans after the tax code section that allows them. Plan basics Sec. 127 plans can cover the cost of almost anything that constitutes education, including […]

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EBHRAs: A flexible health benefits choice for businesses

EBHRA - Excepted Benefit Health Reimbursement Arrangement, Employees, HIPAA-Health Insurance Portability and Accountability Act, HSA, Medical Expenses, Small Business, Small Business Owners, Tax Deduction /

Today’s companies have several kinds of tax-advantaged accounts or arrangements they can sponsor to help employees pay eligible medical expenses. One of them is a Health Reimbursement Arrangement (HRA). Under an HRA, your business sets up and wholly funds a plan that reimburses participants for qualified medical expenses of your choosing. (To be clear, employees can’t

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Explore SEP and SIMPLE retirement plans for your small business

Employees, Savings Incentives Match Plans for Employees (SIMPLEs), Simples, Simplified Employee Pension (SEP), Small Business, Small Business Owners, Small Business Tips /

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy

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Planning for the future: 5 business succession options and their tax implications

Captial Gains, Closely Held Corporations, Employees, ESOP Employee Stock Ownership Plan, Estate Planning, Estate Tax, Federal Estate Tax, Federal Gift Tax, Federal Taxes, Gift and Estate Tax, Small Business, Small Business Owners, Succession Plans, Taxes and Tips, Trust /

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different

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Riding the tax break train: Maximizing employee transportation fringe benefits

Employees, Fringe Benefits For Employees, Mass Transit Passes, Small Business, Small Business Owners, Transportation-Related Fringe Benefits /

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus

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Choosing the right sales compensation model for your business

Compensation, Employee Stock Ownership Plans, Employees, Hybrid Sales Model, Profit-Sharing Plan, Sales, Small Business, Small Business Owners /

A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople. But what motivates these valued employees? First and foremost, equitable and enticing compensation. And therein lies a challenge for many companies: Choosing the right sales compensation model isn’t

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5 steps to creating a pay transparency strategy

Employees, Pay Transparency, Small Business, Small Business Owners /

Today’s job seekers and employees have grown accustomed to having an incredible amount of information at their fingertips. As a result, many businesses find that failing to adequately disclose certain things negatively impacts their relationships with these parties. Take pay transparency, for example. This is the practice, or lack thereof, of a company openly sharing

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Are “workationers” a danger to your business?

Employees, Mental Health And Wellness, Production, Small Business Owners /

Every company presumably wants a workforce full of engaged employees. However, is it possible for workers to be too engaged? Apparently so. A 2024 survey of 3,000 workers by employee engagement consultants Perceptyx found that 72% of respondents work to some degree throughout their vacations. As a business owner, your initial response to this might be, “Wow,

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Businesses: The Form W-2 and 1099-NEC deadline is coming up fast

Employees, Federal Taxes, Independent Contractors, Small Business, Small Business Owners, Social Security Administration, Taxes 2024, Taxes 2025, Wage and Tax Statement /

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: Form W-2, Wage and Tax Statement. Form W-2 shows the wages

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