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Small Business Owners

Explore SEP and SIMPLE retirement plans for your small business

Leave a Comment / 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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Small business alert: Watch out for the 100% penalty

Leave a Comment / Federal Taxes, Small Business, Small Business Owners, Trust Fund Recovery Penalty /

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also called the 100% penalty, against any responsible person. It’s called the 100% penalty because the entire

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Is your business on top of its tech stack?

Leave a Comment / Information Technology (IT), IT Audits, Small Business, Small Business Owners, Software /

Like many business owners, you’ve probably received a lot of technology advice. One term you may hear frequently is “tech stack.” Information technology (IT) folks love to throw this one around while sharing their bits and bytes of digital wisdom. Well, they’re not wrong about its importance. Your tech stack is crucial to maintaining smooth

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6 essential tips for small business payroll tax compliance

Leave a Comment / Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Payroll Tax, Small Business, Small Business Owners /

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all

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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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How to evaluate and undertake a business transformation

Business Transformation, Financial Oversight, Small Business, Small Business Owners, SWOT Analysis (Strengths /

Many industries have undergone monumental changes over the last decade or so. Broadly, there are two ways to adapt to the associated challenges: slowly or quickly. Although there’s much to be said about small, measured responses to economic change, some companies might want to undertake a more urgent, large-scale revision of their operations. This is

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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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Exploring business entities: Is an S corporation the right choice?

Business Entities, Capital Losses, Fringe Benefits For Employees, Gross Profit, Qualified Business Income Deducton (QBI), S Corporation, Shareholder, Small Business, Small Business Owners, Small Business Stock /

Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Handling

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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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