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Small Business

Worker misclassification can carry serious consequences

Leave a Comment / Independent Contractors, Small Business, Small Business Owners, Small Business Tips, U.S. Department of Labor /

Hiring independent contractors provides your business with valuable flexibility, particularly when you require specialized expertise or help with a short-term project. But calling someone an independent contractor doesn’t automatically make them one. Worker status depends on your actual working relationship. And getting it wrong can expose your business to tax liabilities and other consequences. What’s […]

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Which fringe benefits are tax-free to employees?

Leave a Comment / Disability Insurance, Fringe Benefits For Employees, Health Care Insurance, Life Insurance, Long-Term Care Insurance, One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Small Business Tips, Tax-Advantaged Benefits /

To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits package matters, too — and benefits with favorable tax treatment can be even more valuable to prospective and existing employees. Open enrollment is right around the corner for many businesses. As you review your benefits package for

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Let’s trade! Business bartering is still taxable

Leave a Comment / (ATI) Adjusted Taxable Income, Barter Clubs, Bartering, Small Business, Small Business Owners, Small Business Tips, Tax-Deductible Business Expenses /

Trading items or services — without exchanging cash — has long been common among small businesses. Today, some use online barter exchanges to facilitate trades. In addition to preserving cash flow, these types of transactions may expand your purchasing power, help you move overstocked inventory and increase your business’s exposure to new markets. But bartering

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How a lockbox or other service can benefit accounts receivable

Leave a Comment / Accounts Receivable, Automnated Clearing House (ACH), Billing and Collections, Electronic Payments, Small Business, Small Business Owners, Small Business Tips /

For decades, businesses have used bank lockbox services to speed up collections and reduce administrative work involved in processing customer checks. Today, the basic idea remains the same, but modern lockbox services can automate your accounts receivable processes. Automated clearing house (ACH), credit card and instant-payment services can also provide efficient collections. So the question

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Tax essentials for sole proprietors

Leave a Comment / Federal Income Tax, Federal Taxes, Home Office Deduction, One, Big, Beautiful Bill Act, Qualified Business Income Deducton (QBI), Self Employment Tax, Simplified Employee Pension (SEP), Small Business, Small Business Owners, Small Business Tax Tips, Sole Proprietors, Tax Planning, Tax-Advantaged Retirement Plan /

Many small businesses start out as sole proprietorships. This structure is simple and inexpensive to establish and maintain — and it gives the owner direct access to profits without having to take formal distributions. But it also makes your taxes more complicated than when you were a W-2 employee. Here are some federal tax issues

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Professional valuations provide businesses with more than a number

Leave a Comment / Business Valuation, Intangible Assets, Small Business, Small Business Owners, Small Business Tips /

Are you selling your business, soliciting new investors, updating a buy-sell agreement, pursuing litigation or drafting an estate plan? An accurate business valuation prepared by a valuation professional is critical to the success of these and many other activities. Knowing some fundamentals about the process can help you understand your valuator’s conclusions, what drives business

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Could the New Markets Tax Credit benefit your business?

Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Credits, The New MNarkets Tax Credit (NMTC) /

Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved areas by offering federal income tax credits to qualifying investors. This credit was previously scheduled to expire on December 31, 2025. However, the One Big Beautiful

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The new-and-improved credit for employer-provided child care

Child Tax Credit, Employer-Provided Child Care, Full Time Employees, Small Business, Small Business Owners, Small Business Tips /

Offering a broad menu of employee benefits can help your business attract and retain skilled workers. One benefit that’s popular among employees with families is employer-provided child care. Although this option hasn’t been financially feasible for many small businesses, recent tax law changes may give you a reason to reconsider opening (or upgrading) a child

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How to build a stronger workforce with a strategic onboarding process

Employees, Small Business, Small Business Owners, Small Business Tips /

U.S. Bureau of Labor Statistics data shows that hiring has slowed in recent months. Even so, thousands of people continue to start new jobs, and every new hire represents a significant investment of time and money for organizations. With labor costs remaining a concern for many businesses, it’s more important than ever to help employees

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FAQs about resolving small business tax issues

(OIC) Offer In Compromise Tax Program, Failure To Pay Tax Penalty, Failure-To-File Tax Penalities, Federal Income Tax Filing, Payroll Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Planning /

Tax problems can happen to even the most organized small business owners. A cash flow crunch, an unexpected tax notice, a missed filing deadline or a payroll tax oversight can be stressful — especially when penalties and interest begin to add up. Fortunately, businesses can get back on track by addressing tax issues promptly and

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