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Small Business

Employee vs. independent contractor: How should you handle worker classification?

Employees, Federal Income Tax, Federal Taxes, Independent Contractors, Medicare Taxes, Small Business /

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations. Why it matters. When your business […]

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Deducting business meal expenses under today’s tax rules

Business Meals and Entertainment, Deductable Expenses, Income Tax, Small Business, Tax Cuts and Job Acts (TCJA) /

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more

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Responding to the nightmare of a data breach

Data Breach, Small Business, Threats /

It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering a data breach without an emergency response plan

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Present yet unaccounted for: The problem of presenteeism

Absenteeism, Employees, Small Business /

Absenteeism has typically been a thorn in the side of many companies. But there’s a flip side to employees failing to show up to work: “presenteeism.” This is when employees come in to work unwell or put in excessive overtime. Now you probably appreciate and respect workers who are team players and go the extra

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Understanding how taxes factor into an M&A transaction

Assets, Federal Income Tax, Limited Liability Company, LLC, Merger & Acquisition, Partnerships, S Corporation, Small Business, Stocks, Tax, Tax Cuts and Job Acts (TCJA), Tax Planning /

Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets. From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest).

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2019 Q2 tax calendar: Key deadlines for businesses and other employers

2018 Tax Return, 2019 Tax Forms, Q2 2019 Tax Calendar, Small Business, Tax Planning /

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing

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Could your business benefit from the tax credit for family and medical leave?

Compensation, Deductions, Employee Benefits, Federal Tax Credit, Qualifying Leave for Family Medical Leave, Small Business, Tax Credits, Tax Cuts and Job Acts (TCJA), Uncategorized /

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions and the credit is only available for two tax years — those beginning between January 1, 2018, and December 31, 2019. However, it

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Using knowledge management to develop your succession plan

Knowledge Management Strategy, Retirement, Small Business, Succession Plans /

As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn into a vulnerability when he or she decides to retire or

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The home office deduction: Actual expenses vs. the simplified method

2018 Tax Return, Actual Expenses Method, Business Income Tax, Deductable Expenses, Deductions, Depreciation, Home Office Deduction, Income Tax, Small Business, Tax, Tax Deduction /

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. Thanks to a tax law change back in 2013, there are now two methods for

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