An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some tax changes for 2020 that may be important to you and your business. Here are the tax limits for 2019 For reference purposes. Social Security Tax The amount of employees’ earnings that are … Continue reading “Tax Changes for Businesses in 2020”
Month: January 2020
3 Best Practices for Achieving Organic Sales Growth
Most business owners would probably agree that, when it comes to improving sales, the goal is continuous. To this end, every company should strive for organic sales growth. That is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a business merger or acquisition is necessarily a bad idea. However, … Continue reading “3 Best Practices for Achieving Organic Sales Growth”
Decrease to the Cents Per Mile Rate for 2020
The optional standard cents per mile rate for 2020 decreased by one-half cent, to 57.5 cents per mile. This deduction individuals use to calculate the deductible costs of operating an automobile for business. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. UPDATE: 2021 Cents … Continue reading “Decrease to the Cents Per Mile Rate for 2020”
What Can AI Do For My Business?
You’ve no doubt read articles or heard stories about how artificial intelligence (AI) is bringing sweeping change to a wide variety of industries. But it’s one thing to learn about how this remarkable technology is changing someone else’s company and quite another to apply it to your own. Here’s a primer on how you can … Continue reading “What Can AI Do For My Business?”
Employers Must Now Annually Disclose Retirement Income To Employees
You’ve probably recently heard the passing of a new law with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Retirement Act involves a new requirement for employers. This includes a defined sponsor tax-favored contribution retirement plan that’s subject to the ERISA compliance. {ERISA: Employee Retirement … Continue reading “Employers Must Now Annually Disclose Retirement Income To Employees”
How Business Owners & Execs Can Stay Connected With Staff
One danger of a hectic beginning for the year is setting an early precedent for distancing yourself from rank-and-file staff. After all, a busy opening to the year may turn into a chaotic middle and a frantic conclusion. Hopefully all’s well that ends well. However, you and your top-level executives could wind up isolating yourselves … Continue reading “How Business Owners & Execs Can Stay Connected With Staff”
SECURE Retirement Act for Employees
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. Does your small business have a current plan for employees or are you’re thinking about adding one? If so, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Retirement … Continue reading “SECURE Retirement Act for Employees”
Cost Management: A Budget’s Best Friend
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such as: Are We Operating … Continue reading “Cost Management: A Budget’s Best Friend”
New Law Provides a Variety of Tax Breaks to Businesses and Employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The Further Consolidated Appropriations Act was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally … Continue reading “New Law Provides a Variety of Tax Breaks to Businesses and Employers”
New Year Business Planning: 5 Ways To Strengthen Your Business
The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five methods you can apply to you new year business planning by doing a little of both: 1. … Continue reading “New Year Business Planning: 5 Ways To Strengthen Your Business”