If you’re self-employed and work out of an office in your home, you may be entitled to home based business tax deductions. However, you must satisfy strict rules. Before we dive in more into discussing the home office deduction, be sure to review our previous article on tax rules for sole proprietors! If you qualify … Continue reading “Rules and Eligibility for Home Based Business Tax Deductions”
Month: February 2020
Document Management Systems: Importance of Digital Documents
Are you applying for a business loan or already have? Or had some repairs done on your facilities? Maybe you’ve signed a contract with a certain technologically inclined customer or vendor. In any of these instances, you (or one of your employees) probably had to electronically sign a digital document. So, the next question is: … Continue reading “Document Management Systems: Importance of Digital Documents”
How To Make The Most Of Your Multi Generational Workforce
Many of today’s businesses employ workers from across the generational spectrum. Some employers go by hiring older workers (like the Baby Boomers) to members of Generation X to Millennials to the newest group, Generation Z. Managing a multi generational workforce with a wide age range requires flexibility and skill. If you’re successful, you’ll likely see … Continue reading “How To Make The Most Of Your Multi Generational Workforce”
Considerations and Tax Rules for Sole Proprietors
Many people who launch small businesses start out as sole proprietors. If this is you choice of business entity, here are nine considerations and tax rules for sole proprietors to keep in mind. 1. You May Qualify for the Pass-Through Deduction To the extent your business generates qualified business income, you are eligible to claim … Continue reading “Considerations and Tax Rules for Sole Proprietors”
Getting Help With a Business Interruption Insurance Claim
To guard against natural disasters and other calamities, many companies buy insurance, in preparation for filing a business interruption insurance claim. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended. But buying coverage is one thing, while making a claim and receiving the funds is … Continue reading “Getting Help With a Business Interruption Insurance Claim”
Do Your Employees Receive Tips? You May Be Eligible For The FICA Tax Credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for the FICA tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How the Credit Works The FICA tax credit applies with respect to tips that … Continue reading “Do Your Employees Receive Tips? You May Be Eligible For The FICA Tax Credit”
Look Closely At Your Company’s Concentration Risks
The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But the word has an alternate meaning in a business context as well, and a distinctly negative one at that: Concentration Risks. Common Problem A common problem … Continue reading “Look Closely At Your Company’s Concentration Risks”