A notice from the IRS was recently released with guidance providing the Health Savings Accounts 2022 amounts, including the inflation-adjusted amounts. Fundamentals of Health Savings Accounts (HSAs) An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary”. An HSA can only be established … Continue reading “The IRS Has Announced 2022 Amounts for Health Savings Accounts”
Month: May 2021
Getting Max Value Out Of Your CRM Software
The days of the Rolodex are long gone. To connect with customers and sales prospecting, many businesses now rely on customer relationship management (CRM) software. These CRM software solutions give users easy access to comprehensive information. This includes detailed notes on existing connections with targeted individuals and companies, which can enhance marketing efforts and boost … Continue reading “Getting Max Value Out Of Your CRM Software”
An S Corporation Could Cut Your Self-Employment Tax
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way for self employment tax savings by conducting business as an S corporation. Fundamentals of Self-Employment Tax The self-employment tax is imposed on 92.35% … Continue reading “An S Corporation Could Cut Your Self-Employment Tax”
Look At Your Employee Handbook With Fresh Eyes
For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not have fully documented all the changes you’ve made. But … Continue reading “Look At Your Employee Handbook With Fresh Eyes”
Help Ensure the IRS Doesn’t Reclassify Independent Contractors As Employees
Many businesses use the independent contractor classification to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determining an independent contractor vs employee for federal … Continue reading “Help Ensure the IRS Doesn’t Reclassify Independent Contractors As Employees”
The Restaurant Revitalization Fund Is Now Live
The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned small businesses in economically challenged areas. In response, the Small … Continue reading “The Restaurant Revitalization Fund Is Now Live”
Providing Education Assistance To Employees? Follow These Rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for education assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training … Continue reading “Providing Education Assistance To Employees? Follow These Rules”