At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change or do anything, really, besides get copied and pasted into a want ad occasionally. They’re not really good at what they do, but they’re used again and again because everyone assumes they’re just … Continue reading “Are Your Company’s Job Descriptions Pulling Their Weight?”
Month: June 2021
Traveling For Business Again? What Can You Deduct?
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note … Continue reading “Traveling For Business Again? What Can You Deduct?”
Don’t Assume Your Profitable Company Has Strong Cash Flow
Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their operating cash flow must also be … Continue reading “Don’t Assume Your Profitable Company Has Strong Cash Flow”
2021 Q3 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are some key tax-related deadlines for businesses and other employers during the third quarter of 2021. AUGUST 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. File a 2020 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. SEPTEMBER … Continue reading “2021 Q3 Tax Calendar: Key Deadlines for Businesses & Other Employers”
Pondering The Possibility Of A Work Retreat
As vaccination levels rise and major United States population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company work retreat this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video … Continue reading “Pondering The Possibility Of A Work Retreat”
Recordkeeping DOs & DON’Ts for Business Meal and Vehicle Expenses
If you’re claiming deductions for business vehicle or meals expenses, expect the IRS to closely review them. It’s important to comply with the strict tax law substantiation requirements for these items. DO keep detailed, accurate records. For each expense, record the amount, the time and place, the business purpose, and the business relationship of anyone … Continue reading “Recordkeeping DOs & DON’Ts for Business Meal and Vehicle Expenses”
The Long & Short of Succession Planning
For many business owners, succession planning may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built up considerable “sweat … Continue reading “The Long & Short of Succession Planning”
Hiring Your Minor Children This Summer? Reap Tax & Non-Tax Benefits
If you’re a business owner and are hiring children for summer employment, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And by providing summer job opportunities you may be able to: – Shift your high-taxed … Continue reading “Hiring Your Minor Children This Summer? Reap Tax & Non-Tax Benefits”
Are You Ready For The Return Of Trade Shows & Other Events?
It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get … Continue reading “Are You Ready For The Return Of Trade Shows & Other Events?”