Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about easily accessible and highly informative resources that’s probably just a few clicks away: your financial statements and balance sheet. Assuming you follow … Continue reading “Let Your Financial Statements Guide You To Optimal Business Decisions”
Month: January 2022
Numerous Tax Limits Affecting Businesses Have Increased For 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of some key tax breaks for small businesses. Social Security Tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from … Continue reading “Numerous Tax Limits Affecting Businesses Have Increased For 2022”
3 Specialized IT Leadership Positions For Growing Businesses
For many businesses, technology has changed from something they use to something they do. When a company reaches a point where IT strategy plays a central role in operations and productivity, ownership might want to create one or more leadership positions to specifically oversee tech-related matters and strategy. Often, this means a Chief Information Officer … Continue reading “3 Specialized IT Leadership Positions For Growing Businesses”
Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit
Are you an employer with a business where tipping is customary for providing food and beverages? If so, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics Of The Credit The FICA tax credit applies with respect to tips … Continue reading “Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit”
Business Owners, Do You Need To Step Up Your Internal Communications Game?
They say we live in an on-demand world. Right now, many business owners are demanding one thing: more workers. Unfortunately, the labor market is somewhat less than forthcoming. In the so-called “Great Resignation” of 2021, droves of people voluntarily left their jobs, and many aren’t rushing back to work. Neither are many of those who … Continue reading “Business Owners, Do You Need To Step Up Your Internal Communications Game?”
Defer Tax With A Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind … Continue reading “Defer Tax With A Like-Kind Exchange”
Review Your Strategic Plan … And Look Ahead
Business owners, year end is officially here and it’s time to start our business plan for 2022. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on … Continue reading “Review Your Strategic Plan … And Look Ahead”