Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer a retirement plan for employees.” Often, this happens when the company is financially stable enough to administer a retirement plan and make substantive contributions. Other times it occurs when the business … Continue reading “Choosing A Retirement Plan For Your Small Business”
Month: November 2022
Is Your Business Closing? Here Are Your Final Tax Responsibilities
Closing a business tax implications is something everything business owner should be aware of and prepared for. Businesses shut down for many reasons. Some of the reasons that businesses permanently close their doors: An owner retirement. A lease expiration. Staffing shortages. Partner conflicts. Increased supply costs. If you’ve decided to close your business, we’re here … Continue reading “Is Your Business Closing? Here Are Your Final Tax Responsibilities”
Like Every Business, A Start-Up Needs A Sensible Budget
An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of Americans are still starting a new business. One thing that every new company needs, along with a business plan, is a … Continue reading “Like Every Business, A Start-Up Needs A Sensible Budget”
Computer Software Costs: How Does Your Business Deduct Them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules for a computer software tax deduction. Determining … Continue reading “Computer Software Costs: How Does Your Business Deduct Them?”
How Should Your Marketing Strategy Change Next Year?
The current calendar year is winding down and a fresh 12 months lies ahead. That makes now a good time to think about marketing trends for 2023. Take the time to assess on how you should present yourself to customers and prospects for the coming year. The U.S. economy has undergone notable change in 2022. … Continue reading “How Should Your Marketing Strategy Change Next Year?”
2023 limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet … Continue reading “2023 limits for businesses that have HSAs — or want to establish them”
Reinforce Your Cybersecurity Defenses Regularly
If you’ve been in business for any amount of time, you probably don’t need anyone to tell you about the importance of company cybersecurity. However, unlike the lock to a physical door, which generally lasts a good long time, measures you take to protect your company from hackers and malware need to be updated and … Continue reading “Reinforce Your Cybersecurity Defenses Regularly”
Inflation Means You & Your Employees Can Save More for Retirement in 2023
How much can you and your employees contribute to your 401(k)s next year, or other retirement plans? In Notice 2022-55, the IRS recently announced cost of living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years … Continue reading “Inflation Means You & Your Employees Can Save More for Retirement in 2023”
Supplementing Your Company’s Health Care Plan With An EBHRA
Is your business ready to take its health care benefits to the next level? One way to do so is to supplement group health coverage with an Excepted Benefit Health Reimbursement Arrangement (EBHRA). Here are some pertinent details. Rules To Follow Under a traditional HRA, the employer owns and funds the tax-advantaged account up to … Continue reading “Supplementing Your Company’s Health Care Plan With An EBHRA”