Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was depicting the chaos and uncertainty that can take place if a long-time business owner fails to establish a clearly written and communicated succession plan. While there are many aspects to succession planning, one way to put some … Continue reading “Avoid Succession Drama with a Buy-Sell Agreement”
Month: May 2023
The IRS Has Just Announced 2024 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Fundamentals 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 for the benefit of an “eligible individual” who is covered … Continue reading “The IRS Has Just Announced 2024 Amounts for Health Savings Accounts”
Is It Time For A Targeted Marketing Campaign?
If you’ve been in business a while, you might assume that you know exactly who your customers are. But, as the saying goes, “life comes at you fast.” Customer desires, preferences and demographics can all shift before you know it. One way to avoid getting caught off guard is to regularly conduct a targeted marketing campaign. This … Continue reading “Is It Time For A Targeted Marketing Campaign?”
If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether … Continue reading “If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled”
Addressing Pay Equity At Your Business
Businesses today are under greater pressure to fully understand and thoroughly respond to the issue of pay equity. And neither of these two broad undertakings is particularly easy. First, fully understanding what pay equity is and whether and how it plays out at your company calls for research, analysis and perhaps some difficult discussions. The … Continue reading “Addressing Pay Equity At Your Business”
Use The Tax Code To Make Business Losses Less Painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying For A Deduction The net operating loss (NOL) deduction addresses the tax inequities that can … Continue reading “Use The Tax Code To Make Business Losses Less Painful”
6 Tried-and-True Strategies for Improving Collections
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to debt collection. They generally take payments right at a point-of-sale terminal and customers go on their merry ways. (These enterprises face many other challenges, of course.) For other types of companies, it’s not so easy. Debt collection can … Continue reading “6 Tried-and-True Strategies for Improving Collections”
Education Benefits Help Attract, Retain & Motivate Your Employees
One popular fringe benefit is an education assistance program that allows employees to continue learning. Employees can also earn a degree with financial assistance from their employers under this program. One way to attract, retain and motivate employees is to provide education fringe benefits. This provides team members the opportunity to improve their skills and … Continue reading “Education Benefits Help Attract, Retain & Motivate Your Employees”
Businesses, Be Prepared To Champion The Advantages Of An HSA
With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. It can be difficult to control costs related to mission-critical functions such as overhead and materials. However, you might find some budge room with reducing employee benefits costs. Many companies have lowered their benefits costs … Continue reading “Businesses, Be Prepared To Champion The Advantages Of An HSA”