The Corporate Transparency (CTA) was a landmark piece of legislation to lessen the presence of “dark money” in our daily lives, as many organizations frequently hide their true ownership and intents behind shell companies. Unlike publicly-traded companies that are required to make key leaders and majority owners publicly known, private companies could do just that … Continue reading “Beneficial Ownership Information Reporting: Key Requirements and Deadlines”
Month: November 2024
Self-employment tax: A refresher on how it works
If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. The … Continue reading “Self-employment tax: A refresher on how it works”
3 types of retirement plans for growing businesses
When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing … Continue reading “3 types of retirement plans for growing businesses”
The amount you and your employees can save for retirement is going up slightly in 2025
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent … Continue reading “The amount you and your employees can save for retirement is going up slightly in 2025”
Marketing your B2B company via the right channels
For business-to-business (B2B) companies, effective marketing begins with credible and attention-grabbing messaging. But you’ve also got to choose the right channels. Believe it or not, some “old school” approaches remain viable. And of course, your B2B digital marketing game must be strong. Press releases It doesn’t get much more old school than this. Launching a … Continue reading “Marketing your B2B company via the right channels”
The Importance of Accurate Record-Keeping for Tax Preparation
Accurate record-keeping plays a critical role in small business tax planning and preparation. Inaccurate records can lead to missed deductions, inaccurate tax return filings, missed deadlines, IRS penalties, and unnecessary stress during tax time. Additionally, the results of poor record-keeping could even trigger a potential audit, leading to more regulatory exceptions and penalties. For small … Continue reading “The Importance of Accurate Record-Keeping for Tax Preparation”
Small Business Year-End Accounting Checklist: Be Ready for 2025
Year-end financial preparation is essential to wrapping up your bookkeeping and accounting tasks before the end of the calendar year and the close of the fiscal year. Step 1: Reconcile Your Accounts Sound small business accounting requires the routine reconciliation of all financial accounts (bank accounts, credit cards, etc.). The purpose of account reconciliation is … Continue reading “Small Business Year-End Accounting Checklist: Be Ready for 2025”