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Corporate officers or shareholders: How should you treat expenses paid personally?
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If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with ... read more
Use an S corporation to mitigate federal employment tax bills
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If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder!
For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for ... read more
Solo business owner? There’s a 401(k) for that
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If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily.
Two ways to contribute
With a solo 401(k), ... read more
2023 Q3 tax calendar: Key deadlines for businesses and other employers
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2023 Q3 tax calendar: Key deadlines for businesses and other employersHere are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ... read more
Hiring family members can offer tax advantages(but be careful)
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Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year.
If you’re considering ... read more
Manageable Growth Should Be a Strategic Planning Focus
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When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at ... read more
Shine a Light on Sales Prospects to Brighten the Days Ahead
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When it comes to sales, most businesses labor under two major mandates: 1) Keep selling to existing customers, and 2) Find new ones.
To accomplish the former, your sales staff probably gets some help from the marketing and customer service departments. Succeeding at the latter may be more difficult. Yet perhaps ... read more
Work Opportunity Tax Credit Provides Help to Employers
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In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much ... read more