Some small businesses struggle with employee morale for a variety of reasons, one of which may be economic uncertainty. If you want to boost employees’ spirits without a big financial outlay, an achievement awards program is a relatively low-cost fringe benefit that may be a win-win addition.
An IRA Withdrawal Strategy with Tax-Reducing Power
As the year winds to a close, your chance to lower your 2024 tax bill also winds down. If you’re age 70½ or older, you may want to make a qualified charitable distribution (QCD) from your IRA before year-end. Typically, distributions from a traditional IRA are taxable. However, the amount of your QCD is removed from your taxable income, which may preserve your eligibility for other tax breaks. It also can fulfill your annual required minimum distribution, if applicable.
The Rise of Check Kiting and Other Check Fraud
While the use of paper checks has greatly diminished, thieves still view them as a source for stealing revenue. In fact, the Financial Crimes Enforcement Network warns that many thieves are returning to old-fashioned financial theft, using paper checks. That’s one reason why the U.S. Postal Service urges us not to send checks through the mail, where they may be vulnerable.
QBI Deduction Strategies for Year-End Business Tax Planning
Thanks to the Tax Cuts and Jobs Act, sole proprietors and owners of pass-through entities, such as partnerships, S corporations and, generally, limited liability companies, may be able to claim tax deductions based on their qualified business income (QBI) and certain other income.
When is Employer-Paid Life Insurance Taxable?
If the fringe benefits of your job include employer-paid group term life insurance, a portion of the premiums for the coverage may be taxable. And that could result in undesirable income tax consequences for you.
Added Protection for Your Personal and Financial Information
Protection is critical when guarding your personal and financial information from fraudsters. That’s why the IRS offers a vital tool, the Identity Protection Personal ID Number (IP PIN). The IP PIN is a six-digit number you can apply for voluntarily. It’s known only to you and the IRS. It’s valid for one year, and you’ll automatically be given a new one after expiration.
Businesses Should Stay Grounded When Using Cloud Computing
For a couple of decades or so now, companies have been urged to “get on the cloud” to avail themselves of copious data storage and a wide array of software. However, some businesses are learning the hard way that the seemingly sweet deals offered by cloud service providers can turn sour as hoped-for cost savings fail to materialize and dollars left on the table evaporate into thin air.
EAP Compliance Check: Is Your Company Staying Mindful?
Many businesses have established employee assistance programs (EAPs) to help their workforces deal with the mental health, substance abuse, and financial challenges that have become so widely recognized in modern society.
Craft Partnership & LLC Operating Agreements with Precision
Partnerships are often used for business and investment activities, and multi-member LLCs are treated as partnerships for tax purposes. These entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules.
Business Owners Sometimes Need to Switch Successors
For many business owners, choosing a successor is the most challenging task related to succession planning. Owners of family-owned businesses, who may have multiple children or other relatives to consider, particularly tend to struggle with this tough choice.