Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan.
Retirement Saving Options for Your Small Business
Consider some options if you’re looking for a retirement plan for yourself and your employees but are worried about the financial commitment and administrative burdens involved. One possibility is a Simplified Employee Pension (SEP).
This plan, which comes with relative ease of administration and the discretion to make or not make annual contributions, is especially attractive for small businesses.
Make Business Losses Less Painful Through Tax Code
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.
What Exactly Is a “Small Business”?
Although your business may seem big to you, you may wonder how the government classifies it. A recent report by the Joint Committee on Taxation, a nonpartisan committee of the U.S. Congress, discusses what a “small business” is for tax purposes. As the report states, there’s no one definition of a small business. Instead, different definitions apply depending on the context, various criteria, and certain thresholds.
Buy-Sell Agreements Require Careful Planning
Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There are also potential tax consequences to consider.
Tax Advantages of S-Corporations
As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it’s always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must pay a self-employment tax rate of 15% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status, you could take advantage of a lower tax rate.
Inside the Numbers with Susy Gao
Meet Susy Gao, a compassionate and dedicated partner at Robert P. Russo CPA PC. With over 15 years of experience in accounting, Susy has cemented herself as a cornerstone of the firm. In this video, she shares her journey from …
Small Business Financing: Securing a Small Business Loan
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.
Business Growth and Accounting Success – Robert P. Russo CPA
Meet our clients: Jessica Hanson, James Johnson, and Jeff Buffum, who’ve experienced significant business growth and financial transformation with Robert P. Russo CPA PC. Their diverse profiles include a certified financial planner and wealth management advisor, a New York City …
Behind the Numbers: Unlock Business Opportunities
At Robert P. Russo CPA PC, we understand the thrill of entrepreneurship. We also recognize the challenges that come with it.
In the video below, Bob shares the process of helping clients in the ever-changing tax world and how his clients unlock opportunities. If you prefer, you can also read the transcript below.