Is your business growing, and you want to bring it up to the next level? Or perhaps you seem to be stuck on a financial plateau and are wondering how to climb out of it? Here are six ways that will help increase your business profits in 2020. 1. Invest In Sales Training Increased sales mean increased revenue, so think about revving up your sales team. Consider enrolling your salespeople in a training course and holding frequent follow-up sessions. Aspects of…
If you own or manage a small business, it’s important to meet your tax deadlines to avoid costly fees and penalties. Which taxes you are required to pay depends on your business structure and other factors. Here are five types of business taxes to be aware of: 1. Income Tax If your business is not a partnership, income taxes (federal and state) need to be filed by April 15. In a partnership, profits and losses are passed through to the partners who…
We now have updated guidance on the the Tax Cuts and Jobs Act from the IRS. As many of you know, there had been questions about if and how certain taxpayers—owners, partners, and shareholders in pass-through entities—could claim the 20% deduction on income. The recent guidance clarifies two major things, which we’ve simplified here: 1. How companies with various lines of business can claim the deduction. Instead of having to restructure their business, as many thought they may need to do,…
Qualified” retirement plans include 401(k) and SIMPLE plans. These plans offer tax-advantaged contributions and potential earnings. On the other hand, “Non-qualified” deferred compensation (also called NQDC) plans don’t typically include those same tax advantages, yet they help companies compete for and retain top employees. How so? Here’s one example: imagine an employee has maxed out her 401(k) or 403(b) workplace savings plan. At the same time, she still is in a position where she wants to save more for her…
The IRS recently announced a clarification in a ruling it made regarding Health Savings Accounts (or HSAs). The contribution limit will stay with the original $6,900 limit for family coverage for 2018. Previously, the IRS had announced that the limit would be reduced for this calendar year to $6,850. That may not seem like a big deal, but people who had already contributed were going to face a penalty. Yes, a small penalty, but it still raised quite a few…
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