A SIMPLE IRA is an option for small business owners who do not currently have a retirement plan in place, but would like to have one. This particular type of retirement plan has several attractive features. It deliver significant benefits to both employers and their employees. Business Tax The Savings Incentive Match Plan for Employees (SIMPLE) is a retirement savings plan. Employers with 100 or fewer employees who earn $5,000 or more in compensation. At First, with a SIMPLE IRA, employees … [Read more...] about Keeping It SIMPLE
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Employee Stock Options — Tax Considerations
You should consider the tax implications of stock options from your employer. Companies will sometimes reward certain employees with stock options. The thinking is that, along with other parts of the total compensation package, stock options will help retain key employees and incentivize them to work harder to help the company meet its goals. Essentially, a stock option gives an employee the right to buy shares of company stock at a predetermined price at a point in the future. That future … [Read more...] about Employee Stock Options — Tax Considerations
Managing Remote and Hybrid Workers
Whether or not the number of people working from office buildings returns to pre-COVID levels, one thing appears certain: Remote and hybrid work models are here to stay. Business owners and other managers who rely on individuals who are working remotely full- or part-time are refining and elevating their management skills so that they get the best out of their employees. While managing remote and hybrid workers bears many similarities to managing fixed-base teams, it also has some unique … [Read more...] about Managing Remote and Hybrid Workers
Preventing and Recovering from Identity Theft
When major organizations experience a data breach, it is front page news. However, these occasional reports don’t show the magnitude of the issue. Thousands of companies have security lapses every year, exposing your tax ID and other sensitive information to misuse. Even the IRS is not immune from the impact of identity theft. The annual cost of taxID fraud is more than $6 billion. Protecting your information is critical, but it is also important to know how to recover if you become a victim. … [Read more...] about Preventing and Recovering from Identity Theft
Grow Your Wealth with Tax-Advantaged Income
When it comes to minimizing taxes, most people focus their efforts on maximizing deductions. They look for opportunities to reduce their taxable income by taking advantage of tax laws that allow a wide variety of expenses to be claimed as costs of doing business. This technique is a critical component of your comprehensive tax strategy, but it isn’t the only opportunity to bring your tax bill down. Think bigger, by looking for ways to shift current income or generate new income that enjoys … [Read more...] about Grow Your Wealth with Tax-Advantaged Income
Inside Stories from Accountants Who Have Seen It All
The accounting profession is generally quite serious, but even the most solemn tax preparation specialists can find humor in the more outrageous deductions their clients have attempted. Creativity certainly has its place – and there is a long list of expenses that might qualify you for tax savings – but some taxpayers push the boundaries a bit too far. Three Expenses You Cannot Deduct Creative application of allowable deductions can sometimes work in your favor, but these are three examples of … [Read more...] about Inside Stories from Accountants Who Have Seen It All