You may have a teen in your family who holds down a part-time job or works full-time during the summer. You can help your child lay the groundwork for future retirement security early on by encouraging your child to open an individual retirement account (IRA). You may, or may not, get some resistance, especially if your child has other plans for spending the money. However, you should persist since the benefits can be significant over the long term. Here are some points you can bring up as … [Read more...] about Help Your Working Teen Get a Jump-Start on Saving
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How Professional Bookkeeping Boosts Doctor’s Practices
The Financial Pulse of a Medical Practice Running a medical practice involves juggling numerous financial responsibilities, from managing payroll and expenses to navigating complex tax regulations. Professional bookkeeping goes beyond mere number-crunching; it provides a clear and accurate snapshot of the financial pulse of the practice. With up-to-date financial information, doctors can make informed decisions that contribute to the overall well-being of their business. Compliance and … [Read more...] about How Professional Bookkeeping Boosts Doctor’s Practices
Keeping It SIMPLE
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
Small Business Taxes: Who Pays What?
There are various federal taxes that may apply to your small business. The type and form of business you operate determines what taxes you must pay and how you pay them. At the federal level, several different taxes may apply. Excise Taxes The IRS defines an excise tax as a tax imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is typically imposed on the sale of items such as tobacco, fuel, alcohol, tires, heavy trucks and highway tractors, and airline … [Read more...] about Small Business Taxes: Who Pays What?
What’s Taxable to an S Corporation Shareholder?
S corporation shareholders have an added reason to worry about their company's annual performance: It has a direct impact on their own income taxes. How It Works Unlike a regular C corporation, an S corporation usually doesn't pay federal income taxes itself. Instead, each shareholder is allocated a portion of the corporate income, loss, deductions, and credits on a special "K-1" tax form. The shareholder then must report the items listed on the K-1 on his or her personal tax return. The … [Read more...] about What’s Taxable to an S Corporation Shareholder?
Hiring An Independent Contractor? Your Tax Obligations
Here’s what you need to know about taxes Two months ago in this column, we explained the differences between employees and independent contractors. The IRS has strict rules that you must follow when you make this distinction because there are very different tax rules for each type of worker. If you’re hiring an independent contractor for the first time, here’s the good news: Your income tax obligations are much simpler than they’d be if you were bringing on a new employee. You are not … [Read more...] about Hiring An Independent Contractor? Your Tax Obligations