The Affordable Care Act – How it STILL Affects Small Businesses

With the recent defeat of healthcare reform in the US Senate, it is important to remember that businesses are still bound by the rules and regulations of the Affordable Care Act. We will be reviewing the basics of how the ACA affects small businesses, large corporations, and individuals. First up - small businesses.   Less than 50 employees? Here’s how the … [Read more...]

Solo 401(k) Plans Available for Companies Without Employees

Retirement benefits like 401(k) plans have become common in many businesses with employees. But even the smallest of businesses can have a 401(k) plan for retirement. One-person 401(k) plans, known by names such as Solo 401(k) and Uni-k, are available. For some business owners and self-employed people, a Solo 401(k) may offer a chance to save more for retirement with … [Read more...]

Make the Most out of Miscellaneous Tax Deductions

Summertime Tax Tips from the IRS Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category.  They can help reduce taxable income and the amount of taxes owed.  For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions.  To do that, they must itemize their deductions instead of taking the … [Read more...]

Is an employee stock ownership plan good for your business?

Small businesses have many retirement plan options they can offer to their workers.  Employee stock ownership plans (ESOP) can be an effective way to provide retirement benefits to your employees. An ESOP is a process for transferring company ownership to employees. How does that work as a retirement plan? In some ways, an ESOP is like a profit-sharing plan based on … [Read more...]

Keeping Employee Records Organized

Small business owners have to take on many different roles to keep their businesses running. Human resources management is one of the most important, and often overlooked, areas that a lot of business owners have to handle themselves. Properly maintaining personnel files is an important key to success. Keeping good employee records is important to many different aspects … [Read more...]

Sick and Safe Leave Ordinances Start July 1.

BUSINESSES IN ST. PAUL AND MINNEAPOLIS: After much back and forth between Minnesota legislators and the governor, ‘sick and safe leave’ ordinances will now be put into place as originally planned in both Minneapolis and Saint Paul. Governor Dayton vetoed a bill late last week that would have blocked the ordinances. With the veto, both programs will go into effect July 1, … [Read more...]

The 2016 Tax Season by the Numbers

135.6 million The number of tax returns the IRS has received as of April 18. 17 million Procrastinators who waited until the last 24 hours before the due date to file.    Why do people wait until the last minute to file their taxes? $268.3 Billion The amount of tax over-paid by Americans through 2016, resulting in 97 million refunds. $2,763 The average tax … [Read more...]

Late Tax Filing and Late Tax Payment Penalties

Get the facts about late tax filing and late tax payment penalties from the IRS. Here are seven important points about penalties for filing or paying your taxes late: If you requested an extension to file your individual income tax return and paid at least 90 percent of the taxes you owe with your request, you may not face a late payment penalty. However, you must … [Read more...]

Common Tax Filing Errors to Avoid

Making a mistake on your tax return will likely delay IRS processing. This could hold up your refund and cause other headaches. You can avoid many common errors by filing electronically through the IRS or a professional tax preparer. Some errors are simple, and a surprising number of returns get held up due to: Missing or Inaccurate Social Security Numbers. Be sure to … [Read more...]

Record Retention for Businesses – Don’t Get Buried!

Guidelines for Business Record Retention As your business grows, it is hard to keep track of all the paperwork that comes with owning a business. Having a record retention schedule for document storage can save a lot of space and headaches. Carpenter, Evert and Associates has compiled a comprehensive list of business documents and guidelines on how long to store the … [Read more...]