Incorporating your small business the right way can bring tax benefits and protect your personal assets. Read on to learn more about what incorporation is, why you might want to incorporate, and how an accountant can help you navigate the questions that come with selecting the right business structure. What is Incorporation? When discussing “incorporation” […]
Business Meals are Deductible Again: Here’s What You Need to Know
The Consolidated Appropriations Act of 2021 brings a favorite business tax deduction back to life. The so-called “three-martini lunch” is in vogue once again; however, not everyone is happy about it. So, what does this mean for businesses? Read on to learn more about the deduction and the associated pros and cons. What is the […]
The Most Common Payroll Errors Small Business Owners Make
Paying employees seems easy enough. Their hours are logged, and you sign the checks; however, there’s more to payroll than that, and overlooking these critical aspects of paying your employees can have costly consequences. Here are five common payroll errors small business owners make and how to prevent them. 1. Not Paying Taxes Year-Round Not […]
What is the Employee Retention Tax Credit (ERTC)?
Eligible employers are entitled to an Employee Retention Tax Credit (ERTC) of up to 70 percent of the first $10,000 in wages and certain health care plan expenses paid per employee for each of the first two quarters of 2021 according to the New Stimulus Act. What is the Employee Retention Tax Credit (ERTC)? Designed […]
What is the Small Business Health Care Tax Credit?
Eligible small employers who provide health care coverage to their employees can receive a Small Business Health Care Tax Credit from the Federal government. Here’s what you need to know about who qualifies and how to take advantage of the credit. What is the Small Business Health Care Tax Credit? Small business owners make numerous […]
Do You Have a Business Continuity Plan? You Should
What if disaster strikes your business? An estimated 25% of businesses don’t reopen after a major disaster strikes.1 Having a business continuity plan can help improve your odds of recovering. The Basic Plan The strategy behind a business continuity (or disaster recovery) plan is straightforward: Identify the various risks that could disrupt your business, look […]