by Sheri Hart | Oct 24, 2019 | Business Strategy, Financial Planning, Payroll, Small Business, Tax
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA...
by Sheri Hart | Oct 2, 2019 | Business Strategy, Financial Planning, Small Business, Tax
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and...
by Sheri Hart | Sep 23, 2019 | Business Strategy, Financial Planning, Small Business
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some...
by Sheri Hart | Sep 18, 2019 | Business Strategy, Financial Planning, Small Business, Tax
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is...
by Doug Kook | Sep 9, 2019 | Business Strategy, Financial Planning, Small Business, Uncategorized
Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle...
by Sheri Hart | Aug 27, 2019 | Business Strategy, Financial Planning, Payroll, Small Business, Tax
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax...