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How to Pay Seasonal Employees (and the IRS)

  • 9 December 2014
  • Author: Cari Holbrook
  • Number of views: 1751
  • 0 Comments
How to Pay Seasonal Employees (and the IRS)

It’s that wonderful time of year when many family-owned businesses add temporary staff. And, it seems, this year more than ever. According to global consultancy Challenger, Gray & Christmas, 2014 holiday hiring was off to a great start with the most nationwide October job gains ever recorded. With such a surge, it may be tempting to cut a few corners when it comes to hiring seasonal staff. But, make no mistake, the IRS is watching. Ask yourself the following questions in order to stay out of trouble:

Tax Deductions and Business Travel: A Refresher

  • 18 November 2014
  • Author: Cari Holbrook
  • Number of views: 1886
  • 0 Comments
Tax Deductions and Business Travel:  A Refresher

When reimbursing employees for work travel, business owners have a couple different options from which to choose. Keeping a detailed report for reimbursement on exact expenses is one way. But another, more simplified way is to use per diem rates. A per diem rate is a fixed reimbursement amount per day for lodging, meals and incidentals. The IRS does not treat per diem payments as wages. Therefore the payments are non-taxable as long as the payment is equal to or less than the federal per diem rate. 

Claiming a Business Bad Debt

  • 11 November 2014
  • Author: Cari Holbrook
  • Number of views: 1724
  • 0 Comments
Claiming a Business Bad Debt
Running a family business requires management of the occasional debt. Once money is owed to you that cannot be paid, “regular debt” turns into “bad debt.” Writing off bad debt isn’t pleasant but, thankfully, the  Tax Code allows  you a deduction  for it. Bad debts closely tied to running your business may be deducted on a business income tax return, as long as they fall within certain guidelines.

Health Reimbursement Arrangements: Tax Savings for Employers and Employees

  • 28 October 2014
  • Author: Cari Holbrook
  • Number of views: 1553
  • 0 Comments
Health Reimbursement Arrangements:  Tax Savings for Employers and Employees

Don’t allow new legislation to scare you away from providing a Health Reimbursement Arrangement (HRA) for employees.  As long as employees are also enrolled in other primary group coverage that complies with the Affordable Care Act, HRAs can offer tremendous cost—and tax—savings with other benefits for both employees and employers. Here’s why:

How To Maximize Social Security Income Benefits

  • 14 October 2014
  • Author: Cari Holbrook
  • Number of views: 1767
  • 0 Comments
How To Maximize Social Security Income Benefits
If you’re a working business owner and don’t need to take Social Security at 62 (the age at which eligibility kicks in), you’re better off delaying.  To put it simply: the longer you wait to receive Social Security benefits, the larger your monthly income from Social Security will be.  But how much more can you earn by waiting?

Is an S Corp Election Worth the Risk?

  • 23 September 2014
  • Author: Cari Holbrook
  • Number of views: 1785
  • 0 Comments
Is an S Corp Election Worth the Risk?
An S Corporation (S Corp) is by far the most popular type of corporation tax structure, according to the IRS. The reasons for its popularity are clear. S Corps are relatively easy to form and operate, provide limited liability, offer a single level of taxation, and require no self-employment tax on profits (which reduces double taxation). Are there any drawbacks?

Why You'll Never Get Ahead Relying on Tax Breaks

  • 9 September 2014
  • Author: Cari Holbrook
  • Number of views: 1741
  • 0 Comments
Why You'll Never Get Ahead Relying on Tax Breaks

“Just buy it. It’s tax deductible!” You’ve likely used this rationale for business indulgences in the past. However, you may be missing the point on tax deductions. The simple truth is that you’ll never truly get ahead by relying on deductions. Why? In order to earn deductions, you must spend money.

Deduct 'Unreasonable' Expenses? Yes, You Can!

  • 26 August 2014
  • Author: Cari Holbrook
  • Number of views: 2027
  • 0 Comments
Deduct 'Unreasonable' Expenses?  Yes, You Can!

Jerry is a business valuation specialist being brought in as an expert witness on a case in federal court. As a busy owner of an S Corporation, he’s decided to fly by private jet to his court appearance so that he can eliminate the time and hassle of a commercial flight. Can Jerry deduct this elaborate expense? 

Golden Handcuffs, Part 4: Can a Family Business Thrive With Only Passive Heirs?

  • 12 August 2014
  • Author: Cari Holbrook
  • Number of views: 1932
  • 0 Comments
Golden Handcuffs, Part 4:  Can a Family Business Thrive With Only Passive Heirs?

Welcome to Part 4 of our blog series on “Golden Handcuffs: Passing Down the Business to Heirs.” Over the past few months, we’ve discussed ways to pass down your family business to your heirs. Some heirs may be active in the business, others may be passive; this scenario holds many challenges. In this post, we look at ways you can meet these challenges.

Golden Handcuffs, Part 3: Can an Active Heir Buy Out a Passive Heir?

  • 22 July 2014
  • Author: Cari Holbrook
  • Number of views: 2064
  • 0 Comments
Golden Handcuffs, Part 3:  Can an Active Heir Buy Out a Passive Heir?
Welcome to Part 3 of our blog series on “Golden Handcuffs: Passing Down the Business to Heirs.” Over the past few months, we’ve discussed ways to pass down your family business to your heirs. Some heirs may be active in the business, others may be passive; this scenario holds many challenges.
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