As a business owner, you may have most of your money tied up in your company – making saving for retirement especially challenging. If you haven’t already set up a tax-advantaged retirement plan, think about setting one up this year. Keep in mind that, if you have employees, they generally must be allowed to participate [...]
Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make that a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an [...]
In today’s competitive employment market, offering an employee an equity interest in your business can be a powerful tool for attracting and retaining top talent. If your company is organized as a partnership, however, beware of the tax traps of doing so. Employees pay half of the Social Security and Medicare taxes on their wages, [...]
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your [...]
It may not be as high on the wedding plan checklist as the venue, invitations, and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding. Name change. Any time names are changed, it should be reported to the Social Security Administration (SSA). The name associated [...]
If you are a small business owner, here is a list of organizations that may have tools, information, and other resources to help your business grow. Business USA (Business.usa.gov). The mission of Business USA is to be a centralized, one-stop platform for businesses to access government services to help them grow and hire. Business USA [...]