An old quote says real estate and arithmetic are acquired together. The two also go together when figuring the tax consequences of selling property. (more…)
Studies have consistently shown that employee compensation, although important, is not the primary factor that makes workers stay at a company. It’s not all about the money. In fact, some firms that provide stellar compensation packages suffer high turnover, low morale, and dwindling market share. (more…)
Someone once said “An Inbox is as personal a space as an underwear drawer — we all have one and are all embarrassed by both its organization and contents.” Start 2012 off by applying some simple and effective methods to maintaining an organized and less overwhelming (or embarrassing!) Inbox. (more…)
The only effective way to control and conquer your tax and financial issues is to review them throughout the year. And what better way to kick off the new year than to tidy up your financial and tax house. Here are some tips to get you started. (more…)
Remember the postcard you got from the IRS last year introducing the health insurance premium credit for small businesses? To paraphrase the old song, there’s no letter in the mail for you this year.
Your business can still get the credit, though. When you qualify, you can use it to offset your federal income tax liability by up to 35% of the cost of health insurance premiums you pay for employees.
Three general tests for eligibility are:
- Employing fewer than 25 “full time equivalent” employees.
- Paying average annual wages of less than $50,000.
- Paying at least 50% of health insurance premiums for those employees.
Each test has specific requirements. For example, you may qualify for the credit, in full or in part, when you have more than 25 employees. That’s because “full time equivalent” is based on hours your employees worked during the year.
In addition, some employees aren’t counted for purposes of the credit, such as seasonal staff who were on the payroll for less than 120 days. Other excluded workers are sole proprietors, owner/employees, and shareholders who own more than 2% of the stock of an S corporation.
According to a recent report, many businesses that qualify for the health insurance premium credit fail to take it. Give us a call. We’ll make sure you get full benefit of all the tax breaks available to you.
On December 23, 2011, Congress finally approved a two-month extension of the payroll tax cut for American workers. The agreement was reached after weeks of partisan bickering. Though both Democrats and Republicans wanted a one-year extension of the tax cut, they could not agree on how to pay for a year-long extension and settled on a paid-for two-month extension. (more…)
The measure of the successful pursuit of a lead is based on whether the lead, in time, turns into a sale. The key to this transition lies in both speed and perseverance. A systematic organization and management of these leads can also help secure their progress through the stages of prospect to hot lead to profitable sale. (more…)
The IRS recently announced that the mileage rate for business driving in 2012 will be 55.5¢ a mile. The rate can be used for cars, vans, pickups, and panel trucks. (more…)
Title: W-2s Due to Employees Description: Employers must furnish employees with statement of compensation and amounts withheld during prior year (Form W-2). Statements of amounts withheld on certain gambling winnings must be furnished by payer to recipients (Form W-2G) Date: 2012-01-31