31 January

What the self-employed need to know about employment taxes

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax. The taxes are split equally between the employee and the …

06 September

Lower gas costs = lower business driving tax deductions

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business went down. The reason? Compared with last year, the cost of driving is less because gas prices are lower. Two options If you use a vehicle for business, you can generally deduct the actual expenses attributable to your business use. This …

23 August

Will your business have a net operating loss? Make the most of it

When the deductible expenses of a business exceed its income, a net operating loss (NOL) generally occurs. If you’re planning ahead or filing your income tax return after an extension request and you find that your business has a qualifying NOL, there’s some good news: The loss may generate some tax benefits. Carrying back or forward The specific rules and …

23 June

How many employees does your business have for ACA purposes?

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t mean it won’t be the …

22 February

PUT SOCIAL MEDIA NETWORKING SITES TO WORK FOR YOUR FAMILY BUSINESS

If you think that social media is just for teenagers, think again. More than half of those logging on to social media sites are in their mid-thirties or older. Traditional media outlets such as newspapers, radio and television have long served the purpose of delivering one-way messages, like your company’s advertising. Social media, by contrast, uses Web-based platforms to not …

29 January

Court: No Pay for Employees Monitoring Electronic Devices during Lunch

A federal district court recently sided with an employer in a dispute regarding whether employees had to be compensated for on-call time, activities before and after their shifts, and work during lunch breaks. Facts of the Case In Brand v. Comcast Corp., a cable, entertainment and communications company in the state of Illinois employed line technicians to maintain its cable …