Do your employees receive tips? You may be eligible for a tax credit Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your

ew law helps businesses make their employees’ retirement secure A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new

HOLIDAY PARTIES AND GIFTS CAN HELP SHOW YOUR APPRECIATION AND PROVIDE TAX BREAKS With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s

POST 1: The IRS has proposed clarifications on how to treat certain contributions made to a charity in return for state and local tax credits. A provision of the Tax Cuts and Jobs Act limits an individual’s deduction for state and local taxes paid in a calendar year to $10,000.

SMALL BUSINESSES: STAY CLEAR OF A SEVERE PAYROLL TAX PENALTY One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on

UNDERSTANDING AND CONTROLLING THE UNEMPLOYMENT TAX COSTS OF YOUR BUSINESS 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

THE KEY TO RETIREMENT SECURITY IS PICKING THE RIGHT PLAN FOR YOUR BUSINESS 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)