Business Tax Credit Basics: The Work Opportunity Tax Credit

How can your business get valuable tax credits while expanding your workforce and benefiting your local community? The Work Opportunity Tax Credit (WOTC) may be the answer. The WOTC is a federal tax credit available to employers who hire and retain veterans and individuals from other target groups including: Temporary Assistance for Needy Families (TANF) Food stamp recipients Residents of…

Is a SEP IRA the Right Choice for Your Business?

  According to the Department of Labor, more than one-third of U.S. workers do not have access to a workplace-sponsored retirement plan. As a business owner, the startup and operating costs of conventional retirement plans can make it difficult to offer quality savings options for your employees. Have you considered a Simplified Employee Pension (SEP) IRA? A SEP IRA can…

Estate Planning in Practice: Life Insurance Trusts

  Estate planning is often a long and complicated process. Considering estate taxes could take up a significant portion of your assets after death, it’s good to know there are options to reduce or eliminate estate taxes. One such option is a life insurance trust.   Need to Know An irrevocable life insurance trust gives you more control over your…

Business Deductions You May Not Know About

  Did you know you can deduct the cost of lunch on your business taxes? What about uniforms required for work? If you can document reasons for unusual business expenses used to benefit your business, you can generally deduct them from your business income. You may already know that you can deduct items like airfare and hotels. Read on to…

Update on the Affordable Care Act’s Cadillac Tax

  If you haven’t already considered how the Affordable Care Act’s (ACA) provision for Cadillac plans could affect your business, read on. Set to take effect in 2020, the Cadillac tax discourages overpriced health plans. Your business may yet be affected, even if you haven’t had to make changes.   Background The 40 percent excise tax applies to employer-sponsored health…