February 1, 2020 -- Volume 19, No. 2
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Figuring Your Estimated Taxes for 2020
Business owners who are self-employed usually pay their taxes in four estimated tax payments for the year. The final installment for 2019 is due on January 15, 2020. The first installment of estimated tax for 2020 is due on April 15, 2020. Figuring estimated taxes correctly is important so you don’t overpay and have to wait for a refund or underpay, which can result in penalties. Here are some strategies to help you figure your estimated taxes wisely.
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15 Fringe Benefits Your Employees Want in 2020: With a Tax Twist
A while back
Unum polled employees to determine which benefits they valued most. In today’s tough job market, small employers are challenged to offer a number of benefits in order to compete for talent with other employers…large corporations and small businesses. Here are the top 15 fringe benefits in demand and the tax and practical implications of offering them so you can decide which of these benefits to offer now.
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The New Joint Employer Rule: What It Means to Your Company and Your Employees
The U.S. Department of Labor has issued
a final rule on joint employers for purposes of the Fair Labor Standards Act (FLSA).
Under this rule, which runs 164 pages, an employee can be considered to have more than one employer, each with responsibility to adhere to the FLSA with respect to paying at least minimum wage and adhering to overtime rules. This rule has significant ramifications for franchisees, temporary employment agencies, contractors/subcontractors, and some other small business owners. Here's the rule and what it means to you.
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5 Ways to Reduce Employee Stress
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According to the
American Institute of Stress
, 80% of workers feel stress on the job. It’s been documented that stressed workers have lower productivity and increased absenteeism...19% have quit a position because of stress. For the sake of your employees and your company, think about how you can help employees reduce their work-related stress.
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Coronavirus: What It Means to Your Business
Pandemics—the worldwide spread of a new disease—have had profound effects on society and, as a result, on business. The current coronavirus is raising concerns around the world. What does this mean for your business and can you do anything about it?
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5 Surprising Tax Rules Every Business Should Know
When you’re in business, you kind of assume that all of your expenses are fully deductible. But this assumption is wrong. The tax law imposes various limitations to block a tax benefit from certain payments.
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USMCA and Your Business
On January 16, 2020, the Senate passed the United States, Mexico, and Canada Agreement (USMCA), which the President signed into law on January 29, 2020. It replaces the North America Free Trade Agreement (NAFTA), which has been in effect since January 1, 1994.
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Preparing for Economic Changes: Staying Alert
No one knows how the economy will change in the next 12 months. Most are predicting a good 2020, but some are cautioning about recession. We know from past experience that the experts don’t know any more than we do. Recall the dire predictions of a recession at the end of 2018 that drove the stock market down in December 2018. And it turned out that 2019 was a boom year. Because economic conditions
always change, it’s essential for small business owners to be prepared for whatever comes their way.
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Adapting Your Retirement Plan to the SECURE Act
There are many new rules for qualified retirement plans and IRAs that impact your business in the coming years. These new rules are contained in the SECURE Act, which is part of the massive spending measure (
P.L. 116-94) signed into law on December 20, 2019.
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Flu Season and the Workplace
According to one scholarly paper, which examined the effects of employment on influenza rates, “the spread of the influenza virus is linked with higher employment, particularly in industry sectors with the highest levels of interpersonal contact.” In effect, recognize that if an employee infected with the flu comes to work, he or she could infect others. Instead of losing productivity from the employee who brought the flu to your workplace, now you have lost productivity from other employees.What can you do?
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Tax Season is Here!
This is
the small business owner's ultimate guide to a money-saving, stress-free tax season.
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This is the complete and thorough guide to reducing your tax burden. By listing every possible deduction and credit available to individual taxpayers, this book can help you achieve substantial savings on your 2019 tax return.
Remember,
both of these books include e-supplements covering additional developments from Congress and the IRS to keep you fully up-to-date.
The 2020 Edition is available for purchase
from Amazon.
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What every self-employed person needs to know about their taxes!
This second edition helps you file your taxes correctly, accurately, and on time.
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Top 25 Small Business Tax Deductions
Deductible business expenses help entrepreneurs with many of the costs of running a company. Business owners know that most expenditures can be written off, although there may be limits and timing. Check out the most common tax deductions for small business.
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What Is Form 940 and How Is it Used by Small Businesses?
An employer's annual Federal Unemployment Tax return, the IRS’
Form 940
, is an annual form filed with the IRS by businesses with one or more employees. It's used to figure the employer's federal unemployment tax based on the business's annual payroll.
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Top 20 Small Business Tax Mistakes
Filing a tax return for your business each year is something you must do. But you don’t want to make mistakes that can result in higher taxes than you really owe, draw IRS attention to your return, or cost you interest and penalties. Here are 20 mistakes to avoid:
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How Small Businesses Benefit from USMCA
It is the first trade agreement ever to include a chapter dedicated to small- and mid-sized enterprises (SMEs). Here are some highlights of that chapter and others relating to SMEs (adapted from the governments FAQs):
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What's New for Your Retirement Plans in 2020?
It’s a new year, and new rules are in place for qualified retirement plans.
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An eBook for Ride-Sharing Drivers!
Harvey Bezozi and I created an e-Book for Uber and Lyft drivers as the GPS to help them get where they want to go in their business, safely and securely.
You can find
The Uber/Lyft Drivers Tax & Business Guide, Kindle Edition, on
Amazon today! --
NOTE: This is a newly-updated version.
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