September 05, 2018 | BY Simcha Felder
“I’d like to start a small business. How do I go about it?” a man asked.
“Simple,” said his friend, “buy a big one and wait.”
The recent bankruptcy and subsequent demise of Toys R’ Us was a debacle. By the time the one-time industry disruptor gave up the fight there was only a hint of nostalgia left amongst the millions of would be consumers who grew up as Toys R’ Us kids.
When industry giants die, the ripples reverberate and the question hangs loosely in the air; What killed Toys R’ Us? (more…)
business - small business
September 05, 2018 | BY admin
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes.
For these reasons, the federal government views misclassifying a bona fide employee as an independent contractor unfavorably. If the IRS reclassifies a worker as an employee, your business could be hit with back taxes, interest and penalties. (more…)
employee - payroll tax - small business
August 29, 2018 | BY admin
If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. The deadline for setting one up for this year is October 1, 2018. (more…)
IRA - retirement planning - small business
August 28, 2018 | BY admin
Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes, is also a good time for businesses to creatively step up their business development efforts, whether it’s launching new marketing initiatives, developing future employees or simply generating goodwill in the community. Here are a few examples that might inspire you. (more…)
business - school - small business
August 22, 2018 | BY admin
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible – and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they once were. (more…)
s corp - small business - tax