Category: Small Business
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New Jersey business drain continues
New Jersey faces a serious problem with business owners leaving the state. Some have called it the “millionaire drain”. I prefer to call it the “job creator drain”. I am among those small business owners who have given up NJ residency, although I still hold out hope for recovery and the possibility of returning someday.…
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Section 105 medical plan for self-employed’s spouse
Is anybody still marketing Section 105 medical reimbursement plans to self-employed people? IRS made it a point to highlight the restrictions in recent years and it seems that most self-employed people and their advisers got the message. But today I received a call from a guy who says that some reputable firms including an ex-IRS lawyer are…
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The most common small business tax screw-up
Perhaps the most common small business screw-up that generates tax penalties? IRS requires that when you make business expense payments to individuals (as opposed to corporations), you must additionally send them a form 1099-MISC unless an exception applies. My simplified chart is intended to make it easy to identify the exceptions. In reality, it is…
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Supreme Court hears employee benefit case Wednesday
This week the Supreme Court hears Little Sisters of the Poor v. Burwell, a landmark case challenging the Department of Health and Human Services contraceptive mandate under the Affordable Care Act. The plaintiff’s belief that abortion coverage under a contract with a third party health insurance company depends on the religious beliefs is so bizarre…
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Relaunch of FreedomBenefits.org web site
Today I am pleased to relaunch of FreedomBenefits.org web site on a new WordPress content management system that makes it easier to manage and utilize content going forward. This site is unique in that it is the only known site of this type that offers 100% free resources, no strings or limitations. The site offers 36 pages of…
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Small business 1099-MISC worksheet (downloadable)
Still wondering if you need to file 1099-MISC forms? I made this simple downloadable worksheet for a client who does not use a computerized accounting system. 1099-MISC worksheet
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Avoid small business tax penalties TODAY!
How the late filing works for small businesses Today is March 15, the due date for U.S. corporation tax returns, including one shareholder S corporations and C corporations. I am checking in with my small business contacts to make sure that they have filed the tax return or requested an extension to the filing date.…
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Beware of these tax penalties
Yesterday my attention was drawn to several small business tax penalty issues. 1099-MISC Several situations came to my attention where small businesses and especially home-based businesses are not aware of their requirement to file form 1099-MISC for payments they made last year. Heed this basic rule: If your business pays $600 to an individual or…
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We are victims of our own choices
In the category ‘You can’t make this stuff up’ – I overheard this conversation yesterday at the Millvillle New Jersey Planet Fitness while travelling away from home. I made special effort to remember it word for word. The short discussion was between two middle-aged white people, one male one female, with an appreciable but typical tattoo-to-tooth ratio…
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Ten easy and inexpensive employee benefit upgrades
Popular small business employee benefits that can be added within one day for less than $100 Small business owners often struggle to find affordable and manageable employee benefits for themselves and their employees. Here are 10 employee benefits that can be set up in a half hour at a cost less than $100. Health insurance…