Three changes to small business health plans for 2019

Posted Leave a commentPosted in Affordable Care Act, Employee Benefits, Health Insurance, Small Business

Small business employers who choose to offer health benefits to employees will find more options available in 2019 under rules proposed late last year for adaptation this year. The IRS and Treasury Department clarified that employers who meet other conditions will be allowed to offer reimbursement of individual health insurance on a tax-free basis. These […]

Five economic forecasts for small business in 2019

Posted Leave a commentPosted in Affordable Care Act, Climate change, government, Investment, Small Business, Tax Planning

A decade ago I probably would have said that there is little value to a small business adviser in attempting macroeconomic and political forecasts. But over this most recent decade I’ve watched shifting macroeconomic conditions wipe out over two million dollars of personal net worth and put one of my businesses into idle for over […]

The profitable New Year’s resolution you can complete in an hour

Posted Leave a commentPosted in Financial Planning, Tax Planning

Reposted from Freedom Benefits At this time of year we can read plenty of articles giving advice for the next year. The most popular articles seem to focus on how to do more, be better, and rise to new heights. Few of these articles focus on more mundane issues like saving a few minutes on […]

Tax Law proves to be damaging: one year analysis

Posted Leave a commentPosted in Taxes

This well-written article by CBS News summarizes the effects of the Tax Cuts and Jobs Act on it’s one year anniversary. The results confirm that America’s tax professionals were correct in our earlier criticism. The law’s primary effect is to widen the wealth gap with 10 times the amount of benefit going to investors as […]

Small business payroll fees for 2019

Posted Leave a commentPosted in Accounting, Employee Benefits, payroll, Small Business

I’m sending this email message to my smallest business payroll clients: In planning for 2019 services, I’ve noticed that payroll processing fees have risen sharply for me. This seems to be an industry trend apparently related to spreading out the cost of state and local tax compliance issues for some companies but doesn’t otherwise affect […]

One QuickBooks Online account for multiple small businesses

Posted Leave a commentPosted in Accounting, QuckBooks, self-employed

A client wants to upgrade his bookkeeping system to QuickBooks Online but was resistant to opening a separate QuickBooks account for each of his small companies. Through a fast screen share, I was able to show him how I use my own QuickBooks account to run several businesses that each report to a separate tax […]

Employee vs. Independent Contractor: protecting the small business employer

Posted Leave a commentPosted in Small Business, Taxes

The question of independent contractor or an employee has long been a concern to small businesses. The IRS has changed its guidance significantly over the decades of my career. The most current IRS guidance is perhaps the most complex and subject to interpretation. In the small business world, classification as an independent contractor often result […]