• Would you like to establish a Health Savings Account for your small business?

    With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important tax benefits: Contributions that participants…

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  • What business owners should know about stop-loss insurance

    What business owners should know about stop-loss insurance When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? Among various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs. When implementing a self-insured plan, stop-loss insurance is typically recommended. Although buying such a policy isn’t required,…

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  • Thinking about participating in your employer’s 401(k) plan? Here’s how it works

    Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a certain amount of your wages…

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  • Massachusetts New PTE (Pass-Through Entity) Tax Legislation

    Since the passing of the Tax Cuts and Jobs Act, many taxpayers have been severely limited by the SALT (state and local tax deduction) limitation of $10,000. Business owners and high-income earners often pay large amounts of state taxes that would previously have been deductible on Schedule A when itemizing deductions. The law was passed September 30th, 2021 and on…

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  • Employers: The Social Security wage base is increasing in 2022

    The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — one for Old…

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  • Engaging in customer-focused strategic planning

    When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a better bottom line. Do your ABCs To get…

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  • You may owe “nanny tax” even if you don’t have a nanny

    Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household worker, you aren’t required to…

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  • Get your piece of the depreciation pie now with a cost segregation study

    f your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are now even…

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  • 4 ways to refine your cash flow forecasting

    Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately forecast cash flow is critical. Here are four ways to refine your approach: 1. Know when you peak. Many…

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  • New per diem business travel rates became effective on October 1

    Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special…

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