Human Resources

Hiring independent contractors? Make sure you’re doing it right

Concept,image,of,tiles,spelling,employee,or,contractor
May 19, 2025
H&B
0
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead […]
#IRSGuidelines, #TaxCompliance, #WorkerClassification
Find Out More
Human Resources

4 ways business owners can make “the leadership connection”

A,diverse,group,of,professionals,taking,a,cheerful,selfie,together
May 7, 2025
H&B
0
To get the most from any team, its leader must establish a productive rapport with each member. Of course, that’s easier said than done if you own a company with scores or hundreds of workers. Still, it’s critical for business owners to make “the leadership connection” with their employees. Simply put, the leadership connection is […]
#EmployeeTrust, #LeadershipConnection, #TeamEngagement
Find Out More
Tax Planning

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

Saving,money,and,growing,capital,financial,concept.,increase,wealth,,income,
May 5, 2025
H&B
0
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen […]
#BusinessTax, #IRSCompliance, #SmallBusinessTips, #TaxPlanning
Find Out More
Business Planning & Consulting

Cost management is critical for companies today

Cost,reduction.,dollar,symbols,and,down,arrow.,business.,finance
May 2, 2025
H&B
0
Many business owners take an informal approach to controlling costs, tackling the issue only when it becomes an obvious problem. A better way to handle it is through proactive, systematic cost management. This means segmenting your company into its major spending areas and continuously adjusting how you allocate dollars to each. Here are a few […]
#BusinessStrategy, #CostManagement, #OperationalEfficiency, #SupplyChainSavings
Find Out More
Employee Retention

An education plan can pay off for your employees — and your business

Two,happy,friendly,diverse,professionals,,teacher,and,student,giving,high
April 28, 2025
H&B
0
Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127 plans after the tax code section that allows them. Plan basics Sec. 127 plans can cover the cost of almost anything that constitutes education, including […]
#EducationalAssistance, #EmployeeBenefits, #Section127Plan
Find Out More
Human Resources

EBHRAs: A flexible health benefits choice for businesses

Top,view,of,clock,,money,banknote,,stethoscope,and,notebook,written
April 25, 2025
H&B
0
Today’s companies have several kinds of tax-advantaged accounts or arrangements they can sponsor to help employees pay eligible medical expenses. One of them is a Health Reimbursement Arrangement (HRA). Under an HRA, your business sets up and wholly funds a plan that reimburses participants for qualified medical expenses of your choosing. (To be clear, employees can’t […]
#EmployeeBenefits, #HealthBenefits, #HRAExplained
Find Out More