Human Resources

4 ways business owners can make “the leadership connection”

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May 7, 2025
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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
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Tax Planning

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

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May 5, 2025
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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
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Business Planning & Consulting

Cost management is critical for companies today

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May 2, 2025
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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
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Employee Retention

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

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April 28, 2025
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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
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Human Resources

EBHRAs: A flexible health benefits choice for businesses

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April 25, 2025
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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
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Tax Planning

What tax documents can you safely shred? And which ones should you keep?

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April 23, 2025
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Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and Helping […]
#AuditProtection, #IRSRecords, #TaxDocumentRetention, #TaxTips2025
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Tax Planning

Explore SEP and SIMPLE retirement plans for your small business

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April 21, 2025
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Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy […]
#RetirementForSmallBusiness, #SEPPlans, #SIMPLEPlans
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Risk Management

How companies can spot dangers by examining concentration

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April 16, 2025
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At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic goals can your company reach that next level of success. In a business context, however, concentration can refer to various aspects of your company’s operations. […]
#BusinessStrategy, #CustomerConcentration, #RiskManagement
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