Businesses are able to boost employee morale by offering fringe benefits. In addition to being tax-deductible by a company, some types of fringe benefits are tax-free to employees. Employers that provide qualified transportation benefits produce tax advantages for both the company and the employee. Section 132 of the Internal Revenue Code allows employees to exclude certain types of transportation payments from taxable income. The added benefit to the company is that qualified fringe benefits are not subject to Social Security and Medicare withholding.
27 July 2015
Many people wrongly assume that all an accountant can do is help you with your taxes. However, an accountant can actually help your small business year-round in a variety of different ways. Here are three ways an accountant can assist your small business: An Accountant Can Help You With Your Business Planning If you choose to work with an accountant on a day-to-day basis, they can help you keep track of all of your credits and debits, as well as your profits and losses, for each of your business assets.
1 July 2015
Whether you're trying to correct the course of a struggling business or looking to maximize the profits of an already thriving company, outside consultants can provide a fresh outlook that may offer you new solutions that you haven't considered in the past. However, unless you ask the right questions, business consulting may not be able to provide you with the answers you may be counting on. Below, you'll find a guide to some questions you should be sure to ask the business consultant that you hire.
25 June 2015
There are many services available to small business owners, but perhaps the most overlooked is a payroll service. Many small businesses choose to forgo this surprisingly essential tool. If you're a small business owner, you're wondering why you should use a payroll service. Here are six reasons to hire a payroll service: 1. Time Outsourcing payroll frees up a lot of time. If you have thirty employees or more, you and your managers can spend many hours each payday on payroll tasks.
23 June 2015
As an independent contractor, you pay more in social security and medicare costs than you would if your were working for a corporation. The reason for this is that when you work for company, they are required to pay part of the above-mentioned taxes. As an independent contractor, you have to pay 12.4% of your income for Social Security and another 2.9% for Medicare for a total of 15.3%. This can cut into your profits and decrease your tax return when tax season rolls around.
22 June 2015
It's more than just crunching numbers. Accountants really help people to manage their finances in ways that help them sleep better at night -- read on to see some of the major things that accounting companies do for individual clients and companies. Financial Organization Part of the nightmare of finances is simply keeping everything organized. You get pieces of paper in the mail and they get stuffed into folders or inboxes that quickly fill up.
16 June 2015
A small business balance sheet statement provides you a snapshot of your company's financial status. This statement summarizes the company's assets and liabilities to arrive at a net worth. Understanding what each section of the statement includes and how all of the sections work together will help you build solid financial statements. Here's a look at what you should know before building a balance sheet for your company. Section 1 – Assets
15 June 2015