Looking for a retirement plan for your business? Here’s one SIMPLE option

09_05_16_517376396_SBTB_560x292.jpgHas your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match plan for employees.” If you decide you’re interested in a SIMPLE IRA, you must establish it by no later than October 1 of the year for which you want to make your initial deductible contribution. (If you’re a new employer and come into existence after October 1, you can establish the SIMPLE IRA as soon as administratively feasible.)

The IRS can reclassify S corporation distributions as wages

08_29_16-500094095_SBTB_560x292.jpgIf you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the work you do for the business — and you (and your company) must remit payroll tax on some or all of your wages.

Using independent contractors? Protect your business with these tips

08_22_16-463560679_SBTB_560x292.jpgMany businesses use independent contractors to keep payroll taxes and fringe benefit costs down. But using outside workers may result in other problems. The IRS often questions businesses about whether workers should be classified as employees or independent contractors for federal employment tax purposes.

Will your business have a net operating loss? Make the most of it

 07_11_16-95166368_SBTB_560x292.jpg            When the deductible expenses of a business exceed its income, a net operating loss (NOL) generally occurs. If you’re planning ahead or filing your income tax return after an extension request and you find that your business has a qualifying NOL, there’s some good news: The loss may generate some tax benefits.

Streamline your sales staff’s workflow

07_05_16_497363361_BB_560x292.jpgDo you know how much time your salespeople spend actually selling? In many cases, sales reps spend too much time doing reporting, administrative tasks and other nonsales responsibilities assigned to them. If you can streamline your sales staff’s workflow to keep them better focused on selling, your profitability may benefit.