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Blogs Contributor - Barbara Weltman

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Posts by Barbara Weltman

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  • If your business can afford it and you want to reward employees, year-end cash bonuses may be the way to go. In providing this additional compensation, understand what it means from a tax perspective.Bonuses are treated like other payThey are subject to income tax withholding, FICA, and FUTA taxes...
  • It’s common for companies to pay for employee meals under a variety of circumstances. They may be on the road for company business or in your lunchroom snacking. From a tax perspective, the circumstances under which you furnish food determine the extent to which you can write off your costs....
  • From time to time, an employee going through a rough financial patch may turn to an employer for help. As member of your small business family—which is how many owners view their staff—you want to be helpful. But lending money to an employee should only be done after considering all the...
  • Even though a business may be non-seasonal, it can still experience significant swings in the amount of revenue it takes in; sometimes things are very busy, while at other times things may be slow. Businesses that have dramatic work reductions often terminate members of their staff in order to make...
  • New taxpayers, such as recent graduates who’ve just entered the job market, probably have a clean tax slate. But seasoned taxpayers have a history that can impact their taxes going forward. Due to limitations and restrictions, some tax breaks cannot be fully used in the year in which they are...
  • Employees are one of your biggest assets, even though they don’t appear on your balance sheet. They help you operate your business and are the faces of your company brand. But employees can also be a big liability if they steal from you. What can you do to protect yourself? Acknowledge the...
  • When you need help to run your business, you have to decide whether to hire an employee or outsource the work to an independent contractor. For the most part, independent contractors are on their own when it comes to taxes, insurance, and retirement savings. In contrast, employees are largely your...
  • Having business income but being unable to cover anticipated taxes on the income through wage withholding means you’ll have to pay estimated taxes. You’ll have to project what you think you’ll owe for the year and then pay them in four installments to the government. If you...
  • Bitcoin is a digital currency now used as medium of exchange by more than 10,000 businesses. Last year Apple applied for a patent on iMoney, another form of virtual currency, so it’s likely that using virtual currency as another payment method is something to be considered. How does this...
  • As an owner, your company may not pay for every expense you incur on its behalf. Your out-of-pocket costs may be legitimate business expenses that you’ll want to deduct. How you do this depends on your business’ entity type … and more. Deducting your out-of-pocket costs The...

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