November 1, 2024 -- Volume 23, No. 11

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What Should Congress Do About the QBI Deduction?

The qualified small business income (QBI) deduction, created by the Tax Cuts and Jobs Act of 2017 as a way for owners of pass-through entities to get a tax break at a time when the corporate rate dropped to 21%, is set to expire on December 31, 2025. If Congress does nothing—doesn’t extend the QBI deduction and retains the 21% corporate tax rate—it means that small business owners could be paying 37% on their profits while the Amazons, the Apples, the Disneys, the McDonalds, the Teslas, and other C corporations regardless of size pay just 21%. Is that fair? Does that make any economic sense?  Read More

Growing Your Business by Bringing In Investors

SEPs Are IRA-Based Retirement Plans that Aren't IRAs: What You Need to Know

According to the U.S. Bureau of Labor Statistics, 86% of private-sector companies with 100 or more workers and 91% of firms with 500 or more workers offered a retirement benefit plan in 2023. For small businesses—those with fewer than 100 employees, that percentage dropped to 57%. Still, there’s a desire on the part of small businesses to offer a retirement plan as a way to compete in the job market and help their staff save for the future. Read More

Politics in the Workplace: The Role of the Employer

If you’re listening to the media and social media, you’re bound to hear “this is the most important election of our lifetime.” Whether or not this is so does not take away the heightened feelings of many employees at this time. What are small businesses supposed to do about political expressions in the workplace? Read More

Preparing for Social Security and Medicare Taxes for 2025

Whether you’re an employee of your corporation or a self-employed individual, it’s likely that your tax bill for Social Security and Medicare taxes will be higher in 2025. That’s because the wage base used to fix the ceiling on the Social Security portion of FICA and self-employment tax is rising. Read More

The Top 5 Things Every Seniorpreneur Should Know

Earlier this year, FasterCapital explored the rise in seniorpreneurs—those age 65 and older who are business owners. ...Today, an estimated 8 million boomers (those born between 1946 and 1964) are business owners in the U.S. This group of business people—of which I’m one—has unique challenges and opportunities. If you’re a millennial or in an alphabet generation, it may be helpful to note what’s to come. If you’re a boomer, here are some things to keep in mind. Read More

Employer's Checklist of Do's, Don'ts, and Maybe's

Small businesses usually don’t have HR departments, so compliance with federal, state, and local laws falls to owners. This responsibility is onerous, especially since these laws are continually changing. On top of laws themselves, there are regulations, administrative pronouncements, and court decisions that affect what you can, can’t, or could do. Read More

In-House Training for Your Employees Entails More

Employers know they must train employees to do their jobs well. That goes without saying. But employers also should train employees in other ways to comply with certain federal requirements and, in some cases, state laws, or to keep employees safe. Here are some of the areas to address with in-house training for employees. Read More

10 Scariest Things for Your Business

Halloween has become a national obsession, with all things spooky, creepy, and ominous, as well as all things pumpkin. And for many small businesses, it’s good for their bottom line... Nonetheless, when thinking scary thoughts about this holiday, you might consider really scary events that could adversely affect your business. Here’s a list of 10 terrible things that can so easily happen to just about any business, and what you can do to prepare. 

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PRESENTING THE NEW TAX BOOKS FOR 2025!

Available for pre-order from Amazon today!