Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Quick Tips Everyone Should Follow Starting a business is exciting and nerve-wracking all at the same time. The “to-do” list can seem never-ending. Below are a few reminders to help you stay on track. Write a Business Plan This key step will … [Read more...] about Starting a Business?
One of the most talked-about parts of the Tax Cuts and Jobs Act is the QBI deduction or qualified business income deduction. So what exactly is it, and can I get it? What is the QBI?The qualified business income deduction is a 20% deduction on … [Read more...] about What is this QBI deduction I’ve been hearing about?
Having employees work for you requires some additional paperwork and record-keeping. For each employee, you must: You may hire your spouse or children to work for you, but you must treat them as bona fide employees and pay them reasonably to … [Read more...] about Hiring Employees
Higher deduction allowed If you acquire and place into service a new or used passenger vehicle in 2022 and use it over 50% for business, you can depreciate up to $19,200 if you elect to claim first-year bonus depreciation. This is an increase from … [Read more...] about Vehicle depreciation
The minimum wage rate will increase to $14.20/hour on December 31, 2022, for the majority of New York State. If you live in New York City, Long Island or Westchester, the minimum wage rate will remain at $15.00 per hour. These rates will be effective … [Read more...] about 2023 Minimum Wage Increase
Payroll Taxes and Your Business While employees pay the majority of payroll taxes, employers share some of these payments. If an employer does not remit these payments on time or fails to make the payments at all, the company will be subject to … [Read more...] about Payroll Taxes and Your Business
