Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
How to protect your business For organizations of every size and type, data security is essential for IT. Hackers are constantly finding ways into our data, which requires constant vigilance by business owners. Being proactive is the key to … [Read more...] about Cyber Security
Accountable Plan Basics Businesses can reimburse owners and employees for out-of-pocket expenses under an accountable plan, a set of rules and processes that allow tax-free reimbursements of certain business expenses. To qualify, an accountable … [Read more...] about Tax-Free Reimbursements of Business Expenses
Ask yourself three simple questions Entrepreneurs who want to set up a retirement plan for their business have three options: SIMPLE IRA, SEP IRA, and solo 401(k) plans. Each of these retirement plans enables business owners to save money for … [Read more...] about Choosing the Right Retirement Plan
What to look for and how to protect yourself Under the right circumstances, sole proprietors and other small businesses can reimburse employees for legitimate out-of-pocket medical expenses up to the annual limits. By implementing a … [Read more...] about Qualified Small Employer Health Reimbursement Arrangements
Is your S corp paying you enough? Entrepreneurs often struggle with the question of how much to pay themselves. The underlying rule is that individuals who own and operate their business through an S corp need to pay themselves a “reasonable” … [Read more...] about Reasonable Compensation
Business taxpayers must use depreciation to deduct the cost of property purchased for use by the company. Basically, depreciation spreads the cost across the useful life of the property. Two options can allow you to take the expense earlier or … [Read more...] about Depreciation Tax Notes
