Summary: Have a hobby that’s also a source of income? The line between business and hobby can be a thin one, and the rules are complex. Click through for some insights that will help you make sure that you’re in compliance and that you’re not missing any allowable deductions. Caterer? Cupcake baker? Craft jeweler? Maybe even […]
Summary: Bonuses are one of the best ways to motivate employees. But to actually work, a bonus program must be thoughtfully designed. Click through to learn about characteristics of an effective program. A bonus is extra money paid to employees in addition to their wages or salary. Sometimes called “incentive pay” or “variable pay,” […]
Summary: We are often urged, with good reason, to make a will to help put our lives in order. It’s a responsible and worthwhile thing to do — but not the only thing. Click through to learn when a will is not the best route. Making a will is the primary way to transfer ownership of […]
Summary: Business expenses are the cost of carrying on a trade or business. Sometimes, the IRS gives you a tax break for your expenses. Click through for an introduction to the complex world of business tax deductions. You have lots of expenses when running a business. Are any of them deductible? To begin with, […]
Summary: A reverse mortgage can be the perfect solution for seniors who want to stay in their homes, but there are some long-term drawbacks. Click through for a review of the pros and cons of this popular financial technique. If you’re 62 years of age or older and want money to supplement your income, you might […]
Summary: Most employers must adhere to the Fair Labor Standards Act. But the FLSA can be complex — and mistakes are common and costly. Click through for a quick list of common FLSA errors you should avoid. Enacted in 1938, the Fair Labor Standards Act governs federal minimum wage, overtime, child labor and recordkeeping laws. Failure […]
Summary: You may have been advised to check your tax withholdings at least once a year. But in 2021, considering all the pandemic-related changes, it’s a good idea to check more frequently. Click through for some IRS withholding advice to forestall any surprises at tax season. Are you having the right amount of taxes withheld from […]
Summary: You may be able to claim a tax credit of up to $5,000 when you set up a SEP IRA, a SIMPLE IRA or a 401(k) plan. Click through to see how the tax credit reduces the amount of taxes you owe. A tax credit for small-employer pension plan startup costs may be awaiting you. […]
Filial responsibility laws are legal rules that hold adult children financially responsible for their parents’ medical care when parents are unable to pay. Click through to learn how they can impact parents’ long-term health care concerns.
Summary: Workplace style during the pandemic took a dramatic shift to casual attire. Was this a one-time change or was it permanent? Click through to see whether office dress codes will return to pre-pandemic button-downs and slacks. Many workers have spent the past year working from home, their suits and dress shoes gathering dust […]