Category: Tips for Small Business (page 1 of 2)

Summer Interns visit The BYB

Town of Greenburgh Attorney, Tim Lewis, annually visits The BYB with Summer Interns.

These students are from local colleges and high schools looking to prepare themselves for the next step.

The Summer Interns asked Wiley various questions as he answers to the best of his ability.

The video touches base on interpersonal skills, career paths, and much more.

Watch the video to hear what Wiley has to say…

Dont forget to share the knowledge!

“EEO is the Law” Poster

The Americans with Disabilities Act (ADA) requires that notices of Federal laws prohibiting job discrimination be made available in a location that is accessible to applicants and employees with disabilities that limit mobility.

To print the electronic poster click here!

Read more: https://www1.eeoc.gov/employers/poster.cfm

School’s Out! Hire your Kids!

If you are self-employed, one advantage is the ability to employ family members.

This summer save on taxes by employing your child under the age of 18.

Your children are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.

For more information, refer to the “Covered services of a child” section at IRS.gov

Five Facts about the Small Business Health Care Tax Credit

IRS.gov | Issue Number:    HCTT-2016-54

If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that:

  • offer coverage through the small business health options program, also known as the SHOP marketplace
  • have fewer than 25 full-time equivalent employees
  • pay an average wage of less than $50,000 a year
  • pay at least half of employee health insurance premiums

Click the link below to read five facts about this credit:

See the bulletin

1099-Misc

Miscellaneous Income should be reported. Payments for services performed for your trade or business is reflected on form 1099-Misc.

If the following four conditions are met, you must generally report a payment as nonemployee compensation.

1. You made the payment to someone who is not your employee;
2. You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
3. You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
4. You made payments to the payee of at least $600 during the year.

For more information, click the link below to read more!

Reporting Payments to Independent Contractors

Avoid a Tax Audit!

Several different things can alert the IRS to issue an audit. Keeping your books and records in order can help to avoid a stressful situation. Making large charitable contributions and failing to report all of your income can trigger an audit.

If you have multiple sources of income it can become hard to keep track of all the income year earned, and the more likely you are to leave out a payment. To avoid missing a 1099 keep track of all work you complete and the agreed payment. Not getting a form is not an excuse for not reporting the income.

Read more by clicking link below:

Things That Could Trigger an IRS Audit

Tax Calendar 2016

Tax Calendar

Stay one step ahead of the IRS .

Find the various calendar dates and details below.

IRS Calendars

Click this link below to save calendar dates directly to your calendar.

Important Dates

$458 Billion Tax Gap!

Tax filers who under-report what they owe account for $387 billion of the gross tax gap. That’s not all due to nefarious deception. People make mistakes or get confused by what are objectively confusing tax rules.

Read More:

CNN MONEY : http://money.cnn.com/2016/04/29/pf/taxes/taxes-owed-tax-gap/index.html?section=money_pf_taxes

New York State Minimum Wage Laws

 

Minimum Wage Act (General Employment)
 
The General Industry Minimum Wage Act states that employers must pay all employees in New York State, including most domestic workers, at least $9.00 per hour as of December 31, 2015.
Certain requirements set under regulations known as “wage orders” may modify the basic rate.
Wage orders are provisions of the minimum wage law that cover jobs in:
  • The hospitality and building service industry
  • Miscellaneous industries and occupations
  • Farming
They set an hourly rate plus overtime and allowances in four General Industry Wage Orders, based on meals and lodging supplied by an employer.
Some industries make allowances for tips; thus they set a lower hourly rate. For example, as of December 31, 2015, food service workers may earn $7.50 per hour if they earn $1.50 per hour in tips. Other service workers have a minimum rate of $7.65 or $6.80 per hour, depending on the amount of tips earned per hour.

You can get these Documents, Forms and Publications at:

NYS Department of Labor

Employers must post a Minimum Wage Information poster in their place of work.
Download file below:

Form 1094-B

The IRS has released final Forms 1094 – B and 1095-B and accompanying instructions for 2015.

The 2015 forms will be used for mandatory filings first required in early 2016 to enforce Code 4980H; employer penalties, as well as individual mandate tax credit eligibility rules.

1094-B  FullSizeRender

By January 31, 2016, health coverage providers should furnish a copy of Form 1095-B, to you if you are identified as the “responsible individual” on the form.

Form 1095-B, Health Coverage, is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore aren’t liable for the individual shared responsibility payment.

Minimum essential coverage includes government-sponsored programs, eligible employer-sponsored plans, individual market plans, and other coverage the Department of Health and Human Services designates as minimum essential coverage.

 

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