Tips for Small Business – Page 2 – Business of Your Business

Category: Tips for Small Business (page 2 of 4)

Minimum Wage for 2020 in NYS

Starting 12/31/2019 through 12/30/2020, the basic minimum wage will be $11.80 per hour in most of New York State.

The minimum wage rate differ based on: the fast food industry, tipped workers, Long Island, Westchester County, large and small employers in New York City.

General Minimum Wage Rate Schedule
NYC – Large & Small Employers $15.00
Long Island & Westchester $13.00
Remainder of New York State $11.80

For more information on the increased minimum wage specific to your industry, please click here.

Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.

2020 NYS Misc Workers Minimum Wage Poster

Various Posters for the Workplace (NYS)

New W4 Form for 2020

December 15, 2019 / Wiley Harrison / Comments Off

The beginning of a new year is a great time for employees to review their withholding and determine if any adjustments are necessary.

The IRS has released the 2020 Form W4 which has been redesigned to reduce complexity and increase the accurateness of the withholding system.

The 2020 W4 form should be used by new hires and any employees making withholding changes in 2020.

Click here to view the 2020 Form W4

Click here for more information regarding the 2020 Form W4

How Much Can You Save for Retirement in 2020?

November 13, 2019 / Wiley Harrison / Comments Off

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $19,500 for the tax year 2020 (up from $19,000 in 2019).

The catch-up contribution limit for employees aged 50 and over who participate in these plans will increase to $6,500 (up from $6,000 in 2019).

conXpo May 2019

May 7, 2019 / Wiley Harrison / Comments Off

Be Aware of Phony Charities

March 18, 2019 / Wiley Harrison / Comments Off

Some phony charities will have names that are similar to well-known organizations, as well as websites that sound or look like those of legitimate organizations.

The IRS has a charity search feature, Tax Exempt Organization Search, that allows people to find legitimate, qualified charities to which donations may be tax-deductible.

If requested, charities can provide their Employer Identification Number (EIN) which can be used to verify their legitimacy through the IRS charity search tool.

Increased Minimum Wage in NYS

December 31, 2018 / Wiley Harrison / Comments Off

Starting 12/31/2018 through 12/30/2019, the basic minimum wage will be $11.10 per hour in most of New York State.

The minimum wage rate differ based on: the fast food industry, tipped workers, Long Island, Westchester County, large and small employers in New York City.

General Minimum Wage Rate Schedule
NYC – Large Employers (of 11 or more) $15.00
NYC – Small Employers (10 or less) $13.50
Long Island & Westchester $12.00
Remainder of New York State $11.10

For more information on the increased minimum wage specific to your industry, please click here.

Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.

2019 NYS Misc Workers Minimum Wage Poster

Various Posters for the Workplace (NYS)

The IRS Releases the 2019 Standard Mileage Rates

December 17, 2018 / Wiley Harrison / Comments Off

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

58 cents per mile driven for business use, up 3.5 cents from the rate for 2018,
20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018, and
14 cents per mile driven in service of charitable organizations.

It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station.

For more details see Notice-2019-02.

NYS Mandated Sexual Harassment Prevention Policy

October 24, 2018 / Wiley Harrison / Comments Off

Beginning in October 2018, all New York State employers, regardless of size, must adopt a sexual harassment prevention policy. Aside from implementing the policy, employers must conduct training or use a similar policy that meet or exceeds the law’s minimum standards.

All employees must complete the training by October 9, 2019. Employers are required to ensure that all employees receive training on an annual basis.

For more information, model policies and training sessions as well as a toolkit for employers, please visit NYS Combating Sexual Harassment in the Workplace.

AAMW 28th Annual Brotherhood Breakfast on November 2, 2018

October 16, 2018 / Wiley Harrison / Comments Off

On November 2^nd, the African American Men of Westchester and the Business Council of Westchester will host its 28^th Annual Brotherhood Breakfast. This will be an excellent opportunity to network with business leaders and government officials.

Our thought leadership discussion this year is STEM and the importance of having a STEM-Literate Workforce in all businesses.

I hope you will consider attending. You may register at 2018brotherhoodbreakfast.eventbrite.com

Thank you

Wiley Harrison

Breakfast Chairperson

Wiley Harrison Appointed to MWBE Task Force

August 21, 2018 / Wiley Harrison / Comments Off

Congratulations to BYB’s Wiley Harrison on his recent appointment to Westchester County Executive George Latimer’s MWBE Task Force.

The task force was created to address the needs and challenges of Minority and Women-Owned Businesses (MWBE) in Westchester County in order to help them grow and succeed.

“The bottom line is this – we need to attract businesses and keep businesses here in Westchester County to keep our economy thriving. When our businesses thrive our County thrives, and we want to partner with those businesses, large and small, to meet their employment needs and technology needs.” – County Executive Latimer