16.11.2013 Personal, Taxes Comments Off on AHA – Obamacare (2/2)

AHA – Obamacare (2/2)

11.10.2013 Corporations, Personal, Taxes Comments Off on AHA – Obamacare (1/2)

AHA – Obamacare (1/2)

AHA – ObamaCare Changes in 2013

  1. • Most Americans must obtain qualifying health coverage by January 1st, 2014
  2. • If you don’t have coverage, you can use the new Health Insurance Marketplace to buy a private insurance plan.
  3. • The Health Insurance Marketplace Opened Oct 1st, 2013 and closes March 31st, 2014.  Americans earning below 400% of the Federal Poverty Level may be eligible for cost assistance.

New Provisions in ObamaCare 2013: Which ObamaCare Provisions are Taking Effect in 2013

  1. The employer mandate for employers with the equivalent of 50 full-time employees to provide insurance was pushed back from 2014 to 2015.
  2. ObamaCare 2013 Tax Increase: The Medicare part A income tax is raised on those over the $200/$250k mark. The increase is .09% to the existing Medicare tax and will help boost the Medicare trust fund.
  3. ObamaCare 2013 Tax Increase: The controversial 2.3% excise tax on medical devices goes into effect on 2013. The “ObamaCare” 2013 tax doesn’t include hearing aids or corrective lenses, but does include devices like defibrillators, pacemakers, artificial joints and others.
  4. ObamaCare 2013 and the Average American: The medical expense ceiling for which Americans can get a tax deduction is raised from 7.5% to 10% in 2013 due to ObamaCare.
  5. ObamaCare 2013 and the Average American: There are new caps on FSAs, HSAs, Archer and other similar programs.

 

15.12.2012 Advertising, Corporations, Website Comments Off on Your Website is Your Resume

Your Website is Your Resume

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Resume is a French word meaning short story or brief overview. We all know we should have an online presence, but sometimes it’s just too expensive. Sometimes it just takes too long to manage. There are different types of websites. Some are 1-page and others an encyclopedia of sorts. The key is budgeting your time and money to maintain whatever it is you choose. In a nutshell your website is your resume, but even more than that it is your sales, marketing and customer service employee. You pay for employees that do their job. Now, it’s time to start paying your website like an extension of your payroll. Over 60% of people locate their products and services on the web. There are two things to consider going forward: 1) Who can manage my site in the long-run (because a nice site that’s not updated looks sloppy)? and 2) Who can I have help me start/edit my site? We like to think that our services are affordable and reliable, so naturally we would pitch them to you here. Click here for more details.

19.11.2012 Corporations, Organization, Payroll, Taxes Comments Off on Calculating the Cost

Calculating the Cost

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It’s easy to get caught up in the idea of controlling your payroll 100% yourself. We business owners want to naturally insure accuracy and pay less than what we think it would cost otherwise. Let us assure you that your desire to run payroll yourself is a justified one. Services like ADP and Paychex are quite expensive. They tend to charge you many hidden fees and very often leave you in the dark. We want to have your ear, or eyes rather, to look into this comparison chart (here) between our services and those of ADP/Paychex. We promise accuracy and integration with software like QuickBooks. You still remain in control of every aspect of your business without the hassle of running to the bank or writing checks to the government. We can do all the simple and complex steps for you. Please take a moment to review our payroll services in detail. Thank you.

13.10.2012 Organization, Personal Comments Off on Staying Organized Year-round

Staying Organized Year-round

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We know it’s hard to keep track of all your receipts and invoices, but let’s keep in mind the benefit during an audit. If you show up with all your ducks in a row, you will surely be ahead and impress the IRS agent in your favor. Consider buying a 13-pocket folder at OfficeMax or other retail store. They run about $12 and can store your entire year of receipts by month. You may want one for both your personal and business expenses. Here is a link to both a check-sized folder and a letter-sized folder.

13.09.2012 Corporations, Organization, Personal Comments Off on Focus on What Pays

Focus on What Pays

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Stop spending so much time organizing and calculating and focus on what makes you money. Introducing Shoeboxed.com.  This service helps you keep all your receipts organized and online to access at anytime. Just mail your bulk receipts, and their company will scan, categorize and upload to your secure online account.

Take the 30-day free trial today.
08.08.2012 Corporations, Organization, Personal Comments Off on Saving Time. Saving Money.

Saving Time. Saving Money.

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If you run a small to large company, you are going to love QuickBooks. We’re sure you’ve seen it in stores on the shelves, but ever wonder if it’s right for you? There are some great time-saving features like:

1) Importing bank statements so you no longer have to hand-type every transaction

2) Reporting on everything from your profit margin to forecasting the coming year in detail

3) Connecting your file to online services like billpay and CC processing

4) Accessing your file through you smartphone (Apple and Android)

We offer discounts for QuickBooks products, but Amazon seems to be the cheapest. Our services usually focus on training and troubleshooting. We also help integrate your payroll services with your existing QuickBooks products.

31.07.2012 Corporations, Taxes Comments Off on Self-Employed? You Are Paying Too Much!

Self-Employed? You Are Paying Too Much!

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S-Corps help you save on Social Security and Medicare taxes. Here’s an example:

Example

Let’s say you have two self-employed people, Joe and Chris, who are both construction workers. Their businesses make the same net profits of $60,000 last year ($5,000/month). The only difference is that Joe is a Sole Proprietorship (on personal return) and Chris is an S-Corporation.

Because Joe is a sole proprietorship, there is no difference between him and the business. They are one and the same. Therefore he has to pay self-employment taxes (Social Security + Medicare) of 15.3% on the entire $60,000 annual net profit, or about $9,200. He also must pay federal and local income taxes on that income.

Chris is a bit different. He incorporated his one-person business into an S-Corporation, which is a separate entity. He wears two hats: He is the sole shareholder of that corporation, and also the sole employee.

S-Corporations are a ‘pass-through’ entity, which means all the profits of the corporation pass through directly to the shareholders’ tax returns. S-Corps do not pay corporate income taxes.
You will not be able to take ALL the S-Corporation income passively (no Medicare or Social Security tax), but you will take most of it this way. In most situations, our clients take about 20-40% of the net income as an employee. This means that Chris would pay Social Security and Medicare tax on about $12k-24k.

He will pay around $3k instead of Joe’s $9k.

Contact us now and we can start your very own S-Corp.

 

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