A US Federal tax 1099 income tax form

Tips on Managing the Ubiquitous Form 1099

One of the most important tax and payroll issues a company has to address is who is an actual employee and who is an independent contractor. Once you have that worked out, your next step is making sure each category of workers gets the right forms. True employees get a Form W-2 each year, and freelancers — independent contractors — get a Form 1099-MISC. This form can be used for a variety of payments, and one of the most common and significant uses is for independent contractors. Read more

hand clicking on bonus button

Should You Be Paying Bonuses to Your Staff?

A bonus is a payment that’s in addition to an employee’s salary. There are various types of bonus arrangements. Most common is merit-based — an individual earns a bonus based on performance. Sometimes, though, an incentive is based on how well the company is doing or a combination of the individual’s and the firm’s achievements. Read more

Builder On Building Site Discussing Work With Apprentice

What to Do After the Hurricane

Those pictures you see from Hurricanes Harvey and Irma – ordinary people out there in waist-high water, rescuing both their neighbors and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety. Read more

Siblings Paying For Chocolate Ice Cream To Waiter

Know the Tax Rules for Part-time or Seasonal Help

As an employer, you normally have to file a quarterly Form 941 to report your employees’ wages and withholding. Each quarter, if you pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or Social Security and Medicare taxes, you must file a Form 941, although there are some exceptions. Read more

Elderly woman with dollars

The Adaptable SEP IRA: How It Can Work for You

A Simplified Employee Pension IRA was designed to encourage retirement benefits in businesses that would otherwise not set up employer-sponsored plans. Sole proprietors, partnerships, and corporations — even S corporations — can establish SEPs. SEP IRAs can receive employer contributions but with a higher annual contribution limit than standard IRAs. Think of a SEP IRA as a traditional IRA that lets employer contributions be vested immediately. Read more

Paper with words  health savings account (HSA) on a table.

Take a Look at the New HSA Plan Limits

For 2018, individuals can contribute up to $3,450, up from $3,400 in 2017, while family contributions are up to $6,900, up from $6,750 in 2017.

The maximum out-of-pocket figures are up too: $6,650 for single coverage, up from $6,550 in 2017, and $13,300 for family coverage, up from $13,100 in 2017. Read more

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How to Approach Paid Time Off

Time-off benefits can be a very valuable part of any employee benefits package. While employers aren’t legally required by federal law to give employees days off for federal or state holidays, it’s a smart way to retain employees and to provide job satisfaction. (There may be state laws that affect time off, however–check local laws.) Employers can specify which holidays employees can take off. It’s the same for vacation: There’s no federal requirement, but smart employers grant paid vacation, and sick days too. Read more