Independent Contractor vs. Employee
Do I have independent contractors or full-time employees? If you hired workers for your business, knowing the difference between these two designations is critical. The Department of Labor final rule on independent contractors went into effect on March 11th. Full-time employees are entitled to minimum wage, overtime pay, and other benefits.
Your Business Credit Score
While your personal credit score is tied to your Social Security number, your business credit score is tied to an Employer Identification Number — or EIN. This helps you keep your personal financial information private while you build and maintain your business credit score.
California Business Tax Climate In 2024
California’s corporate tax system ranks 48th according to the Tax Foundation. The Tax Index has 5 different components, and CA ranks poorly in most of them.
New CA Employment Laws For 2024
What do marijuana and equal wages have in common? They are now both protected by law in CA.
Business Interruption Insurance
As an advisor to small business owners, I look at all components of your business to see where the blind spots are. Business interruption insurance is one area that is commonly overlooked.
FTC Bans Noncompete Agreements
Considering launching your own small business?? The FTC just banned noncompete agreements, making it easier for you to break away from your desk job.
New Reporting Requirements For Business Owners
ATTN: Small Business Owners - The new Beneficial Ownership Information (BOI) Report is due to FinCen by the end of 2024.
Small Business 401k Tax Credits
🙋♀️ 🙋♂️ Who likes free money?? ✋✋ How 'bout government tax credits for your small business 401k plan? Secure ACT 2.0 did exactly that!
Hiring Your Kids
If you run a sole proprietorship, hiring your kids to work in your business has several tax advantages. First, make sure the work they are doing and the wage you are paying them is reasonable.
The Profit First Method
The Profit First Method is a way to transform your business by separating profit from your income first, and then paying expenses after. This ensures you are reserving enough cash to pay yourself and creating a cushion for expansion, taxes, a slowdown in income, or unexpected expenses.
CA Law Affects Small Business Owners
If you run a small business in California, and have even ONE employee, you are required to offer a retirement savings plan by the end of 2025. SB1126 was signed by Gov Newsom in 2022, and will automatically enroll you and your employees in the state run CalSavers retirement plan if you don't set up your own qualified plan, like a 401k.