Should your business change its health care plan for next year?

Health Insurance word cloud collage with marker, healthcare concept background

Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to think about launching a plan for the very first time.

Bartering is a taxable transaction even if no cash is exchanged

People figures conducting business negotiations and boxes. Trade goods and services, business process. Barter. Economy. Production and retail of products. Transportation, logistics and distribution.

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses.

B2B businesses: Assess customer credit carefully

Business credit application form with pen, calculator and glasses on desk

Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is customer credit.

Beware of a stealth tax on Social Security benefits

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax.

Empower your sellers with sales enablement

Text SALES ENABLEMENT written on yellow background with white puzzle.

The driving revenue force of just about every kind of business is sales. But all too often, once a sales team is up and running, it’s left to its own devices to maintain its strengths, develop new skills and upgrade its technology. This can produce mixed results — some sales departments are remarkably self-sufficient while others could really use more organizational support.

A job loss is bad but the tax implications could make it worse

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.

New option for unused funds in a 529 college savings plan

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a 10% penalty.

Small businesses can help employees save for retirement, too

Separate budgets in relationships and family. The principle of forming a family fund. General expense items and personal spending limits. Decency and social norms in financial matters.

Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan.

Taking your spouse on a business trip? Can you write off the costs?

Smiling young couple posing sitting in a car

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.

Is it time to upgrade your business’s accounting software?

Business Accountant Using Electronic Bill On Laptop Computer

By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs.