No one can deny that they love receiving their annual bonuses. However, not all of them really understand how these annual bonuses are associated with tax deductions, tax returns or even what is considered as a bonus by the Internal Revenue Service (IRS for short).
Some employees may feel that open enrollment can be a stressful experience for them as they are subjected to a fixed deadline to make decisions that might affect their families for the following year. They may feel confused and pressured about making the right choices. However, allowing them to prepare in advance, communicating with them regularly as well as utilizing an online enrollment platform can help you make open enrollment much easier for your valued employees.
Employers that have at least 50 full time employees working for them throughout 2015 must be sure they have their plans set in place to achieve Affordable Care Act (ACA) compliance.
Forms must be given to employees before February 1, 2016, and the IRS must receive them by February 29th, 2016 (for paper filing) and March 31st, 2016 (for electronic filing). Employers that have less than 50 employees who work full time are only required to be ACA compliant if they are self-insured, otherwise they are exempted.
Many modern-day businesses have worked with an independent contractor at least once. If not, you are likely to work with a freelancer in the near future as they are expected to make up more than 35% of the workforce by 2020.
Healthcare benefit plans can offer many types of employers an efficient way to help employees cope with certain expenses that pertain to healthcare. They are also sometimes called health cash plans and should not be compared to private medical insurance plans.
Healthcare benefit plans are quite popular among smaller sized businesses and they offer employers an attainable and affordable way to offer employee healthcare benefits. If you want to understand how this type of benefit plans work, this simple guide will school you through the important basics.
We are now slowly moving towards 2016 and for many businesses, it will soon be time to think about the tax season. You will want to make sure you are doing your taxes right as well as prepare the documents that can yield tax reductions for your business. However, some tax deductions are lesser known and it’s common knowledge that many businesses have not tapped into them to get rebates when tax season arrives. Let’s take a look at these small business tax reductions that are too easily neglected:
myRA simply stands for my Retirement Account. It is a type of Individual Retirement Arrangement account that is administered by Comerica and the United States Treasury. The program aims to help more Americans save for retirement as a social security check may often not be sufficient to stand on its own. You can think of this account as a savings bond that will help you build a nest egg to financially secure yourselves during the years of retirement. This special account is also designed to provide you a decent return with little risk of losing what you put in.
One of the most effective ways to recover when you are feeling under the weather is to take a day off with a sick leave. This way, you can rest assured knowing that you will not miss out on a full day’s worth of pay; this peace of mind means a great deal for all wage earners. Currently, many employers in the United States are not required to grant their employees time off even when they are ill, and almost half of all the workers in the private sector lack access to this vital protection.
The Supreme Court of the United States, in a ruling on the Obergefell v. Hodges case, asserted that bans on same-sex couples from being able to marry is unconstitutional. This ruling now requires all states in the federation to allow the marriage of same-sex couples and to recognize same-sex marriages validly conducted in other jurisdictions. Prior to the ruling, 13 states had placed bans on same-sex marriages.
When it comes to filing taxes and getting the biggest return possible, there are a few unfortunate mistakes that a lot of people make – and before they know it, it’s too late to fix. However, it is never too late to start planning for next year’s tax season, and you can finish the current year strong if you take action soon enough. Here are a few different ways you can start maximizing your next tax return.