For the love of your business
For the love of your business
UPDATE SINCE ARTICLE WAS WRITTEN: In a March 3, 2017 decision, the U.S. Court of Appeals for the District of Columbia Circuit rejected the NLRB’s finding mentioned below that FedEx Home Delivery drivers were employees. The court agreed with FedEx that the drivers were independent contractors and therefore did not have the right to union […]
Read MoreOne of the first decisions an entrepreneur should be making is the selection of the right form of business entity. This is a critical decision because of its ongoing legal and tax consequences. Liability protection is the most important non-tax consideration in the business entity selection process. The business owner has to have a shield […]
Read MoreMost people hear the word “audit” and hit the panic button, including business owners. But there is an incredibly powerful tool called the LIFT Foundation Audit that can change the way you run your business for the better. The LIFT (Legal, Insurance, Financial, Tax) Foundation Audit is a process we walk through with our business […]
Read MoreIf there was ever a Catch-22 situation for business owners, it is this: most do not take the necessary legal steps to protect their personal wealth until it is threatened by creditors or litigants – and by then, it’s too late to implement effective asset protection strategies. A survey of 242 business owners conducted by […]
Read MoreOn March 13, President Obama signed a presidential memorandum that directs the U.S. Department of Labor to propose new rules governing overtime exemption regulations for white collar workers under the Fair Labor Standards Act (FLSA). The Presidential Memorandum instructs the Secretary of Labor to update the FLSA regulations for workers who qualify for overtime protection, […]
Read MoreThe IRS and State Governments have both stepped up their enforcement action against business owners who misclassify employees as independent contractors. One friend of ours was just fined $150,000 for Worker’s Comp Fraud stemming from a misclassification of employees as Independent Contractors. Knowing this, it is imperative for you to know the difference when it […]
Read MoreChoosing the right business entity for your new or growing company is one of the most important decisions that you as a business owner will make, since your decision will impact important things like compensation and taxation. If you’ve given more thought to your company logo than the structure under which your business will operate, […]
Read MoreSection 179 of the tax code is provides a great opportunity for small business owners to save on their taxes by allowing you to deduct in one year the cost of any new or used personal property that you purchase and use in your business more than 50% of the time. Some of the items […]
Read MoreDecember is the month that many business owners spend extra time winding down the year and planning for the new year. Here are five year-end tax planning tips to prepare your business for 2014: Review subcontractor information. If you paid any subcontractor more than $600 during 2013, you are required to send each subcontractor a […]
Read MoreIf you are planning to sell your company now or sometime in the future, a recent Forbes.com article advises that there are 3 strategies you should use to get as much cash out of your hard work in building the business as possible: Pre-sale planning. Look for opportunities to increase the sale price of your […]
Read MoreNew business owners must weigh the pros and cons of the choices they make when it comes to choosing the right business entity for a new enterprise; Entrepreneur recently posted 7 myths that could get in the way of selecting the best business entity: An LLC saves taxes. The Limited Liability Company (LLC) is designed […]
Read More
