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What's your biggest challenge?
Greetings!
As a business owner you probably have more challenges than a zebra has stripes! No doubt that the answer to that question could be varied among many different business owners. What would happen if we change the question to - Where does the ability to attract and retain high caliber key employee's rank in your day to day challenges? . . . We won't attempt to answer that for you; however we know that the vast majority have put that answer in the top 5 challenges facing their company.
One solution that may help you is a Simplified Employee Pension IRA plan. A SEP IRA plan is designed for self employed individuals or small business owners like yourself looking to avoid high administrative costs and hassles but seek the tax breaks offered by other retirement plans.
Speaking of tax incentives, employer contributions are 100% tax deductible, providing your business with immediate tax savings. Today's workers not only need their employers support in saving for retirement, they expect it. So if you are in a competitive job market, a SEP IRA can be a surprisingly inexpensive way to add a major incentive to your benefit package, helping you attract and retain high quality employees.
We know you are busy, so we have arranged for a professional to contact you at no charge if you so desire. He or she can explain some options that may be available to you. We understand the world of a business owner. Simply contact our helpful customer service team at 888-MyCorp-8 and we will direct you to our partners from Prudential. |
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Small firms need a healthcare checkup as laws become more clear!Take a deep breath. Now that the long debate about the recent health insurance bill has come to some conclusion, it is time for small businesses to evaluate how the law will impact them. Given the extensive back and forth on the positives and negatives of the bill, let's take few minutes to look directly at some portions of the law and how they impact the small business sector. As is the case with any new law, it takes time to understand the actual application.
In order to outline the bill's application, certain parts of the bill will be applied to these groups: Small businesses that currently provide health insurance; and small businesses that do not provide health insurance for their employees.
Small businesses with an annual payroll of less than $250,000 are exempt from fines for not providing health insurance. However, fines may gradually increase for payrolls from $250,000 to $400,000.
In addition to the small business exemption, the four main areas of benefit for small businesses are the small business tax credit (Section 1421), the Small Business Health Option Program (SHOP Exchange in Section 1311(b)), small business cafeteria plans (Section 9022) and small business wellness grants (Section 10408).
Small businesses that are currently paying for health insurance stand to gain more immediate benefits from the recently passed health insurance bill. While the benefits of the SHOP Exchange do not begin until January 1, 2014, small business owners can use the health insurance tax credit (Section 1421) beginning with their 2011 tax returns.
The maximum initial tax credit is 35 percent of the health insurance expenses of the small business. The amount will increase to 50 percent in 2014. The tax credit is subject to two restrictions. The maximum credit is for an employer that has less than 10 full-time employees with average annual wages of $20,000 or less. The credit is then phased out to zero percent for employers that have up to 25 full-time employees and average annual wages of $40,000 or less. In addition, most shareholder-employees are not considered employees for the purposes of this tax credit.
While these small businesses will be able to take advantage of the payroll exemption, if they do add health coverage for employees, they must plan for the additional overhead costs that will be added to their business. Given the capital issues that most small businesses are currently facing, it is unlikely that many small businesses will be able to take on the additional overhead in anticipation of the future benefit of a tax credit.
If you are an individual that is currently employed by a small business that does not offer health insurance, it would be wise to start to investigate how you can prepare to insure yourself. The personal insurance requirement does not fully apply until 2014, so you will have time to prepare for coverage.
Pay attention to the things that your state is doing with the Health Insurance and SHOP Exchanges. Begin to evaluate and budget pricing for personal and family coverage so that you can begin to save now in order to meet those requirements. Speak with your employer about their plans to add health coverage in the future.
As was shown in the vocal and often contentious discussion on the subject, healthcare and health insurance coverage is an important subject in this country. Take time to evaluate your opportunities and responsibilities and plan accordingly. Remember, this is a work-in-progress and will take several years to come into full effect.
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Business Highlight: NAC Marketing Group
NAC Marketing Group is a full service marketing consulting firm specializing in small business. They offer services in branding, identity, collateral, traditional advertising, web marketing, email marketing, social media, SEO, PR and more...
In their own words... 
Who We Are: Nikki Keller and Christina Peterson [the N and C] created NAC with the little guy in mind. Our goal is to offer quality services that bring your company maximum results. Marketing is the most powerful tool that your company will use...so let us turn your business around...WATCH THIS!
How We Rock You: NAC Marketing Group offers a wide range of services that will take your company to the next level. We understand that small businesses often don't have the resources to dedicate a staff to their marketing efforts. Marketing your company is the most important thing you will do, and doing it yourself takes valuable time away from running your business and often yields undesirable results.....We will tailor a package to fit your needs and budget.
Don't know where to start? NAC will show you the way. Let us help you create a marketing plan that will create results.
Ask they how they can turn your business around...find out more! |
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...and for a limited time, you'll also receive a free 401k Small Business Consultation & a free Quickbooks Simple Start!
We're offering a Free Corporation or LLC with a special bonus this month: a free 401k Small Business consultation.
Give the gift of personal liability protection and pass along this great opportunity to formalize a business, add legitimacy and save on taxes with MyCorporation's FREE corporation & LLC filing service.
Plus, receive Quickbooks Simple Start for a limited time! HURRY - OFFER ENDS SOON! |
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FIND AN ACCOUNTANT
Let us assist you in finding the right CPA for you and/or your business at no charge.
We know that many of our customers need help with issues involving accounting and taxes. At no cost to you, we can help you find a qualified Accountant that understands your business.
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