The new health care legislation signed on March 23, 2010—the Patient Protection and Affordable Care Act—will dramatically alter the landscape for small-business owners in the coming years. One critical change: Beginning in 2010, a business may qualify for a special tax credit that can partially offset rising health insurance costs. The new health care credit…
Wealthy entrepreneurs with charitable intentions may choose to set up a private foundation. But a more convenient alternative is gaining in popularity: the donor-advised fund. This technique may be especially appropriate if you need to devote more time to business activities in the current economic environment. The fund does most of the hard work for…
Do you want to transfer your 401(k) plan assets to a Roth IRA? Under a recent tax law change, you can make the move in one fell swoop. Previously, it took two separate steps. In addition, another tax law provision taking effect this year may encourage this direct approach. Background: With a 401(k) plan, you…
The new Health Care and Education Reconciliation Act of 2010—recently signed in conjunction with the monumental new health care law—includes dramatic reforms in the federal student loan program. This new legislation could affect families of all stripes for years to come. Here is a brief summary of four points you should know about. 1. The…
In the current economy, it is not enough to generate sales. It is just as important to ensure that your business is actually paid for your services or products. That is why debt collection is increasingly becoming a concern of small-business owners. When pursuing debt collection activities, be careful to avoid violating any federal laws…
Currently, the 1.45% Medicare tax portion of Social Security tax applies to “earned income,” such as wages, but not “unearned income.” Effective in 2013, the new health care law creates two new taxes: An additional 0.9% Medicare tax is imposed on earned income of joint filers above $250,000 ($200,000 for single filers). A 3.8% Medicare…
A lot has been said and written in recent years about computer “cookies.” Much of it is misleading or confusing. In actuality, the ramifications of cookie technology can be positive, negative or neutral. Cookies are either temporary (sometimes called “session” cookies) or permanent (“persistent”). It is important to know the difference. Temporary cookies are stored…
The president signed the new Hiring Incentives to Restore Employment (HIRE) Act into law on March 18, 2010. This law features new tax breaks for hiring and retaining unemployed workers, an extension of the higher Section 179 deduction allowed for 2009 and an enhancement of the Build American Bonds program. Here are the particulars: Unemployed…
The massive new health care legislation includes sweeping changes for businesses and individuals, although certain “grandfather” rules may apply. Here is a summary of several key provisions. Employer responsibilities: Beginning in 2014, if an employer with 50 or more employees does not provide minimal essential coverage to an eligible employee, it may be assessed a…
No matter how old you are, you can still learn to do your job better. For example, you might take a refresher course to stay on top of the latest developments in your field. Or you may enroll in a curriculum that will start you toward a new career. Can you deduct the cost of…
