Bill Signed to Raise Minimum Wage
Michigan Governor Rick Snyder recently signed legislation to raise the state’s minimum wage by 25 percent gradually over the next four years from the current rate of $7.40 to $9.25 an hour. It is the first state with a Republican-led legislature to raise its minimum wage this year, according to the National Conference of State…
Build a Strong Business Relationship
Business relationships, like any other, need nurturing, communication and patience in order to become (and stay) harmonious. By following these tips, you can build a strong foundation: 1. Avoid Overpromising and Underperforming You always want your clients feeling as though you’re providing them with real value and surpassing their expectations is a superb way to…
Summer day camp may save you taxes
The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make…
3 tax traps when donating real estate to charity
If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of: If you donate real estate to a public charity, you generally can deduct the property’s fair market value. But if you donate it to a private foundation, your deduction is limited to the lower of…
Staying Top of Mind
No one wants to be quickly forgotten, especially after a networking event, but being memorable is essential for every entrepreneur. Citing a common interest, developing a signature style and finding ways to follow up are just the beginning of building a strong and lasting impression. The next time you are at an event where…
Employers: Have you amended your FSA plan?
Health care Flexible Spending Accounts (FSAs) allow employees to redirect pretax income to an employer-sponsored plan that pays, or reimburses them for, qualified medical expenses not covered by insurance. A maximum employee contribution limit of $2,500 went into effect in 2013. (Employers can set a lower limit, however, and there will continue to be no…
Quality Over Quantity = A More Productive Workday
A great number of entrepreneurs work hard to achieve balance in their workday, ensuring that their daily tasks are completed. While they often must wear many different hats and are short on time, some entrepreneurs try to fit anything and everything they can into each and every workday. This can result in a longer workday…
Key Provisions of the Foreign Account Tax Compliance Act
FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients’ accounts owned by U.S. Citizens and U.S. persons (Green Card holders). Starting July 1, 2014, FATCA will require FFIs to provide annual reports to the Internal…