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Although it may sound like a ton of paperwork (which, to be clear, it is), this time of year also presents tons of savings opportunities for smallbusinesses like yours. With January in the bag, most smallbusiness owners have sent out tax forms to their employees and independent contractors.
For smallbusinesses, it’s worth finding out if your PEO sponsors a 401(k) plan that would allow your employees to defer compensation for retirement while taking advantage of employer matching or other contributions. Insurance premiums and claims management – both of these components make workers’ comp costly and time-consuming.
This format grants employees the freedom to work from their homeoffice while reaping the benefits of in-person collaboration. Still, this number is staggering, and we’re seeing other industries begin to follow suit—like the insurance industry, now America’s second-most flexible industry.
Your accountant can help you with that, or you can learn about them in the IRS Tax Guide for SmallBusiness. You’ll include those deductions on your Schedule C tax form, which you attach to your annual 1040 personal tax return when filing as a sole proprietor.
This may include things like: Medical, dental, or vision insurance Retirement savings plans Education and professional development funds Parental leave benefits and child care assistance Wellness programs Life insurance Employee ownership plans An important thing to consider here is if your benefits align with what your employees need and want.
Pros: more flexibility for the business greater freedom for workers improved workforce productivity and retention significantly lower overhead costs (e.g. This is a good time to think about your smallbusiness continuity plan and what that will look like once your virtual office is up and running.
I am the owner of a smallbusiness specializing in bridal hair and makeup services. The trip was for me to meet members of our team that work in the London office and for some additional training in my role, although it would technically be possible for me to have that training in my homeoffice. Here we go….
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