In 2018, the tax code was changed and many of those changes dealt with the Earned Income Tax Credit (EITC). For higher wage earners, these changes weren’t helpful. For low wage earners, the changes have meant smaller tax payments and sometimes even refunds. If you’re a company that takes advantage of the Work Opportunity Tax…
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For many military veterans, the idea of finding a civilian job can be a scary thing. It’s a major change from the years they spent in service to our country. For some veterans, the idea of putting those leadership skills to good use as a small business owner is much more appealing. Thankfully, the federal…
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As the vote for the next President of the United States nears, the disenfranchisement of America’s felons is once again making headlines. According to NBC News, 6.1 million Americans were unable to vote in 2016—the last time Americans elected a president—even though they had served their time and were now free from prison. This spotlight…
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If you plan to hire new employees in the coming months, the Work Opportunity Tax Credit (WOTC) may be one of the best ways to offset the increased cost of doing business in the short-term. That’s because when you hire employees from key groups such as ex-felons, veterans, and persons with disabilities, the IRS will…
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Tax time is coming. There are few certainties year over year, but your tax deadline is one of them. For small business owners, this can be a scary time of year. Have you gathered all the paperwork you need to give your accountant? Have you paid enough in estimates? And the big question, are you…
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The start of 2020 also means a new round of minimum wage increases across the country. While the federal minimum wage is $7.25 per hour and it hasn’t changed in more than a decade, states continue to adjust their minimum wage to help America’s lowest earners keep up with the cost of living. On January…
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In late December 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The act is designed to increase access to tax-advantaged accounts for more Americans and keep older Americans from outliving their retirement assets. One of the biggest steps the SECURE Act takes is to incentivize small businesses to offer…
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You may have heard that there will be significant changes to the Supplemental Nutrition Assistance Program (SNAP) in 2020, but sometimes the details of those changes are hard to figure out. The good news, if there can be any, is that these changes don’t go into effect until April 1, 2020, so if you’re one…
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With the national unemployment rate at a low, the employee pool may look like it is getting sparse. However, that may be because you’re not looking in the right employee pool. 2020 should be the year you consider hiring ex-felons. For many employers, it’s tough to think about trusting an ex-felon as someone who will…
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It’s hard to think about taxes when the deadline is so far away but now may be the best time to get to work on them. Late December and early January tend to be slow months for small businesses, which is why they’re a great time to get a jump on work that will pop…
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