As the lyrics to Fly Like an Eagle by the Steve Miller Band say: “Time keeps on slippin’, slippin’, slippin’ into the future.” For those working remotely from their homes, it’s all too easy to become distracted or waste time needed for work. I’ve been working from a home office for more than 30 years and have developed some personal techniques for time management. Here are 10 ideas to help you with time management while working remotely: 1. Check your calendar at the start of the day. There may be special meetings or events scheduled. Take a deep breath and begin […]

The government mandates that you provide employees with notice about various things. If you don’t, you can be penalized. Some notices can be handled with workplace posters. Others require personal notice to each employee. Here’s a brief overview of what to consider. Workplace posters You already have posters regarding Fair Labor Standards Act (FLSA) minimum wage rules. You may also have to post state minimum wage posters. Be sure to also have other required posters, including: “Employee rights under the Families First Coronavirus Response Act,” which entitles eligible employees of small businesses to certain paid sick and paid family leave. “Job […]

Fall is back-to-school time for both children and adults. While schools are figuring out how to open and operate during COVID-19, businesses and employees may be thinking of ways to pay for higher education and continuing education. As a general rule, the cost of this education can be pricey, even for online programs. Fortunately, the tax law provides certain key education-related breaks to help manage the cost. Here’s a summary of the various breaks you might consider—personally or through your business. Employer-paid learning If the business pays part or all of the cost of continuing education or other courses for […]

This year has been a very difficult one for small business owners. Some tax rules have made it a little easier to defer some taxes to next year. But that means coming up with cash to pay them. In addition, some other situations may contribute to owing more taxes when filing 2020 returns in 2021. Here’s what to keep in mind so you aren’t caught short of cash when needed. Deferral of payroll and self-employment taxes The CARES Act allows employers to opt to defer the employer share of Social Security taxes that are part of FICA in 2020 (6.2% […]

The Sustainability Accounting Standards Board (SASB) is an organization founded in 2018 whose mission is “to help businesses around the world identify, manage and report on the sustainability topics that matter most to their investors.” A growing number of large corporations—GM, Nike, and JetBlue—are including SASB information in their annual reports, even though this isn’t required by the SEC or any other government rule to inform investors of their sustainability practices. It’s unlikely that investors in small businesses, many of whom are family and friends, will require SASB information, but understanding what this information contains may help owners decide on company […]

As many small businesses struggle to survive the pandemic, loans have become a lifeline. If you need money and are able to borrow it, be sure to understand what it means from a tax and financial perspective. Here are some key issues to consider. Financial issues When you take a loan, it requires repayment (unless there is forgiveness, which is discussed later). Servicing a loan means repaying the principal—the amount you borrowed—as well as interest. It’s essential that debt servicing is factored into your budget so you have enough cash on hand each month to pay what’s owed. Falling behind […]

It’s an understatement that, to quote Bob Dylan, “the times they are a-changin’.” Within the past year or so, there has been the pandemic, Black Lives Matter, the U.S. Supreme Court’s case on discrimination against transgender employees, record unemployment, and more. What all of these changes boil down to is a necessary mandate for you to review your current human resources (HR) policies and make changes where needed. The following are some of the broad areas to consider. Health and safety “Safety isn’t expensive, it’s priceless.” – Author Unknown Having policies to ensure the health and safety of your employees […]

Additional Supplement to J.K. Lasser’s Your Income Tax 2020; J.K. Lasser’s Small Business Taxes 2020; and J.K. Lasser’s 1001 Deductions and Tax Breaks 2020 The coronavirus — COVID-19 — has necessitated many changes in tax rules impacting 2019 returns, estimated taxes for 2020, and refunds related to taxes in pre-2019 years. To keep you informed and help you handle your 2019 return, your 2020 estimated taxes if needed, and refund opportunities, here  are some tax changes of note from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act as well as from the […]