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There's no limit on the number of hours employees age 16 and older may work in any workweek. The FLSA doesn't require overtime pay for work on Saturdays, Sundays, holidays or regular days of rest, unless overtime is worked on such days.
There are many tax credits that business owners can take advantage of, and today we're talking about the Disabled Access Credit, which is specifically extended to business owners who employ people who have disabilities.
Advantage Plans are offered by private companies, such as UnitedHealthcare and Humana, approved by Medicare. They are all-in-one programs that may appear to provide advantages over original Medicare, such as reduced or nonexistent premiums. But it is a balancing act, as they may require higher copays and out-of-pocket costs and may have a more limited number of providers.
Time sheets come in an array of formats. From handwritten papers and punch cards to typed spreadsheets and automated time clock systems, you have options. All that matters is that you find a time sheet style that is clear and concise for your company. This will greatly improve your company's ability to manage both in-person and remote teams by ensuring that everyone remains consistent while following the same practices no matter their role in the business.
According to Public Law Number 117-154 (06/23/2022), the U.S. Tax Code is 6,871 pages. When you add the federal tax regulations and official tax guidance, the number of pages increases to approximately 75,000. Some very helpful tax breaks can get lost in the shuffle!
The SECURE — Setting Every Community Up for Retirement Enhancement — Act was passed in 2019. After that, SECURE Act 2.0 was passed in December 2022 and went into effect Jan. 1, 2023.
First you need to understand what a cash-out refinance is. In such a refinance, you swap your existing mortgage loan for a new mortgage in which you borrow a higher amount. You use the found cash to pay for whatever you'd like.
Lenders and banks check your credit before they approve you for new credit cards or loans. They do this to be sure that in the past you've paid your debts on time. If you have, you are more likely to pay your new loan or credit card payments on time.
Managing payroll is often regarded as an overwhelming and daunting task. From tracking the unique tax codes for each of your employees and the seemingly countless deduction options to determining whether each employee is an hourly or salaried worker, there are many details to be mindful of, all while avoiding making payroll-related errors.
The majority of — if not all — employers understand that they must report the salary, overtime pay and bonuses that their employees receive as compensation for the jobs they perform. But did you know that the IRS also wants to know about other forms of taxable compensation?
Pay stubs can be referred to as pay or wage statements and may be considered the decoder ring of payroll. Pay statements summarize employees’ gross pay, taxes and deductions, and net pay. They can be in printed format or made available electronically.
A company newsletter can link all employees, providing a mix of useful and engaging information to captivate readers' attention. Time and money are well invested. According to the Content Marketing Institute, every dollar spent generates an average return on investment of $38.
Are you receiving bill after bill following the death of your loved one? If so, it’s important that you understand the rules of posthumous bills as well as your rights when it comes to paying your deceased relative’s debts.
It is somewhat unusual to highlight 2026 taxes in 2024, but we are in an unusual situation: Many of the provisions in 2017's Tax Cuts and Jobs Act will expire at the end of 2025 unless Congress acts to extend them. Taxpayers need to be aware of how they will be affected so they can be prepared, especially when it comes to estate and gift taxes.
During the pandemic, companies experimented with options to ease the trauma. They quickly adapted to compromises such as no-layoff pledges, furloughs, grants of extra personal time off and trimming executives’ salaries first. Their pitch was that they cared sincerely about employees’ welfare. That said, more recent rounds of staff reductions may make that message ring hollow.
If you're in your mid-60s, you might find yourself contemplating a myriad of important life decisions. From when you should retire to whether or not you should downsize, there are many questions that you need to answer.
The Fair Labor Standards Act (FLSA) requires that employees receive a federal minimum wage in exchange for their work. However, did you know that workers in the foodservice industry are not always paid an hourly minimum wage? Why is that?
When it comes to estate planning, one of the most important factors to keep in mind is that trusts are formed in accordance to state, not federal, law. The first thing to keep in mind is that in the overall scheme, inevitable short-term fluctuations in the market mean nothing. At the very least, they can make us uncomfortable or downright queasy as well as waste our time. At worst, high-frequency monitoring can lure investors into counterproductive actions that can end up costing them serious money. It is more effective to keep calm, carry on and work with professionals. Don't follow the Dow Jones daily and wonder whether your long-term plans are going off the rails.
The Work Opportunity Tax Credit (WOTC) is a federal tax credit. In short, it encourages employers to hire workers who are certified members of groups of people who face significant barriers to employment.
One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also apply to your second home or vacation home. For more insight into the specifics of this mortgage interest deduction, check out Publication 530 on the IRS website.
Strapped for cash? You might be able to liquify some of your home equity to cover expenses by using a home equity conversion mortgage, which is essentially a reverse mortgage backed by the Federal Housing Administration. The organization is federally insured by HUD; the agency guarantees the lender will be repaid.
Are there any misconceptions that you've had about payroll? Did you end up finding out the reality of the situation after experiencing a series of unfortunate events? Hopefully, your answer is no, but whether you have been duped by nonfactual information or not, staying informed is the key to protecting yourself. So, keep reading for a chance to separate fact from fiction when running payroll for your business. Let's get started!
When establishing the terms of your estate plan, you might consider using a trust to pass assets along to your beneficiaries or transfer wealth to your loved ones. Establishing a trust is often a wise strategic decision, but at the same time, grantors should fully understand that income received via a trust is considered taxable income by the IRS.
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