Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses
If your small business doesn’t have a retirement plan and has 100 or fewer employees, consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions for its contributions and help attract and retain employees. As the name implies, a SIMPLE IRA is easy to set up and maintain. Eligible employees can defer up to $12,500 in 2018 (plus a catch-up of up to $3,000 for those age 50 or older). The deadline for setting one up for this year is Oct. 1, 2018. Contact us to learn more about SIMPLE IRAs and other retirement plan options.
HSA + HDHP can be a winning health benefits formula
“HSA + HDHP” represents the concept of offering a Health Savings Account (HSA) coupled with a high-deductible health plan (HDHP). For 2019, an HDHP must have a deductible of at least $1,350 for single coverage or $2,700 for family coverage. Your business and the employee combined can make pretax HSA contributions up to $3,500 for single coverage or $7,000 for family coverage. And HSA balances carry over to subsequent years. HDHP premiums are typically less, so savings can be used to fund the HSAs. It’s an increasingly popular formula; contact us to discuss.
Business tips for back-to-school time
Back-to-school time is an opportunity to step up your business development efforts. Here are three inspiring examples: 1) A real estate agency sponsors a middle school’s parent-teacher organization to raise the visibility of its agents. 2) An engineering firm donates equipment and mentors students to encourage interest in science, technology, engineering and math. 3) A manufacturer partners with a community college to launch an apprenticeship program to help create skilled workers. Contact us for other ideas and help assessing return on investment.
Play your tax cards right with gambling wins and losses
If you gamble, play your tax cards right with your wins and losses. Changes under the TCJA could have an impact. You must report 100% of your winnings as taxable income, but you might pay a lower rate on them because of TCJA rate reductions. Gambling losses are still allowed as an itemized deduction (up to your winnings for the year), but, with the standard deduction nearly doubled under the TCJA, you might no longer benefit from itemizing. Finally, “professional” gamblers face tighter limits on deducting their gambling expenses. Contact us if you have questions.
Assessing the S corp
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible, and S corps may not be quite as attractive from a tax perspective as they once were. The C corp tax rate is now only 21%, while the top individual rate is 37%, so double taxation may be less of a concern. On the other hand, S corp owners may benefit from the new qualified business income (QBI) deduction, which can be equal to as much as 20% of QBI. Contact us for details.
6 ways to get more value from an IT consultant
IT consultants are many things, but they’re not magicians. To get the most value from a consulting arrangement, businesses should consider these six steps: 1) Spell out your needs in a formal project scope document. 2) Appoint an internal contact. 3) Before the consultant arrives, prepare his or her work area and ensure everything works properly. 4) On the first day, roll out the welcome wagon, providing introductions and orientation. 5) Maintain contact during the project with regular meetings. 6) Conclude the engagement courteously and clearly.
West Michigan program wants to show high schoolers a new kind of manufacturing job
Listen here to hear about misconceptions still lingering about the manufacturing sector; how Discovering Manufacturing is working to recruit large numbers of high school graduates; and the need for more workers in the manufacturing industry.
West Michigan manufacturers embrace apprenticeships to develop talent pipeline
Recently, business leaders and educators launched the Michigan Apprenticeship Experience Sooner campaign, a marketing effort led by the state to raise public awareness for students, parents, educators and employers about the value of apprenticeships.
6 Considerations for Cost-Effective Redesign in Multifamily
With multifamily development on the rise, many owners turn to renovations to pull ahead and remain competitive in a crowded market. David Nischwitz of Fogelman Properties explores some new redevelopment trends to consider.
Top 4 Multifamily Interior Design Trends
With the increase in home décor/renovation shows and influencers on social media, more people are being exposed to high-end design, which is what they are expecting in multifamily communities.