As long as you do not operate as a partnership (partners only get a draw, fully subject to all taxes, including payroll taxes), the owners of an enterprise are expected to be paid a salary. That’s the IRS position- the one that counts.
Tag Archives: Small business
Pay now or fine later?
Whoa, Nelly!
A lot of you (whether or not you are my clients) are going to get a load of …. from your tax advisors from now on. Because there seems to be no end to the potential penalties the IRS can impose on tax professionals- due to the failure of his/her clients!
The first 100 days.
It’s an off-year, this year. Yes, I love that expression.
You see, there is no such thing. But, living in the metropolitan DC area, I understand that if it is not a Presidential election year, then it’s considered to be an off-year. And, if there is no national election, it’s almost moribund.
Hey, business owner- this affects you!
There is a penalty that can be imposed as of 1 July 2015 to small business employers who reimburse employees for premiums paid for individual health insurance policies under Obamacare (PPACA). Yes, that means if you don’t offer insurance because your state does not offer plans for small employers and the various insurance companies charge rates that are outrageous, you can still be penalized. But, there are ways to fix this. Read on…
Is your next one a B?
I’ve written about B corps before. These are conventional, for-profit entities- kind of. Kind of, because they are supposed to be ‘Benefit Corporations’. Instead of being totally capitalistic entities, they use their profits for the good of the community, their employees, and others, as well as their owners.
Now!
The time is now. The economy is changing- ever so slightly. But, the reality is that the American Dream is being shattered- the only way you can make that come true for yourself is to start your own business.
Mythbuster!
I read a manuscript today and realized that I am guilty of believing in myths. Perhaps, you are guilty of the same crime. Crime, you ask? Yes, it’s a crime when we don’t get paid for the value we provide our clients.
Are you ready?
Every business is different. Yet, every business has many, many similar components. Serving as the CEO for jewelry manufacturing venture is different from serving as the CEO for a dialysis clinic- and different still from being the managing director for a law firm. Right now, I am considering whether I wish to help start- and then manage a new health care clinic- one with a business model that will be radically different than what is normally seen.
Are you “cultured”?
Do you know your corporate culture?
If you are like me, then you certainly do. You also are involved in doing what makes your company great, not sitting back and watch (oh, wait- “manage”) what others do. (You may want to refer back to yesterday’s post about leadership development.)
A Club for Growth?
Do you ever get tired hearing businesses claim that, “People are our more important assets”? I sure have. But, the key point is – it’s true! Unless you’ve seen a company that spits out widgets from a robotic factory, it’s the people that make things happen. (There are no totally robotic factories- yet. There are robot-assisted entities, but those factories still need people.) And, if the company is a service business, then it’s all people, all the time.