With this New Act, Employers and Small Businesses have January 31 Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically).
Increases 401K Contribution limits by $500 from January 1st 2018 What this means for you.
The IRS had
announced sometime in October, that effective from January 1 2018,
the contribution limit for Employees who participate in 401(k), 403(b), most
457 plans and the Federal Government’s Thrift Savings Plan will be increased
from $18,000 to $18,500.
surely a Big Deal. As we all know, this extra $500 can help us more than we may
think and it could also mean up to $70,000 more in your retirement account,
assuming you decide a retirement age of 67 for yourself and at a 6 percent
annual rate of return.
Today, we will be taking a
look at an essential expense item in a Business. When you have a Business, you
will surely have Payroll Expense. Even if you work alone, after all the
expenses are paid, you are the payroll expense. At the beginning of every business,
a Business owner does mostly all the work in the Business, but as the Business
grows, it becomes impossible to juggle it all together.
Expense is a bunch of complex array of talent, thinking and behavior. Every
Business gets its life from People with ideas, dreams, passions, skills, courage,
imagination and other purely human qualities.
the eighth month of the Year, We are gradually getting to the end of the year,
and soon it will be time for Year End Reports. In our last Newsletter, We
discussed the concept of Cash Flow and how it affects our Business Operations;
this month, we will be looking at tips to manage our Business Cash Flow.
Being in Business for yourself is like being an Air traffic controller,
especially in the area of cash flow management ; You can imagine trying to
control 100 Airplanes landing simultaneously on two runways; this can be
an upheaval task, but we regularly see clients line up their monthly bills,
their projected income, business projects and business expenses and try to
combine all these activities, at the same time, trying to ensure a
steady cash flow into the business; you can imagine, the projected
outcome, if all these activities are not properly coordinated.
Welcome to the
month of July. We are done with the first half of the year and started the countdown to the remaining half of the year.
Our Newsletter for
this month is on an integral part of every business; an area that is generally
misunderstood by most business owners, but interestingly plays an important
role in every organization. Have you taken time to look at your Cash flow
Statement? Can you tell where Funds are disbursed in your Business? Do you
understand the effect of your Spendings?
It is important for every business owner to have an effective accounting system in place, so that they can increase their efficiency and manage their finances effectively. When a client comes to us in need of Bookkeeping /Accounting Services, it is noticed that most of the time,many of the business owners do not have an accounting system in place and this puts their businesses and finance in a great mess.
An accounting System is the basis of a good business and goes a long way, in showing how the business can handle its profits,manage its expenses, handle its payroll and invariably increase its net worth.