Consultant’s Corner
Consultant’s Corner: Using Backlink Services
Q. Is it safe to use website backlink services? Are there any downsides to using these services? Generally, we do not recommend utilizing these services as they can possibly hurt you more than they can help. Backlinks can be very important for increasing rankings; however, if done improperly and/or seen as spam, they will lower…
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Consultant’s Corner: Break Policy and Video Surveillance
Question: We are having a lot of difficulty with employees taking multiple smoke breaks during the day and just generally wasting time. What are some typical policies regarding employee smoking breaks? Also, what are the legal implications of installing on-site video cameras to monitor our business? There are steps you can take to help limit…
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Consultant’s Corner: Can You Dock Pay for Salaried Employees?
Q. Are there rules for docking they pay for salaried employees if they are absent from work? Our answer assumes that you are referring to salaried employees that qualify for exempt status. There is a wide range of reasons and amount of time that an employee may be absent from work: vacation, personal time-off, illness, workers’ compensation injury, family…
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Consultant’s Corner: Cash Flow Management
Q. Once I start making money in my business, what should I do with the profits? How much do I put back into the business versus putting it into savings? Cash Flow Management Considerations The potential uses of business profits and cash flow are owner compensation, overhead expenses, accounts receivable collection cycle, product inventory purchases,…
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Consultant’s Corner: Tax Consequences of Making Gifts
Updated 4/4/17 Question: “It’s graduation season and I’m looking at making some substantial gifts. Do I need to be worried about how this will impact my taxes?” Bona fide gifts are not includible in the gross income of the recipient, or donee, of the gift regardless of the amount of the gift. However, there is…
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Consultant’s Corner: Filing for a DBA
Question: “I’m planning to set up an LLC eventually. Could I use a DBA other than my name if I haven’t reserved/trademarked the name yet?” Answer: Business Name Registration Yes, sole proprietors can use fictitious business names (assumed, Doing Business As (DBA), trade name, etc.) for their businesses without registering a business entity (LLC, corporation,…
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Consultant’s Corner: Funding a New Small Business
Question: What is the best way to go about getting a loan from the SBA? Contrary to popular belief, the Federal Small Business Administration or SBA does not provide loans but merely provides loan guarantees on funding offers made by its lending partners (Banks, Community Development Organizations, Microlending Institutions and other lenders). There are several…
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Consultant’s Corner: Salaries for LLC Members
Q. Can an LLC pay one of its members a salary? Is that what guaranteed payments are? Single and multi-member or owner LLCs taxed as corporations (C or S types) are generally required to pay their members who hold executive officer positions and manage the day-to-day business of the LLC, or otherwise work in their…
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Consultant’s Corner: Establishing a Simplified Employee Pension Plan
Question: What is required when establishing a SEP Plan? A Simplified Employee Pension (SEP) Plan, also referred to as a SEP-IRA, is one of the easiest small business retirement plans to set up and maintain. You can make sizable contributions for yourself and any eligible employees. There’s little administration, any employer—including self-employed individuals—can establish a…
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Consultant’s Corner: Vehicle Depreciation Using Actual Expenses
Q. In the past I took the standard mileage rate for my business auto, but now I want to switch to actual expenses. Since I am switching and took standard mileage rate for 2 years prior, should I adjust the cost basis for the auto for depreciation? A fixed amount per mile is built into…
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