Consultant’s Corner
Consultant’s Corner: Obamacare Tax Reporting Requirements
Q. I’m a bit confused about the Affordable Care Act and the 1095-C Form. Over the course of the last year I held three full-time jobs, but only had health insurance coverage for one. I did not receive a 1095-C form for my taxes, so what should I do? Unless your second and third employers…
Read This Article
Consultant’s Corner: Can a 1099 Business Set Up an HRA Plan?
Q. I recently learned about Health Reimbursement Arrangement insurance plans. Are these applicable to someone running a 1099 business with no employees? If so, how could I take advantage of an HRA? Sole proprietors cannot establish a Section 105 HRA, or medical reimbursement plan, solely for themselves and have the business reimburse them for out-of-pocket…
Read This Article
Consultant’s Corner: Should I Buy a Company Car?
Question: As the sole owner of an LLC, what are the benefits and downsides of purchasing a company car through the business? There are many things to consider when it comes to purchasing a vehicle through your company. Business Vehicle Ownership We do not know the tax status of your sole owner LLC – sole proprietorship, C corp…
Read This Article
Consultant’s Corner: Small Business Retirement Plan Options
Question: Would it be better as the owner of a sole proprietorship to invest in a 401k versus a SIMPLE IRA? There is not a single best approach to retirement planning for the owner of a sole proprietorship in every conceivable situation. Your business structure and other considerations, including the employee participation requirements, your expected…
Read This Article
Consultant’s Corner: Drip Marketing
Question: How can I keep my customers engaged during a 1-2 year sales cycle? Certainly, one of the greatest challenges in sales is keeping the potential customer engaged with your company throughout the sales cycle. If you don’t keep your company and its product/service on the forefront of the consumer’s mind throughout the sales cycle,…
Read This Article
Consultant’s Corner: Paying Employees’ Personal Health Insurance with a Business Check
Question: What are the tax problems with paying employees’ individual health insurance plans with a business check? Most insurance companies are telling me they do not allow this, can you explain why? State regulations may prohibit insurers from accepting payment for individual health insurance policies from parties other than the individual insured, or it may…
Read This Article
Consultant’s Corner: Marketing Plan for a Restaurant and Catering Business
Question: How do I increase profits for my restaurant/catering business during a down economy? Increasing profits in a Recession We have provided marketing considerations and resources below; however, increasing profits can also involve menu pricing, cost controls, staffing levels, and other measures. We assume that the tight market and local competition will not allow you…
Read This Article
Consultant’s Corner: Increasing Website Traffic
Question: What are some ways I can increase traffic to my website? Some business owners elect to implement search engine optimization (SEO) methods themselves; however, higher search engine rankings take time to develop and there is no technique that will produce quick results. Google, Bing, and other search engines have varying selection criteria and will…
Read This Article
Consultant’s Corner: Company Car Coverage
Question: If our company is going to let employees drive a company car home at night, what coverage should we have in place to protect our business? While we can offer general business advice on insurance issues and you can research insurance requirements yourself, we recommend that you discuss the fact that your business vehicles…
Read This Article
Consultant’s Corner: Sales Tax on Out of State Sales
Question: We are beginning to get out of state orders, how do we handle the sales tax on these out-of-state transactions? State and local sales and use tax laws vary; however, for sales made to customers in the U.S., when a business has no physical presence in a state, it typically has no obligation to…
Read This Article