Human Resources
Full-Time, Part-Time, or Freelance? Classify Your Employees Correctly
It may not seem like a big deal, but how an employee is “classified” can end up being a source of confusion for business owners. Mistakes, such as misclassifying a worker as an independent contractor when he or she should be considered a full-time employee, can result in fines, back taxes and interest payments. The…
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The Reverse Mortgage: Road Block or Open Highway
In the lending industry, the reverse mortgage is often referred to as a “Black Eye,” mostly because of how many residents feel like that is what their reverse mortgage gave them. The truth is, not many people know what a reverse mortgage is or how it really works. The majority of people who HAVE heard…
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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…
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Why Higher Employee Benefits Can Pay Dividends
Salaries and benefits are most companies’ largest expense. So it’s natural to want to hold down the cost of these items. An overly generous benefits package might seem like an extravagance that could squeeze profits. But investing in your people can translate into a workplace full of loyal and motivated employees. What’s more, many business…
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How to Retain Employees
High turnover is not uncommon in small business, but it is expensive. Most small businesses cannot afford to constantly hire and let go of employees. Having a dedicated staff is one aspect of a successful company that should not be overlooked. Particularly when working for a startup whose outlook could change from great to grim…
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Assemble Your Advisor Dream Team
As a small business owner, you probably wear many different hats. One day you’re the chief financial officer, the next you’re a marketer, a hiring supervisor, logistics manager and so on. But some skills may be outside your core competency. You really need a set of advisors who can balance the books and keep you…
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When Should You Fire an Employee?
As a small business owner, you can’t afford to take risks when it comes to hiring the right employees. Sometimes, however, you make a mistake and you hire someone who you shouldn’t have. When is it time to fire this employee? Here are a few guidelines for how to go about dealing with inefficiency in…
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The Top 10 Ways Real Estate Transactions Go Wrong
One of the first things we as humans learn in life is that absolutely nothing is guaranteed. Real Estate is no exception. Even the most sure-fire deals are subject to change, at any time, for a host of reasons. Over the years, we have experienced many transactions that have been nothing short of amazing. The…
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5 Ways to Decrease Turnover and Create Loyalty in 2016
Half of small businesses have trouble finding the right candidate and the right “fit,” according to a recent survey by Indeed of 350 business owners. That challenge appears to be leading to attrition issues. Half cited replacing existing staff members as a reason for hiring. Small businesses have always had to compete for talent, and…
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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…
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