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Small Biz Life

YOU STARTED A BUSINESS! YOU ARE AMAZING AT WHAT YOU DO. But there is a lot more to running a successful business: accounting, marketing, IT, sales, management. You wear so many hats. Add family, friends, health, home…no wonder you are tired! WE GET IT! We have been small business owners for the past seven years and have worked with small business owners for the last fourteen years. We know the challenges of finding the right solutions and juggling all the responsibilities. We know how hard it is to put YOURSELF on the to-do-list. YOU ARE NOT ALONE. COME JOIN THE COMMUNITY. TOGETHER WE CAN GROW AND THRIVE.
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Episode 127 – How the Federal Government is incentives you to have employees 0
Feb 18, 2018

Join Kristin and Jeff as they look at this new tax deduction, that can reduce your small biz profits by $20,000.  However, beware if you do not have wages and you make 1 dollar too much... It can cost you the entire deduction.

  • How the government is incentivizing you because of tax reform of 2017
  • Deduction tipping point based on all income sources in the household
  • If your business profit is $100,000 you will get a $20,000 tax deduction
  • If you can get the deduction and you exceed the tipping point of household income
  • IRS has not determined if the shareholder's wages for corporations will count as of the recording of this episode on 2/16/2017
  • Why the Federal government wants you to have employees?
  • Dangers of having large clients for businesses.
  • Benefits of converting subcontractors to employees
  • Misconceptions of hiring subcontractors
  • What you must have to get started

For complete show notes check out the podcast on SmallBizLife.com

Links

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https://www.smallbizlife.com/blog/episode-127-how-the-federal-government-is-incentives-you-to-have-employees

((((((((((((((((((((((((((( Mentions links )))))))))))))))))))))))))

 Gusto https://gusto.com/

Episode 101 - Saving for your retirement https://www.smallbizlife.com/blog/episode-101-saving-for-your-retirement

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