DOL Final Overtime Rule Temporarily Blocked by Judge

| Alerding Alerts, Business Miscellaneous

A federal judge temporarily blocked implementation of the Final Overtime Rule, scheduled to go into effect tomorrow - December 1, 2016, which doubled the maximum salary a worker could earn and still be eligible for overtime pay. What does this mean for our business-owners and nonprofit clients? 1)    As a result of the ruling, employers currently do not need to comply by the December 1 effective date. 2)    The injunction is temporary pending further review by the court. 3)    Read more [...]

Timing is Everything

| Business Briefs, Business Miscellaneous, Tax Briefs

By Lou Ann Taylor     You have probably heard the phrase many times, “timing is everything”.  Good timing is the difference between success and failure whether you are a salesman, chef, musician or business owner.   Everyone knows how costly bad timing can be with the stock market, but bad timing can also be costly at tax time, without prior planning. As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and Read more [...]

3 ways to get started on next year’s budget

| Business Briefs

As the year winds down, business owners have a lot to think about. One item that you should keep top of mind is next year’s budget. A well-conceived budget can go a long way toward keeping expenses in line and cash flow strong. The question is: Where to begin? Well, to answer this question, we don’t have just one suggestion — we have three: 1. Investigate your income statement - A good place to start on next year’s budget is with the numbers you put on paper for last year, as well as Read more [...]

The Crystal Client Spotlight shines on Arts for Learning

| Client Spotlight

Studies show that children and teens who participate in the arts perform better academically, are more likely to receive community service awards and score higher on college admission tests. And that’s where Arts for Learning comes in. Since 1961, this Indiana affiliate of Young Audiences, has been connecting Hoosier children with the power of art, reaching nearly 64,000 youth each year. Arts for Learning, an Alerding CPA Group client, is the oldest and largest nonprofit provider of professional Read more [...]

There’s still time to set up a retirement plan for 2016

| Tax Briefs

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving so you can enjoy a comfortable future. So if you haven’t already set up a tax-advantaged plan, consider doing so this year. Note: If you have employees, they generally must be allowed to participate in the plan, provided they meet the qualification requirements. Here are three Read more [...]

What the self-employed need to know about employment taxes

| Tax Briefs

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax. The taxes are split equally between the employee and the employer. But if you’re self-employed, you pay both the employee and employer portions of these taxes on your self-employment income. Additional Read more [...]